Jacko's Forex House of Pleasure and Pain | Page 12 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #221
  • Jul 5, 2007 10:32am Jul 5, 2007 10:32am
Quoting Lou G
Jacko,

This is a question for me also re:anti-hedging. Earlier in the thread I read "let the reversal go a minimum of 50 pips before activating the trade in the same direction as the original trade". Why 50 (or 100)? What if it only goes South for 30?

Luv this thread...

Thank you.
Hi Lou G,

Please go here. Read post 73

http://www.forexfactory.com/showthread.php?t=27286&page=5

You have to draw a line in the sand somewhere.

However, in the unlikely situation that you have VERY good reason to believe that you DESPERATELY NEED to be back in the market... then the key advantage to this business is that you can get back into a trade in about 1.5 seconds...

But I wouldn't recommend it...


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  • #222
  • Jul 5, 2007 11:00am Jul 5, 2007 11:00am
Jacko, the eur-usd chart still looks long, and I was just preparing a buy for 3600 when it headed south, now at 3590. Would your rules require waiting to hit 3600 again?
Thanks very much,
Craig
  • #223
  • Jul 5, 2007 11:33am Jul 5, 2007 11:33am
Quoting cworthy
Jacko, the eur-usd chart still looks long, and I was just preparing a buy for 3600 when it headed south, now at 3590. Would your rules require waiting to hit 3600 again?
Thanks very much,
Craig

Same question from me. I'm still unsure in such situations. Of course things get pretty easy if it bounces clearly of 00 but in situation like this I usually hesitate. Now I opened [email protected] (little below) but not without doubt I must admit.

EDIT: Finally I wouldn't worry. We have "AH" and major trend identified, so...
Thomas
  • #224
  • Jul 5, 2007 11:57am Jul 5, 2007 11:57am
Quoting thomass
Same question from me. I'm still unsure in such situations. Of course things get pretty easy if it bounces clearly of 00 but in situation like this I usually hesitate. Now I opened [email protected] (little below) but not without doubt I must admit.

EDIT: Finally I wouldn't worry. We have "AH" and major trend identified, so...

Hi Cworthy and thomass,



Please go here. Read post 75

http://www.forexfactory.com/showthread.php?p=1482767#post1482767






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  • #225
  • Jul 5, 2007 12:02pm Jul 5, 2007 12:02pm
can Someone Get Rid Of The Big Chart On This Page Please.


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  • #226
  • Jul 5, 2007 12:06pm Jul 5, 2007 12:06pm
Quoting jacko
can Someone Get Rid Of The Big Chart On This Page Please.


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i flagged it for a mod, when they get a chance


Mike
  • #227
  • Jul 5, 2007 6:32pm Jul 5, 2007 6:32pm
Trailing stop got hit around 3580. Waiting to enter again ...
  • #228
  • Jul 5, 2007 6:45pm Jul 5, 2007 6:45pm
Here's how my trade played out.

I entered long @1.3600 on July 3. This morning I woke up and saw I was up about 45 pips. The MFE was 1.3659, so I moved the 50 pip stop up to 1.3609.

Price fell all morning and was getting near my stop so I moved the stop away (yes, away. ack.) to 1.3600 which was breakeven for me.

Stopped out at breakeven at 1000.

This sort of thing has happened to me repeatedly where I have a nice profit and it's taken away later. I realize it's part of trading and all that, but it still stinks.

Next time I see a nice gain like that I'm gonna take 1/2 off and move the stop to BE. If the stop's not taken out, I can always re-add later at another round number.
You are in a maze of twisty little passages, all alike.
  • #229
  • Jul 6, 2007 9:40am Jul 6, 2007 9:40am
Hello Jacko, thanks a lot for all your insight. Your thread is my first daily visit. I enter the trade again after NFP, long at round number (1.3600) TP at the next round number.

As long as weekly TF seen in uptrend, I'll take long.
  • #230
  • Jul 6, 2007 12:38pm Jul 6, 2007 12:38pm
I have to add my thanks here also. I appreciate Jacko's input and am working at this method...

Johnny
  • #231
  • Jul 6, 2007 6:43pm Jul 6, 2007 6:43pm
Hello Jacko,
Thanks for sharing your trading strategies! Just one question -how did you get 1.3500-1.3550 as the next entry for Eur/usd? (rather than 1.3600 - which is the closest round number).
It doesn't seem to be a 50 % fib retracement (that is 1.3541, by my calculations) - not of any obvious move that I can see.
  • #232
  • Jul 7, 2007 10:12am Jul 7, 2007 10:12am
Quoting starfire
Hello Jacko,
Thanks for sharing your trading strategies! Just one question -how did you get 1.3500-1.3550 as the next entry for Eur/usd? (rather than 1.3600 - which is the closest round number).
It doesn't seem to be a 50 % fib retracement (that is 1.3541, by my calculations) - not of any obvious move that I can see.
I think this is also what Jacko meant - he didnt give you the exact retracement value, i.e. 3541, because even the price wont fall exactly there. The idea is to take longs in this area which includes the 1.3541. at round numbers, so instead of 3541, is more comfortable to say 3500 - 3550.
We leave no soldier behind.
  • #233
  • Jul 8, 2007 11:38pm Jul 8, 2007 11:38pm
Quoting jacko
I am a Trend Trader

EVERYONE SHOULD TEST OUT THIS VERY UNUSUAL AND RARELY USED STRATEGY;

1. buy/ sell ONLY in the direction of the major trend and

Firstly, how do you know what the trend is?

