Now we will get into the daily pivot strategy
Look at your chart. Observe the bold tomato colored line. This is your daily pivot point. Details of what a daily pivot was outlined in the auction
To utilize this strategy look where the price action is compared to the daily pivot. If the price action is significantly higher or lower than the daily pivot then there will be no trade at this time. You can utilize the other strategy at this time.
I have also included an additional daily pivot indicator called the Exit_-_1hr
This calculates the daily pivot point thruout the day. Add it to your charts and you take the value of the top line, subtract the value of the bottom line and divide that value by 2 to get an up to the hour daily pivot
For example if top line of GBP reads 2.0400 and bottom line says 2.0250 you would subtract:
2.0400
-2.0250
----------
0.0150/2 = .0075
2.0400
-0.0075
-----------
2.0325 would be your daily pivot
Indicators:
a). Simple Moving Average
Values:
5 Close and 100 close
c). Level stop Reverse
Values:
Use ATR mode True
Non-ATR stop pips 40
D).QQE on 1min and 15 min time frames (3 indicators)
Values:
Smoothing Factor 60 (QQE 60)
Smoothing Factor 5 (QQE 5)
Smoothing Factor 1 (QQE 1)
E) MOM – Momentum
Value:
10 Close
Values:
G) Trading Hours
Values:
3AM EST to 3PM EST only
How to spot a trade opportunity:
Buy/Sell signals:
Exit:
If QQE5 cross to the opposite direction you must exit the trade.
Re-enter:
You can re-enter a trade when QQE1 touch the 50 line and cross back towards the QQE60. When you get the proper entry set up, check for the 1hr momentum. If the 1hr momentum and 15 min Momentum on the new confirmation bar shows a very promising trend continuation (45 Degrees plus bent) you don’t have to wait until the 5 SMA touches to enter.
When the momentum shows a sharp bent on any given TF, it indicates a retracement is due to 5sma of that particular TF. I'm always hesitant to introduce the Momentum indicator, since on a trending market if the momentum changes to the opposite direction some traders blow their account by trying to catch the retracement. When ever you catch a retracement you are going against the trend. You only suppose to use it to find better entries to go with the trend
Stop Loss:
60 pips
SL is closet support or resistance around 60pips
Take profit:
100 pips
Long-
15 QQE60 crossed above the Daily Pivot (15 Min Timeframe Only)
Price is above the 100 sma & LevelStop-Reverse
I also use 1hr QQE5 to identify the trend direction
Applying Daily Pivots & 100sma to minimize the fake calls.
Short-
15 QQE60 crossed down Below the Daily Pivot (15 Min Timeframe Only)
Price is below the 100 sma & LevelStop-Reverse
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