Basically on current price you are either: LONG with stop 50 pips below the 38.2% fib or SHORT with stop above (+50pips) the 61.8% fib You shouldn't have any stops within these ranges. These stops should keep you clear of any whipsawing. There is ...

Karmo's trading strategy trading GBP/JPY

If you draw the weekly from low at 165.37 on 6/3/01 then this weeks low was more or less on the 38.2% fib so a valid signal as well

Karmo's trading strategy trading GBP/JPY

So in other words the trend is now SHORT on the Daily, and all other TF's except the Weekly and Monthly?? If you trade off the weekly you are saying that the 50% fib has hit therefore we go LONG (always trade with the trend) OR Daily = TREND DOWN ...

Karmo's trading strategy trading GBP/JPY

This was my problem. As the price retraced on the daily the trend was still UP on the daily therefore you look for a retracement off the fib lines to go LONG. My stop is usually 200 below, but on several occasions because the fib lines are ...

Karmo's trading strategy trading GBP/JPY

Hi Karmo, Very good charts and I see your calls are very accurate on the Ausco thread. Now I did post on the mentioned thread that I blew my account last week, however prior to this 2000 pip drop I used exactly your method to treble my account from ...

Karmo's trading strategy trading GBP/JPY

Hi Aus, I am also short from a good long from this morning (from 220 = 500pips :-) I've reversed due to the 38.2% fib on the 4 hourly. Is this also what you have noted in your decision to go short? Regards Dave

Auslanco - GBP/JPY and GBP/USD (newstrade)

50% fib retracement on the weekly chart. I was told its worth a punt as the weekly trends are significantly stronger than daily

Auslanco - GBP/JPY and GBP/USD (newstrade)

Well I couldn't resist a long punt today at 221.81 and got back £5000 of my £8000 loss. I have no target just a trailing stop 100 away from the action.. I feel alot better now but I need to determine the definitive trend ... what is it ? I know I ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

well I had a great run up until 20th July 2007 and just blew my account yesterday on the down turn. All fib retracements didn't hold so £8000 gone.. You live and learn. Only started with £1000 but the loss is hard to take... Lesson to all traders ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

I agree if you are looking way back. I take a 4/5 year picture and decide which way the trend is. Obviously, its very difficult to see if a reversal has or is occurring hence the stop loss (which incidently I haven't always used in the past with ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

Hi, I put my stop below the next fib retracement e.g 61.8%. Once I am up 200 pips I will set stop loss to entry point and stop trail move usually 200-300 pips behind the current price. This has worked all year so far, so why change the system??

Auslanco - GBP/JPY and GBP/USD (newstrade)

Hi, I always run with the main trend and you can see that the trend is up, ask a child which way the charts run! If the daily candle closes above 235.09 this will be a very good sign that the long term trend will be resumed. Look back over the ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

I have been buying dips since Jan 2007and trbled my account as a result :-) The last retracement was indeed 50% and we are now on the 50% of the last move up. As a result I'm now long for a sweet move over the next weeks/month back above 250+. The ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

Thanks jacko, I'll update my trading experience after each Calendar month using your system on GBP/JPY pair Best regards David

Jacko's Forex House of Pleasure and Pain

Thanks Peter, Seems looking at you posts that you have been through a similar history of trading. I first started in 2001 and have blown 5 accounts, (first 4 due to under funding) :-( but I am alot more successful now until my 60% draw down ...

Jacko's Forex House of Pleasure and Pain

GBP/JPY — Hi Jacko, I have spent the past 4 hours reading all your posts? (there maybe some I've missed.) Anyway, I trade the GBP/JPY and since I've adopted trend trading I trebled my account this year up until the recent retracement back to ...

Jacko's Forex House of Pleasure and Pain

How to you sync / change the time as I've noticed my 1 hr candle now is showing 2pm instead of 1pm

Auslanco - GBP/JPY and GBP/USD (newstrade)

Hi I'm using MT4 and my 4hr chart is different from yours? Any reason why?

Auslanco - GBP/JPY and GBP/USD (newstrade)

You need to see the bigger picture. the trend is up and has been for months. Last week was a wave retracement nothing more

Auslanco - GBP/JPY and GBP/USD (newstrade)

243.20 is also the 38.2 Fibo retracement level

Auslanco - GBP/JPY and GBP/USD (newstrade)