DETERMINE THE TIME FRAME THAT YOU WANT TO TRADE.

1. If the graph on the chart starts in the bottom left hand corner and ends in the top right hand corner, the market is going UP.

2. If the graph on the chart starts in the top left hand corner and ends in the bottom right hand corner, the market is going DOWN.
To Jacko or to whoever knows the answer,

When we take the above steps to determine the direction of the trend, how much do we zoom in - or zoom out - the chart? Or do we not zoom in the chart at all? I would appreciate any help with this.
"Trading is a mental sport." - Ziad Masri
  • #234
  • Jul 9, 2007 2:24am Jul 9, 2007 2:24am
Hi Jacko or Newbie,
I am currently long on EURUSD and am trying to use the 13 DMA as the manager, but I find this can be rather far away from the current rate.
Please can you (or any other knowledgeable person) suggest how I can modify Jacko's 50pip trailing stop and AH method for trading daily charts?
I do not get a chance to check the rate during the day -only before 9am and after 6pm (UK time).

Thanks,
Ian
  • #235
  • Jul 9, 2007 2:39am Jul 9, 2007 2:39am
Quoting ianf0ster
Hi Jacko or Newbie,
I am currently long on EURUSD and am trying to use the 13 DMA as the manager, but I find this can be rather far away from the current rate.
Please can you (or any other knowledgeable person) suggest how I can modify Jacko's 50pip trailing stop and AH method for trading daily charts?
I do not get a chance to check the rate during the day -only before 9am and after 6pm (UK time).

Thanks,
Ian
Jacko's method is using daily charts. No modification needed.
  • #236
  • Jul 9, 2007 7:24am Jul 9, 2007 7:24am
Quoting Quickdraw
To Jacko or to whoever knows the answer,

When we take the above steps to determine the direction of the trend, how much do we zoom in - or zoom out - the chart? Or do we not zoom in the chart at all? I would appreciate any help with this.

Quote
I am a Trend Trader

EVERYONE SHOULD TEST OUT THIS VERY UNUSUAL AND RARELY USED STRATEGY;

1. buy/ sell ONLY in the direction of the major trend and

Firstly, how do you know what the trend is?

DETERMINE THE TIME FRAME THAT YOU WANT TO TRADE.

1. If the graph on the chart starts in the bottom left hand corner and ends in the top right hand corner, the market is going UP.

2. If the graph on the chart starts in the top left hand corner and ends in the bottom right hand corner, the market is going DOWN.


Hi Quickdraw,

DETERMINE THE TIME FRAME THAT YOU WANT TO TRADE.

You have to be comfortable with your trading time frame...not mine.


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  • #237
  • Edited 7:47am Jul 9, 2007 7:38am | Edited 7:47am
Hello jacko.. In a previous post you said, if you're not in, wait for a possible retrace to 1.3500 / 1.3550 before going long again.. Do you still feel the same?
I'll add my voice to the many before me. Thanks for sharing your system. Joel
  • #238
  • Jul 9, 2007 7:46am Jul 9, 2007 7:46am
Quoting Joel
Hello jacko.. In a previous post you said, if you're not in, wait for a possible retrace to 1300 / 1350 before going long again.. Do you still feel the same?
I'll add my voice to the many before me. Thanks for sharing your system. Joel
Hi Joel,

What I said was:

Quote
If you are not already in, then I suggest that you wait (!!!!!) for a retrace to 1.3500- 1.3550. (The market is currently at 1.3580).


My personal thought at this point of time is that maybe 1.3500 will see the bottom of the next shallow corection and that it may occur next 7 - 10 days. (NOTE I could be wwwwrong !!).


Also see Post #4 on this thread:

Quote
Thirdly, Slow down... this market will be here for the rest of your life...
DON'T BET YOUR BANK...

It is better to get rich slowly...than to go broke spectacularly fast.
  • #239
  • Jul 9, 2007 10:15am Jul 9, 2007 10:15am
Quoting jacko


Hi Quickdraw,

DETERMINE THE TIME FRAME THAT YOU WANT TO TRADE.

You have to be comfortable with your trading time frame...not mine.


.
Hi Jacko,

Yes, I understand we should trade the timeframe we want to trade. However, what I don't understand is how much we should zoom in the chart (or if we zoom at all). About how many candles should be showing on a chart? Is lugmanz correct in saying that about 300 candles should be showing on a chart?
"Trading is a mental sport." - Ziad Masri
  • #240
  • Jul 9, 2007 10:20am Jul 9, 2007 10:20am
Quoting Quickdraw
Hi Jacko,

Yes, I understand we should trade the timeframe we want to trade. However, what I don't understand is how much we should zoom in the chart (or if we zoom at all). About how many candles should be showing on a chart? Is lugmanz correct in saying that about 300 candles should be showing on a chart?

Hi Quickdraw,

Yes, 300 candles / bars works for me. It gives a decent perspective of the market.


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