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Supernova GBP/JPY Mini Trend Catcher

  • #2,841
  • Nov 14, 2007 11:44am Nov 14, 2007 11:44am
  •  jat50b
  • | Joined Aug 2007 | Status: Randy - New York or Chandigarh(IND) | 21 Posts
Quoting Nofx
Jat50b,

I will give you my answer to your questions - Cryten and Gnat may have a different opinion.

*Firstly, I always enter a stop loss on every trade. I do not have a set pip value for this. I like to place it behind the T3 if possible but will also use S/R levels as well.

*I do not trade the 5 min time frame. I only trade the 15 min.

*I do enter counter trend trades but one must also be aware of the trend and place stops and targets accordingly.

*I personally do not risk more than 5% of my account on any one trade - usually 3% or less. This is just my personal preference.

*I would not say that I have mastered this system but I have been trading it for probably less than 2 months.

*Yes, the QQE, DMI, momentum and T3 are the core indicators in the system.

*There is not to my knowledge any PDF document on this system. This thread is the only source of information I have found. I learned the system by spending a couple days reading this thread from first to last and I would suggest the same for anyone wanting to get a good grasp of the system - many questions will be answered in the process.

Good trading to you,

NOFX
Hi Nofx!

I really appreciate the answers you gave me, they are a like a jump board for me.

  1. The 2 months you are trading using the Supernova strategy, are you trading on live account or on demo account?

  1. Do you sit your way throughout the London/US session, or when you see the trade is profiting, just put a preset trailing stop and comfortably walk off the screen? My work allows me to trade only from 1 AM to 6 AM Eastern.

  1. Is it prudent to trade using this method during a news release?

  1. Are you trading on the VT Trader or the MT4 platform? I am using the MT4 platform.

  • #2,842
  • Edited 1:50pm Nov 14, 2007 1:21pm | Edited 1:50pm
Quoting marc
Hi!

It is very nice to post your trades. But I'd like to say clear if you demo trade or you are trading live. What do I say this? Cause wannabe-demo-traders make a lot of pips each day.

GBPJPY gave a sell signal at the close of 10:30bar @ 230.91.

Ok, next bar opened at 230.90. It went down to 230.81 and then up to 231.52. It closed at 230.86. As you can see here, it went 60 pips against you. Sixty naked pips. If you were trading live, and when I mean live I do not mean mini lots, those 60 pips against you are at least -$600. And I say at least. More, that trade was made during BOE report, which means that when you see it go up against you like it did, you close it right away.

You might think you help people saying how good you are or how many pips you make and you are not.

And what about the signals we had at 03:30gmt and 04:15gmt. Please, be honest with yourself.
LOL! Yes, I trade live. Yes, I was down over 60 pips on one of my trades last night but it did not hit my stop before it went in profit - I have been down more than that at times. Yes, I did take a trade around BOE report - I do that sometimes. If you don't like it that is o.k. with me - you don't have to do it yourself.

As far as the other signals you mentioned only one was a good signal for me and I made 20 pips on it.

I think Gnat and Cryten pretty much covered the rest of it.

Good trading to you,

NOFX
  • #2,843
  • Nov 14, 2007 1:43pm Nov 14, 2007 1:43pm
Quoting jat50b
Hi Nofx!

I really appreciate the answers you gave me, they are a like a jump board for me.

  1. The 2 months you are trading using the Supernova strategy, are you trading on live account or on demo account?

  1. Do you sit your way throughout the London/US session, or when you see the trade is profiting, just put a preset trailing stop and comfortably walk off the screen? My work allows me to trade only from 1 AM to 6 AM Eastern.

  1. Is it prudent to trade using this method during a news release?

  1. Are you trading on the VT Trader or the MT4 platform? I am using the MT4 platform.

Hi Jat50b,

I trade on a live account. I don't like to use demos at all myself. I use them occasionally when I switch brokers to get a feel for how to make order entries on the new platform. As far as demo trading - if I am unsure of a system I will still trade live but just use micro lots. I like the reality of having actual money at stake even if it is small.

I don't always sit through the London session - London for me starts at midnight and I can't always get by with no sleep. What I usually do when I can not be awake to watch it is set the computer to email my cell phone when there is a signal and it wakes me up. Once I am in a trade I set another alarm for when price reaches my first target. After that I close part of my position and move my stop to BE. From there I can either watch it or set yet another alarm at an S/R level and look when price reaches it.

