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Karmo's trading strategy trading GBP/JPY

  • #321
  • Mar 12, 2008 1:14am Mar 12, 2008 1:14am
How pretty is this DBLHC at a S/R level. Gann and QQE looking good.

If this doesn't screams long, I don't know what does.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #322
  • Mar 12, 2008 1:46am Mar 12, 2008 1:46am
the 4H 50ema has turned into support, as long as price trades above it, we go UP

I hope someone bought that dip yesterday, I was asleep lol
Trade what you see, not what you think.
  • #323
  • Mar 12, 2008 1:53am Mar 12, 2008 1:53am
Quoting karmostaji
the 4H 50ema has turned into support, as long as price trades above it, we go UP

I hope someone bought that dip yesterday, I was asleep lol
I miss that too. Do you foresee another dip? Usually Price Action on higher time frames (although not lately) retraces into the pattern. Fib retracements are a good guide.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #324
  • Mar 12, 2008 1:57am Mar 12, 2008 1:57am
Quoting jarroo
I miss that too. Do you foresee another dip? Usually Price Action on higher time frames (although not lately) retraces into the pattern. Fib retracement are a good guide.
at the moment the 4H momentum is very bullish, pointing straight up, new momentum in an hour.

If you plot a 4H 50ema, you see price bounced off that, I don't know if it'll bounce again.
Trade what you see, not what you think.
  • #325
  • Mar 12, 2008 1:59am Mar 12, 2008 1:59am
There's also a bit of resistance around 208.00-.30
Trade what you see, not what you think.
  • #326
  • Edited 2:34am Mar 12, 2008 2:06am | Edited 2:34am
Quoting karmostaji
There's also a bit of resistance around 208.00-.30
Here are my S/R levels.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #327
  • Mar 12, 2008 3:03am Mar 12, 2008 3:03am
New 4H momentum remains very bullish
Attached Image
Trade what you see, not what you think.
  • #328
  • Mar 12, 2008 3:44am Mar 12, 2008 3:44am
we are above 1H Gann again, thanks god 200 ema seems to be good support on 1 Hour as well, but the resistance at 207.70 which is actually daily R1 still plays tough to break. And europeans dont seem very aggressive buyers today.
However, as far as I remember, the more time price spends around a level, the more likely to break it. If we break below 206 (daily PP), I will reconsider my bullish approach.
We leave no soldier behind.
  • #329
  • Mar 12, 2008 7:03am Mar 12, 2008 7:03am
New 4H momentum remains bullish but 1H is bearish, we could see a 50% retracement of the big bull run from 203.50

50% retracement is 205.75 where we also have the 4H Gann, I expect price to bounce back up from there.
Trade what you see, not what you think.
  • #330
  • Mar 12, 2008 8:13am Mar 12, 2008 8:13am
my daily chart show some room & gj may go up to 50% or 61.8%. gu daily chart show a bigest posibility to see down move next days. that will prevent gj from posibility to go up to much. that is what I see on the charts...
any comments are well come...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gj-d.gif Size: 29 KB
Click to Enlarge Name: gu-d.gif Size: 26 KB
It’s just emotions & money
  • #331
  • Mar 12, 2008 8:27am Mar 12, 2008 8:27am
Hi Karmo and everybody,
I think we are going in a new channel in the daily chart.We have to wait and see.
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Click to Enlarge Name: new channel.GIF Size: 7 KB
  • #332
  • Mar 12, 2008 10:51am Mar 12, 2008 10:51am
Quoting karmostaji
New 4H momentum remains bullish but 1H is bearish, we could see a 50% retracement of the big bull run from 203.50

50% retracement is 205.75 where we also have the 4H Gann, I expect price to bounce back up from there.
Price retraced down near the 38 fib of the DBLHC. This time I caught it at 206.50. Longs may be strong and not reach the 50 fib retrace.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #333
  • Mar 12, 2008 10:58am Mar 12, 2008 10:58am
this hrly candle is not looking very healthy. 3 min to go .
Price does what price wants , I just need to be prepared.
  • #334
  • Mar 12, 2008 2:19pm Mar 12, 2008 2:19pm
Quoting jarroo
Price retraced down near the 38 fib of the DBLHC. This time I caught it at 206.50. Longs may be strong and not reach the 50 fib retrace.
Took 45 pips half and half b/e. Maybe it will now hit the 50 fib of 205.60ish.
Indicators show the past. Price Action "Indicates" the future.
  • #335
  • Mar 12, 2008 3:11pm Mar 12, 2008 3:11pm
Quoting karmostaji
New 4H momentum remains bullish but 1H is bearish, we could see a 50% retracement of the big bull run from 203.50

50% retracement is 205.75 where we also have the 4H Gann, I expect price to bounce back up from there.
Price is here at the 4H gann and close to 50%, but the new 4H momentum is bearish so it might go to 61.8% (205.24) before resuming upwards.

New daily momentum in 50 mins, will update again.
Trade what you see, not what you think.
  • #336
  • Mar 12, 2008 4:06pm Mar 12, 2008 4:06pm
New daily momentum remains bullish, so I'll buy dips and once the 1H QQE crosses upwards n candle closes above, longs should be safe.
Attached Image
Trade what you see, not what you think.
  • #337
  • Mar 12, 2008 4:56pm Mar 12, 2008 4:56pm
Quoting karmostaji
New daily momentum remains bullish, so I'll buy dips and once the 1H QQE crosses upwards n candle closes above, longs should be safe.
Thanks, Karmo. I think I'm starting to understand this approach.
It's important to determine the momentum at the very start of the hour (e.g., 4 hour,8 hour, Daily, etc.). For example, determine momentum at 5:01. Not 5:07 or 5:37, but only at 5:01. Correct?
Indicators show the past. Price Action "Indicates" the future.
  • #338
  • Mar 12, 2008 4:58pm Mar 12, 2008 4:58pm
Quoting jarroo
Thanks, Karmo. I think I'm starting to understand this approach.
It's important to determine the momentum at the very start of the hour (e.g., 4 hour,8 hour, Daily, etc.). For example, determine momentum at 5:01. Not 5:07 or 5:37, but only at 5:01. Correct?
Correct, right at the beginning of the candle because otherwise as price moves, the momentum will start to move which is not helpful then.

Right at the beginning of the candle is the important part.
Trade what you see, not what you think.
  • #339
  • Mar 12, 2008 4:59pm Mar 12, 2008 4:59pm
Quoting karmostaji
Price is here at the 4H gann and close to 50%, but the new 4H momentum is bearish so it might go to 61.8% (205.24) before resuming upwards.

New daily momentum in 50 mins, will update again.
Price went to 61.8% and also bouncing off 205 support level.
Trade what you see, not what you think.
  • #340
  • Mar 12, 2008 5:00pm Mar 12, 2008 5:00pm
Quoting jarroo
Price retraced down near the 38 fib of the DBLHC. This time I caught it at 206.50. Longs may be strong and not reach the 50 fib retrace.
I'll never doubt the power of the 50 fib (and/or 62 fib) on the GBPJPY again.

Indicators show the past. Price Action "Indicates" the future.
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