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Karmo's trading strategy trading GBP/JPY

  • #1,561
  • Nov 26, 2008 7:19am Nov 26, 2008 7:19am
Quoting karmostaji
Monthly = Green fibo levels
Weekly = Blue fibo levels

Looking at the weekly chart now, we can see the price opened the past week just below the 23.6% fibo and went through the 38.2%, 50% and touched the 61.8% but it came back and closed just above the 50%. Plus you can see the 23.6% monthly fibo and the weekly 50% fibo are very close to each other, this should be a good support level. The candle has broken and closed below the weekly lower trendline.


http://img441.imageshack.us/img441/6870/weeklyfp7.gif
Hey karmo, are u saying all fib levels for the monthly, weekly, daily 4hrly, 1hrly etc, that all form resistance/support levels, and if so which ones are more important and stonger.

pls explain as yet to grab this. thanks men.
  • #1,562
  • Nov 26, 2008 7:26am Nov 26, 2008 7:26am
Quoting dialpips
Hey karmo, are u saying all fib levels for the monthly, weekly, daily 4hrly, 1hrly etc, that all form resistance/support levels, and if so which ones are more important and stonger.

pls explain as yet to grab this. thanks men.
It depends on which TF you are trading, if long-term then Monthly/weekly n daily are best to use.
Trade what you see, not what you think.
  • #1,563
  • Nov 26, 2008 7:55am Nov 26, 2008 7:55am
Short at 146 with a SL with a 30M close above the DP.
  • #1,564
  • Nov 26, 2008 8:20am Nov 26, 2008 8:20am
Quoting Naijafx
Good work u r doing here man, just to say hi
well done
Hey Naijafx, glad you dropped by .. you're another good one to listen to for trading strategies
  • #1,565
  • Nov 26, 2008 8:26am Nov 26, 2008 8:26am
Quoting bigcoupe
To add to TS's post, do yourself a favor and don't trade the rest of the week. Whenever the US has a Holiday week, especially one on a Thursday, you're going to see strange and erratic price action. I am a PA trader and it is way too volitile to get a grasp of true direction.
I was just about to post my agreement with the above .. (and I've been observing all week which sometimes puts you in a better vanatage point to see what is really going on) .. but then I see above that you went ahead and took a trade against your own best advice
Looks like so far, so good....
  • #1,566
  • Nov 26, 2008 8:33am Nov 26, 2008 8:33am
Quoting karmostaji
I was busying making green pips, price action was nuts yesterday but I stayed bullish until I saw price fail to break 148.

If price manages to get below 4h gann, then my target is 141.50

push push push to the down side
  • #1,567
  • Nov 26, 2008 8:36am Nov 26, 2008 8:36am
The downside is not confirmed yet, we need a 4h candle close below 4h gann and 4h 50ema.
Trade what you see, not what you think.
  • #1,568
  • Nov 26, 2008 8:49am Nov 26, 2008 8:49am
Quoting karmostaji
The downside is not confirmed yet, we need a 4h candle close below 4h gann and 4h 50ema.
thanks Bro.. you thread helps a lot! good job!

Please keep update
  • #1,569
  • Nov 27, 2008 9:30am Nov 27, 2008 9:30am
Quoting karmostaji
Monthly = Green fibo levels
Weekly = Blue fibo levels

Looking at the weekly chart now, we can see the price opened the past week just below the 23.6% fibo and went through the 38.2%, 50% and touched the 61.8% but it came back and closed just above the 50%. Plus you can see the 23.6% monthly fibo and the weekly 50% fibo are very close to each other, this should be a good support level. The candle has broken and closed below the weekly lower trendline.


http://img441.imageshack.us/img441/6870/weeklyfp7.gif
hi karmo, sorry for dragging u back. pls how many combination of the fibs (H1, 4H, Daily, and Weekly) can we use at a time for effective and easy result.

thanks.
  • #1,570
  • Nov 27, 2008 9:34am Nov 27, 2008 9:34am
Quoting TraderStar
I was just about to post my agreement with the above .. (and I've been observing all week which sometimes puts you in a better vanatage point to see what is really going on) .. but then I see above that you went ahead and took a trade against your own best advice
Looks like so far, so good....
It's an addiction!

