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Karmo's trading strategy trading GBP/JPY

  • #581
  • May 28, 2008 5:03am May 28, 2008 5:03am
The reason I ask is I got a little caught after the last consolidation at 202.50 looking to go south then the thing went north for no good reason.

Alex


Quoting karmostaji
I don't know why, I don't even try to think about such stuff

I just follow the chart and make those green pips and enjoy them, that's all
  • #582
  • May 28, 2008 5:41am May 28, 2008 5:41am
Quoting karmostaji
I don't know why, I don't even try to think about such stuff

I just follow the chart and make those green pips and enjoy them, that's all
you have been calling for 207, it has hit, Bravooo, now what? I am studying your strategy it is safe and interesting the way you look at the chart
Thank you for your help
  • #583
  • Jun 1, 2008 3:56pm Jun 1, 2008 3:56pm
Quoting AlexFX
The reason I ask is I got a little caught after the last consolidation at 202.50 looking to go south then the thing went north for no good reason.

Alex
Major support was at 202.50...it needed to break to continue down, from a basic technical perspective....it failed and bounced off support. Theres your reason.

Further more, the resistance that was holding it from going higher was 204.82 and 204.96....it broke that and it went higher.
The only sovereign I can allow to rule me is reason.
  • #584
  • Jun 2, 2008 11:56am Jun 2, 2008 11:56am
Cheers to that!!!!!


Quoting karmostaji
I don't know why, I don't even try to think about such stuff

I just follow the chart and make those green pips and enjoy them, that's all
  • #585
  • Jun 4, 2008 3:37pm Jun 4, 2008 3:37pm
204.80 strong S/R level
Daily 50ema and 100sma are @ 204.80
Daily candles are not able to close below it
Daily gann hilo is @ 204.80

If we draw a fibo from 199.76 to 208.93 , price has retraced to the famous 50% which is 204.35 and bounced

If Daily candles are not able to close below 204.80, we could easily see a re-test of the highs and even going to 211-213

BUT, if we get a Daily candle formed below, then look out below

till then, PATIENCE!

http://img71.imageshack.us/img71/7448/gjpq0.gif
Trade what you see, not what you think.
  • #586
  • Jun 4, 2008 3:39pm Jun 4, 2008 3:39pm
cheers karmo. Bears are gonna pounce
  • #587
  • Jun 4, 2008 10:34pm Jun 4, 2008 10:34pm
Quoting karmostaji
204.80 strong S/R level
Daily 50ema and 100sma are @ 204.80
Daily candles are not able to close below it
Daily gann hilo is @ 204.80

If we draw a fibo from 199.76 to 208.93 , price has retraced to the famous 50% which is 204.35 and bounced

If Daily candles are not able to close below 204.80, we could easily see a re-test of the highs and even going to 211-213

BUT, if we get a Daily candle formed below, then look out below

till then, PATIENCE!
daily closed @205.66 ... so up we go??
Veni, vidi, vici...
  • #588
  • Jun 9, 2008 12:46am Jun 9, 2008 12:46am
Ok, I get some PMs from time to time asking me to explain Gann, QQE, momentum and 5sma. I just replied someone and thought I'd post it here as well.

I'll try to explain how I use these indicators as briefly as I can.

I'll keep it simple.. the Gann hilo is used as Support/Resistance, sometimes price will bounce off it. Another thing is If price is trading below the Gann hilo, let's say on the Daily chart then I'll be favoring the bears and try to find bearish set-ups on smaller TF's, you should also keep track of the QQE.

Example:
If Daily QQE crosses upwards and Daily candle closes above the Gann hilo, then the Daily chart just turned bullish to me and I'd be buying dips (most probably around the Daily 5sma)

The momentum is used with the Daily 5sma, I mostly use it to try and catch retracement, The most important thing is the angle of the movement at the beginning of the candle and not during the candle.

Example:

Let's say we had a rally on the Daily chart and price is currently 209, Daily 5sma is at 207.10 and the momentum at the beginning of the new daily candle is pointing slightly down, that indicates price will retrace to the Daily 5sma and most likely resume upwards the next day.

You must follow real price action and practice to grasp it
Trade what you see, not what you think.
  • #589
  • Jun 11, 2008 1:36pm Jun 11, 2008 1:36pm
Hi Karmo,
would it be possible for you to post the indicator that you use with 1 screen shot of ur chart or ur template ?

Thanks,
Goodbadmas

P.S. I am trying to learn the way you trade. and you said lower time frame .. how low is the timeframe you go to ? 5 min or 15 and above ?


Thanks


Quoting karmostaji
Ok, I get some PMs from time to time asking me to explain Gann, QQE, momentum and 5sma. I just replied someone and thought I'd post it here as well.

I'll try to explain how I use these indicators as briefly as I can.

