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Karmo's trading strategy trading GBP/JPY

  • #1,501
  • Nov 21, 2008 5:02am Nov 21, 2008 5:02am
Quoting forexlion
what would be the correct place to enter a fresh short, since i know 4 hour and daily is still down
where price is at now..

but if we get a 4h close above 4h gann then I would be very cautious coz that would mean GJ turned bullish.

I wasn't expecting such a move today... anyways it's Friday lol
Trade what you see, not what you think.
  • #1,502
  • Nov 21, 2008 8:06am Nov 21, 2008 8:06am
Latest 4h candle closed below gann and well below the 50 ema with QQE crossed up so that is still a bearish continuation. Rgitt sees a retrace as high as 146 by 10 am today... that could be a lovely short if it plays out.

But watch for confirming short signals before shorting at any level IMO
  • #1,503
  • Nov 21, 2008 10:34am Nov 21, 2008 10:34am
Re-posting here:

Today was my first time applying karmo's techniques on my own and it worked to perfection. Can't wait to try again (make sure it was not just beginner's luck LOL)

As I mentioned before, it's not rocket science but you do have to get a feel for it .. and then trust + lost of patience pills

It was spooky earlier when price headed past 143 & the usual suspects in the other place were screaming long, long ... but the 4h told its story & I kept the faith. Paid nicely, thanks K.
  • #1,504
  • Nov 21, 2008 10:42am Nov 21, 2008 10:42am
Quoting TraderStar
Latest 4h candle closed below gann and well below the 50 ema with QQE crossed up so that is still a bearish continuation. Rgitt sees a retrace as high as 146 by 10 am today... that could be a lovely short if it plays out.

But watch for confirming short signals before shorting at any level IMO
Definitely, as long as price is below 4h gann, we will see new low's next week
Trade what you see, not what you think.
  • #1,505
  • Nov 21, 2008 10:57am Nov 21, 2008 10:57am
Quoting TraderStar
Latest 4h candle closed below gann and well below the 50 ema with QQE crossed up so that is still a bearish continuation. Rgitt sees a retrace as high as 146 by 10 am today... that could be a lovely short if it plays out.

But watch for confirming short signals before shorting at any level IMO
Hi Traderstar,

Congrat !
I don't understand when you say QQE crossed up so that is still a bearish...

I was thinking when QQE crosses down it mean bearish

Please advise

Thanks
Mike
Failure, is a wonderful teacher!
  • #1,506
  • Nov 21, 2008 12:09pm Nov 21, 2008 12:09pm
1h QQE crossed down and a candles are below 1h gann. Bearish sign..

4H QQE suggests bearish continuation.

Price is below daily gann.

139 will not hold, IMO.

Peace
Trade what you see, not what you think.
  • #1,507
  • Nov 21, 2008 12:10pm Nov 21, 2008 12:10pm
hey karmo or traderstar, do you close any or all trades before 4pm est
  • #1,508
  • Nov 21, 2008 12:11pm Nov 21, 2008 12:11pm
Quoting chris668
hey karmo or traderstar, do you close any or all trades before 4pm est
It's better to close and have a peaceful weekend
Trade what you see, not what you think.
  • #1,509
  • Nov 21, 2008 12:12pm Nov 21, 2008 12:12pm
Thanks
  • #1,510
  • Nov 21, 2008 12:13pm Nov 21, 2008 12:13pm
Quoting karmostaji
It's better to close and have a peaceful weekend
good stuff bro
  • #1,511
  • Nov 21, 2008 1:21pm Nov 21, 2008 1:21pm
Quoting chris668
hey karmo or traderstar, do you close any or all trades before 4pm est
No holding for me .. especially this weekend
  • #1,512
  • Nov 21, 2008 2:07pm Nov 21, 2008 2:07pm
Quoting TraderStar
Re-posting here:

Today was my first time applying karmo's techniques on my own and it worked to perfection. Can't wait to try again (make sure it was not just beginner's luck LOL)

As I mentioned before, it's not rocket science but you do have to get a feel for it .. and then trust + lost of patience pills

It was spooky earlier when price headed past 143 & the usual suspects in the other place were screaming long, long ... but the 4h told its story & I kept the faith. Paid nicely, thanks K.
where did he learn those from ... clue your in his thread .... lol

have a great weekend
Blogging daily now at www.volume.zone
  • #1,513
  • Nov 21, 2008 3:08pm Nov 21, 2008 3:08pm
Quoting karmostaji
It depends on how the candlestick forms, price will not always come back and test the fibo level, that is why I have used Auslanco's 5SMA because price always retraces back to 5SMA on the 1H and it gives us a good entry point.

I don't know how many times will a fib be tested, I just trade what I see on my chart.

