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Karmo's trading strategy trading GBP/JPY

  • #41
  • Aug 19, 2007 7:45am Aug 19, 2007 7:45am
  •  vrama
  • | Joined Dec 2006 | Status: BE at right place@right time = LUCK | 210 Posts
Hi karmostaji

I truly appreciate for sharing your strategy, it's really helpful.
Thanks once again for sharing.
All things are difficult before they are easy.
  • #42
  • Aug 19, 2007 7:55am Aug 19, 2007 7:55am
Quoting rumbey
What about stop loss levels.. Do you use pivots and daily support/resistance levels?

I use MT4 with daily pivots etc plotted if anyone is interested in using these on MT4 platform. I can post them here

I also use trailing stops minimum 100 behind but more often I place stop above/below the next fib level +50 or a daily resistance/support line
I have never used Pivot Points, read about them a little but I was never interested in them, dunno why.

As for SL, I will usually put my stop-loss 100-200 pips or somewhere around resistance/support levels or at fib levels, it depends on the situation. But as soon as I am in profit of 50-100 pips, I'll lock in a small # of pips and let it ride, it's a free trade from there onwards
Trade what you see, not what you think.
  • #43
  • Aug 19, 2007 8:00am Aug 19, 2007 8:00am
Quoting cornelius2
Hello Karmo, congrats for your new thread as its very very valuable for all newbie. I have been following your call for 2 weeks and I always impressed with the result. Last week, you are absolutely a Knigth Bear Green Pips as I didn't see anyone that put their target as low as you did.

When you open position, do you always let the SL blank ? and will lock in + 10 pips after the market go in your direction for 50 pips? Just curious to know, and maybe this is a stupid question as your decision is 90% right, but how about the market go against you before the 50 pips occurs? I ask this question since my capital is so little.

I don't see any line of 5 SMA in all charts.

Congratulation again
Hi cornelius2,

Thanks, green pips is my new GF
Regarding the SL, check post #42

As for the 5 SMA, I use it mostly on 1H and 4H charts when I'm trading, use them for entry.. check Auslanco's thread for how to use it, and I'll explain it once this trading week starts.. you'll understand better
Trade what you see, not what you think.
  • #44
  • Aug 19, 2007 8:02am Aug 19, 2007 8:02am
Quoting Majd
Hi Karmo,

Happy to see that you have started this thread after watching you performing an excellent analysis and highly successful GJ trades for some time through Auslanco thread.

I am wondering if you like to keep the chart analysis from your end or don't mind some input from others?
Halla Majd,

Thanks bro, I don't mind anyone posting their charts with some fib action going on.. I'd love to see what everyone else is seeing on their charts
Trade what you see, not what you think.
  • #45
  • Aug 19, 2007 8:05am Aug 19, 2007 8:05am
Quoting mansaf6
Thanks karma you honoured my suggestion.It will help us Learn more and more.One more thing since i am following AUS's thread for some time i have seen at the time Dow opens nobody is sure which direction the market moves buti have observed there is stark resemblance ( at least for last week) during open hours between Dow and G/J so why not Draw Fib. and trend lines on Dow's or its futures chart and see how it chalks out .
I've been doing analysis on the DOW since it's been very correlated with GJ lately, I would love to post but this last friday the broker didn't update the friday candles for the DOW for some reason, once the broken opens on Monday and updates their chart, I'll post.
Trade what you see, not what you think.
  • #46
  • Aug 19, 2007 8:06am Aug 19, 2007 8:06am
Wow, I have to get my Fib learning book out and start studying. I never thought that fibs are that much important for this pair, but after seeing your highly accurate and awesome calls, I'm really starving to learn your method and apply it to my strategy.

Thanks for creating this thread, Karmo. This is surely going to be my second favorite thread on FF.
  • #47
  • Aug 19, 2007 8:09am Aug 19, 2007 8:09am
Quoting auslanco
Wow, I have to get my Fib learning book out and start studying. I never thought that fibs are that much important for this pair, but after seeing your highly accurate and awesome calls, I'm really starving to learn your method and apply it to my strategy.

Thanks for creating this thread, Karmo. This is surely going to be my second favorite thread on FF.
We are all here to learn from each other my friend

Your method + mine = the combo I enjoy

Thanks to you for sharing your method with us which has given me a boost in my trading
Trade what you see, not what you think.
  • #48
  • Aug 19, 2007 8:42am Aug 19, 2007 8:42am
Hi Karmo,

I too wanted to voice my thanks in your willingness to share your method. I've been very impressed with your calls whilst watching Auslanco's thread and will no doubt learn tons of stuff. I made 700 pips from yours and Aus's call last friday (on my demo though as I'm still learning but gosh that was really kewl). For a newbie like me, its a privledge to learn from such experienced traders.

Looking forward to learning your trading strategies.
  • #49
  • Aug 19, 2007 8:48am Aug 19, 2007 8:48am
Thank you for your lesson for the said pair. You use 1H TF for entry. May I ask how long the whole transaction take? If the market turns against you, would you normally lock-up your position to clear your mind?
How about the pair USD/JPY ? would you use the same trading strategy?
Thank you.
  • #50
  • Aug 19, 2007 8:55am Aug 19, 2007 8:55am
Quoting karmostaji
I have never used Pivot Points, read about them a little but I was never interested in them, dunno why.

