SCADA-based condition monitoring of wind turbines facilitates the move from costly corrective repairs towards more proactive maintenance strategies. In this work, we advocate the use of high-frequency SCADA data and quantile regression to build a cost effective performance monitoring tool. The benefits of the approach are demonstrated through the comparison between state-of-the-art deterministic power curve modelling techniques and the suggested probabilistic model. Detection capabilities are compared for low and high-frequency SCADA data, providing evidence for monitoring at higher resolutions. Operational data from healthy and faulty turbines are used to provide a practical example of usage with the proposed tool, effectively achieving the detection of an incipient gearbox malfunction at a time horizon of more than one month prior to the actual occurrence of the failure.