I have been a bit of a big mouth of forex factory so have received a few pm’s about my new system.
Ok so I look at the chart for setups, for a short setup I am looking for price to be cleanly below the green ma (t3 standard settings) So if going short you want red candles with no or few upper shadows and if going long blue candles with no or few lower shadows.
The qqe alert is the crossing of the qqe indicator shown by blue/pink dots. Buy blue and pink sell, this is really just an alert and helps me pull the trigger, I do not blindly jump into a trade when a new dot forms. All indicators need to agree.
Right you’re checking out the potential setup with regards to the above, now look at the momentum indicator, I only go short when it has crossed below the grey dotted line and directional movement index indicator has crossed so that the purple line is above blue vice versa for long.
I look for setups from 2 am EST till 6 am EST, if you are late and missed any 100+ movements during this time be wary of trading as it will probably range until the US open. If there has been no big breakout it is safer to look for a setup after this time. Next best time to trade is us open. I have also noticed some good trades around 15:00 EST and 00:00 EST.
It's up to you as long as hekein ashi is cleanly above or below the t3, momentum has cross the grey dotted line and directional movement index agrees it is a high probability trade to go with the qqe alert.
Sometimes the qqe alert comes a bit early, wait for the other indicators to agree and you have less chance of the trade going against you right away to realise profit.
As for profit taking I just trail price as I go. I am looking into Spudfyre's way, once up 20 pips lock in 7, once up 30 pips lock in 14 and once up 35 pips lock in 20. I think from there leave 20 pips locked and let it go, you can easily catch 100+ movements with GBP/JPY in 5min.
ps - The trade pics appear like little 5 pips scalps but if you load the chart and check most of the trades are 100+ pips!
Cryten
Settings
I use all timeframe charts - GBP/JPY, EUR/JPY, CAD/JPY, NZD/JPY, GBP/USD
(Trading off the 5min is riskier in choppy or ranging markets, If you choose to do so please use the 15min at least for reference)
QQE Alert set to period 1
Directional Movement Index 14
Momentum 10
T3 - period 8 exponential volume 0.7
Kudos to Skyline for his hard work on migrating the system to Metatrader! Excellent work as I was not confident in what we had for MT4 before.
I am no forex guru, but load this system to your charts and see the potential! Demo, visual backtest and now live trading = very excited cryten
I am having a friend do a year backtest. I will let ya know how the results come out. Assuming they are good, I am going to jump right to some live trading and see how it goes.
By the way... Pm'd you, but I am assuming you are using VT correct?
Supernova GBP/JPY Mini Trend Catcher
Supernova - The Devil Made Me Do it
