Hi kirkleaforex, i really need to learn this system because of the result you are turning out so far.Please comment on the chat below.Want to know if i did the right thing.Though there is a support just ahead 
Simple Correlation Indicator System
- #205
- Jun 21, 2016 7:06pm Jun 21, 2016 7:06pm
- Joined Mar 2012 | Status: Trader | 14,309 Posts | Online Now
{quote} Hello TooSlow...yes these are all valid questions for someone who is comfortable with trading price action and leaving the charts as bare as possible. And as much as I see the value in trading this way, I am not there yet. I feel that the Correl8 only tells part of the story; i.e. a simple cross of the lines is not enough information. There are many instances where the Correl8 will show a reverse cross of the lines but only temporarily. Before long it crosses back again and the trend continues. I need something that indicates the move is...
The results have nothing to do with experience or skill per se.
The results have everything to do with discipline.
Either the trade is entered or it is not entered.
There is no skill involved.
Do you have the discipline to enter when the signal is present without hesitation or second guessing?
Do you have the discipline to set your stops immediately?
Do you have the discipline to move your stops when appropriate?
What happens after you enter has nothing to do with your skill.
The market determines what happens next.
A poster talked about filtering in one of my threads today.
There more you filter the more chances get filtered out.
Until there are no entry signals at all.
Adding more indicators does not effect what happens after you enter.
Nor does looking at more time frames.
Best to pick one pair, one timeframe and stick with them.
This method appears to work very well using M15 charts.
All you need is the discipline.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #208
- Edited 12:28am Jun 24, 2016 12:04am | Edited 12:28am
- | Commercial User | Joined Jun 2008 | 686 Posts
A brilliant session trading the Brexit sentiment.
Have opened a free $50 account with Trade360, just to trial a scalping idea based on a combination of Corrle8 and QQE indicators, and it has seen my account jump from the free $50 to over $250. I realise was lucky to have a great downward trend with momentum based on Brexit speculation, but regardless of the negative sentiment today this method should work, and hopefully for those who like trading higher TF's too.
FIRSTLY, I have changed the settings for the QQE and the Correl8 indicators as follows:
- QQE Smoothing Period - 5
- QQE RSI Value - 89
- Correl8 iPRI Value - 89.
NEXT - I have drawn horizontal lines inside the Correl8 indicator window, at levels +/- 8 (white dotted), +/- 21 (thin DodgerBlue or Red), and +/- 55 (thicker DodgerBlue or RED). These colours / levels are for easy visual reference regarding where price is in relation to the zero line etc. (These are all FIB numbers, I know...I love these numbers, but again these are purely arbitrary).
ENTRY SET-UP:
I am using a 1M QQE as a potential entry signal in conjunction with a confluent signal from the 5M QQE, and then trading the breakout of the Correl8 +/- 8 zone after a period of indecision.
A period of indecision can be seen as any prolonged period where the Correl8 value lines are wavering in between the +8 and -8 horizontal lines. This means EITHER 1 or BOTH value lines are inside this field.
The initial signal alert comes from the 1M QQE.
See screenshot, where there was a SELL signal from the QQE during the period of sideways movement. Now we just wait for a similar signal from the 5M QQE, and a Correl8 breakout of the +/-8 indecision zone.
ENTER ON BREAKOUT - A breakout is considered ONLY when BOTH value lines separate and break above / below the +8 and -8 lines respectively.
In this example there was a breakout of the EUR to the downside at the same time there was a USD breakout to the upside.
EXIT - There are several methods one could use here:
1) use the 1M QQE coloured diamonds to exit, and re-enter if the value lines are still outside the +8/-8 field,
2) use the 5M QQE, which will assist in determining whether or not to stay in the trade. Exit when the 5M QQE shows a reverse crossover at the close of a candle.
3) if at any stage the 1M Correl8 value lines (either or both) return inside the +/-8 indecision zone, exit here immediately.
Alternatively, use Pivot Points as targets etc.
I have attached the template for this which should automatically load the settings I am using, including the drawn horizontal lines across the Correl8 showing the colours and different thicknesses, and the coloured diamonds for the QQE alerts.
I have the data window open at the far left to show the values at any time I need to view them at a glance.
Patience is key here - due to the fact we are using a 1M / 5M entry, we really need to wait for the candle to fully close AFTER a QQE diamond is painted to the chart, and we must wait until the breakout candle period from the Correl8 indicator has fully closed also before entering the trade.
During periods of higher volatility, this scalping method could really boost your account. As always however, please test on demo.
That's all for now - let me know what you reckon.