As far as trading during a news release - I usually stay away from the major ones. I realize that my trading during the BOE report last night caused some confusion for some. The reason I did was that the Average Earnings had come out about an hour before at consensus and I really did not expect anything earth shattering to be announced from the BOE. Yes, I could have been burned but it was my choice - I don't recommend trading during news time in general. Unless of course you trade news as a strategy - I just have never been good at it.

Lastly, I am using the MT4 platform mainly because of the alerts that are available for the indicators. It saves a lot of screen watching.

Good trading,

NOFX
  • #2,844
  • Nov 14, 2007 1:51pm Nov 14, 2007 1:51pm
Quoting marc
Hi!

It is very nice to post your trades. But I'd like to say clear if you demo trade or you are trading live. What do I say this? Cause wannabe-demo-traders make a lot of pips each day.

GBPJPY gave a sell signal at the close of 10:30bar @ 230.91.

Ok, next bar opened at 230.90. It went down to 230.81 and then up to 231.52. It closed at 230.86. As you can see here, it went 60 pips against you. Sixty naked pips. If you were trading live, and when I mean live I do not mean mini lots, those 60 pips against you are at least -$600. And I say at least. More, that trade was made during BOE report, which means that when you see it go up against you like it did, you close it right away.

You might think you help people saying how good you are or how many pips you make and you are not.

And what about the signals we had at 03:30gmt and 04:15gmt. Please, be honest with yourself.
marc,

This is part of trading. Sometimes you will be in loosing trades and especially on GBP/JPY it happens a lot since it travels many pips during the session, but very often it reverses. I agree with Gnat, that you should be trading mini lots using this currency,if you cant afford to have $600 deficit.
Also, if you know of the systems where you are always in profit, why don't you share it with us? I think everyone here will want to look at it.

I personally think this system is very profitable (thanks to Cryten and many other members here) and I am trading it manually on my demo account and will be using it Live staring next week.

Good Luck!
  • #2,845
  • Nov 14, 2007 1:58pm Nov 14, 2007 1:58pm
Quoting et_phonehome_2
Nofx

How do you deal with it when price jumps up and down so much when you are short the pair? No indicator can tell you if its time to get out or not.... Do you always trade a specific time using the Supernova? I have noticed that around 5AM EST or thereabouts, the GBPJPY moves well over 100 PIPs within 15 minutes.

Hi ET!

There really is no big mystery to how I deal with the market jumping around. I just pick a prudent place to put my stop and then I never move it except to lock in profits. If I get stopped out I lose - if not I win.

I don't trade a specific time although I prefer London because of the increased movement. I have taken trades with this system at just about every time of day. I do try to be careful between U.S. close and Asian open but even there I have had good trades.

Good trades,

NOFX
  • #2,846
  • Nov 14, 2007 2:07pm Nov 14, 2007 2:07pm
Quoting rapikbey
marc,

This is part of trading. Sometimes you will be in loosing trades and especially on GBP/JPY it happens a lot since it travels many pips during the session, but very often it reverses. I agree with Gnat, that you should be trading mini lots using this currency,if you cant afford to have $600 deficit.
Also, if you know of the systems where you are always in profit, why don't you share it with us? I think everyone here will want to look at it.

I personally think this system is very profitable (thanks to Cryten and many other members here) and I am trading it manually on my demo account and will be using it Live staring next week.

Good Luck!
Hi!

I did not go against the system. No way. Some have worked hard here to put things together and doing so they have given an edge. That's nice and I thank them all.

I've been trading FOREX from 2001. I've seen big profits and big dd. All I wanted to say is that people should, in order to now how they trade this system, when did they enter, which was their stop loss and they tp. If they trade live or they demo. I can scalp with 5m GBPJPY on demo and let it run against me 10k to end up gaining 20k. This is nonsense.

QQE is a gorgeous indicator. It gives pips almost each time you see it. You lose sometimes, of course. But at the end of the day your account should be in green.

Quote
Also, if you know of the systems where you are always in profit, why don't you share it with us? I think everyone here will want to look at it.

I wish I could share an "always in profit system". No way. All I can say is that the strategy of "hit and run" works fine for me. I do not aim to make 100 pips nor 30. I'm happy with 10 each time I enter. I use S/R and fibos.
  • #2,847
  • Edited 3:26pm Nov 14, 2007 2:44pm | Edited 3:26pm
Quoting trendchaser
sorry for all the updates ppl
in this version i fixed the closing of trades
it was set up just like the entry
so that all indicators used must agree
now if any 1 indicator says close, then trade closed
the dmi changed from 21 to 27 increasing profit a little more
If I DO want all indicators to agree on EXIT, is there an option in 3.3b to set True or False to enable that? or should I use 3.2? Can you make 3.4 to have a True or False if I want all to exit agree or just one to agree on exit?
Thank you

EDIT: I noticed with 3.3b you have a "only_one_entry_per_signal" option. Is that for Entry and Exit? Can you make that separate for Entry and Exit?

also, what do some of the options mean; method, apply, period, pld and pls?
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #2,848
  • Nov 14, 2007 5:57pm Nov 14, 2007 5:57pm
Hey Dog-Master!!

