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Jacko's Forex House of Pleasure and Pain

  • #1,301
  • Dec 10, 2007 10:44am Dec 10, 2007 10:44am
Quoting jacko
Venca,

No I wouldn't put a entry Stop Buy at 1.4650...

Our last trade was when I sent an SMS to each member at 1.00 am NY time Dec 6 and it was triggered at 6.30 am the same day. The trade recommendation was to buy at 1.4550. Almost everyone did. We were TSL'd at 1.4609 for a nice 59 pips.

I had also stated earlier in in the group"s private site on Dec 2
given the dramatic rise in the Euro in the last three months, we may see a significant pullback to 1.4500 (50% of the rise from Oct 8 to Nov 22....a nice round number ...and a 8hr trend line from Oct 8 and Oct 22).

I had also written this in the groups private site on Nov 26 (when the market was around 1.4850)
I believe that the market will retrace from these current levels, but I don’t know how low. (1.4500 ?...big round number and 50% retrace from 1.4014 to 1.4966 ?) Note: A 500 pip retracement is easily possible.


Our little group has had some nice wins and we are slowly but surely improving our financial positions.


.
Our little group continues to improve their financial positions.

At 3.05am NY time, the group was notified that I had bought at 1.4650 and that it was a good "buy" postion.

I am pleased that most of our group bought in and we are now just letting the trade play out.

At this stage the high is 1.4735 (minus trailing stop loss of 50pips), so we have a guaranteed 35 pips profit.....plus we are still in the game...plus we are in the direction of the major trend.




.
  • #1,302
  • Dec 10, 2007 11:37am Dec 10, 2007 11:37am
Wow..I bought at midnight EST last night, locked in 25 pips by moving my SL of 50 and am letting it play out now!!!

guess I must be getting it a little !

Actually with jacko not posting alot I am referring to the first page here and trying to work the simple formula we have been given.

1. buy/ sell ONLY in the direction of the major trend and
2. buy/sell on dips.(Use support lines to guide you as to price...also "round" numbers ... I also use the 50% Fib ratio..)
3. bank your profits

(Anti-Hedge if I miss...)

I am not sure about Jacko's advice about adding to my position..
Homework for tonight!

I thought this was a classic set-up today. Met all the criteria to trade.

thanks

jacko
  • #1,303
  • Dec 10, 2007 12:42pm Dec 10, 2007 12:42pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
[quote=generalz;1752351]Wow..I bought at midnight EST last night, locked in 25 pips by moving my SL of 50 and am letting it play out now!!!


I am not sure about Jacko's advice about adding to my position..
Homework for tonight!


My view on that, is as a trade moves into profit it no longer holds a risk to your account, therefore you can add more trades using the same entry criteria.

i've done it by looking to add to my trades every 100pips from my initial entry, obviously we need to look at our charts and make sure were not just below a resistance TL or nearing the same point that formed the top of our fib layout - things that we know will cause at least some kind of correction or bounce.

as an example recently we went to 1.4550 for entries i also added at 1.4650 and have added an AH at 1.4718, only one of these trades holds any risk. i won't add at 1.4750 as i have a trade around that number and also i would have looked at 1.4850 but have a AH at 1.4807 so thats taken care of, after 1.4850 we are to near the resistance TL and previous high so i will just let these trades ride to the top trailed by 50pips all the way and see were it gets me out.

thats just my view on how i add trades, hope it's of use.

regards

MPP
  • #1,304
  • Dec 11, 2007 2:04am Dec 11, 2007 2:04am
Quoting jacko
Our little group continues to improve their financial positions.

At 3.05am NY time, the group was notified that I had bought at 1.4650 and that it was a good "buy" postion.

I am pleased that most of our group bought in and we are now just letting the trade play out.

At this stage the high is 1.4735 (minus trailing stop loss of 50pips), so we have a guaranteed 35 pips profit.....plus we are still in the game...plus we are in the direction of the major trend.




.
Market has hit 4750. Trailing Stop Loss moved to 4700. Profit now a guaranteed 50 pips profit.....plus we are still in the game...plus we are in the direction of the major trend.


Our little group continues to improve their financial positions.


.
  • #1,305
  • Dec 11, 2007 5:47am Dec 11, 2007 5:47am
Quoting jacko
Market has hit 4750. Trailing Stop Loss moved to 4700. Profit now a guaranteed 50 pips profit.....plus we are still in the game...plus we are in the direction of the major trend.


Our little group continues to improve their financial positions.


