QQE with Ichimoku Forex Scalping System For MT4
Table Of Contents:
- QQE with Ichimoku Forex Scalping System For MT4
- The QQE with Ichimoku forex scalping system – Long positions
- The QQE with Ichimoku forex scalping system – Short positions
- Is the QQE with Ichimoku forex scalping system good for you?
Please note: This strategy was publicly published in the trading community and is free to use. We do NOT make an attempt to decide if this strategy is profitable or not, because we know that the major factors regarding trading results are the skills/experience of the trader who executes the strategy. Therefore, we are mainly explaining the components and rules of the strategy. If applicable, we are highlighting advantages, disadvantages and possible improvements of the strategy.
The QQE with Ichimoku Forex Scalping System For MT4 is a trading strategy that is unique and relatively easy to trade. One of the unique things about the QQE with Ichimoku forex scalping system is that the focus is on making profitable trades. And you will get quite a lot of trades this way. But this comes at the expense of not paying good attention to the trade set ups.
As you will see in the course of this article, the risk is quite high at times, comparing to the reward. But at the same time, due to the short term target levels, you are easily able to close the trade in a profit.
The QQE with Ichimoku forex scalping system makes used of a unique combination of custom technical indicators and price levels. As the name suggests, we firstly have the QQE indicator itself. This indicator sits in the sub window of the chart. The QQE is basically an oscillator that supposedly measures the price momentum.
On the QQE chart sub window, we then have two moving averages that are plotted as well. The moving averages used here are the 11 period linear weighted moving average which is applied to the QQE levels. The second moving average is the exponential moving average using a 34 period setting. This indicator also makes use of the QQE levels.
Bullish and bearish market momentums are identified when you see the moving averages making a bullish or a bearish crossover on the QQE indicator in the sub window.
On the price chart, we have the Ichimoku indicator. This is the standard indicator that you have on your MT4 trading terminal. But this indicator is somewhat customized. Here, the settings of 2, 2, 4 are used for the Tenkan sen, Kijun sen and the Senkou span B levels respectively.
What you get from this indicator is the cloud but based on just these three settings. The Ichimoku cloud acts as a dynamic support and resistance indicator.
We then have three moving averages on the price chart as well. Firstly, we have a 35 period exponential moving average set to the high. We also have another 35 period exponential moving average, but set to the low. These two indicators form the price channel or the band that you see.
Following this, we have a 200 period exponential moving average. This indicator acts like a trend filter. You can choose to take long positions only when price and the other indicators are trading above the 200 period moving average. You can take short positions when the indicators and price are below the 200 period moving average.
However, we do not find the trend filter to be that effective. We are scalping the markets in this strategy so the trend filter doesn't play an important role. And finally, we have the iNumbers indicator. This is a very custom indicator which plots the horizontal price levels that you see on the chart. These price levels can be used as potential take profit levels for your trades. Let's now take a look at how you can trade using the QQE with Ichimoku forex scalping system.
The QQE with Ichimoku forex scalping system – Long positions
To take long positions using the QQE with Ichimoku forex scalping system, we start with the price chart. Look for price to trade above the moving average channel and also above the Ichimoku cloud as well. Then look to the QQE indicator.
Here, we need to see a bullish set up of the two moving averages, suggesting that the uptrend has some strength. When you have this, take a long position at market. Use one of the immediate upper lines as your take profit level.
Set your stop loss to the recent low that you can see within the range of not more than 5 candlesticks. You will notice most of the times that the risk is higher. You can also target the second level using the horizontal lines. But bear in mind that in most cases, price may or may not reach this second level.
The QQE with Ichimoku forex scalping system – Short positions
To take short positions using the QQE with Ichimoku forex scalping system, we start with the price chart. Look for price to trade below the moving average channel and also below the Ichimoku cloud as well. Then look to the QQE indicator.
Here, we need to see a bearish set up of the two moving averages, suggesting that the down trend has some strength. When you have this, take a short position at market. Use one of the immediate lower lines as your take profit level.
Set your stop loss to the recent high that you can see within the range of not more than 5 candlesticks. You will notice most of the times that the risk is higher. You can also target the second level using the horizontal lines. But bear in mind that in most cases, price may or may not reach this second level.
Is the QQE with Ichimoku forex scalping system good for you?
In conclusion, the QQE with Ichimoku forex scalping system is a very unique short term scalping system. The trading strategy is highly effective, and we can recommend this trading strategy even to beginners in forex. The QQE with Ichimoku forex scalping system is easy to understand as the rules are simple.
But as we pointed out earlier, the QQE with Ichimoku forex scalping system does not give much attention to the risk side of the trade. Therefore, many a times you will come across trading signals where the risk is much greater than the profit.
But to offset this, the probability of the trade reaching your take profit level is quite high. As a result, although you might have a few losing trades, the number of winning trades far outweigh the losing trades. If you are looking for a short term scalping system, then give the QQE with Ichimoku forex scalping system a try.
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