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GBP/JPY for QQE Traders!

  • #321
  • Jan 15, 2008 10:27pm Jan 15, 2008 10:27pm
I short at 208.795, hesitate let me lose some pips, but more confirm
  • #322
  • Jan 15, 2008 10:36pm Jan 15, 2008 10:36pm
We still haven't gotten a confirmed crossing of the QQE60. Or at least I haven't. It crossed upwards when price moved to 209.50, and is trying to cross back down now. So I don't think there's an Aus 15 minute strategy in effect yet. Maybe in another 10 minutes . . .
  • #323
  • Jan 15, 2008 10:42pm Jan 15, 2008 10:42pm
sith...I went counter trend long around the same entry you did for a low risk to reward ratio....I sized my position to adjust my risk and my analysis and discretion told me to go for a 23%-39% retracement....which after a strong trend on average it retraces back to this level to make room for a continuation.

P.s. am short at 208.50
  • #324
  • Jan 15, 2008 10:52pm Jan 15, 2008 10:52pm
There is plenty of money to be made on counter trend trades, but you need balls of steel against this bearish tsunami. That is why I like to have 1H Momentum crossing in direction of counter trend.

Good luck with your short !

Anyone did fib analysis of where this price will move to ? I've got a ridiculous fib price around 205.93 - 208.45 on my weekly charts

Quoting bullish84
sith...I went counter trend long around the same entry you did for a low risk to reward ratio....I sized my position to adjust my risk and my analysis and discretion told me to go for a 23%-39% retracement....which after a strong trend on average it retraces back to this level to make room for a continuation.

P.s. am short at 208.50
  • #325
  • Jan 15, 2008 10:58pm Jan 15, 2008 10:58pm
Quoting bronx8889
How to actually use momentum indicator to define overbought/oversold level? Can someone please explain it briefly? Btw, nice thread Sith Lord.. no doubt that QQE is the most powerful indicator to trade gj.. took a 70 pips rally last night.. TP was hit at 209.80 before price headed south around 100 pips more :
It's actually the QQE's that can measure OB and OS. When the solid line reaches 70 or above it's overbought. If it moves to 30 or below it's oversold. They're often considered "borderline" OB or OS when they get close to those areas (like some are starting to do now).
  • #326
  • Jan 15, 2008 11:00pm Jan 15, 2008 11:00pm
I see a confirmed QQE60 now (finally) . . .
  • #327
  • Jan 15, 2008 11:01pm Jan 15, 2008 11:01pm
Quoting Pips_Cruiser
We still haven't gotten a confirmed crossing of the QQE60. Or at least I haven't. It crossed upwards when price moved to 209.50, and is trying to cross back down now. So I don't think there's an Aus 15 minute strategy in effect yet. Maybe in another 10 minutes . . .
Hello Pips_cruiser and Sith Lords.. Thanks for this thread. Great job

I have been studying the QQE indicator for the last 8 months after Auslanco introduced the indicator to FF. It is the best indicator to trade trending pairs like GBP/JPY and EUR/JPY. I have made tons of pips for the last 6 months.

There's somthing I want to point out. When the price range in a narrow channel , like we saw from NY close to Tokyo open, it's best to switch to 5min TF. Same strategy as the Auslanco's 15min but on the the 5min TF.

SF
  • #328
  • Jan 15, 2008 11:06pm Jan 15, 2008 11:06pm
Thanks Spanishfly for the tips. Congrats on all the pips - QQE is amazing.

I agree about the 5M TF - I've been testing this TF for confirmation entries. I use the QQE20 on 5M instead of QQE60.


Quoting Spanishfly
Hello Pips_cruiser and Sith Lords.. Thanks for this thread. Great job

I have been studying the QQE indicator for the last 8 months after Auslanco introduced the indicator to FF. It is the best indicator to trade trending pairs like GBP/JPY and EUR/JPY. I have made tons of pip for the last 6 month.

There's somthing I want to point out. When the price range in a narrow channel , like we saw from NY close to Tokyo open, it's best to switch to 5min TF. Same strategy as the Auslanco's 15min but on the the 5min TF.

SF
  • #329
  • Jan 15, 2008 11:08pm Jan 15, 2008 11:08pm
Quoting Spanishfly
Hello Pips_cruiser and Sith Lords.. Thanks for this thread. Great job

I have been studying the QQE indicator for the last 8 months after Auslanco introduced the indicator to FF. It is the best indicator to trade trending pairs like GBP/JPY and EUR/JPY. I have made tons of pips for the last 6 months.

There's somthing I want to point out. When the price range in a narrow channel , like we saw from NY close to Tokyo open, it's best to switch to 5min TF. Same strategy as the Auslanco's 15min but on the the 5min TF.

SF
Hi Spanishfly! Glad you could join us.

  • #330
  • Jan 15, 2008 11:10pm Jan 15, 2008 11:10pm
Hey Pips Cruiser, what's your trading plan when QQE60 crosses but price is 70 pips away from sell arrow trigger ?

Do you just wait for a better price?


