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Jacko's Forex House of Pleasure and Pain

  • #461
  • Aug 2, 2007 11:05am Aug 2, 2007 11:05am
Quoting jacko

No way do I ever want to spend that much time answering all those (often mindless) questions. I am sooo glad I saw that. No way would I start a thread like that. The only way I would ever consider a journal would be to have a locked thread, where I just post my trades.


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Hi Jacko...

That is a brilliant idea... having a locked thread for your live post...

and maybe you can also invite members i.e. SeekingLight, newbie01 and any other "sensible" traders...

also we the newbies can "read",understand and benifitted more from your trading style.

I think Merlin will have no objection on this.
{Promotion Removed}
  • #462
  • Aug 2, 2007 11:09am Aug 2, 2007 11:09am
Quoting PeterFM
I've just re-read my reply and it comes across as very patronising, so I apologise.
I took that post to mean that if he considered a pull-back to have run out of steam he would re-enter, and stick his normal 50 SL on the trade. From then on it would either maintain the upward trend, or if it hit the SL he'd re-apply his AH rules again.
As he stated the AH rules appeared more important than the actual point of entry for a trade.
OK we'll wait
Hi PeterFM,

You have a good grasp of what I do.

I am constantly confused by everyone focussing on specific "signals" to enter. Round numbers, Trend lines, and 50% Fib are simply "probabilty-positive" points of resistance or support

It doesn't really matter anymore where I buy (or sell). The anti-hedging strategy is FAR, FAR, FAR more important.

Having said that, the anti hedging strategy is something that I put together as an alternative to "hedging", (which was and is something I never saw as having any benefit).

However, I don't want everyone to get all carried away and thinking that it is anything exceptional. It is basically just two components combined into an action plan. They are:
1. A DEFINITE stop loss position (that is, 50 pips trailing from the highest point after a trade is entered)
2. A DEFINITE action plan to recoup any losses (by buying back in at point of Trailing stop loss...for losing trades ONLY...and after the market has dropped and is now coming back in the correct direction).


As i have said repeatedly, I am not doing anything different from what all the good books say.


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  • #463
  • Aug 2, 2007 11:20am Aug 2, 2007 11:20am
I am putting my rally cap on for a a "locked thread" ..this is simple, I can't even figure a intelligent question to ask? If I knew exactly (locked thread) when jacko put a trade in I might develop better instincts for my market timing. These insights come to me over time. So for now I read and watch charts.

watching and learn, just like life, there are no directions!

thanks jacko!

generalz

Quoting jacko
Hi SeekingLight,

Thanks for that.

I was actually thinking about posting another "live-time" trading journal, similar to the one that I started at DailyFX. Newbie has been on at me to do it for ages. Then I saw Auslanco's thread and was stunned at how many newbies jumped in and exploded that thread.

No way do I ever want to spend that much time answering all those (often mindless) questions. I am sooo glad I saw that. No way would I start a thread like that. The only way I would ever consider a journal would be to have a locked thread, where I just post my trades.


.
  • #464
  • Aug 2, 2007 11:29am Aug 2, 2007 11:29am
Hi Jacko,

Thank you for clearing that out. Now I understand that you use AH on trades that stops at a loss. So let me ask you a similiar question about a loss trade.

Suppose;

You get in at 13700 on the long side.
Then you get stopped at 13650
and that day you have low of 13630
then price moves up and goes over 13700 again

What do you do?

Ps: Being another technomoron myself, I could not figure out how to post somebody else's post into mine. Any help would be appriciated.

Thanks
  • #465
  • Aug 2, 2007 11:34am Aug 2, 2007 11:34am
Quoting revoke
Hey Jacko

i really like ur anti hedge strategy top dollar :-) do u use the anti hedge on big timeframes for example on weekly charts but with more room for the anti hedge ( stop and rewerse) ? for example to ur buy and hold positions. This anti hedge has helped me alot so if u ever comes to denmark ill give u a beer or soda lol...


revoke
Hi revoke,

I have just started trading a parallel set of trades based on a longer time frames. They are my "buy and hold" trades. They are not based on weekly charts, they are really just trades with 100 pip trailing stops.

I am not keen on Stop and Reverse strategy....I now like to have a break after every trade...to step back and have another look at everything without the bias imposed by having a market position.