It is really getting late here in Old Europe! The Guppy is getting flatter also and I do not see too many chances around. I will hopp into bed now. After our nice little encounter today I hope to post some live trades with you again! :
And I really feel that Awesome has to return. She pacifies the guys in such a nice fashion, apart from her great trading that is!

G'Night!!
GMatt
  • #2,849
  • Nov 14, 2007 6:23pm Nov 14, 2007 6:23pm
hello ppl
theres been not only alot of posts today, but lonnnnnggggg post
i have not read them yet
il read them later
but i have been thinking
i would like to support this ea and the ppl using it
but i dont want to fill up crytens thread with all this ea stuff
im thinking about making a new thread for all my ea's
i have 4 that im running now
and to be honest this supernova ea is perfoming the worse
but it also n
hasnt run very long

im not trying to turn you to a diferent ea
im just being honest
this ea only does good the last month
its a very very curvy fit
soon as market conditions change were in trouble
im thinking of starting a new thread for all my ea's
with the purpose of making a super ea
im already at work on this
theres a few more indicators i plan to add and also some extra stuff
i plan to add the manage tp ea to this
so that we can trade like gnat
and the trendmeleaveme
and grid trading
even a close all at equity level
my objective is to make a super ea
a ea that does all
iv made it partially already
you can expect all options you never had before
like how many bars back do we look at a signal of each indicator
i plan to put all this in the ea
but this thread is for supernova
nothing against supernova
but truth is if i replace qqea with psar
i can trade 5 minute chart

if i replace qqea with atrstops
i can make better on h1

basically im saying psar is best on 5m, qqea on 15m
atr on 1h
so when i remove qqea its not supernova any longer

i already have 4 ea,s made
i think i need make a new thread
  • #2,850
  • Nov 14, 2007 6:25pm Nov 14, 2007 6:25pm
Quoting Gnat
Hey Dog-Master!!

It is really getting late here in Old Europe! The Guppy is getting flatter also and I do not see too many chances around. I will hopp into bed now. After our nice little encounter today I hope to post some live trades with you again! :
And I really feel that Awesome has to return. She pacifies the guys in such a nice fashion, apart from her great trading that is!

G'Night!!
GMatt
Gnight Gnat,

I will see you tonight around the London open. I may not be awake the whole time - I have not had much sleep lately and the eggs have a surplus of energy.

I too anxiously await the return of lady Awesome - I fear it will not be until January as her boss has kidnapped her and is loathe to return her to us.

Until you awake,

Dogman
  • #2,851
  • Nov 14, 2007 7:55pm Nov 14, 2007 7:55pm
hello every1
i did make the new thread for ea's
but i doubt il have time to finish it till a few days
however i do know that weve had few trades and id like to explain why
the ea is very picky
rule #1 is that all ind must agree
well theres a rule #2 i havent told you about
all ind must agree within 2 bars
the last trade we missed is a good example
look at the chart n youl see that all indy agree exept qqea
later on all indy agreed
the reason we had no trade is because qqea was expired
after 2 bars a signal expires
im working on this and re optimizing for regular entry
as of right now you cant use regular entry unless you use qqea close only
the reason is if you use anything else for close wel just have reentry
the fix is wait till i upload a set file for optimization using normal entry
and a new version of the ea
  • #2,852
  • Nov 14, 2007 8:00pm Nov 14, 2007 8:00pm
what i mean is keep running ea with default settings
il let you know when iv fixed and re optimized the ea
  • #2,853
  • Nov 14, 2007 8:17pm Nov 14, 2007 8:17pm
Here is a good example of how I use the daily pivots for exit. Price initially broke the pivot but had no carry through momentum and I was not confident it would continue. Time may prove me wrong but that is the way I played it.
Attached Image (click to enlarge)
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  • #2,854
  • Nov 14, 2007 8:36pm Nov 14, 2007 8:36pm
Hi All,

Before somebody asks a question about the extra DMI indicator on my charts I thought I would explain. I have been using the DMI 5 rather than the DMI 14 to enter trades. It gets me in sooner and as I have an initial TP of 20 pips I have found this to be advantageous. I still wait for the 25-20 levels to be crossed as before. The downside is that it may sometimes fail to filter out a bad trade before I am in profit but I have found that this is rare. I have been testing this for about 2 weeks now with favorable results.

