DislikedHe was long from 208.79 and rode it down to 203.50 which is over 500 pips. SO even if it goes to 203.5 and then bounces back up he will still say that the bulls will slaughter the bears. For all the new people out there, unless you can handle 500 pip drawdowns do not try to follow Karmo's trades. He risks a small percentage of his account and can handle these drawdowns.
Cheers!Ignored
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #66,322
- Mar 6, 2008 6:28pm Mar 6, 2008 6:28pm
- | Joined Nov 2006 | Status: Trader | 5,040 Posts
Trust me, I am not saying up. Ignoring what is happening in the world right now could be very expensive
Nikkei is down more than 400 points in the first 15 minutes.
FXCM SSI index suggesting bottom is near and due to a pullback on Usd/Chf, thus will be bullish for this pair .. you tell me who is the smart money now ..hehee
- #66,325
- Mar 6, 2008 6:33pm Mar 6, 2008 6:33pm
- Joined Aug 2007 | Status: Trader | 3,135 Posts
Excellent analysis as always, I just love it
Allow me to add, malcolmb14, I'm not 100% sure Dr A. Andrews would agree with your drawings. Remember that the medium line should act like more like a magnet to price rather than S/R. Also note that price broke outside without any significant movements.
But there is no doubt he's method is profitable. He sold he's training-course for 1500$ in the late 60's
Measure twice, cut once
- #66,326
- Mar 6, 2008 6:33pm Mar 6, 2008 6:33pm
- Joined Nov 2006 | Status: Trader | 3,112 Posts
FXCM SSI index suggesting bottom is near and due to a pullback on Usd/Chf, thus will be bullish for this pair .. you tell me who is the smart money now ..hehee
- #66,327
- Mar 6, 2008 6:35pm Mar 6, 2008 6:35pm
- Joined Nov 2006 | Status: Trader | 3,112 Posts
I done pretty well assuming that civilization is about to collapse, so I will just keep on being Mr Gloom and Doom.
- #66,328
- Mar 6, 2008 6:35pm Mar 6, 2008 6:35pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
yep with a high of 207.59
Indicators show the past. Price Action "Indicates" the future.
- #66,330
- Mar 6, 2008 6:41pm Mar 6, 2008 6:41pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
yep will play the break of that if smaller TF PA would agree
Indicators show the past. Price Action "Indicates" the future.
- #66,332
- Mar 6, 2008 6:47pm Mar 6, 2008 6:47pm
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
Trade what you see, not what you think.
- #66,333
- Mar 6, 2008 6:48pm Mar 6, 2008 6:48pm
1. The candles are staying above in the 4H Gann and QQE 5 is touching 50
2. The Daily Momentum 10C, 14 C are pointing up.
For the above reasons Most of the traders might say abt GJ going up atleast for the time being and I'am one among them
2. The Daily Momentum 10C, 14 C are pointing up.
For the above reasons Most of the traders might say abt GJ going up atleast for the time being and I'am one among them
I must be missing something
Most traders are saying up.
My 2 hour charts clearly show down... not by any fancy indicator other than price itself.
We have a clear double top ( okay so there is 10 pip difference , but close enough . There is resistance in the 207.6 to 207.8 zone) , a break of the bottom of the Andrews pitch fork bear flag formation, 10 sma coming down towards the 20 sma for a bearish cross down.
Add to that bearish divergence of the rsi off the double top.
I maintain break of that 23.8% fib of 205.85 we are heading down to 203.5 zone. That could happen between now and this time tomorrow.
Put it this way you are all ingnoring the fact that the NASDAQ and S&P hit 52 weeks lows today.
Think they will bounce if the NFP is lower than expected ?
They will be hitting new 52 week lows tomorrow.
Does the GBPJPY go up when the markets are going down ?
Attachment
- #66,334
- Mar 6, 2008 6:48pm Mar 6, 2008 6:48pm
- Joined Aug 2007 | Status: Trader | 3,135 Posts
Measure twice, cut once
- #66,335
- Mar 6, 2008 6:50pm Mar 6, 2008 6:50pm
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
Trade what you see, not what you think.
- #66,337
- Mar 6, 2008 6:53pm Mar 6, 2008 6:53pm
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
Yo Jo, know any Sandwich place that might be open now (no hot dog from EPPCO thank u very much
Trade what you see, not what you think.
- #66,339
- Mar 6, 2008 6:55pm Mar 6, 2008 6:55pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Glad to hear Karmo
Allow me to add, malcolmb14, I'm not 100% sure Dr A. Andrews would agree with your drawings. Remember that the medium line should act like more like a magnet to price rather than S/R. Also note that price broke outside without any significant movements.
But there is no doubt he's method is profitable. He sold he's training-course for 1500$ in the late 60's
I much prefer linear regression channels.
OK let me simplify even further .... here is 1 hour with a trend line drawn.
Isn't the last bar just a test of the break down of the bottom of the bear flag ???? Typically the break out will come back into the line upon test.
The only thing that the long side has going for it is that the 50 sma seems to be forming support right now.
A down day in the US markets typically seems to have a little retracement in the Asian markets.
If in fact this is only a test of the bottom of the flag we will see the move down in the UK sesssion. FYI the beginning of the last 1000 pip move happened at 11:30 pm PST (UK session opens at midnight)
I am not a bull or a bear. I have traded this thing long and short today.
I am just expressing what I see on the longer term time frames.
Blogging daily now at www.volume.zone
- #66,340
- Mar 6, 2008 6:56pm Mar 6, 2008 6:56pm
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
cool, anything for you ?
Trade what you see, not what you think.