As Eluvatar stated if I need to have this effect on just one activity the best thing to do is to define a custom theme and assign it just to this activity. That's what I did, I defined an empty style in styles.xml and overrided it in values-v19/styles.xml putting just
<!--<item name="android:windowTranslucentStatus">true</item>-->
<item name="android:windowTranslucentNavigation">true</item>
Then I assigned - in AndroidManifest.xml, the proper style to the activity by using
android:theme="@style/Theme.Style.I.Created.For.This.Activity"
Disabling the first row allowed the activity to just overlap the navigation bar without popping out on the status bar. Margins seem ok as well.
I hope this is going to help somebody else someday.