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Karmo's trading strategy trading GBP/JPY

  • #161
  • Oct 10, 2007 1:18pm Oct 10, 2007 1:18pm
Quoting 3cent
hi,

i would like to know how do you manage to set up different colours for fibo retracements on chart, within MT4

thanks ,
Draw the fibo retracement, then double click on it, then right click and choose 'fibo properties', and change the color, click ok
Trade what you see, not what you think.
  • #162
  • Oct 10, 2007 1:20pm Oct 10, 2007 1:20pm
Quoting kenneith
thanks again. i hv looked at the strategy but the problem is that i am unable to find following:
Level stop Reverse version2
values: ATR Periods 9
ATR Multiplier 3
finally QQE alert
values: Smoothing Factor 60.
i am using vt charts and i tried to find there but i couldnt.
i couldnt get it from aus's thread as i am using windows vista probably that could be the reason i couldnt find the file.
please advise.
regards
kenneith
All of these are in auslanco's 15m strategy thread, look in the first pages, the indicators are there, you might just have to adjust the values only.
Trade what you see, not what you think.
  • #163
  • Oct 10, 2007 1:24pm Oct 10, 2007 1:24pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting 3cent
hi,

i would like to know how do you manage to set up different colours for fibo retracements on chart, within MT4

thanks ,
add the fib to your chart
once added, place you cursor over it and it will give you a fib number.
right click on chart and open object list
find fib, usually if it's the last item you have added it will be near the bottom of the list.
click on fib number and select edit, you will then be able to change the colours, common tab and fibo levels both have there own colour options.

you can also change the line thickness

see how you get on
  • #164
  • Oct 10, 2007 1:41pm Oct 10, 2007 1:41pm
oh thank you very much

actually, i wanted for a log time to get this, and today, i get it by myself immediately after posting for a help.

i set into tool options to display properties immediately after creating an object.

your method works too but right clicking on the diagonal fibo not on the levels

take care
The risk is what gives value to an investment.
  • #165
  • Oct 11, 2007 2:17am Oct 11, 2007 2:17am
It's been a while since I talked about my lovely fibs..

From the last move up on 4h chart, you can see the price retraced 50% and went back up to 23.6% and now it's back close to 50% again. I still believe there is one more push up left to 240.50 area before the major reversal most of us are waiting for.

http://img514.imageshack.us/img514/2269/1hbe8.gif
Trade what you see, not what you think.
  • #166
  • Oct 12, 2007 10:40pm Oct 12, 2007 10:40pm
Hey Karmo. there are just a few hours remaining to the end of the week and I can see the possibility of a "doji" candle forming on the GBPJPY weekly chart. Is this a sign of a pending major reversal or a sign that this pair is just beginning to loose its bullish steam? On the daily chart I also see that 239.60ish has been a tough one to crack.
Any new suggestions on what to expect in the next coming days?
  • #167
  • Oct 20, 2007 4:05am Oct 20, 2007 4:05am
Hi
I like to thank every participant for his support to this thread--- Your help is needed-- I installed the indicator ZUP V67.... but It didn't open when I tried to use it on my chart--- Could somebody helps me in what to do to make this indicator working--Thanks
  • #168
  • Oct 20, 2007 5:59am Oct 20, 2007 5:59am
Quoting chehab
Hi
I like to thank every participant for his support to this thread--- Your help is needed-- I installed the indicator ZUP V67.... but It didn't open when I tried to use it on my chart--- Could somebody helps me in what to do to make this indicator working--Thanks

You have to allow dll imports for the indicator to work. And if you recognise the fib numbers while observing divergences you will have a high probabilty trade. Else you may end up your sl being hit most of the time. therefore just don't rely only on this indicator to trade imo.
  • #169
  • Edited 11:16am Oct 21, 2007 10:40am | Edited 11:16am
i have also explained this on auslanco's thread: if you look at weekly chart, the last high (240.66) was not that close to a fib ratio (i wanted to see either 0.618, or 0.707/0.786, not the plain 0.67 that is now). this suggests the move up is not over yet.
the dip we have just seen it is mostly a retracement, and it looks like it has come to and end. i thought it would be over at 235.90, but it wasn't; so i'm waiting to see what's going on at 234.43... and if this one is broken, then 232.96 (it is possible... but in this chart configuration, unlikely).
next move should be up, to somewhere between 238 to 239; i would think it should go higher, to 241.76 or 244.27, to close the weekly fib. and then big time drop... or up again.
how am i doing, karmo?

Quoting Tsotsi
Hey Karmo. there are just a few hours remaining to the end of the week and I can see the possibility of a "doji" candle forming on the GBPJPY weekly chart. Is this a sign of a pending major reversal or a sign that this pair is just beginning to loose its bullish steam? On the daily chart I also see that 239.60ish has been a tough one to crack.
Any new suggestions on what to expect in the next coming days?
Nihil Sine Deo.
  • #170
  • Oct 21, 2007 11:23am Oct 21, 2007 11:23am
It seems the majority are having the bear fever for this week and they could be correct, but I don't have that fever yet. On the daily chart, after the price reached the 61.8% which we have been waiting for, it was rejected and price has come back down to the 50% (235.20). If we draw a new fibo (green) from the last bull-run from the breakout we had 2 weeks ago, the 50% fibo is right on the daily one and price is current around there, but it could still dip to 61.8% (233.90) area before bouncing back up and most probably going to 243.50 area. Remember, if we get a sell-off or panic selling then everything I just said is useless, so just be careful and don't jump the gun, have patience and wait for confirmation before pulling the trigger, good luck.