As for SL, I will usually put my stop-loss 100-200 pips or somewhere around resistance/support levels or at fib levels, it depends on the situation. But as soon as I am in profit of 50-100 pips, I'll lock in a small # of pips and let it ride, it's a free trade from there onwards

Thanks Karmo,

So once a trade in locked in for say 10 pips do you use trailing stops or just leave it to hit you first fib level target

Also how do you go about trading once your target is met. (i presume at a fib level) Do you close and then wait for a 4 hr candle to close above the fib and trade again or ??? Can you explain

I sometimes find it difficult to reverse on a fib level or not. Do you have a system in place for this scenario?

Dave
  • #51
  • Aug 19, 2007 9:22am Aug 19, 2007 9:22am
Quoting woowk08
Thank you for your lesson for the said pair. You use 1H TF for entry. May I ask how long the whole transaction take? If the market turns against you, would you normally lock-up your position to clear your mind?
How about the pair USD/JPY ? would you use the same trading strategy?
Thank you.
Hi woowk08,

It depends, I don't really think of how long it will take, I set my SL and TP and enjoy my time, I'll usually lock in a small # of pips like i've said before.
Ofcourse you can use the same method on any pair, but I rather concentrate on one and master it rather than trade so many different pairs and get confused.
Trade what you see, not what you think.
  • #52
  • Aug 19, 2007 9:26am Aug 19, 2007 9:26am
Quoting rumbey
Thanks Karmo,

So once a trade in locked in for say 10 pips do you use trailing stops or just leave it to hit you first fib level target

Also how do you go about trading once your target is met. (i presume at a fib level) Do you close and then wait for a 4 hr candle to close above the fib and trade again or ??? Can you explain

I sometimes find it difficult to reverse on a fib level or not. Do you have a system in place for this scenario?

Dave
The broker I use doesn't have a trailing stop, after locking in some pips I let the trade do it's thing until the 4H candle closes, if it looks like it has the power to reach my TP, then it's fine but if it looks like it's getting exhausted, i'll just move my SL manually and lock in some more profits.

Are we getting greedy Rumbey?
I do wait for the 4H candle to close and re-evaluate everything, waiting for a good set-up and trade again.

Reverse on a fib level? what do you mean?
Trade what you see, not what you think.
  • #53
  • Aug 19, 2007 9:32am Aug 19, 2007 9:32am
hi karmo ,
i hv been reading and following your strategy..simply fantastic..
looking forward for your strategy for next week.
  • #54
  • Aug 19, 2007 9:33am Aug 19, 2007 9:33am
Yooo....Karmo...my Mentor..

I wanted to thanks in your willingness to share your method and learn a lot from your post In G/J.. I really appreciate your hard work and patience..

Thanks again bro...and congratulation
New Forex Trader
  • #55
  • Aug 19, 2007 9:48am Aug 19, 2007 9:48am
Quoting karmostaji

Reverse on a fib level? what do you mean?
What I mean is more often than not price bounces off fib as on Friday (61.8%) fib.

How do you deal with this situation because the 4hr chart is still trending DOWN so logically that would have been a good position to short with 200+pips in the bag already.

Or do you expect usually a fib level to be challenged more than once and if it fails a second time you reverse?

Dave
  • #56
  • Aug 19, 2007 9:50am Aug 19, 2007 9:50am
hi karmo
thanks for sharing your method
but i have a question??
how you draw fibs accuratly???can you explain this in detail for us,cuz i don't know how draw them effectively??
thanks agian bro
  • #57
  • Aug 19, 2007 9:54am Aug 19, 2007 9:54am
Quoting rumbey
What I mean is more often than not price bounces off fib as on Friday (61.8%) fib.

How do you deal with this situation because the 4hr chart is still trending DOWN so logically that would have been a good position to short with 200+pips in the bag already.

Or do you expect usually a fib level to be challenged more than once and if it fails a second time you reverse?

Dave
It depends on how the candlestick forms, price will not always come back and test the fibo level, that is why I have used Auslanco's 5SMA because price always retraces back to 5SMA on the 1H and it gives us a good entry point.

I don't know how many times will a fib be tested, I just trade what I see on my chart.

The 4H is indeed in a downtrend, but before it resumes downwards it has to retrace, I'll post some charts in a bit.
Trade what you see, not what you think.
  • #58
  • Aug 19, 2007 9:55am Aug 19, 2007 9:55am
Quoting shahroodi
hi karmo
thanks for sharing your method
but i have a question??
how you draw fibs accuratly???can you explain this in detail for us,cuz i don't know how draw them effectively??
thanks agian bro
have you read the fibonacci retracement explanation on babypips.com? if not, please do so.. you can also search on youtube for some good fibonacci videos
Trade what you see, not what you think.
  • #59
  • Aug 19, 2007 10:06am Aug 19, 2007 10:06am
This is how I have set up my charts for Monday's trading, these fibo levels are valid unless we make a new low but I doubt it.

Daily:

http://img254.imageshack.us/img254/5053/gjeg2.gif


4H:

http://img154.imageshack.us/img154/2605/gjea6.gif


Now here's both fib's on the same chart.. both fib levels show us how much will price retrace before resuming downtrends, if price breaks 61.8% fib level and closes above it, then the trend might be changing.. for now it's down

http://img124.imageshack.us/img124/4522/gjvb0.gif
Trade what you see, not what you think.
  • #60
  • Aug 19, 2007 10:34am Aug 19, 2007 10:34am
Karm,

I guess I got more learning to do...lol.. this is a good thing after Friday. (Only bad day all week)

I guess I have 2 threads to keep up on now and it is back to the learning sponge mind set.

Cool dude, Thanks
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