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Karmo's trading strategy trading GBP/JPY

  • #801
  • Oct 2, 2008 8:49am Oct 2, 2008 8:49am
Quoting jarroo
Let's see some charts my brother.
Sure bro

The Daily chart where we can see it is indicating a bearish Daily trend.

Sometimes when we get a bit of a bounce, many people start screaming that it is a reversal and so on, the QQE has helped me a lot to differentiate between a retracement or a full reversal, look at the 4h chart, the QQE crossed back upwards but price struggled to close above the 4h gann, the QQE just took its time and got out of oversold levels and now it is crossing back down which indicates more downside to come.

A reversal would be the QQE crossing upwards and we get a 4h candle close at the same time or maybe 1 candle later, this applies on any TF btw.

If you also look at when the 4h QQE crossed upwards, price also had a hard time to even break the 1h 50ema, all these are signs told me that the bounce was just a retracement and we should sell the rally which I did.
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Trade what you see, not what you think.
  • #802
  • Oct 2, 2008 8:56am Oct 2, 2008 8:56am
Quoting karmostaji
Sure bro

The Daily chart where we can see it is indicating a bearish Daily trend.

Sometimes when we get a bit of a bounce, many people start screaming that it is a reversal and so on,
Spending to much time in the Aus Thread from that line.


Great post karmo. This will help many people understand your winning ways. (me included.)
Indicators show the past. Price Action "Indicates" the future.
  • #803
  • Oct 2, 2008 8:59am Oct 2, 2008 8:59am
Quoting jarroo
Spending to much time in the Aus Thread from that line.


Great post karmo. This will help many people understand your winning ways. (me included.)
LOL that thread will make you go crazy with everyone screaming something.

We're all here to learn my brother
Trade what you see, not what you think.
  • #804
  • Oct 2, 2008 10:08am Oct 2, 2008 10:08am
Quoting karmostaji
Sure bro

The Daily chart where we can see it is indicating a bearish Daily trend.


A reversal would be the QQE crossing upwards and we get a 4h candle close at the same time or maybe 1 candle later, this applies on any TF btw.

If you also look at when the 4h QQE crossed upwards, price also had a hard time to even break the 1h 50ema, all these are signs told me that the bounce was just a retracement and we should sell the rally which I did.
Hi Karmo,
Thank you for taking time to answer our questions.I was reading this post but I think something is missed or I don't get it.Please advise.I put it here:

"A reversal would be the QQE crossing upwards and we get a 4h candle close at the same time or maybe 1 candle later(Where?), this applies on any TF btw."

Thanks
Mike
Failure, is a wonderful teacher!
  • #805
  • Oct 2, 2008 10:11am Oct 2, 2008 10:11am
Quoting mike1349
Hi Karmo,
Thank you for taking time to answer our questions.I was reading this post but I think something is missed or I don't get it.Please advise.I put it here:

"A reversal would be the QQE crossing upwards and we get a 4h candle close at the same time or maybe 1 candle later(Where?), this applies on any TF btw."

Thanks
Mike
closing above the gann hilo, that is what I meant.
Trade what you see, not what you think.
  • #806
  • Oct 5, 2008 11:39pm Oct 5, 2008 11:39pm
Quoting karmostaji
we had a 50% retracement of yesterday's fall, price was also rejected by the 1h 50ema

I have taken several shorts and now waiting

My short targets are 184, 180, and 176 area where the Monthly trendline lies.
184 reached already

180 is 80 pips away

Lots of green pips, LOTS!!
Trade what you see, not what you think.
  • #807
  • Oct 6, 2008 3:33am Oct 6, 2008 3:33am
I've closed most of my shorts for some healthy profit

If 1h QQE crosses upwards and we get a 1h candle close above 1h gann, I will start taking longs.
Trade what you see, not what you think.
  • #808
  • Oct 6, 2008 8:42am Oct 6, 2008 8:42am
2nd target was missed by 10 pips lol, but we are here at 180

Now let's see if we will hit the jackpot at 176 where the Monthly trendline lies
Trade what you see, not what you think.
  • #809
  • Oct 6, 2008 9:25am Oct 6, 2008 9:25am
Final target has been hit at 176

Just lovely
Trade what you see, not what you think.
  • #810
  • Oct 6, 2008 9:27am Oct 6, 2008 9:27am
Quoting karmostaji
Final target has been hit at 176

Just lovely

Well deserved my brother.
Indicators show the past. Price Action "Indicates" the future.
  • #811
  • Oct 6, 2008 9:34am Oct 6, 2008 9:34am
Quoting karmostaji
Final target has been hit at 176

Just lovely
Congratulations
Do not follow my trades. Trade what you see on your own charts.
  • #812
  • Oct 6, 2008 10:35am Oct 6, 2008 10:35am
Hi there,
Do you see some possible retracement until 180-180.40 area now?
Or south till 172.50?
I don't say
  • #813
  • Oct 6, 2008 10:37am Oct 6, 2008 10:37am
Quoting dragosd1
Hi there,
Do you see some possible retracement until 180-180.40 area now?
Or south till 172.50?
I actually see bearish continuation patterns on smaller TF's, so maybe this downward is not over yet.

78.6% monthly fibo is at 170.20
Trade what you see, not what you think.
  • #814
  • Edited 11:02am Oct 6, 2008 10:46am | Edited 11:02am
I see 172.50 as the 138.2 extension of the 38.2 retracement on the daily tf....
But i also take into consideration a retest of the previous supp at 180.50, , also a 50% retracement of this big down move. I will add more shorts there....do you think it's a valid point of view?
I don't say
  • #815
  • Oct 6, 2008 10:06pm Oct 6, 2008 10:06pm
Quoting karmostaji
Final target has been hit at 176

Just lovely
Well I guess this settles definitively who knows how to read the charts .. and who does not! I'm staying away from the aus thread now except for occasional visits as all it has been for the past 3 weeks is "buy, sell, buy, sell, buy, buy, reversal, buy, sell'
I admit it was confusing and several times sucked me into reversing trades that should never have been reversed.

One person stuck to his charts the whole way .... and that was (drum roll...) ... karmo!

QQE and Gann tell the story simply enough for a swing trader, too many other indicators just muddy the waters.
Look at the daily chart .. after that row of dojis in late Sept, when QQE crossed down, the GY course was set, all one had to do was load up the boat and stay short

Here's to many more profitable GY trades
  • #816
  • Edited 3:53am Oct 7, 2008 3:13am | Edited 3:53am
KARMO is The Man..
  • #817
  • Oct 7, 2008 3:25am Oct 7, 2008 3:25am
Anyone take Karmo's advise about shorting at the 4 hour Gann 182.00ish.

yes, Karmo is the Man.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #818
  • Oct 7, 2008 3:50am Oct 7, 2008 3:50am
If 1h QQE crosses downwards and a candle closes below 1h gann, expect more bearishness to come.
Trade what you see, not what you think.
  • #819
  • Oct 7, 2008 3:58am Oct 7, 2008 3:58am
Quoting karmostaji
If 1h QQE crosses downwards and a candle closes below 1h gann, expect more bearishness to come.
Karmo, if you dont mind, could you please post the chart that show 1H QQE Downwards and candle closes below 1H Gann..

Thanks Karmo
  • #820
  • Oct 7, 2008 4:04am Oct 7, 2008 4:04am
Quoting karmostaji
If 1h QQE crosses downwards and a candle closes below 1h gann, expect more bearishness to come.
Looks like we have candle close below 1hr gann and the 1hr qqe cross is comming. would you take new position and where would you place your sl if this happens Karmo?
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