http://img235.imageshack.us/img235/7804/gjsi4.gif
Trade what you see, not what you think.
  • #171
  • Oct 28, 2007 10:20am Oct 28, 2007 10:20am
I hope everyone had a good weekend, and ready to grab more pips from the beast

Daily chart:

Here's a simple looking daily chart with 2 trendlines and a fibo retracement, you can see we have been bouncing off those fibo levels and trendlines, price is close to the 50% level, which way are we going next? hmm It can go either way and a breakout should happen soon (this week maybe), so keep your eyes on the chart and don't miss out on the fun

http://img137.imageshack.us/img137/2935/gjeb3.gif



4H chart:

Ok, let's look at the recent fall we had from 240 area to the 230 area, the price has retraced 50% and then back down to 23.6%, now we're back up close to 50%, what's next? The chart says it all, a breakout should be coming up soon this week.

http://img99.imageshack.us/img99/4307/gjce0.gif
Trade what you see, not what you think.
  • #172
  • Oct 28, 2007 11:49am Oct 28, 2007 11:49am
1H chart:

Breakout soon..

http://img70.imageshack.us/img70/906/gjqc5.gif
Trade what you see, not what you think.
  • #173
  • Oct 29, 2007 11:02am Oct 29, 2007 11:02am
GJ should be heading towards the bottom of this uptrend channel (235 area), and then possible resuming uptrend towards 238 area.. but we'll have to see if the lower trendline supports or not. I'm short from 236.60 with SL at +1 already.

http://img222.imageshack.us/img222/9889/gjax8.gif
Trade what you see, not what you think.
  • #174
  • Nov 11, 2007 3:13pm Nov 11, 2007 3:13pm
karmo why ur not posting anymore on this thread ?
thank u
  • #175
  • Dec 6, 2007 4:52am Dec 6, 2007 4:52am
ow..this thread is almost dead!
  • #176
  • Dec 8, 2007 1:31am Dec 8, 2007 1:31am
Quoting karmostaji
Hi all,

I'm going to explain the strategy I use to trade GJ and I'm going to be posting my weekly/daily analysis of this pair.

I don't use anything fancy, I use some basic stuff that most traders use and some common sense

The indicators I use are:

  1. Fibonacci retracement levels
  2. Trendlines/Channels
  3. 5 period simple MA
  4. Candlestick patterns
  5. Support/Resistance levels
  6. Momentum

As you can see it's all simple and basic stuff except maybe for the fibonacci retracement, because every trader could use it differently. If you have any doubts about any of the stuff I use, either ask or just do a simple google search and you'll find plenty of information about them.

Using the fibonacci retracement on different timeframes (1H, 4H, Daily, Weekly) is very important, because sometimes some of them overlap and that tells us where we might find strong support/resistance. I'll post some examples.

If you have been following my posts on Auslanco's thread, you will know that we use the 5SMA for a good entry point when a retracement occurs (Thank you Auslanco).

Most of the time, I trade based on the 4H chart, but I keep an eye on the daily chart and sometimes the weekly chart. I use the 1H chart for a good entry point. Any TF less than 1H has a lot of noise and it is very risky trading GJ on very small TF's.

Using stop-loss, I always wait for my trade to go in my direction for about 50-100 pips before I move my SL and lock in a very small # of pips (10) and then just let it run until it reaches my TP, this way I don't let a winning trade turn into a losing one, and if my SL gets hit, no worries coz +10 is way better than anything negative

Momentum & 5sma
Before using the Momentum indicator and 5sma, you must have auslanco's QQE indicator. I'll explain how to catch a retracement in this following example:
When QQE 4h is crossed upwards, and QQE 1hr is crossed upwards, and the Momentum at the beginning of the next 1h candle is pointing downwards, price will usually retrace to 1hr 5sma, it's that simple.

Hammm Good Work im also a Technical trader and im trading using just Trendlines of all kind , Fibo , Channels and sometimes support and resistance thats all and successfully getting good pips anyways i like your technical approach
" My Name Is PipMachine "
  • #177
  • Dec 8, 2007 1:33am Dec 8, 2007 1:33am
I dont know how others draw trendlines channels etc , etc but i,ll post some examples of my charts screenshots im having some problems right now while posting them
" My Name Is PipMachine "
  • #178
  • Dec 30, 2007 3:45pm Dec 30, 2007 3:45pm
Quoting karmostaji
GJ should be heading towards the bottom of this uptrend channel (235 area), and then possible resuming uptrend towards 238 area.. but we'll have to see if the lower trendline supports or not. I'm short from 236.60 with SL at +1 already.

http://img222.imageshack.us/img222/9889/gjax8.gif

Welcome Back

I read on another thread that you now have a significant other.

I would appreciate it very much as I am sure others reading this very informative thread for some updates including your charts.

I am about to start trading GBP/JPY in 2008 and any technical insight is greatly appreciated as I am a fundamental FX trader.

Thank you and Happy New Year
{Promotion Removed}
  • #179
  • Dec 30, 2007 4:38pm Dec 30, 2007 4:38pm
Price seems to be heading to the support area of 223.70 but before it gets there we could see some kind of small retracement first. If that support gets broken, then we should be seeing 222. I expect good support in the 222-223 area because we have a monthly trendline there also.

http://img179.imageshack.us/img179/4774/gjwh3.gif
Trade what you see, not what you think.
  • #180
  • Dec 30, 2007 4:47pm Dec 30, 2007 4:47pm
Karmo, do you see this thing heading to the much anticipated 230-232 level that a lot of ppl have been talking about? I am just curious with some much talk of about it some times rumours can mislead newbies
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