The Jail Break System | Page 281 | Forex Factory

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The Jail Break System

  • #5,601
  • Jan 31, 2020 6:44am Jan 31, 2020 6:44am
Quoting Leacher
{quote} Interesting. plz go on...……………………………… how do you manage a losing trade without stop loss?
1st, nothing wrong with using a stop, but it has to be adequate.
use a counter, and the following day trade the method again.

counter and then look at the 00-00 4 hour bar, trade the high or low ,looking at clawing some of the loss back. usually you claw it all back.
Sometimes I have a duble trade going , meaning I trade on the break but I also trade a retrace , this extra can help off set a loss.
Like I say, as long as I have x amount at end of week, it doesn't matter if I was actually making more at one point.


edit, and I compound but not like I used to.
meaning ,if I am going after part of the daily range I will add my profit to the trade then get out. so in reality, instead of making 20 points I make 30. or if I compound off a range less than 10 I get more back. and yes this can fail too. But then my odds are better with the opposite end trade. its all maths.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #5,602
  • Jan 31, 2020 7:01am Jan 31, 2020 7:01am
Quoting billytt
{quote} 1st, nothing wrong with using a stop, but it has to be adequate. use a counter, and the following day trade the method again. counter and then look at the 00-00 4 hour bar, trade the high or low ,looking at clawing some of the loss back. usually you claw it all back. Sometimes I have a duble trade going , meaning I trade on the break but I also trade a retrace , this extra can help off set a loss. Like I say, as long as I have x amount at end of week, it doesn't matter if I was actually making more at one point. edit, and I compound but...
thanks for the guidance.

maybe I need to start a bit early and work with ADR. certainly helpful
Time & Price Forecast - Jenkins
  • #5,603
  • Jan 31, 2020 7:03am Jan 31, 2020 7:03am
Quoting Leacher
{quote} thanks for the guidance. maybe I need to start a bit early and work with ADR. certainly helpful
I make it look easy, but I have been doing this for a long time....
Frequency distribution stats cannot be beaten, they are a fact of life, as is maths
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #5,604
  • Jan 31, 2020 7:14am Jan 31, 2020 7:14am
Quoting Dinimuthoo
Hi All, I have being studying this for a quite sometime now, and appreciate all your effort to build the strategy to this level. Thanks-Pokerchip and fellow traders. Seek your opinions on trading journey. I dont see EU trades these days much, are you all avoiding EU these days?
I have avoided the EUR pairs because of Brexit.
Patience, let the trade come to you.
  • #5,605
  • Jan 31, 2020 7:18am Jan 31, 2020 7:18am
Quoting Kruspe
{quote} Thanks PokerChip! I was talking only about Lelel2 on the right side
I thought you were.
Patience, let the trade come to you.
  • #5,606
  • Jan 31, 2020 7:26am Jan 31, 2020 7:26am
Quoting ukmartin
Morning All I keep getting drawn to this thread as it makes a lot of sense, but never can really get my head around where to enter and exit. It looks to me like the EurUsd h4 is in the first level so would I enter long here or wait until it leaves the upper part of the box? Or have I got it completely wrong {image}
Welcome ukmartin

Your chart looks good.

EUR/USD is so hard for me to chart because it ranges a lot.

The jail break system will not work on ranging pairs.

Let me know if you need anything else answered.

Poker Chip
Patience, let the trade come to you.
  • #5,607
  • Jan 31, 2020 7:28am Jan 31, 2020 7:28am
Quoting Kruspe
{quote} You nailed it
Lol, Hotel California..... funny
Patience, let the trade come to you.
  • #5,608
  • Jan 31, 2020 7:29am Jan 31, 2020 7:29am
Quoting PokerChip
{quote} Lol, Hotel California..... funny
Classic
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #5,609
  • Jan 31, 2020 7:34am Jan 31, 2020 7:34am
Quoting Northumbrian
Hello Poker Chip You were spot on with buying USDCAD. The MM made everyone think it was selling with that big red candle last night. My trades have just hit my TP of 1.32390. Regards N
Thank you Northumbrian,

So we both got out at the same time.

