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Karmo's trading strategy trading GBP/JPY

  • #1,521
  • Nov 23, 2008 8:51pm Nov 23, 2008 8:51pm
Quoting bigcoupe
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
Right, I'd forgotten about JPY closed today .. another reason to sit & watch .. but I think this is a good learning time as mentioned above so I will be watching to see how it plays out
  • #1,522
  • Nov 24, 2008 12:04am Nov 24, 2008 12:04am
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?
I'm currently long from 141.30 since the 4h QQE is crossed up, gotta wait and see if 4h 50ema gets broken or not.

I would consider shorts only if 4h QQE crosses back down and a 4h candle forms below 4h gann.
Trade what you see, not what you think.
  • #1,523
  • Nov 24, 2008 12:05am Nov 24, 2008 12:05am
Quoting karmostaji
I'm currently long from 141.30 since the 4h QQE is crossed up, gotta wait and see if 4h 50ema gets broken or not.

I would consider shorts only if 4h QQE crosses back down and a 4h candle forms below 4h gann.
Dear Karmo...

POst t pic??

Sonic
  • #1,524
  • Nov 24, 2008 12:05am Nov 24, 2008 12:05am
Quoting sonicdeejay
Dear Karmo...

POst t pic??

Sonic
what pic?
Trade what you see, not what you think.
  • #1,525
  • Nov 24, 2008 12:15am Nov 24, 2008 12:15am
Quoting karmostaji
what pic?
abt ur QQE and 4H TF and 50 EMA that u mentioned.....buddy...

can?? thx


Sonic
  • #1,526
  • Nov 24, 2008 12:18am Nov 24, 2008 12:18am
Quoting sonicdeejay
abt ur QQE and 4H TF and 50 EMA that u mentioned.....buddy...

can?? thx


Sonic
sure
Attached Image (click to enlarge)
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Trade what you see, not what you think.
  • #1,527
  • Nov 24, 2008 1:03am Nov 24, 2008 1:03am
Quoting karmostaji
I'm currently long from 141.30 since the 4h QQE is crossed up, gotta wait and see if 4h 50ema gets broken or not.

I would consider shorts only if 4h QQE crosses back down and a 4h candle forms below 4h gann.
My target is the weekly 5sma which is close to 148, also the 38.2% fibo

If we get a daily candle close above daily gann (on VT) then we shall see a bigger retrace.
Trade what you see, not what you think.
  • #1,528
  • Nov 24, 2008 6:07am Nov 24, 2008 6:07am
Quoting karmostaji
I'm currently long from 141.30 since the 4h QQE is crossed up, gotta wait and see if 4h 50ema gets broken or not.

I would consider shorts only if 4h QQE crosses back down and a 4h candle forms below 4h gann.
OK, the QQE crossed up some time ago but price was still below gann = bearish continuation. Then on Friday, a candle closed well above gann .. so it looks like you waited for a retrace (to daily pivot and fib?) and then entered long, is that it?
Once 4h closed above gann, that switched you from short to long bias? So at that point you watch for retracements lower to get in.
One problem ..... sometimes price moves up & down around the gann .. so at this point you are taking short term trades, ready to get out at any sign of a reversal?
  • #1,529
  • Nov 24, 2008 6:11am Nov 24, 2008 6:11am
Quoting TraderStar
OK, the QQE crossed up some time ago but price was still below gann = bearish continuation....
yes

4h 50ema is the 1st target

yep i tend to take quick 50s and take partial profits.
Trade what you see, not what you think.
  • #1,530
  • Nov 24, 2008 7:44am Nov 24, 2008 7:44am
Quoting TraderStar
OK, the QQE crossed up some time ago but price was still below gann = bearish continuation. Then on Friday, a candle closed well above gann .. so it looks like you waited for a retrace (to daily pivot and fib?) and then entered long, is that it?
Once 4h closed above gann, that switched you from short to long bias? So at that point you watch for retracements lower to get in.
One problem ..... sometimes price moves up & down around the gann .. so at this point you are taking short term trades, ready to get out at any sign of a reversal?
This bearish continuation is still valid as long as price remains below 4h 50ema, you can see the 4h QQE has recovered to the 50 level but price is still below 4h 50ema, so it's not a strong buy signal, now if 4h QQE crosses back down and we get below 4h gann, we shall see new low's.

