Got married recently, It's great to be back here on FF and trade the beast with y'all
life is beautiful, isnt it?
Karmo's trading strategy trading GBP/JPY
- #522
- Apr 14, 2008 4:35am Apr 14, 2008 4:35am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #526
- Edited 6:50pm Apr 14, 2008 2:03pm | Edited 6:50pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
I understand you trade breakouts from previous week´s ranges, while doing this, do you wait for a candle to close above/below said level or the mere fact of price touching it is enuff confirmation to get in?
do you have a journal of your own or could you please direct me to your most important posts so I can get the details of your technique
Is Price stalling and stammering at this level? Is Price come near but not touching this level. Or (the best situation) is Price running hard through this level and not looking back. Does it retrace back to this level and then continues on. ( I love that, because it confirms the S/R level)
Practise and more practise is the best way to learn how Price behaves at these S/R levels on a given pair.
Price came down today and kissed the 198.05 level (Bottom Weekly IB) and ran away. This is a strong S/R level. If Price comes down and breaks this level HARD, we will see some good pips on the down side.
The key thing I work on is finding and confirming S/R Levels. Do they have a good history, have they acted the same way in the past. Higher time frames helps me in my search.
I do have a Journel, but its not this forum. It's in a note book.
Jim
Indicators show the past. Price Action "Indicates" the future.
- #527
- Apr 16, 2008 3:53am Apr 16, 2008 3:53am
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
Trade what you see, not what you think.
- #530
- May 2, 2008 2:54am May 2, 2008 2:54am
- | Commercial User | Joined Mar 2008 | 9,071 Posts
Bro...
sonic from singapore...Nice to read ur blog/journal...
Cheers
sonic
sonic from singapore...Nice to read ur blog/journal...
Cheers
sonic
- #531
- May 2, 2008 3:12am May 2, 2008 3:12am
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
Longs still seem in play, price is trading above daily 50ema, new monthly momentum was bullish, so we might see 211-213 at last and if that breaks then 216 which is the 50% fib on my weekly chart and a weekly TL 
http://img87.imageshack.us/img87/2885/gjhj8.gif
http://img87.imageshack.us/img87/2885/gjhj8.gif
Trade what you see, not what you think.
- #536
- May 11, 2008 9:16am May 11, 2008 9:16am
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
Karmo is back 
Time for some simple and effective analysis
We all know that price has been in a downward channel since late 2007 and that channel was broken a month ago but on the daily chart price never came back and re-tested it. We also had a bear flag (small bullish channel) formed and this past week it was broken to the downside (see the chart). Price has also closed below the lower BB (bollinger band) , all of these indicate strong bearish movement.
Now my TP for shorts is the 78.6 or 88.6 fibo of the big move up we had from 192.xx to 209 , we also have a confluence of that downward channel that was broken a month ago and never re-tested, so that area should act as support.
http://img206.imageshack.us/img206/3052/gjjy2.gif
WARNING! the beast may do anything so be careful
At the beginning of the week we might have a small retracement up towards the 38.2 or the famous 50 before it resumes downwards.
http://img375.imageshack.us/img375/2746/gjuj9.gif
Now let's go to the Daily QQE and the gann, price has closed below the gann and the QQE has crossed down, I'd assume we will have a daily 5sma retrace before resuming, and that should coincide with the 38.2 or 50 fib level, we'll know for sure once the market open so keep your eyes open
http://img164.imageshack.us/img164/5110/70062857vv7.png
Time for some simple and effective analysis
We all know that price has been in a downward channel since late 2007 and that channel was broken a month ago but on the daily chart price never came back and re-tested it. We also had a bear flag (small bullish channel) formed and this past week it was broken to the downside (see the chart). Price has also closed below the lower BB (bollinger band) , all of these indicate strong bearish movement.
Now my TP for shorts is the 78.6 or 88.6 fibo of the big move up we had from 192.xx to 209 , we also have a confluence of that downward channel that was broken a month ago and never re-tested, so that area should act as support.
http://img206.imageshack.us/img206/3052/gjjy2.gif
WARNING! the beast may do anything so be careful
At the beginning of the week we might have a small retracement up towards the 38.2 or the famous 50 before it resumes downwards.
http://img375.imageshack.us/img375/2746/gjuj9.gif
Now let's go to the Daily QQE and the gann, price has closed below the gann and the QQE has crossed down, I'd assume we will have a daily 5sma retrace before resuming, and that should coincide with the 38.2 or 50 fib level, we'll know for sure once the market open so keep your eyes open
http://img164.imageshack.us/img164/5110/70062857vv7.png
Trade what you see, not what you think.
- #537
- May 11, 2008 10:27am May 11, 2008 10:27am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
It seems that we have many people saying the same thing
Looks like we can make some nice pips.
Looks like we can make some nice pips.
"Keep your eyes on the helpers" - Mr. Rogers
- #538
- Edited 12:32pm May 11, 2008 12:00pm | Edited 12:32pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Karmo is back
Time for some simple and effective analysis
We all know that price has been in a downward channel since late 2007 and that channel was broken a month ago but on the daily chart price never came back and re-tested it. We also had a bear flag (small bullish channel) formed and this past week it was broken to the downside (see the chart). Price has also closed below the lower BB (bollinger band) , all of these indicate strong bearish movement.
Now my TP for shorts is the 78.6 or 88.6 fibo of the big move up we had from 192.xx to 209 , we also have a confluence of that downward channel that was broken a month ago and never re-tested, so that area should act as support.
WARNING! the beast may do anything so be careful
At the beginning of the week we might have a small retracement up towards the 38.2 or the famous 50 before it resumes downwards.
Now let's go to the Daily QQE and the gann, price has closed below the gann and the QQE has crossed down, I'd assume we will have a daily 5sma retrace before resuming, and that should coincide with the 38.2 or 50 fib level, we'll know for sure once the market open so keep your eyes open
It's great to have your analysis back on-line. It has been missed.
Jim
Indicators show the past. Price Action "Indicates" the future.
- #540
- May 11, 2008 3:33pm May 11, 2008 3:33pm
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
Welcome back Karmo.
It's great to have your analysis back on-line. It has been missed.
Jim
superb analysis: welcome back bro
Trade what you see, not what you think.