I'll keep it simple.. the Gann hilo is used as Support/Resistance, sometimes price will bounce off it. Another thing is If price is trading below the Gann hilo, let's say on the Daily chart then I'll be favoring the bears and try to find bearish set-ups on smaller TF's, you should also keep track of the QQE.

Example:
If Daily QQE crosses upwards and Daily candle closes above the Gann hilo, then the Daily chart just turned bullish to me and I'd be buying dips (most probably around the Daily 5sma)

The momentum is used with the Daily 5sma, I mostly use it to try and catch retracement, The most important thing is the angle of the movement at the beginning of the candle and not during the candle.

Example:

Let's say we had a rally on the Daily chart and price is currently 209, Daily 5sma is at 207.10 and the momentum at the beginning of the new daily candle is pointing slightly down, that indicates price will retrace to the Daily 5sma and most likely resume upwards the next day.

You must follow real price action and practice to grasp it
  • #590
  • Jun 12, 2008 12:58am Jun 12, 2008 12:58am
hallo broda...

i need your prediction for this position...

thx...
da men who sold da world...
  • #591
  • Jun 17, 2008 9:07am Jun 17, 2008 9:07am
Quoting karmostaji
...
The momentum is used with the Daily 5sma, I mostly use it to try and catch retracement, The most important thing is the angle of the movement at the beginning of the candle and not during the candle.

...
karmostaji, would u care to elaborate on the "..the angle of the movement.. "?
thx
  • #592
  • Jun 17, 2008 12:28pm Jun 17, 2008 12:28pm
Quoting frito
karmostaji, would u care to elaborate on the "..the angle of the movement.. "?
thx
That is a typo, it is meant to be 'the angle of the momentum at the beginning of the candle'
Trade what you see, not what you think.
  • #593
  • Jun 19, 2008 5:05pm Jun 19, 2008 5:05pm
Quoting karmostaji
That is a typo, it is meant to be 'the angle of the momentum at the beginning of the candle'
Karmo, thanks A LOT for setting up this thread and sharing your knowledge. You are a good example of how good solid basics beat any fancy indicator Well done!

A quick question - what are typical weekly/monthly results (in terms of pips)? How many pairs do you trade?

Cheers.
One Chart is Worth Ten Thousand Words.
  • #594
  • Jun 19, 2008 5:09pm Jun 19, 2008 5:09pm
Quoting Forex007
Karmo, thanks A LOT for setting up this thread and sharing your knowledge. You are a good example of how good solid basics beat any fancy indicator Well done!

A quick question - what are typical weekly/monthly results (in terms of pips)? How many pairs do you trade?

Cheers.
You are most welcome

Regarding your question, I trade GJ exclusively.. I just love this pair. Number of pips per month, I'd say 1500 to 2000 pips
Trade what you see, not what you think.
  • #595
  • Jun 23, 2008 4:46am Jun 23, 2008 4:46am
Price bounced off the 4H 50ema and a TL, if price closes above the 1H 50ema and 4H gann hilo then we could expect another re-test of the highs or even a new high, 214 maybe.
On the other hand, if price closes below 4H 50ema, next target would be the Daily gann hilo.

http://img514.imageshack.us/img514/7274/gjtw6.gif
Trade what you see, not what you think.
  • #596
  • Jun 23, 2008 4:51am Jun 23, 2008 4:51am
thanks karmo
  • #597
  • Jun 24, 2008 1:13am Jun 24, 2008 1:13am
Quoting karmostaji
Price bounced off the 4H 50ema and a TL, if price closes above the 1H 50ema and 4H gann hilo then we could expect another re-test of the highs or even a new high, 214 maybe.
On the other hand, if price closes below 4H 50ema, next target would be the Daily gann hilo.

http://img514.imageshack.us/img514/7274/gjtw6.gif
Just as expected, a re-test of the highs is in order
Trade what you see, not what you think.
  • #598
  • Jun 24, 2008 1:26am Jun 24, 2008 1:26am
Quoting karmostaji
Just as expected, a re-test of the highs is in order
Still loving your charts and analysis, Karmo.
Indicators show the past. Price Action "Indicates" the future.
  • #599
  • Jun 24, 2008 1:29am Jun 24, 2008 1:29am
Quoting jarroo
Still loving your charts and analysis, Karmo.
Hey big man, It's good to see you bro
Trade what you see, not what you think.
  • #600
  • Jun 24, 2008 1:49am Jun 24, 2008 1:49am
Quoting karmostaji
Hey big man, It's good to see you bro
Yeah I started a thread. You should check it out sometime, if you have the time. I would love to hear your comments on it.

You guess it, it's Price Action related.

DIBS Thread : http://www.forexfactory.com/showthread.php?t=86766
Indicators show the past. Price Action "Indicates" the future.
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