post #588 was recorded at 0316 GMT and the euro dropped between 0700 and 0800 GMT, around 3-4 hours later (see shaded bar on chart)
Chicky's House of Pleasure and Pain 11 replies
Carry Backet w/ Jacko's AH 10 replies
Hello Guys is a pleasure to be here. I'm new to MT4 1 reply
Jacko's P&P Trend Trading Method 73 replies
DislikedThis is me thinking out loud (or in writing).
Have just been having a review of the euro. Looks like the Euro is starting to roll over. This may be the start of another shallow correction, to around 1.3650? Have just tightened my SLs on my "buy and holds" (bought at 1.3300 and 1.3500 ) to 1.3750. May tighten SLs even closer in next 24 hours. Time to lock in some very substantial profits I think.
This is NOT a recommendation to any impressionable newbie to short the market. It is a recommendation to WAIT to find a better price to buy and profit from the long term UP trend.
But....I could be wwwwwwrong. (I have trouble saying that word...LOL)
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Dislikedjacko,
trying to learn here...what needs to happen to give us confirmation to go long?
love the thread btw keep up the great workIgnored
DislikedSeekinglight,
Which MT platform/feed are you using?
Thanks.
Btw, your mailbox is full.Ignored
DislikedHi Phonetic,
I have just made a ton of money. I am going to let this market settle down for another 24 hours while I think about it all.
There is no need for me to rush to enter a trade. I don't believe that we are going to see a spike straight back up to 1.3800 (which is where I sold my longs). So anything I buy at under 1.3800 is a bargain price for me. (Because I still believe that 1.4500 is the longer term target).
I still think that 1.3650 is a good buy point.
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DislikedHi, yea, just got notification.
It's InterbankFX demo feed, it's on GMT time.
Jacko:
Simply because I am confounded...why did you close out ALL positions if just a day or two ago you were aiming for 1.4+ on the long term positions?
I don't mind you closing out the "daytrade" ones, that's just sensible trading, but does killing off the longer term positions mean you stopped believing in the current trend or the shallow retrace idea?
Did anything significantly change to warrant FULLY closing out ALL positions?
Were they in jeopardy?
Just trying to understand..Ignored
DislikedHi SeekingLight,
It was just an "intuition" thing that the market was rolling over. Hard to define...I still think that this market is bullish, but I also thought that the shallow correction would be around 150 pips and, with the large number of "buy and hold" contracts that I was holding I didnt want to lose that much of my profit.
I can get back into this market in about 4 seconds (per broker trading platform) so I wasn't concerned about making a mistake and not being able to get back in to the bull trend.
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DislikedHi Jacko
Did you close the positions at 3800 or were your stops at 3750 hit?Ignored
DislikedHi howard,
I sold them all just minutes after I posted the post.
And thanks again for your help in confirming the timings of my post and the start of the market decline. If I can return the favour one day I will try to be of help to you.
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DislikedHi howard,
I sold them all just minutes after I posted the post.
And thanks again for your help in confirming the timings of my post and the start of the market decline. If I can return the favour one day I will try to be of help to you.
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DislikedHi Jacko,
It looks like skill, it may be luck - but you certainly have plenty of it!
I also had a bad feeling about E/U,G/U,A/U,NZ/U and tightened all my stops about 4 hours before your post ( I am UK based).
Unfortunately, I had only recently been buying E/U on bounces off 1.3800 and G/U also - so that just meant a smaller actual loss on them. On the Aussie and the Kiwi I was already well in profit (and trying to apply your philosophy) - but it still hurt (especially as those tow have bounced up a bit since then).
Thanks for all the trading philosophy,
IanIgnored
DislikedHi ianf0ster,
Do you know what is interesting ?? For the last couple of days I have been kicking myself that I never put GBP/USD into my "buy and holds" because I would have made sooooo much more.
850 pips from the GBP (vs 500 pips from the Euro) times x number of contracts ...= (a truly obscene) amount of money.
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DislikedHi Phonetic,
I have just made a ton of money. I am going to let this market settle down for another 24 hours while I think about it all.
There is no need for me to rush to enter a trade. I don't believe that we are going to see a spike straight back up to 1.3800 (which is where I sold my longs). So anything I buy at under 1.3800 is a bargain price for me. (Because I still believe that 1.4500 is the longer term target).
I still think that 1.3650 is a good buy point.
.Ignored
DislikedAm i the luckiest SOB or what? Only three hours after I posted this and closed all my longs, the Euro craps itself and I save myself a small fortune.
What amazing good luck...not skill !!
Sometimes, the sun just shines on a person.
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DislikedWhy?
Just wanted to clear this up since it's a very common misconception.Ignored