I cannot take the credit for this modification as it was my friend kosmofx that brought this to my attention.

Hope this is of help,

NOFX
  • #2,855
  • Nov 14, 2007 8:44pm Nov 14, 2007 8:44pm
Quoting Nofx
Hi All,

Before somebody asks a question about the extra DMI indicator on my charts I thought I would explain. I have been using the DMI 5 rather than the DMI 14 to enter trades. It gets me in sooner and as I have an initial TP of 20 pips I have found this to be advantageous. I still wait for the 25-20 levels to be crossed as before. The downside is that it may sometimes fail to filter out a bad trade before I am in profit but I have found that this is rare. I have been testing this for about 2 weeks now with favorable results.

I cannot take the credit for this modification as it was my friend kosmofx that brought this to my attention.

Hope this is of help,

NOFX
Does this mean you are entering prior to the QQE Alert arrow?
  • #2,856
  • Nov 14, 2007 8:52pm Nov 14, 2007 8:52pm
Quoting et_phonehome_2
Does this mean you are entering prior to the QQE Alert arrow?
Hi ET!

No, I am still waiting for the QQE even if the DMI is already giving me a signal.

QQE is the backbone of the system and I always use it for entry first.

NOFX
  • #2,857
  • Nov 15, 2007 1:08am Nov 15, 2007 1:08am
Quoting Nofx
Hi ET!

No, I am still waiting for the QQE even if the DMI is already giving me a signal.

QQE is the backbone of the system and I always use it for entry first.

NOFX
Hey NOFX, looks like you are one of few here , who are still for manual trading. So my question to you, want to hear your thoughts on this as a fellow supernova trader.

I have entered the trade today around 15:10 EST time at 229.76. There was a long signal according to my QQE. As soon as i entered the trade, price just collapsed and i exited trade at price 228.69. I am trying to find out and understand what happened. What are your thought on this? There were no major news, so it is a puzzle for me.

Vlad
  • #2,858
  • Nov 15, 2007 1:25am Nov 15, 2007 1:25am
Hello i suppose Gj still go up. After your entrie on the highest candle as i see my charts, then GJ went just flating now could be breakout basically i prefer trading on Europe open, since the currency has impulse to move.
I trade another system but only now thanks to Gnat i try this system but as my experience shows me this is the same principe here also.
So if you people dont mind I can post here my system screen and this system and show principe of price action on such systems


Quoting VladNYC
Hey NOFX, looks like you are one of few here , who are still for manual trading. So my question to you, want to hear your thoughts on this as a fellow supernova trader.

I have entered the trade today around 15:10 EST time at 229.76. There was a long signal according to my QQE. As soon as i entered the trade, price just collapsed and i exited trade at price 228.69. I am trying to find out and understand what happened. What are your thought on this? There were no major news, so it is a puzzle for me.

Vlad
  • #2,859
  • Nov 15, 2007 2:20am Nov 15, 2007 2:20am
Quoting VladNYC
Hey NOFX, looks like you are one of few here , who are still for manual trading. So my question to you, want to hear your thoughts on this as a fellow supernova trader.

I have entered the trade today around 15:10 EST time at 229.76. There was a long signal according to my QQE. As soon as i entered the trade, price just collapsed and i exited trade at price 228.69. I am trying to find out and understand what happened. What are your thought on this? There were no major news, so it is a puzzle for me.

Vlad
Hi Vlad!

I am not sure if I am understanding you correctly or not so I have included a chart to reference what I think your question is. If you entered where I placed the arrow on the chart that would not be a good entry for me. I think Cryten talked about this in the first post of the thread.

First reason not to take the trade is: lots of small candles with long shadows indicating market indecision.

Second reason: This time is nearing the end of the U.S. Session and therefore one can expect a ranging market for the next few hours.

That is why I did not take that particular trade. I did however take the next long signal. I think you can see the difference in the shadows on the candles at that point - nice flat bottoms with no lower shadows and price cleanly above the T3. I hope I have understood your question correctly. If not, let me know and I will take another stab at it.

Good trading to you,

NOFX
Attached Image (click to enlarge)
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  • #2,860
  • Nov 15, 2007 2:49am Nov 15, 2007 2:49am
Quoting Nofx

First reason not to take the trade is: lots of small candles with long shadows indicating market indecision.

Hi Nofx,

How many candles before the signal should we analyze for shadows and so on?

Thanks.
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