Quoting Pips_Cruiser
I see a confirmed QQE60 now (finally) . . .
  • #331
  • Jan 15, 2008 11:15pm Jan 15, 2008 11:15pm
15min QQE60 crossed down and the price dropped below the Daily S-1 before the retracement. The price may drop down to 207.10 at S-2 after a brief consolidation.
  • #332
  • Jan 15, 2008 11:16pm Jan 15, 2008 11:16pm
Spanishfly, it would be great if you could join the QQE club and post your entry trades. I am interested in your 5M TF trades too - if everyone else don't mind?


Quoting Spanishfly
Hello Pips_cruiser and Sith Lords.. Thanks for this thread. Great job

I have been studying the QQE indicator for the last 8 months after Auslanco introduced the indicator to FF. It is the best indicator to trade trending pairs like GBP/JPY and EUR/JPY. I have made tons of pips for the last 6 months.

There's somthing I want to point out. When the price range in a narrow channel , like we saw from NY close to Tokyo open, it's best to switch to 5min TF. Same strategy as the Auslanco's 15min but on the the 5min TF.

SF
  • #333
  • Edited Jan 16, 2008 12:00am Jan 15, 2008 11:24pm | Edited Jan 16, 2008 12:00am
The fibs that seem to be playing out so far this week, are from last week's high / low (chart #1). Price moved down to the -23 fib on the first trading day. Then on to the -38 fib 24 hours later, then on to the -61.8 fib today.

But I suspect that fib cycle has played itself out, and we'll have to move back in time for a previous cycle now. Chart #2 shows a fib cycle that will reach it's -38 fib at 207.26, so that's a logical area for a fib target.

Of course we could also use pivot support areas . . . they seem pretty reliable.

Attached Image(s) (click to enlarge)
Click to Enlarge Name: fib_cycle.jpg Size: 152 KB
Click to Enlarge Name: curr_fibs3.jpg Size: 240 KB
  • #334
  • Jan 16, 2008 12:01am Jan 16, 2008 12:01am
Quoting Sith Lord
Spanishfly, it would be great if you could join the QQE club and post your entry trades. I am interested in your 5M TF trades too - if everyone else don't mind?
I'll second that!
  • #335
  • Jan 16, 2008 12:21am Jan 16, 2008 12:21am
Here are some pivot support areas I've found. The first one is from Action Forex. The screen shot on the left is for asian daily pivots, according to VT. The one on the right is for "regular" (17:00EST) pivots, according to VT.

I see we've already hit 207.58 and bounced off. That might indicate it's a valid support area. Hmm . . . any other thoughts on this subject?

Action Forex
S3 = 205.80
S2 = 207.58
S1 - 208.56
PP = 210.34
Attached Images
  • #336
  • Jan 16, 2008 12:26am Jan 16, 2008 12:26am
Daily momentum up?

Is this right?

Do your charts show the same?

Rather a steep run down since 28th December

Scarey times.

John
Attached Image (click to enlarge)
Click to Enlarge Name: momentum.gif Size: 40 KB
  • #337
  • Jan 16, 2008 12:29am Jan 16, 2008 12:29am
My lowest fib is 205.93. Break of 207.58 and a nice ride down to 206

The 3 Amigos (15M, 1H and 4H QQE5) are all bears. We are only bullish on 5M - might be able to get an entry short from QQE5 5M cross down.


Quoting Pips_Cruiser
Here are some pivot support areas I've found. The first one is from Action Forex. The screen shot on the left is for asian daily pivots, according to VT. The one on the right is for "regular" (17:00EST) pivots, according to VT.

I see we've already hit 207.58 and bounced off. That might indicate it's a valid support area. Hmm . . . any other thoughts on this subject?

Action Forex
S3 = 205.80
S2 = 207.58
S1 - 208.56
PP = 210.34
  • #338
  • Jan 16, 2008 12:34am Jan 16, 2008 12:34am
Hi mjolimer !!

I've got the same daily MOM chart as you - turning up from bear zone. Not too sure how to intrepret MOM on daily. anyone else?

Quoting mjolimer
Daily momentum up?

Is this right?

Do your charts show the same?

Rather a steep run down since 28th December

Scarey times.

John
  • #339
  • Jan 16, 2008 12:38am Jan 16, 2008 12:38am
Quoting Sith Lord
My lowest fib is 205.93. Break of 207.58 and a nice ride down to 206

The 3 Amigos (15M, 1H and 4H QQE5) are all bears. We are only bullish on 5M - might be able to get an entry short from QQE5 5M cross down.
Wow . . . the Japanese Prime Minister might have to flatulate quite a few times before it moves that far. lol



P.S. - What are you drawing your fibs from? Which dates, or which highs and lows?
  • #340
  • Jan 16, 2008 12:41am Jan 16, 2008 12:41am
Quoting Sith Lord
Hi mjolimer !!

I've got the same daily MOM chart as you - turning up from bear zone. Not too sure how to intrepret MOM on daily. anyone else?
Aus is trying to work something out using a combination of mom1, mom10, mom14, daily 5sma close, daily 5sma low, and daily 5sma high. I don't think you can predict how a day will go just by looking at the mom10. IMO.
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