Thanks for your invitation...a Pernod and Ice would be nice


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  • #466
  • Aug 2, 2007 11:40am Aug 2, 2007 11:40am
Quoting jacko
The only way I would ever consider a journal would be to have a locked thread, where I just post my trades.
.
You don't need a mod's permission, just start your thread, go to Thread Tools above the thread and you'll see 'Close Thread' ticked already. Just click on 'Perform Action' and you're done.
When you want to post click on 'Open Thread', stick your post in, and then go back and 'Close Thread' again.
  • #467
  • Aug 2, 2007 11:43am Aug 2, 2007 11:43am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting mbalta01
Hi Jacko,

Thank you for clearing that out. Now I understand that you use AH on trades that stops at a loss. So let me ask you a similiar question about a loss trade.

Suppose;

You get in at 13700 on the long side.
Then you get stopped at 13650
and that day you have low of 13630
then price moves up and goes over 13700 again

What do you do?

Ps: Being another technomoron myself, I could not figure out how to post somebody else's post into mine. Any help would be appriciated.

Thanks

bottom corner of post hit button marked quote, done.

if i understand the process correct and i am sure jacko will correct me, having moved only 20 pips lower you would not have had the 50pip clear to reset the trade. it should drop to 1.3600. then you would set a long at 1.3650 to get back in were you came out.
  • #468
  • Aug 2, 2007 11:45am Aug 2, 2007 11:45am
Quoting mbalta01
Hi Jacko,

Thank you for clearing that out. Now I understand that you use AH on trades that stops at a loss. So let me ask you a similiar question about a loss trade.

Suppose;

You get in at 13700 on the long side.
Then you get stopped at 13650
and that day you have low of 13630
then price moves up and goes over 13700 again

What do you do?

Ps: Being another technomoron myself, I could not figure out how to post somebody else's post into mine. Any help would be appriciated.

Thanks
Hi mbalta01

What do you do?? You take it on the chin, pal. Then move on. (Sorry, some people may not understand that expression).

You accept that on very rare occasions, this may happen. What you do, is sit back and take a look at the situation and decide if you want to enter a brand new trade...then have a break for one day... If you still want to enter the trade 24 hours later, then you should enter the trade. (the 24 hour break stops you taking "revenge" trades).


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  • #469
  • Aug 2, 2007 11:47am Aug 2, 2007 11:47am
Quoting PeterFM
You don't need a mod's permission, just start your thread, go to Thread Tools above the thread and you'll see 'Close Thread' ticked already. Just click on 'Perform Action' and you're done.
When you want to post click on 'Open Thread', stick your post in, and then go back and 'Close Thread' again.
Hi PeterFM

Thanks for that. I never knew that.


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  • #470
  • Aug 2, 2007 12:04pm Aug 2, 2007 12:04pm
Quoting jacko
Hi PeterFM
Thanks for that. I never knew that.
.
You know how to make a living trading FX, I know how to open and close a thread.
Swapsies
  • #471
  • Aug 2, 2007 12:04pm Aug 2, 2007 12:04pm
Quoting jacko
What you do, is sit back and take a look at the situation and decide if you want to enter a brand new trade...

then have a break for one day...

If you still want to enter the trade 24 hours later, then you should enter the trade.

(the 24 hour break stops you taking "revenge" trades).
 .

VERY good advice and can potentially save you a LOT of money.

I know the "grrrr but I want to be RIGHT no matter what cost" reflex all too well and it is a hard devil to shake.

These are the things everyone should take to heart

And thanks for all the kind words from everyone and jacko himself!

Like I said before,(and sorry jacko for stealing your motto a bit but): just trying to help.
Trust price. Know yourself.
  • #472
  • Aug 2, 2007 12:08pm Aug 2, 2007 12:08pm
Quoting jacko
... What do you do?? You take it on the chin, pal. Then move on. ....
You accept that on very rare occasions, this may happen. What you do, is sit back and take a look at the situation and decide if you want to enter a brand new trade...then have a break for one day... If you still want to enter the trade 24 hours later, then you should enter the trade. (the 24 hour break stops you taking "revenge" trades).
.
Hi Jacko,
Many thanks for clearing that up and also that the AH only applies to losing trades - I had that bit all wrong.
I guess we look at a simple system and can't quite beieve it - so we start to make it more complicated than it is.

Thanks again,
Ian
  • #473
  • Aug 2, 2007 12:14pm Aug 2, 2007 12:14pm
Quoting jacko
Hi mbalta01

What do you do?? You take it on the chin, pal. Then move on. (Sorry, some people may not understand that expression).