I traded small lots to stay in the action.
  • #1,571
  • Nov 27, 2008 9:57am Nov 27, 2008 9:57am
Quoting karmostaji
Hi fourxtrader,

Regarding your question about the 5SMA, this was never part of my method until I came across Auslanco and his method, as he says that it is the 'true price', since I started using the 5SMA to enter the market, it has given me a much much better entry price than I would of entered before. Whenever a retracement starts, watch how price reacts to the 5SMA on every TF, from 5mins to 1H, price keeps testing the 5SMA on every TF until one of them supports/holds, but most of the time it will retrace to the 1H SMA, and it depends on how...
yu talked about price retracement to the 5sma as if its a fixed price. pls can u explain this principle of price retracing to 5sma. how do we determine the price value of the 5sma.

thnks
  • #1,572
  • Dec 1, 2008 4:43am Dec 1, 2008 4:43am
Quoting karmostaji
The downside is not confirmed yet, we need a 4h candle close below 4h gann and 4h 50ema.
It was confirmed today and target has been hit at 141 , but if today's candle closes below daily gann (143) then we will definitely see a new low in the coming days
Trade what you see, not what you think.
  • #1,573
  • Dec 1, 2008 5:17am Dec 1, 2008 5:17am
Tomorrow is my Bday so GJ better tank to new low's tomorrow n give me my present lol
Trade what you see, not what you think.
  • #1,574
  • Dec 1, 2008 5:19am Dec 1, 2008 5:19am
Happy B'day then mate, mine is on the 4th
Enter Signature
  • #1,575
  • Dec 1, 2008 5:36am Dec 1, 2008 5:36am
Quoting karmostaji
Tomorrow is my Bday so GJ better tank to new low's tomorrow n give me my present lol
Dear bro karmo

If 2mrow is really your b'day Happy B Day bro in advance to you and may this year give you the best of pips in forex. Mine is on 9th Dec so we guess we are all saggitarians. God bless

Balaji
  • #1,576
  • Dec 1, 2008 5:38am Dec 1, 2008 5:38am
Quoting johninthai
Happy B'day then mate, mine is on the 4th
Quoting balajis
Dear bro karmo

If 2mrow is really your b'day Happy B Day bro in advance to you and may this year give you the best of pips in forex. Mine is on 9th Dec so we guess we are all saggitarians. God bless

Balaji
Thanks johninthai and Balaji

Happy Bday to you too guys in advance
Trade what you see, not what you think.
  • #1,577
  • Dec 1, 2008 5:39am Dec 1, 2008 5:39am
Saggitarius' rule , Thanks Karmo
Enter Signature
  • #1,578
  • Dec 1, 2008 5:42am Dec 1, 2008 5:42am
Quoting karmostaji
Thanks johninthai and Balaji

Happy Bday to you too guys in advance
Dear karmo

Thanks bro for ur wishes. Till what level you think the beast will retrace now before another fall?

regards
Balaji
  • #1,579
  • Dec 1, 2008 5:43am Dec 1, 2008 5:43am
Quoting balajis
Dear karmo

Thanks bro for ur wishes. Till what level you think the beast will retrace now before another fall?

regards
Balaji
38.2% or 50% retracement of todays fall
Trade what you see, not what you think.
  • #1,580
  • Dec 1, 2008 5:57am Dec 1, 2008 5:57am
Quoting karmostaji
Tomorrow is my Bday so GJ better tank to new low's tomorrow n give me my present lol
Well then, have a great day & many pips to you.

BTW, you called it again.
I trade what I see on my charts. Do Not listen to the Muppets.
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