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Karmo's trading strategy trading GBP/JPY

  • #601
  • Jun 24, 2008 1:50am Jun 24, 2008 1:50am
Quoting karmostaji
Just as expected, a re-test of the highs is in order
nice chart

214.20/30 is possible but it might be very tuff task
  • #602
  • Jun 24, 2008 2:44am Jun 24, 2008 2:44am
Quoting jarroo
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
I'll check it out bro
Trade what you see, not what you think.
  • #603
  • Jun 24, 2008 4:10am Jun 24, 2008 4:10am
Karmo, how do you feel about 215 ? I see that most traders want to short the pair but in my opinion we still have room to go upside.
  • #604
  • Jun 27, 2008 5:56am Jun 27, 2008 5:56am
But first we must clear a huge hurdle at 214.50/60
which I doubt we are going to blow through on the first try or even the second try.

LT is still bullish in GJ I think, but we may get a move down into 209.50 before we run up to test 214.50/60 for the first time in a while.

Quoting Pirin
Karmo, how do you feel about 215 ? I see that most traders want to short the pair but in my opinion we still have room to go upside.
  • #605
  • Jun 29, 2008 4:18am Jun 29, 2008 4:18am
hi karmo jan
"Lamborghini Reventon" for you
Attached Image (click to enlarge)
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Attached Image
  • #606
  • Jul 1, 2008 5:13pm Jul 1, 2008 5:13pm
Quoting karmostaji
Hey big man, It's good to see you bro
/

But where will i get all these gann hilo. I cannot see on metatrader?
  • #607
  • Jul 18, 2008 12:53am Jul 18, 2008 12:53am
Hi shahroudi


GBP JPY be nazare man ta 211.61 bishtar nemitoone biufte!!
albate shoma saheb nazari

ghrbanat.
  • #608
  • Jul 19, 2008 2:36pm Jul 19, 2008 2:36pm
Thanks for your insite and the posts
  • #609
  • Jul 19, 2008 3:02pm Jul 19, 2008 3:02pm
Quoting 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
The lowest TF I would go is the 15m chart, but I mainly focus on 1H, 4H, and the Daily chart.
Trade what you see, not what you think.
  • #610
  • Jul 19, 2008 3:04pm Jul 19, 2008 3:04pm
Quoting karmostaji
The lowest TF I would go is the 15m chart, but I mainly focus on 1H, 4H, and the Daily chart.
Me too
  • #611
  • Jul 19, 2008 3:08pm Jul 19, 2008 3:08pm
Daily candle has closed above the 200ema, next target for the bulls is the 50% fib @ 216.88 where we also a weekly TL, that are should provide strong resistance.
Attached Image (click to enlarge)
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Trade what you see, not what you think.
  • #612
  • Edited Jul 20, 2008 3:12am Jul 19, 2008 3:38pm | Edited Jul 20, 2008 3:12am
I draw suport/resistance lines all over my charts. I put thick lines on the monthly/weekly then thinner lines on the daily, 4 hour, 1 hour, and 15 mintute. Then I draw Fibo on the last movement on the 1 hour. when I'm finished with all of that I hardly have an open space to make a trade with out running into a line. I'v been reading your early posts where you describe your trading method (thank you for doing so).
My question is, would it be better to not draw my own lines? would it be better to only draw fibo on the diferent time charts then look for over lap????????

thank you
  • #613
  • Jul 19, 2008 4:26pm Jul 19, 2008 4:26pm
Quoting karmostaji
Hi AlphaGA,

We are all here to learn, aren't we? we don't need to thank each other

I totally know what you are saying and it is indeed very hard to draw a 100% accurate fibo level, especially on longer timeframes such as the weekly. I had a hard drawing this fib on the weekly myself, I just decided to draw it from the 200 point since it a nice uptrend move started from there. I have drawn from the points you mentioned, and it gets even more interesting, we will have to keep an eye and see which one is going to be the more appropriate one.
Numbers that end in zero tend to be good suport/resistance levels, so perhaps drawing your fibo from or to numbers that end with zeros might make good sense. Also another point on fibo, every book that I have read says to draw left to right, so if it's low to high or high to low it's always left to right period. I'll post a fibos that goes in Expert/indicators on MT-4, I use it some times on a 15 min if I'm looking for an entry.
Attached File(s)
File Type: mq4 Fibos.mq4   4 KB | 510 downloads
  • #614
  • Jul 21, 2008 6:53am Jul 21, 2008 6:53am
Quoting karmostaji
Daily candle has closed above the 200ema, next target for the bulls is the 50% fib @ 216.88 where we also a weekly TL, that are should provide strong resistance.
Daily 200ema has turned into support now, price is fighting 213.50 for now, if it breaks then it heads toward 216.xx
Trade what you see, not what you think.
  • #615
  • Jul 22, 2008 12:25pm Jul 22, 2008 12:25pm
Karmo,

I've closed my long from 213.20 for 50 pips because price on 4hr is most likely going to retrace back to 5sma line(213.29 at the present time) on 4hr. Was that a smart thing to do?

What is your strategy?

Since price bounced off 213.82 for the 5th time, I'm sure there is going to be a breakout today! I thought it was going to go up last night...but at the meantime, it is going down to me.
  • #616
  • Jul 23, 2008 10:57pm Jul 23, 2008 10:57pm
I have signal but i can't read it


Is it good or not ?

Thank you

Quoting karmostaji
Daily candle has closed above the 200ema, next target for the bulls is the 50% fib @ 216.88 where we also a weekly TL, that are should provide strong resistance.
Attached Image (click to enlarge)
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  • #617
  • Jul 24, 2008 9:29am Jul 24, 2008 9:29am
I was just re reading this thread karmo and cam across an old four hour chart of yours which looked exactly my current weekly GJ setup. No great analysis, just thought it would be fun to share.

http://img214.imageshack.us/img214/6206/karmo4hpr9.gif
  • #618
  • Jul 24, 2008 9:29am Jul 24, 2008 9:29am
http://img172.imageshack.us/img172/1...tweeklypc1.gif
  • #619
  • Jul 27, 2008 11:01pm Jul 27, 2008 11:01pm
Hi Karmo,

What is your strategy for this week? I think we are going to be in a tight range between 213(100ema) and 215(50ema)on weekly. If this goes both way, there would be a massive pip movement on either way.
  • #620
  • Aug 1, 2008 8:38pm Aug 1, 2008 8:38pm
Excuse me, but how did you know that there was going to be a bearish move before the breakout? Could you explain this? And how did you know that when 1hr QQE crossed, it was going to be a profitable move? Many of those crosses during a big bearish move would not turn profitable.

I entered my long today at 213.40 today when 1hr QQE crossed. How come you wouldn't wait if 4hr QQE crossed today?
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