You accept that on very rare occasions, this may happen. What you do, is sit back and take a look at the situation and decide if you want to enter a brand new trade...then have a break for one day... If you still want to enter the trade 24 hours later, then you should enter the trade. (the 24 hour break stops you taking "revenge" trades).


.
Hi Jacko,

I would like to thank you again (like so many have done before me) for taking the time to answer all these questions.

Mehmet
  • #474
  • Aug 2, 2007 12:55pm Aug 2, 2007 12:55pm
Quoting jacko
And yes, I still believe that 1.4500 is the longer term target.

1. The US is STILL a Trillion dollars in debt..... and it is STILL increasing.

2. The "big dogs" are the Central Banks...and they all want to be out of US Dollars for a lot more yet.

3. The carry trade story is just "noise" to distract smaller traders.... (the carry trade has been in existance forever and will continue for as long as there are interest differentials).


....................


.

The carry trade "noise" is starting to dissipate... Normal service resumes....

1. Central Banks getting more "equilibrium" in USD and other major currencies...by selling USD and buying major currencies (esp. China, Russia and Arab countries).

2. new carry trades now being put in place by those hedge funds that didn't get blown out by the correction.



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  • #475
  • Aug 2, 2007 12:57pm Aug 2, 2007 12:57pm
Quoting jacko
As i have said repeatedly, I am not doing anything different from what all the good books say.
.
But you know WHEN to do it. That's the difference that comes with experience.

Anyone can do what the books say to. "Trade breakouts". Right. Trade them until you go broke.
  • #476
  • Aug 2, 2007 1:18pm Aug 2, 2007 1:18pm
jacko,

if you ever want a journal you can moderate yourself and invite a few members along then i'm sure we can set things up for you. just drop me or one of the mods a PM and we will try to make it happen.

Quoting jacko
Hi PeterFM

Thanks for that. I never knew that.


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  • #477
  • Aug 2, 2007 1:23pm Aug 2, 2007 1:23pm
done.

to the other ppl> please try to keep this thread on topic with jacko's methods. if you wish to discuss dinapoli methods then feel free to start a new discussion elsewhere.

btw, anybody intending to share copyrighted work illegally (e-book or otherwise) on this site will have those posts removed without notice.

Quoting SeekingLight
Please try to stay on topic and use PMs for those sort of requests.

Iso, please clean up next time you're around, take this post out along with it =)


Putting in DiNapoli fib excursions is pretty much the opposite of Jacko's simplicity imho.

My only personal worry is that Jacko just has too much "eye for the market" and gut feeling helping him along as well and that's just not replicateable by any fib or explainable ruleset. I think that's where the temptation to mix with other stuff again comes in.


@mbalta:
not sure how you mean, but it might be because I'm only still waking up, sorry..
  • #478
  • Aug 2, 2007 7:42pm Aug 2, 2007 7:42pm
I to have read all of this thread and alot of the other one, at another site.I very seldom post. But I would like to thank you for taking the time to educate this group. I would hope you would seriously consider the idea of a locked thread . You could keep the cone heads out and the rest of us would be able to gain valuable insight etc. I have refrained from posting before but hope you dont mind this one. regards George Brenner
Quote:
Quoting jacko
Hi SeekingLight,

Thanks for that.

I was actually thinking about posting another "live-time" trading journal, similar to the one that I started at DailyFX. Newbie has been on at me to do it for ages. Then I saw Auslanco's thread and was stunned at how many newbies jumped in and exploded that thread.

No way do I ever want to spend that much time answering all those (often mindless) questions. I am sooo glad I saw that. No way would I start a thread like that. The only way I would ever consider a journal would be to have a locked thread, where I just post my trades.


.
  • #479
  • Aug 2, 2007 9:50pm Aug 2, 2007 9:50pm
Quoting jacko
The carry trade "noise" is starting to dissipate... Normal service resumes....

1. Central Banks getting more "equilibrium" in USD and other major currencies...by selling USD and buying major currencies (esp. China, Russia and Arab countries).

2. new carry trades now being put in place by those hedge funds that didn't get blown out by the correction.



.

1.3700 is good to buy. (for me)


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  • #480
  • Aug 3, 2007 6:56am Aug 3, 2007 6:56am
for this incredible thread. I am working my way through all pages and entries. Great info and insight. This is a daily fix for me now

Great title by the way: Jacko's Forex House of Pleasure and Pain (http://forexfactory.com/showthread.php?p=1521470#post1521470)
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