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Karmo's trading strategy trading GBP/JPY

  • #1,141
  • Oct 28, 2008 10:14pm Oct 28, 2008 10:14pm
Quoting karmostaji
Price is already above 4h gann, so bulls should take over for the short-term and we should see 4h 50ema in the coming sessions, that is around 159

btw the 38.2% fibo is 154.3 and 50% 159

from my experience, this beast loves the 50% fibo retracements.
Just woke up to see target hit, nice.

I see a bull flag forming but price could head towards the daily 5sma or close to it first and then continue upwards towards 61.8% fibo, but be cautious coz the 4h charts looks toppy for now.

btw, thanks guys for the kind words, appreciate it
Trade what you see, not what you think.
  • #1,142
  • Oct 28, 2008 10:22pm Oct 28, 2008 10:22pm
Quoting karmostaji
Just woke up to see target hit, nice.

I see a bull flag forming but price could head towards the daily 5sma or close to it first and then continue upwards towards 61.8% fibo, but be cautious coz the 4h charts looks toppy for now.

btw, thanks guys for the kind words, appreciate it

I have hunch about today ... the dj volume (futures) look low on a wide spread bar . I think they only cut rates by .5% tomorrow so up at your targets looks for shorts. I believe today may have been a bull trap .


I am aiming for 160 / 161 tonight and looking for potential reversals off that level
Blogging daily now at www.volume.zone
  • #1,143
  • Oct 29, 2008 12:00am Oct 29, 2008 12:00am
can exrpence trdr tell me if ok? i no soemthin wrong
Attached Image (click to enlarge)
Click to Enlarge Name: Fibo extension and retracements Test 1 - 10-28-2008 9-51-56 PM.png Size: 46 KB
  • #1,144
  • Oct 29, 2008 12:20am Oct 29, 2008 12:20am
Price is in a kinda big bull-flag, look at the 15m chart

Remember price is still above 4h gann, if the bull flag breaks we might see 159 again and maybe 61.8% fibo at 163.8 but if it goes below 1h 50ema then I don't know what will stop the beast from diving down.
Trade what you see, not what you think.
  • #1,145
  • Oct 29, 2008 12:20am Oct 29, 2008 12:20am
Quoting USTrader
can exrpence trdr tell me if ok? i no soemthin wrong
hmm, what? The fib levels?
Trade what you see, not what you think.
  • #1,146
  • Oct 29, 2008 1:09am Oct 29, 2008 1:09am
Quoting karmostaji
Price is in a kinda big bull-flag, look at the 15m chart

Remember price is still above 4h gann, if the bull flag breaks we might see 159 again and maybe 61.8% fibo at 163.8 but if it goes below 1h 50ema then I don't know what will stop the beast from diving down.
Bull flag broken to the upside as expected

we should see a retest of 159 and then 61.8% at 163.8 as long as price remains above 4h gann hilo.
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 24 KB
Trade what you see, not what you think.
  • #1,147
  • Oct 29, 2008 1:52am Oct 29, 2008 1:52am
Daily gann is at 162.8 so if today we close above that, then the bottom is in for the time being and GJ will head higher coming days/week

I'm just saying, trade the chart.
Trade what you see, not what you think.
  • #1,148
  • Oct 29, 2008 2:00am Oct 29, 2008 2:00am
Quoting karmostaji
hmm, what? The fib levels?
Yup, Karmo, I seem to always feel my fib levels aren't quite where their supposed to be.

Still gettin' the confidence to 'trade the chart'.

Thanks...
  • #1,149
  • Oct 29, 2008 2:06am Oct 29, 2008 2:06am
Quoting USTrader
Yup, Karmo, I seem to always feel my fib levels aren't quite where their supposed to be.

Still gettin' the confidence to 'trade the chart'.

Thanks...
I have drawn one from 179.18 to 138.99
Trade what you see, not what you think.
  • #1,150
  • Oct 29, 2008 2:23am Oct 29, 2008 2:23am
I just edited the 1st post and added a line with a link to QQE and Gann hilo

I hope this will make the life of people looking for the indicators easier lol
Trade what you see, not what you think.
  • #1,151
  • Oct 29, 2008 2:50am Oct 29, 2008 2:50am
Let's think a little bit more long-term

If today we close above the daily gann (162.8) and the QQE crosses upwards, then we have a bottom for the time being and price will move higher.

Now let's draw a fib from 215.8 to 138.99, 38.2% n 50% would be my first targets.

This scenario will be valid IMO only if we close above daily gann and daily QQE crosses upwards.

Something to keep in mind
Trade what you see, not what you think.
  • #1,152
  • Oct 29, 2008 2:51am Oct 29, 2008 2:51am
If we don't get above daily gann and the 4h QQE reverses down today/tomorrow then we don't have a bottom yet and GJ should move lower n make a new low.
Trade what you see, not what you think.
  • #1,153
  • Oct 29, 2008 4:17am Oct 29, 2008 4:17am
Quoting karmostaji
Let's think a little bit more long-term

If today we close above the daily gann (162.8) and the QQE crosses upwards, then we have a bottom for the time being and price will move higher.

Now let's draw a fib from 215.8 to 138.99, 38.2% n 50% would be my first targets.

This scenario will be valid IMO only if we close above daily gann and daily QQE crosses upwards.

Something to keep in mind
my daily is at 166.ish , how can they be so different, using fxdd and lookbak of 10
Trade what you see, not what you think.
  • #1,154
  • Oct 29, 2008 4:58am Oct 29, 2008 4:58am
Quoting maestr2
my daily is at 166.ish , how can they be so different, using fxdd and lookbak of 10
I just looked at my VT chart and you are right, it is at 166

but on IBFX it is at 162.8, I think its bcz of the sunday's candle

I prefet VT so yah 166
Trade what you see, not what you think.
  • #1,155
  • Oct 29, 2008 5:05am Oct 29, 2008 5:05am
Quoting karmostaji
Bull flag broken to the upside as expected

we should see a retest of 159 and then 61.8% at 163.8 as long as price remains above 4h gann hilo.
we are in a new bull-flag, so no breakout yet, waiting....
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 21 KB
Trade what you see, not what you think.
  • #1,156
  • Oct 29, 2008 6:13am Oct 29, 2008 6:13am
Quoting karmostaji
we are in a new bull-flag, so no breakout yet, waiting....
hi karmo,
what do you mean with waiting? stay away? or buy and get some pills?
  • #1,157
  • Oct 29, 2008 9:25am Oct 29, 2008 9:25am
I guess the flag is broken.Isn't it Karmo?

Mike
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Failure, is a wonderful teacher!
  • #1,158
  • Oct 29, 2008 9:27am Oct 29, 2008 9:27am
Quoting mike1349
I guess the flag is broken.Isn't it Karmo?

Mike
Yes, target is 163.8
Trade what you see, not what you think.
  • #1,159
  • Oct 29, 2008 9:41am Oct 29, 2008 9:41am
Quoting karmostaji
Yes, target is 163.8
what we have at 163.8?
  • #1,160
  • Oct 29, 2008 9:42am Oct 29, 2008 9:42am
Karmo,May I ask Where did you long?I mean in M15 after flag was broken ?

Thanks
Mike
Failure, is a wonderful teacher!
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