And Happy Brexit Day
EDIT: Forgot to add, but it is fairly standard, that it is better to take the QQE signals when they are already in overbought / oversold territory, (i.e. above / below the +10 / -10 values), or at least only take a SELL when QQE is above the zero line, and a BUY only when the QQE is below the zero line. You really don't want to enter a trade after a move has been exhausted...
Have opened a free $50 account with Trade360, just to trial a scalping idea based on a combination of Corrle8 and QQE indicators, and it has seen my account jump from the free $50 to over $250. I realise was lucky to have a great downward trend with momentum based on Brexit speculation, but regardless of the negative sentiment today this method should work, and hopefully for those who like trading higher TF's too.
FIRSTLY, I have changed the settings for the QQE and the Correl8 indicators as follows:
- QQE Smoothing Period - 5
- QQE RSI Value - 89
- Correl8 iPRI Value - 89.
NEXT - I have drawn horizontal lines inside the Correl8 indicator window, at levels +/- 8 (white dotted), +/- 21 (thin DodgerBlue or Red), and +/- 55 (thicker DodgerBlue or RED). These colours / levels are for easy visual reference regarding where price is in relation to the zero line etc. (These are all FIB numbers, I know...I love these numbers, but again these are purely arbitrary).
ENTRY SET-UP:
I am using a 1M QQE as a potential entry signal in conjunction with a confluent signal from the 5M QQE, and then trading the breakout of the Correl8 +/- 8 zone after a period of indecision.
A period of indecision can be seen as any prolonged period where the Correl8 value lines are wavering in between the +8 and -8 horizontal lines. This means EITHER 1 or BOTH value lines are inside this field.
The initial signal alert comes from the 1M QQE.
See screenshot, where there was a SELL signal from the QQE during the period of sideways movement. Now we just wait for a similar signal from the 5M QQE, and a Correl8 breakout of the +/-8 indecision zone.
ENTER ON BREAKOUT - A breakout is considered ONLY when BOTH value lines separate and break above / below the +8 and -8 lines respectively.
In this example there was a breakout of the EUR to the downside at the same time there was a USD breakout to the upside.
EXIT - There are several methods one could use here:
1) use the 1M QQE coloured diamonds to exit, and re-enter if the value lines are still outside the +8/-8 field,
2) use the 5M QQE, which will assist in determining whether or not to stay in the trade. Exit when the 5M QQE shows a reverse crossover at the close of a candle.
3) if at any stage the 1M Correl8 value lines (either or both) return inside the +/-8 indecision zone, exit here immediately.
Alternatively, use Pivot Points as targets etc.
I have attached the template for this which should automatically load the settings I am using, including the drawn horizontal lines across the Correl8 showing the colours and different thicknesses, and the coloured diamonds for the QQE alerts.
I have the data window open at the far left to show the values at any time I need to view them at a glance.
Patience is key here - due to the fact we are using a 1M / 5M entry, we really need to wait for the candle to fully close AFTER a QQE diamond is painted to the chart, and we must wait until the breakout candle period from the Correl8 indicator has fully closed also before entering the trade.
During periods of higher volatility, this scalping method could really boost your account. As always however, please test on demo.
That's all for now - let me know what you reckon.
And Happy Brexit Day
EDIT: Forgot to add, but it is fairly standard, that it is better to take the QQE signals when they are already in overbought / oversold territory, (i.e. above / below the +10 / -10 values), or at least only take a SELL when QQE is above the zero line, and a BUY only when the QQE is below the zero line. You really don't want to enter a trade after a move has been exhausted...
Trade to Live - Don't Live to Trade
A great way to trade this above method without staring at the screen all day waiting for signals is to turn OFF any 5M signal (sound / pop-up etc) and just use the 15M QQE alert as the signal so you can then come and check out what might be happening. See screenshot 1 for an example of the settings I am using on the 15M QQE. I am having a screen pop-up, a sound, an email AND a push notification ("Notify") all set to true. Once the 15M alert is issued, you can then simply toggle ON the alerts for your 5M QQE, go back to what you were busy doing before,...
Thanks for sharing this strategy with us. Could you please make a zip bundle with indicator, template & set files? It will save you time from explaining stuff , also for guy like me who are too lazy
{quote} Hi kirkleaforex Thanks for sharing this strategy with us. Could you please make a zip bundle with indicator, template & set files? It will save you time from explaining stuff , also for guy like me who are too lazy
First time I have zipped anything in my life (excuse my ignorance...)
Let's hope this works...
Trade to Live - Don't Live to Trade
