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GBP/JPY for QQE Traders!

  • #641
  • Jan 27, 2008 4:36pm Jan 27, 2008 4:36pm
Just the facts:

  1. There are no clear trade signals right now.
  2. QQE indicators are mixed, depending on the time frame.
  3. Momentum indicators are mixed, depending on time frame.
  4. ADX indicators on both the 15M and 1H charts show a trending market (above 25).
  5. Price is well above the Daily 5sma and the 1hr 100sma.
  6. Price found resistance in the 214 area on Friday, and it held through the weekend.
  7. Price found support in the 211 area on Friday, and it held through the weekend.

Less concrete, but generally accepted:

  1. Normal ranging could occur anywhere between Friday’s high and Friday’s low.
  2. A break above this range would suggest a continuation to the next level of resistance. A break below would suggest downward movement to the next level of support.
  3. If you draw a simple trend line from Thursday, the obvious trend is up. If price actually keeps following this trend line, it would be a very nice bullish sign.
  4. If price dips below the trend line, it should not be considered a bearish sign on it’s own. Price tends to range or consolidate between significant moves, so it would more likely indicate “sideways” movement instead of “downward”.

Things to watch for:

  1. Possible “15 minute strategy” long trade in the near future. Let’s see if the upward swing can break the current range. If it does, 215 will be looking good for today.
  2. If price breaks the lower range, make sure you have a clear trade with price at least below the Daily 5sma and the 1hr 100sma before going short.
  3. If we’re range bound and there are no high quality trades, it might be a good time to try some of our new scalping strategies with decreased lot sizes, or on demo.

Attached Image (click to enlarge)
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  • #642
  • Jan 27, 2008 5:23pm Jan 27, 2008 5:23pm
Hi PP,

Hope you had a nice week end! New week, new trading session, new P&L!
"Some of our new scalping strategies", do you refer to the QQE21 from Freewheelin, or do you have some others ?
  • #643
  • Jan 27, 2008 5:29pm Jan 27, 2008 5:29pm
btw: happy to see that you added the ADX indicator ... maybe it's not because of me though
I think it's really useful for Aus' system, since the trap is to enter a trade in a ranging market.
  • #644
  • Jan 27, 2008 5:47pm Jan 27, 2008 5:47pm
Can one of you, who uses MT4, explain me how to set up "price levels" in Fibonacci retracement?
I mean: when I draw my Fibo retracement, I just have the levels: 0, 23.6, 38.2, ... but not the prices associated with these levels.
I don't know how to set up this under MT4, so can one of you tell me how ?!
  • #645
  • Jan 27, 2008 5:51pm Jan 27, 2008 5:51pm
There are no specific signals with just qqe at the moment, no.

But my Zero Lag Stoch indicator, which I use along with the qqe, always seems to lead the QQE by just a tiny bit.

WE are in a down trend via my Stochs indicator on the 1H and 4H.
We are still retracing down from Friday's close.

I think we get to the 209.xx area, 50% ret Fib before we head back up to the 217/219 area.

But, we'll see......
  • #646
  • Jan 27, 2008 6:42pm Jan 27, 2008 6:42pm
If you guys wanna have a look at another interesting scalping strategy on the 5M timeframe for GY:
http://www.forexfactory.com/showthre...52#post1821652

I believe it's a quite good scalping strategy, read it in the original Auslanco trading system post...
If someone wants to backtest it, please feel free as I don't know how to backtest trading systems yet, nor do I know how to implement prices into fibo retracement levels...

Cheers
  • #647
  • Jan 27, 2008 6:46pm Jan 27, 2008 6:46pm
Quoting kujo17
There are no specific signals with just qqe at the moment, no.

But my Zero Lag Stoch indicator, which I use along with the qqe, always seems to lead the QQE by just a tiny bit.

WE are in a down trend via my Stochs indicator on the 1H and 4H.
We are still retracing down from Friday's close.

I think we get to the 209.xx area, 50% ret Fib before we head back up to the 217/219 area.

But, we'll see......
I totally agree with this, that's my plan
Trade what you see, not what you think.
  • #648
  • Jan 27, 2008 6:55pm Jan 27, 2008 6:55pm
Hey Kujo. Does this look like a fair representation of your scalping strategy? I used it last week with pretty good success.

******************************

Using:

QQE indicator with smoothing factor 5
5sma open
5sma close
5M or 15M chart

What to watch for:

When the 5M or 15M QQE5 is close to crossing the 50 line.

Entry:

1) When the 5sma lines cross,
2) and a price bar closes above or below both 5sma lines (not touching),
3) and the QQE5 solid index line crosses the 50 line,
4) enter short if below 50 line, or long if above it.

What to expect:

Price should begin moving in the direction of the QQE5 50 line cross. The 5sma lines should slowly follow it, with the one set for “close” prices taking the lead. As the trade runs its course, price bars will also form in the direction of the trade.

Exit:

When a bar closes touching either 5sma line, exit the trade.

**********************************
  • #649
  • Jan 27, 2008 7:16pm Jan 27, 2008 7:16pm
PC,

Yes, but I also now use a Zero Lag Stoch indicator and use the 30M,1H and 4H charts to help me decide to sometimes stay in or get out earlier.

Worked very well last week to the tune of about 1K pips.

I'm also working on a 1H only strategy.

I backtested it last week and would have netted about 2K pips, using only the 1H charts.

