Stairstep trading using the SQ dynamic i
Since another thread was successfully hijacked by Favorite and Forex Hard and turned into a rant fest, I am now forced to open this thread.
This thread is dedicated to developing tradable strategies using the SQ dynamic box indicator. The purpose of this thread is to develop entry and exit rules and default settings of the indicator. Discussion is requested to be limited to these parameters.
If you can't be polite then please don't post, I'm not here to argue but to learn, teach and grow. Thanks in advance.
Given that today is the Easter holiday for many and markets have been light over the past few days, there may be issues with the setup this Monday. I will be looking to go long GBP/USD. Here’s why I chose this shoe.
I set up the test indicator as follows:
22/15/30/true These are the default settings. Let's see how they work.
No matter what system you are trading on, it is always a good idea to do some analysis first. Weekends are great for this because you can take your time.
Starting with the 4-hour chart gives you a good idea of what's going on, so we'll start there. Naked trading doesn't mean we don't look at other charts. The more you know about price movements and their causes, the better, so let’s start with the 4-hour GBP/USD
There was quite a bit of selling heading into the weekend. Then the price reverses, let's see why.
Looking at the 4-hour chart, we can see that there is horizontal support at the large number 1.5800. This line has multiple contacts that act as both support and resistance. TA tells us that if it was once a resistance level, it can become a support level and vice versa. Therefore, a rebound following the sell-off at this time makes sense. Is there anything else that would give me a reason to go long GBP/USD?
The indicator we will be using was not created by me but by Squalou, it is a great indicator but does not plot the same thing on every pair with the same settings
This thread is dedicated to developing tradable strategies using the SQ dynamic box indicator. The purpose of this thread is to develop entry and exit rules and default settings of the indicator. Discussion is requested to be limited to these parameters.
If you can't be polite then please don't post, I'm not here to argue but to learn, teach and grow. Thanks in advance.
Given that today is the Easter holiday for many and markets have been light over the past few days, there may be issues with the setup this Monday. I will be looking to go long GBP/USD. Here’s why I chose this shoe.
I set up the test indicator as follows:
22/15/30/true These are the default settings. Let's see how they work.
No matter what system you are trading on, it is always a good idea to do some analysis first. Weekends are great for this because you can take your time.
Starting with the 4-hour chart gives you a good idea of what's going on, so we'll start there. Naked trading doesn't mean we don't look at other charts. The more you know about price movements and their causes, the better, so let’s start with the 4-hour GBP/USD
There was quite a bit of selling heading into the weekend. Then the price reverses, let's see why.
Looking at the 4-hour chart, we can see that there is horizontal support at the large number 1.5800. This line has multiple contacts that act as both support and resistance. TA tells us that if it was once a resistance level, it can become a support level and vice versa. Therefore, a rebound following the sell-off at this time makes sense. Is there anything else that would give me a reason to go long GBP/USD?
The indicator we will be using was not created by me but by Squalou, it is a great indicator but does not plot the same thing on every pair with the same settings
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