.
Hi Jacko!

I know I could write you a mail because I am in your group, but I wanted to write in the public Forum.
I want to thank you and now, slowly I know why Newton wrote that it was the best he had ever done, to learn from you.
I trade forex around 5 years and I earned money with my trading style, I was only trading price action and markttechnik.

I did not become a member because I was not successful, I became a member because I am already a little bit successful. I know that many of the new trader don't understand what I mean. I also did not understand that at the beginning, because everybody thinks at the beginning that we are the hero's and we don't need help and we make millions in the next months. Of course I made the heavy way and lost around € 40.000,--. The last year it worked for me, I made only with E/J around € 40.000,--, but I trade e/u most of the time.
But believe me I am far away from the knowledge of Jacko, so I am very happy to learn from him, and you know minus € 40.000,- are around $ 60.000,-- .............. I payed $ 500,-- to learn from Jacko!!!!!!!!!!!!!
I think the better we are as traders, the more we apreciate the to learn from the best. I mean the real best traders and not the snake oil sellers.

Once again many thanks to you Jacko!

Regards Erkro
  • #1,306
  • Dec 11, 2007 8:00am Dec 11, 2007 8:00am
Quoting jacko
Market has hit 4750. Trailing Stop Loss moved to 4700. Profit now a guaranteed 50 pips profit.....plus we are still in the game...plus we are in the direction of the major trend.


Our little group continues to improve their financial positions.


.
Our Trailing Stop Loss was hit at 4700 for a profit of 50 pips. (some of the group actually made more pips because their stops weren't hit at 4700 and so they bailed out at a higher price)

We then took a 180 degree view of the market and are now in a countertrend trade with a short trade at 4700. We are currently again in profit with a guaranteed profit already locked in.


Our little group continues to improve their financial positions.


PS thanks erkro for your kind words


.
  • #1,307
  • Dec 12, 2007 5:33am Dec 12, 2007 5:33am
Quoting jacko
We then took a 180 degree view of the market and are now in a countertrend trade with a short trade at 4700. We are currently again in profit with a guaranteed profit already locked in.

.
Jacko was a little premature with this, the TSL was at 1.4704 and was hit for a loss of 4 pips.

Ian
  • #1,308
  • Dec 12, 2007 11:11am Dec 12, 2007 11:11am
Quoting ianf0ster
Jacko was a little premature with this, the TSL was at 1.4704 and was hit for a loss of 4 pips.

Ian
Imho..I think he is so used to buying instead of shorting, he just simply got the two confused thinking 4704 was in the money.
  • #1,309
  • Dec 13, 2007 6:01am Dec 13, 2007 6:01am
I doubt Jacko was either premature or confused and and he did say he had profit locked in.

Also he stated it as a countertrend trade and as such I suspect these trades have a different set of criteria for entry sl and exit.
  • #1,310
  • Dec 13, 2007 12:51pm Dec 13, 2007 12:51pm
Hi Jacko,

Love your thread. Lot's of simple stuff here that really works! I just have two quick questions for you (or anyone who can answer them):

1) Are you leveraging at all? Now that you have a system that definitely works for you and are confident... In your original few posts you mentioned leverage but not whether you were using it or not.

2) This 50 pip stop loss seems like it would get hit pretty often on the dailies (ATR). Do you enter at what you think is the bottom of the daily range? Do you use A-H if the trade goes the wrong way, or just wait if A-H doesnt work out for that particular one? If your in an obvious trend the stop would have less chance of getting hit but what about ranging markets? I'm just a little confused as to WHEN you enter. You said it didn't matter in one of your original posts but due to ATR....
  • #1,311
  • Dec 13, 2007 3:12pm Dec 13, 2007 3:12pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting renegade7
Hi Jacko,

Love your thread. Lot's of simple stuff here that really works! I just have two quick questions for you (or anyone who can answer them):

1) Are you leveraging at all? Now that you have a system that definitely works for you and are confident... In your original few posts you mentioned leverage but not whether you were using it or not.

2) This 50 pip stop loss seems like it would get hit pretty often on the dailies (ATR). Do you enter at what you think is the bottom of the daily range? Do you use A-H if the trade goes the wrong way, or just wait if A-H doesnt work out for that particular one? If your in an obvious trend the stop would have less chance of getting hit but what about ranging markets? I'm just a little confused as to WHEN you enter. You said it didn't matter in one of your original posts but due to ATR....

