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GBP/JPY for QQE Traders!

  • #1,941
  • Feb 25, 2008 7:28pm Feb 25, 2008 7:28pm
Quoting SimonJ
Hey people seems like we have a downtrend. QQE is bearish on 30m now.
Heiken ashi got red candle on 1h.
I'm waiting for my new strategy to confirm though. I think I'll write a new thread about it somewhere, it includes QQE of course

EDIT: I also expect a downtrend for a while after the big bull move today. But probably bears will make their move tomorrow? I can't stay up all night anyway (europe here).
EDIT2: Not a big bear move though, maybe 50-100 pips?
Good one. It does indeed look we're having our Asian session retrace. Your estimate of 50 - 100 pips seems reasonable to me. If we're fortunate enough to get a full 50% retrace today, that would put price in the 211.65 area. Let's see how things go . . .

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  • #1,942
  • Feb 25, 2008 7:51pm Feb 25, 2008 7:51pm
Higher time frames are still bullish, and the Nikkei is in positive territory. So the retace could be limited, and it's not signalling a major trend change.

Here's what I look for as the signal for an Asian session retrace:

1) The previous trading day was bullish.
2) Sometime during Asian session, the QQE5's for G/J, U/J, and G/U all become bearish (see chart below).

The problems are:

1) You never know for sure how big the retrace will be.
2) It's a judgement call on when it's best to exit the short.

So there's still an element of risk, but it pays off well enough that it's usually worth a shot. Now and then it takes a couple bullish days in a row before there's a full 50% retrace.
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  • #1,943
  • Feb 25, 2008 8:59pm Feb 25, 2008 8:59pm
Last week price developed a pattern of making higher lows and lower highs. By the end of the week price was squeezed into a tight range. See hourly chart #1.

Yesterday price broke out to the upside. See hourly chart #2. In doing so, it created a new upper trend line that forms a rough bullish channel. The Daily and 4H QQE’s are still bullish, and price is closing above their Ganns. Unless something happens fundamentally to throw it off, the technicals point to a continued trend upwards after this retrace.
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  • #1,944
  • Feb 25, 2008 11:21pm Feb 25, 2008 11:21pm
I agree, I also see the Bull happening more likely then a Bear. Very good charts and info Pips_Cruiser, thanks! ^^ May we all make some nice pips today.
  • #1,945
  • Edited 2:27am Feb 26, 2008 1:26am | Edited 2:27am
My long was entered at 4:36 gmt @212.24. I have PP(pip protect) +5 in place now, so now it will either hit my PP +5, or my TP +50. This is now a worry free trade, and I love worry free trades. ^^

Edit: PP +5 hit, now I look for a new trade to confirm.
  • #1,946
  • Feb 26, 2008 4:48am Feb 26, 2008 4:48am
Current price is 212.70

Price is currently making session highs and attempting to break yesterday's high of 212.88. I think it will break yesterday's high but the question is how much further can the bulls go up?

I see critical bear resistance level at 213.07 - 213.20. If bulls cannot break this price zone the bears will come back....and I think come back strong. At the moment the bulls are in control of the market. 213.18 - 213.20ish is first resistance. There is more bear resistance further up in 213.50ish. Let's watch price and the charts to see where this plays out.
  • #1,947
  • Feb 26, 2008 6:37am Feb 26, 2008 6:37am
Quoting Sith Lord
Current price is 212.70

Price is currently making session highs and attempting to break yesterday's high of 212.88. I think it will break yesterday's high but the question is how much further can the bulls go up?

I see critical bear resistance level at 213.07 - 213.20. If bulls cannot break this price zone the bears will come back....and I think come back strong. At the moment the bulls are in control of the market. 213.18 - 213.20ish is first resistance. There is more bear resistance further up in 213.50ish. Let's watch price and the charts to see where this plays out.
Still does not break those resistances, also my london R1 is at 213.23 so let see.... GoGoGoGo bulls
  • #1,948
  • Feb 26, 2008 10:09am Feb 26, 2008 10:09am
Looks like price bounced on 0.382 fibo from last move up, I went long @ 212.38.
  • #1,949
  • Edited 11:51am Feb 26, 2008 10:14am | Edited 11:51am
Me too, 40 till 87. 7 pips spread... :S

Edit: Got it, 2% more.
On the path to Enrichment.
  • #1,950
  • Feb 26, 2008 11:35pm Feb 26, 2008 11:35pm
Well, the last 10 days or so, has been hectic for me.
Not alot of time to trade or make good analysis'.

