Supernova GBP/JPY Mini Trend Catcher

I've always been a big talker at Forex Factory, so I got a few DMs about my new system.

Ok so I look at the setup on the chart and for the short setup I want the price to be completely below the green ma (t3 standard setup), so you want red candles with no or very little upper shadow if short and blue candles with no or very low lower shadow if long.

The qqe alert is the intersection of the qqe indicator shown as the blue/pink dot. Buy blue and sell pink, this is really just an alert that helps me pull the trigger and I don't blindly trade when a new point forms. All metrics need to be consistent.

Correct, you are checking the potential setup related to the above, now looking at the momentum indicator, I would go short only if it crosses below the gray dotted line and the directional movement indicator indicator has already crossed so the purple line is above the blue and vice versa to go long.

I would look for trading opportunities between 2am and 6am EST, if you are late and miss any of the 100+ moves during this time, trade with caution as it may remain volatile until the US opens. If no big breakout occurs, it would be safer to look for setups after this. The next best time to trade is when we open. I also noticed some good deals around 15:00 ET and 00:00 ET.

As long as hekein ashi is completely above or below t3, momentum has crossed the gray dotted line and the directional movement index agrees to go with the qqe alert for a high probability trade, it's up to you.

Sometimes QQE alerts come a little early, and by waiting for other indicators to align, your trade has less chance of being immediately profitable.

As for taking profits, I just track the price. I'm working on Spudfyre's approach of locking 7 once it's up 20 points, 14 once it's up 30 points, and 20 once it's up 35 points. I think from there locking in 20 pips and letting go, you could easily capture a 100+ move in GBP/JPY in 5 minutes.

ps - the trade picture looks like scalping trades at 5 pips, but if you load the chart and check most trades are at 100 pips and above!

Clayten

set up

I use all timeframe charts - GBP/JPY, EUR/JPY, CAD/JPY, NZD/JPY, GBP/USD

(In volatile or volatile markets, trading within 5 minutes is riskier, if you choose to do so, please use at least 15 minutes as a reference)

QQE alarm set to period 1

Orienteering Index 14

Momentum 10

T3 - Period 8 Index Volume 0.7

Thanks to Skyline for all the hard work in migrating the system to Metatrader! Excellent job as I had no confidence in MT4's capabilities before.