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Karmo's trading strategy trading GBP/JPY

  • #1,481
  • Nov 19, 2008 3:16am Nov 19, 2008 3:16am
karmo, in the other thread you mentioned 4h gann as support, 1h as resistence .. is this a general rule when price is above 4h and below the 1h?
Do other factors play into this?
  • #1,482
  • Nov 19, 2008 3:42am Nov 19, 2008 3:42am
Quoting TraderStar
karmo, in the other thread you mentioned 4h gann as support, 1h as resistence .. is this a general rule when price is above 4h and below the 1h?
Do other factors play into this?
Not a general but price is stuck between the 1h gann and 4h gann, the gann acts as support/resistance.

I need more patience until this breaks out, it's boring..
Trade what you see, not what you think.
  • #1,483
  • Nov 19, 2008 4:49am Nov 19, 2008 4:49am
if this hourly candle closes above 145.30 and 1h QQE crosses up, I'm going to try a long once it retraces to 5sma

Bulls not giving up yet.., this time it might touch 4h 50ema coz it's right there with the UTL of my 4h bear flag.
Trade what you see, not what you think.
  • #1,484
  • Nov 19, 2008 5:07am Nov 19, 2008 5:07am
Quoting karmostaji
if this hourly candle closes above 145.30 and 1h QQE crosses up, I'm going to try a long once it retraces to 5sma

Bulls not giving up yet.., this time it might touch 4h 50ema coz it's right there with the UTL of my 4h bear flag.
I'm having 2nd thoughts about taking the long.. lol
Trade what you see, not what you think.
  • #1,485
  • Nov 19, 2008 5:19am Nov 19, 2008 5:19am
Quoting karmostaji
I'm having 2nd thoughts about taking the long.. lol
Its getting pretty close to the top of the 4 hr bear flag Karm. Also the 4 hr 50 and we have a new bear bat (not sure thats what it is called) on the 1 hr. Seems it should retrace a decent amount first.
  • #1,486
  • Nov 19, 2008 5:22am Nov 19, 2008 5:22am
Quoting PipChick
Its getting pretty close to the top of the 4 hr bear flag Karm. Also the 4 hr 50 and we have a new bear bat (not sure thats what it is called) on the 1 hr. Seems it should retrace a decent amount first.
I will let it go until there is an hourly close above the 4 hr 50ema.
  • #1,487
  • Nov 19, 2008 5:26am Nov 19, 2008 5:26am
Quoting PipChick
I will let it go until there is an hourly close above the 4 hr 50ema.
I know but I'm getting tired of waiting lol

146.50 is tough resistance and the 4h 50ema is definitely getting closer, bears should win this battle IMO.

I'll take some more patience pills.
Trade what you see, not what you think.
  • #1,488
  • Nov 19, 2008 5:28am Nov 19, 2008 5:28am
Quoting karmostaji
I know but I'm getting tired of waiting lol

146.50 is tough resistance and the 4h 50ema is definitely getting closer, bears should win this battle IMO.

I'll take some more patience pills.
I will take some patience pills and a little nap.lol
  • #1,489
  • Edited 11:28am Nov 19, 2008 8:39am | Edited 11:28am
Hi Karmo,

Price is almost above 50 ema H4.After candle closes you go long?

Thanks
Mike

Edit:No Longs!!
Failure, is a wonderful teacher!
  • #1,490
  • Nov 19, 2008 9:07am Nov 19, 2008 9:07am
Quoting TraderStar
Hey abasiakara, I know what you are going through .. that was my problem for months! Now I am finally figuring out one of the most important lessons: when NOT to trade. And now is that time .. unless you are a confident scalper and/or have some extra play money to play with.
The trick to finding the high probability trades is to WAIT for them to set up properly & do nothing until that happens.
You can take as many of karmo's patience pills as you like while waiting ...
I suggest the candy-flavored ones, keep a bowl by the computer
Thanks tradestar. i stayed out of trades yesterday and today. but i watch the charts throughout.whatever i scalp and make, i give it back to the market so i will forget scalping for now. i just need more precise entries.
  • #1,491
  • Nov 19, 2008 9:33am Nov 19, 2008 9:33am
Congrats on page #100, Karmo! Only 9153 to go to catch up with auslanco thread
  • #1,492
  • Nov 20, 2008 12:53am Nov 20, 2008 12:53am
4h QQE has crossed down and we have a 4h candle close below 4h Gann, strong bearish signal.

The LT of the bear flag is 142.15, a 4h close below that and we should see GJ tank easily.

My target is anywhere between 130-132
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 22 KB
Trade what you see, not what you think.
  • #1,493
  • Nov 20, 2008 12:53am Nov 20, 2008 12:53am
Quoting TraderStar
Congrats on page #100, Karmo! Only 9153 to go to catch up with auslanco thread
LOL Gotta have a lot of patience till we get there
Trade what you see, not what you think.
  • #1,494
  • Nov 20, 2008 2:03am Nov 20, 2008 2:03am
4h bear flag broken to the downside, my target is 130-132 area
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 26 KB
Trade what you see, not what you think.
  • #1,495
  • Nov 20, 2008 2:04am Nov 20, 2008 2:04am
Hi Karmo,

Is 142.60 M15 Gann or there is something else to put sell stop order there?

http://www.forexfactory.com/showpost...stcount=139301


Thanks
Mike
Failure, is a wonderful teacher!
  • #1,496
  • Nov 20, 2008 2:10am Nov 20, 2008 2:10am
Quoting mike1349
Hi Karmo,

Is 142.60 M15 Gann or there is something else to put sell stop order there?

http://www.forexfactory.com/showpost...stcount=139301


Thanks
Mike
previous support area turned to resistance
Trade what you see, not what you think.
  • #1,497
  • Nov 20, 2008 11:43am Nov 20, 2008 11:43am
A lot of revisionist analysis going on in the other place
  • #1,498
  • Nov 20, 2008 12:20pm Nov 20, 2008 12:20pm
Price closed above H1 Gann and retrace to 5 ema.

I am long from 141.50

QQE crossed also.

Thanks Karmo

Mike
Failure, is a wonderful teacher!
  • #1,499
  • Nov 20, 2008 12:56pm Nov 20, 2008 12:56pm
Quoting TraderStar
A lot of revisionist analysis going on in the other place
Most of the people there are trading on 1m/5m chart and they're looking for the intraday moves.

Price is still below 4h gann hilo and price tested the broken 4h flag twice now at 142.50

My bias is still down.
Trade what you see, not what you think.
  • #1,500
  • Nov 21, 2008 4:26am Nov 21, 2008 4:26am
Quoting karmostaji
Most of the people there are trading on 1m/5m chart and they're looking for the intraday moves.

Price is still below 4h gann hilo and price tested the broken 4h flag twice now at 142.50

My bias is still down.
what would be the correct place to enter a fresh short, since i know 4 hour and daily is still down
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