Looks like we're stalled up a bit here.

Last three 1H bars have been small and almost identical in size and price.

30m and 1H QQE's are down and below 50.

15M is turning up, but the DP will probably hold us down.

4H is very close to crossing down and when 4H QQE crosses down, we're usually good for 2-300 pips. USUALLY.

We might be in a holding pattern at this point until Frankfurt/London open.

One thing to think about is the UJ 4H QQE is down and she's testing a long term lower TL.

If she breaks that lower TL, this is probably good for a few hundred pips down as a Reversal and not a retracement.

If it is a reversal, I'd put us around 209.32, which was strong S/R area.
211.21, 211.05 and 210.31 are also S/R areas to watch as well.

If the 4H turns down on us, I'd think we're good to 210 area at least.

We had 4 Bull Daily bars on the move up here.
Keeping in the pattern of the last 2 weeks, we could have that mid 209 reversal here for the next few days before retesting 213.8 area.

Until we break 213.5-213.8 area, I'll be in 'scalp' mode.

I have been working my way to trading on longer TF's, using the 15/30M for early entries and then riding the 1H/4H charts and holding onto trades for longer times.

But, with a smaller volume, rangey market, scalping 50-70pips trades up and down, still fills the account equity nicely.

Hope all are well and many Pips to tall.

Trade what you see........

kj
  • #1,951
  • Feb 27, 2008 1:37am Feb 27, 2008 1:37am
I'll be looking for 213.78 today, probably just before or after the GBP news.

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  • #1,952
  • Feb 27, 2008 1:47am Feb 27, 2008 1:47am
Quoting Nobitacu
Either way, I'll try to catch it.
How's the scalping king been doing lately?

  • #1,953
  • Feb 27, 2008 2:12am Feb 27, 2008 2:12am
Quoting Pips_Cruiser
How's the scalping king been doing lately?

Hehe, not sure about "King" but maybe "Knight"? haha, I'm still learning and practicing as I trade. But yea... pretty good so far today since Tokyo open. Trades so far today... Sell +50, Sell +5, and now floating Buy placed @212.87 with PP +5 in place. ^^
  • #1,954
  • Feb 27, 2008 2:36am Feb 27, 2008 2:36am
Quoting Nobitacu
Hehe, not sure about "King" but maybe "Knight"? haha, I'm still learning and practicing as I trade. But yea... pretty good so far today since Tokyo open. Trades so far today... Sell +50, Sell +5, and now floating Buy placed @212.87 with PP +5 in place. ^^
Scalping Knight sounds good! Do me a favor. Tell U/J not to collapse for the next few hours. It's holding on by a thread right now, and I need it for a little bit longer. LOL.
  • #1,955
  • Feb 27, 2008 2:43am Feb 27, 2008 2:43am
Damn just dropped like a rock...hmmmm strange
  • #1,956
  • Feb 27, 2008 2:48am Feb 27, 2008 2:48am
Quoting totalpips
Damn just dropped like a rock...hmmmm strange
No doubt, right? Just stopped me out real quick. Wonder what that was about. Did I miss something?
Within apparent chaos there is order for those who know how to look
  • #1,957
  • Feb 27, 2008 2:52am Feb 27, 2008 2:52am
Seems really weird, i know the pair is volatile but come on...lol

Luckily i got out right at the top about five candles back(on 15 min).

Any one else got any ideas?? mind you now looks like a good buy price upto 214 ish

EDIT: hehe still dropping might just sit out a bit till things start firming up....Stop Sweep/Hunt anyone??...lol
  • #1,958
  • Feb 27, 2008 3:02am Feb 27, 2008 3:02am
Yup, took out my Buy with PP +5. Entered new Sell that was confirmed and now out with +50 from this drop.
  • #1,959
  • Feb 27, 2008 3:07am Feb 27, 2008 3:07am
Quoting Nobitacu
Yup, took out my Buy with PP +5. Entered new Sell that was confirmed and now out with +50 from this drop.
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  • #1,960
  • Feb 27, 2008 3:13am Feb 27, 2008 3:13am
Quoting Pips_Cruiser
http://www.youtube.com/watch?v=726Zf-zin-s
Haha, yea, I know... it should drop a lot now, but I'm trying to get better at following my trading rules right now, so I cashed out at my normal TP mark. Good luck to everyone that will try to ride this entire fall down below. I guess I'm done now for today, maybe I'll check NY in the morning if I can wake up. ^^
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