The 4H is indeed in a downtrend, but before it resumes downwards it has to retrace, I'll post some charts in a bit.
hi Karmo, my first here. this great, pls keep it up.
my question, is how do i take max. profit, considering that prices bounces off the fib levels and could even go against u, without loosing the possible gains due to price extension beyond the initial fib level.

in case of price breaking thro the first fib level, how do we take advantage and placing more positions.

thanks.
  • #1,514
  • Nov 22, 2008 6:11am Nov 22, 2008 6:11am
Hi Baby..

i've got to say this fibo tech is brilliant..i hated it but now that i have combined it with my ichimoko tech..it just works to perfection...baby

I only use it for weekly/monthly trades...i;m still learning to trade intra-day which for now is a pain in the a**..i'm 50/50 win.loss so far on intra-day but hope to pick up more tips on Aus's tread and yours.

oh baby....once again...just brilliant.
  • #1,515
  • Nov 23, 2008 7:21am Nov 23, 2008 7:21am
Here's what I see for the coming sessions, here's a look at the 4h GJ chart..

If price manages to get above the 4h 50ema and the daily TL (black one) then we should see a good healthy retracement, GJ loves the 50% fibo level where we also see a resistance level. The daily 50ema is around the 88.6% level for now but also keep an eye on it.

If price fails to get above 4h 50ema, then the pressure remains to the downside.
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Trade what you see, not what you think.
  • #1,516
  • Nov 23, 2008 10:02am Nov 23, 2008 10:02am
Quoting karmostaji
Here's what I see for the coming sessions, here's a look at the 4h GJ chart..

If price manages to get above the 4h 50ema and the daily TL (black one) then we should see a good healthy retracement, GJ loves the 50% fibo level where we also see a resistance level. The daily 50ema is around the 88.6% level for now but also keep an eye on it.

If price fails to get above 4h 50ema, then the pressure remains to the downside.
  • #1,517
  • Nov 23, 2008 8:11pm Nov 23, 2008 8:11pm
Quoting karmostaji
If price fails to get above 4h 50ema, then the pressure remains to the downside.
If price stays below the 50 (which it is) but above gann with QQE still crossed up .. it would seem to be a no man's land for trading until price goes below gann and stays there for several 4h bars .. do you agree? I know you are saying as long as price stays below the 50, pressure is to downside, but this is not a place to open new shorts .. right? Need more confirmation?
  • #1,518
  • Nov 23, 2008 8:23pm Nov 23, 2008 8:23pm
Quoting TraderStar
If price stays below the 50 (which it is) but above gann with QQE still crossed up .. it would seem to be a no man's land for trading until price goes below gann and stays there for several 4h bars .. do you agree? I know you are saying as long as price stays below the 50, pressure is to downside, but this is not a place to open new shorts .. right? Need more confirmation?

Hi TS

I would not open new shorts just yet till that bullish div on RSI and hence I think QQE ( do not have indie but thing it is same as rsi) on 4 hr chart is broken . There are some possible bullish signs on different charts right now for a 1000 - 2000 point rally in the dj and hence the GJ , also the usd index is looking to roll over , that would make Gu rally by min 1500 pips. But as i said Friday was a strange day on the markets with options expiry
Blogging daily now at www.volume.zone
  • #1,519
  • Nov 23, 2008 8:37pm Nov 23, 2008 8:37pm
Quoting TraderStar
If price stays below the 50 (which it is) but above gann with QQE still crossed up .. it would seem to be a no man's land for trading until price goes below gann and stays there for several 4h bars .. do you agree? I know you are saying as long as price stays below the 50, pressure is to downside, but this is not a place to open new shorts .. right? Need more confirmation?
TS,

I agree with you. I think the charts are telling us there is no clear direction. I'm only playing with very small lots this week since it's a very short trading week and the fact they JPY is closed today.

B
  • #1,520
  • Nov 23, 2008 8:50pm Nov 23, 2008 8:50pm
Quoting TraderStar
If price stays below the 50 (which it is) but above gann with QQE still crossed up .. it would seem to be a no man's land for trading until price goes below gann and stays there for several 4h bars .. do you agree? I know you are saying as long as price stays below the 50, pressure is to downside, but this is not a place to open new shorts .. right? Need more confirmation?
karmo, would you do this: if price retraces to the weekly pivot/.50 fib and fails, then go short.. and would you do it on a 4h close or a 1h close? Otherwise I see no probability until it takes out the daily S1 which was the last low at 139.56 and it seems a shame to wait until it gets all the way down there.
This is an academic discussion for me since I will be working tomorrow and travelling all day Tuesday, so will probably not trade this week at all, but I am watching GY as I think this current PA is good for learning how to correctly interpret the qqe/gann when price is bouncing the way it is.
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