More reading. Another reason for my wife to be angry at me....
Thanks for the links. Will investigate them tomorrow. Have just joined James16 website and am staggered by the quality of the information there.
On the QQE front, GY seems to be ranging like crazy. I am using the Gann and the QQE5 to identify the trend like karmo does, but it looks like it can't make up its mind. Daily, 4hr and 1hr are choppy and in conflict.
Confession time. I've taken some trades out of boredom and got lucky. That behaviour will kill me in the long run, so I'm fessing up. Forgive me father for I have sinned...
I wonder if the Gann/QQE5 way of reading trends works on other pairs. I am concentrating my learning on the GY so as to avoid the newbie's disease of running round like a headless chicken trading every pair and strategy on offer.
I've also abandoned DIBS because of some stuff I read on James16's forum. I think it needs to be worked by a very experienced hand in conjunction with deep familiarity with the pair. I'm simply not at that stage yet. Some in depth Price Action study will help.
Sorry to veer slightly off topic.
Back to the QQE. My understanding is that the QQE5 (or strength indicator as we used to call it) replaces the MACD, as well as RSI and stochastics. Aus himself said that the GAnn and QQE5 were the two main indicators and everything else was used for backup.
Does anyone else have anything to say about using the QQE in conjunction with the indicators it's 'supposed' to replace. Thanks Cyber for your post. That's definitely something to chew on and I hope we see you again here soon.
Ditto with the other indicators. You mentioned MACD and Bollinger Bands, so I was just going with the flow. If Aus strategies could use another indicator, it’s probably one to filter out ranging conditions.
Glad to hear you're learning price action. That's good basic training. I did some commodity trading 10 years ago, and can’t recall ever hearing the word indicator. I used technical analysis with some fundies on the side. Had to place orders through a broker and pay a regular commission. The internet was a reality by then, and I had a computer. But there weren’t many sites worth visiting. I couldn’t even get live feeds for current prices. I’d watch CNN on cable TV a couple times a day and get prices there. Then a couple hours after the close of the trading day I’d get a summary of closing prices from one particular web site. Also got a fax each morning from my broker with closing and opening prices for most commodities. I received charts on a weekly basis through the mail, and would update those manually (with a pencil) as the week progressed. LOL! When I started dabbling in Forex a couple years ago, I was amazed at how things had advanced. The indicators were one of the nice surprises. But it’s obvious not everyone approves of them. To each his own.
I think you’re correct to concentrate on one currency pair until you learn it well. GJ is a tough one. I started with EU, then GU next. I began visiting FF about a year ago while trying to learn the Yen pairs, and GJ in particular. I was lucky enough to run into a few great traders. By the end of the summer my trading style had completely changed. Hopefully you’ll be able to learn from some of these same folks.
This last week I just concentrated on short term trades. I was able to scrounge up enough pips to pay the bills, but took about twice as many trades as I prefer. I can usually count on a couple nice trades with GJ, but basically did without this time. Some of the GJ losses would have eventually turned around and gone to profit if I'd let them ride long enough. But for better or worse I decided to cut losses short instead. That's a tough area for me sometimes . . . wondering whether I should remain patient while the red pips are mounting up, or just close it and try again later. LOL.