Hi Renagade
i'll try and help and set you on your way, i'm sure jacko will add to it or correct me if needed.

not sure about leverage - thats a personnel thing.

the theory behind this method is to Keep it simple, if we could find the bottom we would all be retired by now, unfortunatly we can't.

so jacko has taught us to use a few simple charts and add a Fib or 2 and a couple of TL, we then try to workout were we expect the support to be and try to get in at that price. on all trades we set a 50pips trailing SL and let it go, now in a ranging market it has a tendancy to get hit quite quickly but you do tend to make a few pips and the key is to be inplace for the breakout.

if the trade gets stopped out for a lose we always wait for a further 50pip drop and place the A-H for the next run up, if price continues in the wrong direction it is simply a better opertunty to get in cheaper, by this i mean if say we were looking a a supporting TL for entry and we get stopped out it may then target a lower 50% fib, therby giving us a better price for entry.

what happens then is you have to decide if there is suffecient price difference between your new entry target and your A-H - this is about money management - can you afford to have both trades open at once, or will the new entry be in profit before the A-H gets triggered.

with regards the statement about entering anywhere - you can - your max lose is 50pips and most of the time you get it back after retracments etc. it's just better to try and find a better entry point.

don't forget we like round numbers, current support is around 1.4525 on my charts so 1.4550 looks like a nice round number, obviously if we are watching our charts we try to get as close to the 1.4525 as possible.

I personnaly also use a 5SMA close on all my charts, and the monthly is looking at a retracement to around the 1.4350 area, just above this we have the current 50% fib at 1.4450, i will look for entrys at 1.4550 and 1.4450, if 1.4550 fails i will pick it up after the drop to 1.4450 and have both trades running.

Hope i haven't confused anyone, and Jacko just ask and i will remove the post if you think it's to far of the track.

regards

MPP
  • #1,312
  • Dec 14, 2007 12:41am Dec 14, 2007 12:41am
Quoting MPP
Hi Renagade

I personnaly also use a 5SMA close on all my charts, and the monthly is looking at a retracement to around the 1.4350 area, just above this we have the current 50% fib at 1.4450, i will look for entrys at 1.4550 and 1.4450, if 1.4550 fails i will pick it up after the drop to 1.4450 and have both trades running.

Hope i haven't confused anyone, and Jacko just ask and i will remove the post if you think it's to far of the track.

regards

MPP
pardon for my asking but.....where on the monthlies are you basing your fib lines to come up with a 50% fib equals 1.4350?? I'm just trying to plot some fib lines on the monthly and can't seem to locate that fib pivot area you're talking about?

on my current daily 50% fib calcs, I'm showing it at around 1.4747 which looks like we had "4" bounces off of this week.
  • #1,313
  • Dec 14, 2007 1:52am Dec 14, 2007 1:52am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting johnnypips
pardon for my asking but.....where on the monthlies are you basing your fib lines to come up with a 50% fib equals 1.4350?? I'm just trying to plot some fib lines on the monthly and can't seem to locate that fib pivot area you're talking about?

on my current daily 50% fib calcs, I'm showing it at around 1.4747 which looks like we had "4" bounces off of this week.

HI jonnypips
i keep 3 fibs sets on my charts, 1 being the main rise from 1.3360 to 1.4966 (50% @ 1.4126) and then i have the current run up 1.4520 to 1.4966 (50% @ 1.4742) and the previous run up 1.4124 to 1.4750 (50% @ 1.4437)

i don't have a 50% at 1.4350 this is from my 5SMA position.

that said when i looked at my daily chart today - havn't been around much over the last 2 weeks what with xmas coming, i found that i should have a fib set from 1.4124 to 1.4966 (50% @ 1.4544).

anyway it's just my way, fibs are a variable setup and everyone has there own method of applying them, so my way is the major and then the last 2 that i apply. hope this helps
  • #1,314
  • Edited 7:30am Dec 14, 2007 7:12am | Edited 7:30am
Hello to all who frequent--as I do check in silently from time to time now

BY far for now the more important Fib range extends from 4015 to the high
Yielding a 50.0 at 4491 were todays slight overshoot as paused (so far at least).

This gives us in this thread's context:
the round # --4500
the 50.0 fib
an area of support arud 4520
a good pullback to begin a position w/ the S/l of comfort.

Things to be wary of:
the breaking of the daily & weekly Tls
--and for those pattern watchers --an H & S clear formation in the 8hr ,12hr,daily charts
(not a slam dunk foretelling sign --but one that cud well run the right arm down to the 4150s)
The other major range of course starts fr the 3360 beginning of this major move.
( 50.0 fib @ 4164)

Best we can do is venture into market at well reasoned levels with the view to both directions' potentials.

