You are in a maze of twisty little passages, all alike.
- | Joined Jul 2007 | Status: believer of Random Walk | 32 Posts
pessimism of the intellect and optimism of the will
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
DislikedNice move on the euro these days. Jacko said that 3300 should be the bottom. Of course I didnt take his words for sure, but entered long at 3500 as well. and now I enjoy the ride Thanx Jacko.Ignored
DislikedHi gaguil,
After bottoming out just below 1.3300 (1.3262) we are now on our way through the major resistance of 1.3666 to an initial target of 1.4500.
I think that a major sell-off of the USD is commencing / is in progress. I think it will accelerate in the medium term.
Having said that, make sure that you minimise your drawdowns. But don't lose sight of the long term trend.
But I could be wwwwrong...
See http://www.forexfactory.com/showthread.php?t=28512&page=5
.Ignored
DislikedFor those of you who are asking why the sudden rush on selling the dollar, it is interesting to note that today is the 10th anniversary of the start of the Asian financial crisis/melt down that saw massive declines in Asian currencies (for example, in indonesia before the crisis, the exchange rate between the rupiah and the dollar was roughly 2000 rupiah to 1 USD. The rate had plunged to over 18000 rupiah to 1 USD at times during the crisis) and which led to Russia defaulting on their loans.
(Given the weakness of the US due to the massive debt that the US now has with Asia and Russia, maybe there is a bit of payback going on???)Ignored
DislikedFor those of you who are asking why the sudden rush on selling the dollar, it is interesting to note that today is the 10th anniversary of the start of the Asian financial crisis/melt down that saw massive declines in Asian currencies (for example, in indonesia before the crisis, the exchange rate between the rupiah and the dollar was roughly 2000 rupiah to 1 USD. The rate had plunged to over 18000 rupiah to 1 USD at times during the crisis) and which led to Russia defaulting on their loans.Ignored
DislikedHi gaguil,
After bottoming out just below 1.3300 (1.3262) we are now on our way through the major resistance of 1.3666 to an initial target of 1.4500.
I think that a major sell-off of the USD is commencing / is in progress. I think it will accelerate in the medium term.
Having said that, make sure that you minimise your drawdowns. But don't lose sight of the long term trend.
But I could be wwwwrong...
See http://www.forexfactory.com/showthread.php?t=28512&page=5
.Ignored
DislikedI'm in a profitable long (what else?) in EURUSD right now and wonder what to do on NFP day. Would most Jacko-ites close the trade or would it be better to increase my stop?
Thanks for your help,
Lou GIgnored
DislikedJacko, since your back now, I wanted to ask you:
What part does fundamental analysis play in your trading (if any)?Ignored
DislikedAssuming I have a good profit on that trade ... I wont mind increasing my trail stop size.Ignored
DislikedA better alternative (for a long position) is.
Scenario 1.
1. Market shoots straight up.
2. your 50 pip trailing stop grabs most of the spike.
3. Celebrate your good fortune.
Scenario 2
1. keep your 50 pip trailing stop loss in place.
2. Have a market buy loaded into your computer ...BUT NOT ACTIVATED
3. IF you stop loss is hit, wait for downward spike to finish (maybe 100 pips), THEN hit the activation of the market order.
.Ignored
DislikedA better alternative (for a long position) is.
Scenario 1.
1. Market shoots straight up.
2. your 50 pip trailing stop grabs most of the spike.
3. Celebrate your good fortune.
Scenario 2
1. keep your 50 pip trailing stop loss in place.
2. Have a market buy loaded into your computer ...BUT NOT ACTIVATED
3. IF you stop loss is hit, wait for downward spike to finish (maybe 100 pips), THEN hit the activation of the market order.
.Ignored
DislikedAnd thanks to you, Jacko
Here, I know you think EW is completely BS and I'm with you if it's regarding complicated counts. However, I got one that totally agrees with you: Wave 5 up still in progress, 1.3800 and above very much in view
I've no real clue about EW, but it's rather simple to stick a few digits on the "corners" and say it's going up. Thought that looked like fun so I made a chart 2-3 months ago. Basically makes an EW excuse to say we're in an uptrend ;p
Not sure we'll get many more deep retraces before reaching new highs..
And a question: Do you have longer term positions running, too, besides the ones that get a 50 pip trailing stop?
I think Newbietrader mentioned you shorting off a monthly chart once on 3 brokers and then turning off the monitors / pc and going for a walk with him
I rather liked that anecdoteIgnored
DislikedNice to have you back in the House you built Jacko -
What should one do if our trailing stop is hit, yet the market falls less than 100 pips and then continues to rally? Where should we get in?
Also, what type of charts do you look at for your trading - candlestick, barcharts, or line charts?
Danke.Ignored