Wednesday, February 27, 2008
BUY Signal
Price above the 1hr 100sma
Price above the Daily 5sma
Price above the session Daily pivot
Levels Stop Reverse Indicator- buy arrow
QQE5 crossed up the 50 line upwards
QQE60 crossed up
NOTE: QQE60 has to cross upwards while the price is above the 1hr 100sma and Daily 5sma. If the QQE60 cross upwards for a buy signal from Below the Daily 5sma or 1hr 100sma I don't take that signal.
Sell Signal (Vise Versa)
Price below the 1hr 100sma
Price below the Daily 5sma
Price below the session Daily pivot
Price below the two Levels Stop Reverse Indicator lines
QQE5 crossed down & crossed the 50 line upwards
QQE60 crossed down
NOTE: QQE60 has to cross downwards while the price is below the 1hr 100sma and Daily 5sma. If the QQE60 cross downwards for a sell signal from ABOVE the Daily 5sma or 1hr 100sma I don't take that signal.
EXIT: If
QQE 60 cross to the opposite direction
Stop Loss:
Intial stop loss has to be placed 10pips below the two Level stop reverse indicators. You can move the Stop loss to break even when the price move 60 pips +.
Best Times to trade :
After 01.00AM EST( 06.00GMT) to 11.00AMEST(16.00GMT)
Things to remember:
Before you enter a trade, please check for a good profit to loss ratio to the next support or resistance level (TP level). If not do not take the trade..
This system is not the holy grail in Forex. There will be many losing trades during the ranging markets.. Always make sure to secure some pips every 30 to 40 pip move and move your stop loss forward.
This strategy is developed only for GBP/JPY pair. However there are some trader who use different settings on the same strategy for other pairs. You are more than welcome to experiment things.
You must not trade this strategy until you are fully comfortable trading this on a demo account.. There are manymore things such as indicator behaviors, timing etc etc you will learn only by studying the price action on your own charts..
QQE 60 cross to the opposite direction
Stop Loss:
Intial stop loss has to be placed 10pips below the two Level stop reverse indicators. You can move the Stop loss to break even when the price move 60 pips +.
Best Times to trade :
After 01.00AM EST( 06.00GMT) to 11.00AMEST(16.00GMT)
Things to remember:
Before you enter a trade, please check for a good profit to loss ratio to the next support or resistance level (TP level). If not do not take the trade..
This system is not the holy grail in Forex. There will be many losing trades during the ranging markets.. Always make sure to secure some pips every 30 to 40 pip move and move your stop loss forward.
This strategy is developed only for GBP/JPY pair. However there are some trader who use different settings on the same strategy for other pairs. You are more than welcome to experiment things.
You must not trade this strategy until you are fully comfortable trading this on a demo account.. There are manymore things such as indicator behaviors, timing etc etc you will learn only by studying the price action on your own charts..
Hans Indicator for Ranging Markets and scalping
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