Here at 4480/4494 looks like a fine opportunity for at least 150/200ps.
Check back in a next week time and let's see.

B of L
WS
  • #1,315
  • Dec 14, 2007 11:30am Dec 14, 2007 11:30am
Quoting MPP
Hi Renagade
i'll try and help and set you on your way, i'm sure jacko will add to it or correct me if needed.

not sure about leverage - thats a personnel thing.

the theory behind this method is to Keep it simple, if we could find the bottom we would all be retired by now, unfortunatly we can't.

so jacko has taught us to use a few simple charts and add a Fib or 2 and a couple of TL, we then try to workout were we expect the support to be and try to get in at that price. on all trades we set a 50pips trailing SL and let it go, now in a ranging market it has a tendancy to get hit quite quickly but you do tend to make a few pips and the key is to be inplace for the breakout.

if the trade gets stopped out for a lose we always wait for a further 50pip drop and place the A-H for the next run up, if price continues in the wrong direction it is simply a better opertunty to get in cheaper, by this i mean if say we were looking a a supporting TL for entry and we get stopped out it may then target a lower 50% fib, therby giving us a better price for entry.

what happens then is you have to decide if there is suffecient price difference between your new entry target and your A-H - this is about money management - can you afford to have both trades open at once, or will the new entry be in profit before the A-H gets triggered.

with regards the statement about entering anywhere - you can - your max lose is 50pips and most of the time you get it back after retracments etc. it's just better to try and find a better entry point.

don't forget we like round numbers, current support is around 1.4525 on my charts so 1.4550 looks like a nice round number, obviously if we are watching our charts we try to get as close to the 1.4525 as possible.

I personnaly also use a 5SMA close on all my charts, and the monthly is looking at a retracement to around the 1.4350 area, just above this we have the current 50% fib at 1.4450, i will look for entrys at 1.4550 and 1.4450, if 1.4550 fails i will pick it up after the drop to 1.4450 and have both trades running.

Hope i haven't confused anyone, and Jacko just ask and i will remove the post if you think it's to far of the track.

regards

MPP
Exactly what I was looking for - thanks!
  • #1,316
  • Dec 14, 2007 11:38am Dec 14, 2007 11:38am
Quoting MPP
I personnaly also use a 5SMA close on all my charts, and the monthly is looking at a retracement to around the 1.4350 area, just above this we have the current 50% fib at 1.4450, i will look for entrys at 1.4550 and 1.4450, if 1.4550 fails i will pick it up after the drop to 1.4450 and have both trades running.

Hope i haven't confused anyone, and Jacko just ask and i will remove the post if you think it's to far of the track.

regards

MPP
Your complete response was great...can you clarify what you mean by 5sma close...I think I understand but want to make sure.

thanks

generalz
  • #1,317
  • Dec 14, 2007 12:03pm Dec 14, 2007 12:03pm
Quoting generalz
Your complete response was great...can you clarify what you mean by 5sma close...I think I understand but want to make sure.

thanks

generalz
5 period simple moving average applied to the close of each candle/bar
  • #1,318
  • Dec 14, 2007 1:23pm Dec 14, 2007 1:23pm
Quoting ianf0ster
Jacko was a little premature with this, the TSL was at 1.4704 and was hit for a loss of 4 pips.
Looks like the signal was spot on, just a day or two early unfortunately. Free fall ever since the August upward channel was shattered.
  • #1,319
  • Dec 14, 2007 1:35pm Dec 14, 2007 1:35pm
Damn nice move....

Quoting jacko
Our Trailing Stop Loss was hit at 4700 for a profit of 50 pips. (some of the group actually made more pips because their stops weren't hit at 4700 and so they bailed out at a higher price)

We then took a 180 degree view of the market and are now in a countertrend trade with a short trade at 4700. We are currently again in profit with a guaranteed profit already locked in.


Our little group continues to improve their financial positions.


PS thanks erkro for your kind words


.
  • #1,320
  • Dec 14, 2007 2:00pm Dec 14, 2007 2:00pm
Hello where is Jacko?

last thing he said was to have a buy at 4550, but there was no notifications that the market was tanking.

maybe he has a stockbroker looking after his positions, but for people in US where all action happens during nighttime this is extremely inconvenient.

Jacko! why didn't you sent SMS about NOT TO BUY at 4550?
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