So, I"m running that one right now, started mid day on Friday and I'm $1K in the black, so it's working so far.......

kj
  • #650
  • Jan 27, 2008 7:18pm Jan 27, 2008 7:18pm
Quoting Michi
Hi PP,

Hope you had a nice week end! New week, new trading session, new P&L!
"Some of our new scalping strategies", do you refer to the QQE21 from Freewheelin, or do you have some others ?
Hi Michi! I had a great weekend. Hope you did, too. I think we're still in search of the best scalping strategies. Sith has the "Twin Brothers" trade, that can be a scalp or longer term. It's probably a "keeper". Kujo has a nice scalping strategy that I tried a few times last week and liked. Plus the Freewheelin trade, and the one you posted a link to. I think it would be great if we could evaluate how well these work, and add some to our arsenal. For now, it might be best if you just tried the ones that seem the most interesting to you.
  • #651
  • Jan 27, 2008 7:22pm Jan 27, 2008 7:22pm
Quoting Michi
btw: happy to see that you added the ADX indicator ... maybe it's not because of me though
I think it's really useful for Aus' system, since the trap is to enter a trade in a ranging market.
I got the idea from you. Think I'll use it for awhile, and see how much it helps!
  • #652
  • Jan 27, 2008 7:33pm Jan 27, 2008 7:33pm
kujo17

Can you post the zero lag Stoch indicator?
  • #653
  • Jan 27, 2008 7:38pm Jan 27, 2008 7:38pm
Quoting Pips_Cruiser
Hey Kujo. Does this look like a fair representation of your scalping strategy? I used it last week with pretty good success.

******************************

Using:

QQE indicator with smoothing factor 5
5sma open
5sma close
5M or 15M chart

What to watch for:

When the 5M or 15M QQE5 is close to crossing the 50 line.

Entry:

1) When the 5sma lines cross,
2) and a price bar closes above or below both 5sma lines (not touching),
3) and the QQE5 solid index line crosses the 50 line,
4) enter short if below 50 line, or long if above it.

What to expect:

Price should begin moving in the direction of the QQE5 50 line cross. The 5sma lines should slowly follow it, with the one set for “close” prices taking the lead. As the trade runs its course, price bars will also form in the direction of the trade.

Exit:

When a bar closes touching either 5sma line, exit the trade.

**********************************
Could one of you (PP or Kujo) post a screenshot with some examples of entry point because I encounter some issues to well-understand it. Since it sounds like a keeper, I'd like to have a look at it too...
If you could just post a picture with few examples of entry point just to figure out exactly how it works.
Thanks a lot.
Cheers.

PP: I'll let you know this week about the other scalping strategy I found on another post.
  • #654
  • Jan 27, 2008 7:44pm Jan 27, 2008 7:44pm
just makin dinner for the Fam right now.

I'll post a chart screen shot and the ZL Stoch indicator in a few minutes ok.
  • #655
  • Jan 27, 2008 8:39pm Jan 27, 2008 8:39pm
We've got a clean break under Friday's low, and price made it through the 4hr Gann area. It's currently testing the 1hr 50ema, and 50 pips lower is the 1hr 200ema.

Inserted Video


I show the 50 percent retrace and Daily 5sma in the 209.30 area.
Attached Image (click to enlarge)
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  • #656
  • Jan 27, 2008 9:03pm Jan 27, 2008 9:03pm
TPs from 213 set at 209.5 and then, wait for the 1H to turn up and head up to 217 area !!!!!!!!!

Screen shot of my strat coming.
  • #657
  • Jan 27, 2008 9:18pm Jan 27, 2008 9:18pm
Kujo's 5m/15M Scalp Trade Strategy

5M or 15M charts.
Monitor 30M, 1H, 4H and Daily charts to follow momentum.
I will only trade now, with the HOURLY trend, but you can scalp UP and Down at will.

QQE 5
Zero Lag Stochastic Indicator, setting 13, which is embedded inside.
5SMA close and open

Also use Trend Lines on the two most recent Fractals both top and bottom.
To be safest, don't enter until one is broken, but I don't do this now, as I ONLY trade this strategy with the 1H trend being identified by the Stoch and QQEs.

When 5SMAs cross, I'll wait for the following 5M bar to close.
If it closes below the SMAs, and Stoch crosses over, Enter trade.
Long if above and short below.

I'll then wait for the Stoch to cross up/down to Exit, but as I said, I only trade with the 1H trend now.

Otherwise, if you are scalping up and down, exit when a 5M bar closes touching an SMA line for safety.

It's an easy strategy and has made VERY good pips.


Notice where I made white lines on the crosses and the closing bars.
Those are enter/exit points.

I'll stay in trades longer now, as I'm ONLY trading with the 1H trend and haven't taken a loss since switching to this method.
Attached Image (click to enlarge)
Click to Enlarge Name: 15Mstrat.jpg Size: 230 KB
Attached File(s)
File Type: mq4 Zerolagstochs_B.mq4   3 KB | 936 downloads
  • #658
  • Jan 27, 2008 11:44pm Jan 27, 2008 11:44pm
Awesome call Kujo and Karmo! A virtual 50% retrace. Thanks for the pips, guys!

  • #659
  • Jan 28, 2008 12:41am Jan 28, 2008 12:41am
YUP. Hit my TPs and I doubled my 'slush fund' account since mid Friday......

Way to start the week !!!!
  • #660
  • Jan 28, 2008 1:52am Jan 28, 2008 1:52am
Quoting Michi
Can one of you, who uses MT4, explain me how to set up "price levels" in Fibonacci retracement?
I mean: when I draw my Fibo retracement, I just have the levels: 0, 23.6, 38.2, ... but not the prices associated with these levels.
I don't know how to set up this under MT4, so can one of you tell me how ?!
Hello Michi,

On this levels just put in %$
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