Javi Gracia refuses to view QPR's collapse in form this year as an invitation for Watford to assume they will reach the FA Cup quarter-finals.
Rangers have won just once in eight outings this season as their hopes of finishing in the Sky Bet play-off places fade.
Gracia, however, attended their 2-0 victory over Portsmouth in a fourth round replay and has seen enough to believe they can be dangerous opponents.
"In this moment QPR are not getting the best results in the Championship," the Hornets boss said.
"But they have been very, very close in all games to getting better results. For example, against Bristol City yesterday (Tuesday) they conceded the second goal at the end of the game through a penalty.
"And the game before against Birmingham, they scored three goals after going four goals behind and missed a late penalty. They always compete very well.
"In the FA Cup they beat Portsmouth. QPR are playing well and I know it will be a very demanding game for us."
While QPR have slipped into mid-table of the second tier, Watford are comfortably positioned eighth in the Premier League with no prospect of relegation.
"To be in a good position in the division is good for our confidence," Gracia said.
"We know the FA Cup is a different competition and we have to be a ready for a final because this is a final for us. If you lose this final, you have no more chance to play in the FA Cup.
"To play well and to compete well in all the games is good for us as we try to grow and reach another level. It's not only about winning.
"Sometimes to have a success in a competition you don't need to win it. If you have competed well and done well – it depends on different circumstances."