Plus remember price is still below daily gann, that's bearish.
Trade what you see, not what you think.
  • #1,531
  • Nov 24, 2008 7:44am Nov 24, 2008 7:44am
Quoting karmostaji
yes

4h 50ema is the 1st target

yep i tend to take quick 50s and take partial profits.
Target reached

I've taken shorts from 144 with stops above 4h 50ema at 145
Trade what you see, not what you think.
  • #1,532
  • Nov 24, 2008 8:11am Nov 24, 2008 8:11am
Quoting karmostaji
My target is the weekly 5sma which is close to 148, also the 38.2% fibo

If we get a daily candle close above daily gann (on VT) then we shall see a bigger retrace.
This fascinates me .. why do you pick the weekly 5ma, instead of the daily 5ma or 4h 50 or daily 50 or weekly 10 or .... you get the point .. it seems almost every time there is a different ma on a different timeframe that people are targeting .. how on earth do you decide that?? LOL
Is it because a certain ma will coincide with something else .. like a fib or pivot point??
  • #1,533
  • Nov 24, 2008 8:24am Nov 24, 2008 8:24am
Quoting karmostaji
Target reached

I've taken shorts from 144 with stops above 4h 50ema at 145
Ok, now why did you change your mind??

You're not scalping are you?? Have you been corrupted by the other group??
  • #1,534
  • Nov 24, 2008 8:28am Nov 24, 2008 8:28am
Quoting TraderStar
Ok, now why did you change your mind??

You're not scalping are you?? Have you been corrupted by the other group??
lol I'm scalping, waiting to see if 4h 50ema breaks or rejects, if it rejects then would love to see price get below 4h gann coz that will be a strong bearish signal.
Trade what you see, not what you think.
  • #1,535
  • Nov 24, 2008 9:31am Nov 24, 2008 9:31am
Quoting karmostaji
lol I'm scalping, waiting to see if 4h 50ema breaks or rejects, if it rejects then would love to see price get below 4h gann coz that will be a strong bearish signal.
Hope you grabbed your profit while you could, Mr. Scalper

Rgitt drew a triangle on the 4h last week that makes sense .. she may be headed to complete that after a detour, that would be around 146-146.50 and then down from there. We shall see.
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  • #1,536
  • Nov 24, 2008 9:39am Nov 24, 2008 9:39am
Here is what I see. Top of the "box" is 146.4

B
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  • #1,537
  • Nov 24, 2008 10:00am Nov 24, 2008 10:00am
Quoting bigcoupe
Here is what I see. Top of the "box" is 146.4

B
Interesting .. that agrees with the triangle above ... looks like that 146+ area could be significant.
  • #1,538
  • Nov 24, 2008 12:19pm Nov 24, 2008 12:19pm
Quoting TraderStar
Hope you grabbed your profit while you could, Mr. Scalper

Rgitt drew a triangle on the 4h last week that makes sense .. she may be headed to complete that after a detour, that would be around 146-146.50 and then down from there. We shall see.

Karmo did awesome at scalping ... and he said other day he was not a great scalper .... he nailed the market to the pip today
Blogging daily now at www.volume.zone
  • #1,539
  • Nov 24, 2008 12:28pm Nov 24, 2008 12:28pm
Quoting malcolmb14
Karmo did awesome at scalping ... and he said other day he was not a great scalper .... he nailed the market to the pip today
Believe me i'm not good, lol
Trade what you see, not what you think.
  • #1,540
  • Nov 24, 2008 2:24pm Nov 24, 2008 2:24pm
She's forming a fractal at that 146+ level, right at top of rgitt's triangle ... let's see what's next.
Definitely a close well above the 4h gann and just now above the daily gann as well .. but I am sniffing something funny about this up move. However if she gets higher with any momentum, then she may be serious about this northbound express.

Keep scalping, karmo .. and keep 'em guessing
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