That was a good trade.

I'm waiting for the reversal now.
Patience, let the trade come to you.
  • #5,610
  • Jan 31, 2020 7:46am Jan 31, 2020 7:46am
Quoting pamc
https://news.sky.com/story/fca-looki...ision-11922264 enjoy the read. did u see it coming???
Interesting read, they took a gamble and won.

Or they knew in advance.

Thanks for posting.
Patience, let the trade come to you.
  • #5,611
  • Jan 31, 2020 7:52am Jan 31, 2020 7:52am
AUD/NZD daily future chart.
Attached Image (click to enlarge)
Click to Enlarge Name: audnzdi-d1-tw-corp-aud-nzd-daily-chart.png Size: 46 KB
Patience, let the trade come to you.
  • #5,612
  • Jan 31, 2020 8:09am Jan 31, 2020 8:09am
NZD/USD daily chart.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusdi-d1-tw-corp-nzd-usd-daily-chart.png Size: 53 KB
Patience, let the trade come to you.
  • #5,613
  • Jan 31, 2020 8:44am Jan 31, 2020 8:44am
Quoting PokerChip
NZD/USD daily chart. {image}
Am over 70% DD on my EUR/AUD order
When is this pair going to start showing signs of reversals?
  • #5,614
  • Jan 31, 2020 8:56am Jan 31, 2020 8:56am
Quoting PokerChip
NZD/USD daily chart. {image}
Can I have a look at your cadjpy chart to compare it with mine?
  • #5,615
  • Jan 31, 2020 8:58am Jan 31, 2020 8:58am
Quoting princiano
{quote} Am over 70% DD on my EUR/AUD order When is this pair going to start showing signs of reversals?
uh sorry to hear that
in my calculations first resistance are:

H1 1.65189 - 1.65406
H4 1.65438 - 1.65803

on pullback pay attention to 1.64778 - 1.64515 if hold than above targets are in play
Forex can only be understood backwards, but it must be traded forwards.
  • #5,616
  • Jan 31, 2020 9:07am Jan 31, 2020 9:07am
Quoting princiano
{quote} Am over 70% DD on my EUR/AUD order When is this pair going to start showing signs of reversals?
It should start reversal today.

A lot of sellers now, more sellers than buyers.
Patience, let the trade come to you.
  • #5,617
  • Jan 31, 2020 9:15am Jan 31, 2020 9:15am
Quoting 007Red
{quote} Can I have a look at your cadjpy chart to compare it with mine?
CAD/JPY 4 hour chart.
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpyi-h4-tw-corp-cad-jpy-4-hour-chart.png Size: 46 KB
Patience, let the trade come to you.
  • #5,618
  • Jan 31, 2020 9:18am Jan 31, 2020 9:18am
Quoting princiano
{quote} Am over 70% DD on my EUR/AUD order When is this pair going to start showing signs of reversals?
Attached Image (click to enlarge)
Click to Enlarge Name: EUR AUD 3101.png Size: 77 KB
  • #5,619
  • Jan 31, 2020 9:21am Jan 31, 2020 9:21am
Quoting PokerChip
{quote} It should start reversal today. A lot of sellers now, more sellers than buyers.

use counter entry at least 25%-50% of your position, else MM will give Margin Call. You could always release this position in steps next week if u see a reversal.

small consolidations giving targets of 6550-60 area. I could be wrong.

Over weekend, MM w makes the spread as wide as 20-50 pips on this pair and could take out your positions on Monday open.
Time & Price Forecast - Jenkins
  • #5,620
  • Jan 31, 2020 9:28am Jan 31, 2020 9:28am
Quoting PokerChip
{quote} CAD/JPY 4 hour chart. {image}
Can I check why is the red box not consider a railroad track?

Attached Image (click to enlarge)
Click to Enlarge Name: IMG_20200131_232653.png Size: 31 KB
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