I'll never doubt the power of the 50 fib (and/or 62 fib) on the GBPJPY again.
Karmo's trading strategy trading GBP/JPY
- #341
- Mar 12, 2008 5:15pm Mar 12, 2008 5:15pm
- #342
- Mar 12, 2008 5:44pm Mar 12, 2008 5:44pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Already penetrated bro low now is 204.97 I think 203.70 will do 'til tom for this currency pair...
Now if it breaks the 62 fib I agree we could be heading to 203 land.
Indicators show the past. Price Action "Indicates" the future.
- #343
- Mar 12, 2008 6:09pm Mar 12, 2008 6:09pm
Penetrated, not broken. My point is that GBPJPY respects these levels.
Now if it breaks the 62 fib I agree we could be heading to 203 land.
PS: Just an info and not a reco!
- #344
- Mar 12, 2008 7:04pm Mar 12, 2008 7:04pm
ok here's my trade call position short @ 205.93 tp 203.70 sl 206.40 risk a little rewards a lot let's see how it goes......
PS: Just an info and not a reco!
We leave no soldier behind.
- #346
- Mar 12, 2008 8:58pm Mar 12, 2008 8:58pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
I was going through various forums in Forex Factory and finally liked your style of trading especially with Fibonacci as I am a great fan of FIBS. I was demo trading for the past couple of months with good results and today I was expecting it to retrace to 50% and infact placed an order at 50%. But when I saw your call that it might go to 61.8%, I moved my order back to 205.19 and it bounced back and closed my trade with a 65 PIP profit. I know it will go up, but I don't have the patience like you.
I have a question though. How did you predict that it might go up to 61.8%?
I really appreciate your thought process and keep up the good work as people like me would like your inputs all the time.
P.S. What is your secret for your patience pill?
The secret to taking the patience pills: Practise.
Indicators show the past. Price Action "Indicates" the future.
- #348
- Mar 12, 2008 11:18pm Mar 12, 2008 11:18pm
ok here's my trade call position short @ 205.93 tp 203.70 sl 206.40 risk a little rewards a lot let's see how it goes......
PS: Just an info and not a reco!
223 pips not bad huh - #349
- Mar 12, 2008 11:21pm Mar 12, 2008 11:21pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Done and done........I love GBP/JPY Market!
Indicators show the past. Price Action "Indicates" the future.
- #351
- Mar 12, 2008 11:48pm Mar 12, 2008 11:48pm
- | Joined Aug 2007 | Status: Climbing Peaks Gliding Valleys | 1,601 Posts
having patience to see the GReen Pips grow was the hardest part. Hopefully it wont last long ...
- #352
- Mar 13, 2008 12:15am Mar 13, 2008 12:15am
I'm sorry guys, I hate to be a downer, but I just do not see how that would work.
One example: Aus tried that in his blog, forecasting daily direction based on momentum. The results were simply no good and he has stopped givin this service in his blog.
R
PS. jarroo, I like your signature
One example: Aus tried that in his blog, forecasting daily direction based on momentum. The results were simply no good and he has stopped givin this service in his blog.
R
PS. jarroo, I like your signature
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?
- #353
- Mar 13, 2008 12:22am Mar 13, 2008 12:22am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
I'm sorry guys, I hate to be a downer, but I just do not see how that would work.
One example: Aus tried that in his blog, forecasting daily direction based on momentum. The results were simply no good and he has stopped givin this service in his blog.
R
PS. jarroo, I like your signature
Indicators show the past. Price Action "Indicates" the future.
- #354
- Mar 13, 2008 12:42am Mar 13, 2008 12:42am
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
I'm sorry guys, I hate to be a downer, but I just do not see how that would work.
One example: Aus tried that in his blog, forecasting daily direction based on momentum. The results were simply no good and he has stopped givin this service in his blog.
R
PS. jarroo, I like your signature
For example, today in the Asian session we had a 4H candle close below the Gann I see, that means intra-day trend changed to bearish regardless of the daily bullish momentum.
Hope that clears it a bit.
Trade what you see, not what you think.
- #355
- Mar 13, 2008 12:43am Mar 13, 2008 12:43am
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
Trade what you see, not what you think.
- #358
- Mar 13, 2008 4:23am Mar 13, 2008 4:23am
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
Trade what you see, not what you think.
- #359
- Mar 13, 2008 4:24am Mar 13, 2008 4:24am
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
I was reading the posts on page 22, and got the feeling that you pretty heavily rely on momentum in your analysis (it is the indicator you most often mention).
But that was not my point. It was that I'm just not ready to accept the claim that based on indicator movements on a very short period of time, it is possible to forecast future price movements.
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?"
Karmo: "Correct, right at the beginning of the candle..."
R
Every trader must find what works for them and suits their personality.
Trade what you see, not what you think.
