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Jacko's Forex House of Pleasure and Pain

  • #1,621
  • Feb 7, 2008 8:09am Feb 7, 2008 8:09am
Thanks.

I'm still learning to place those areas on my chart but am using that in combination with some of the things Jacko teaches.

I would have posted a chart of what I'm seeing but have no idea how to do that... :


Adrian.


Quoting SeekingLight
http://forexfactory.com/showpost.php?p=1836468&postcount=9009

No trade recommendation nor anything other than just pointing out the post exists.
  • #1,622
  • Feb 7, 2008 8:33am Feb 7, 2008 8:33am
It appears to have touched a trend line and is now heading back up...
The market reveals who we really are...
  • #1,623
  • Feb 7, 2008 8:43am Feb 7, 2008 8:43am
I would have posted a chart but I don't know how to.

In an earlier post (post #72) Jacko gave some very nice tips on support/resistance areas, make sure to read over those as well.

I took the 4500 trade because I have 3 points along my trendline where price touched. The last one was a buob for those that follow PA.


Adrian

Quoting shadowninja
It appears to have touched a trend line and is now heading back up...
  • #1,624
  • Feb 7, 2008 9:12am Feb 7, 2008 9:12am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting zoopy
I would have posted a chart but I don't know how to.

In an earlier post (post #72) Jacko gave some very nice tips on support/resistance areas, make sure to read over those as well.

I took the 4500 trade because I have 3 points along my trendline where price touched. The last one was a buob for those that follow PA.


Adrian
which platform are you using?

alternately you can hit the printscreen button on the keyboard, open Paint, click edit, paste. the image can then be cut to size. then save to desktop (easy to find).

if your using MT4, right click image and save (active image 1000x800), save to desktop.

then open your post page and hit the paper clip icon, browse and upload.

hope this helps

MPP
  • #1,625
  • Feb 7, 2008 9:40am Feb 7, 2008 9:40am
fibo 38 seems to be the level where it bounces back up... thats around 43xx

http://i031.radikal.ru/0802/96/e7693bd18a12.jpg
  • #1,626
  • Feb 7, 2008 9:42am Feb 7, 2008 9:42am
Yea I only take back what i lost in my AH trades. So I do not apply the trail stop, i just simply take the profit at +50pips. It has proven more profitable that way in my backtesting
  • #1,627
  • Feb 7, 2008 9:49am Feb 7, 2008 9:49am
Ok... lets see if this works (btw, thanks MPP).


Quoting zoopy
I was stopped out on my 4650 trade so I have an AH on that. Right now I'm in at 4500. If this trade fails (which it may), I'll be taking a breather and re-analyzing my daily charts. I'll also be monitoring my weekly chart/trendlines as my next plan of action.

Adrian.
Attached Image(s) (click to enlarge)
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  • #1,628
  • Feb 7, 2008 9:59am Feb 7, 2008 9:59am
Quoting pavlov0032
fibo 38 seems to be the level where it bounces back up... thats around 43xx
Watching this level as well, very strong support at that fib. 4500 doesn't hold a lot of significance on my charts.
  • #1,629
  • Feb 7, 2008 1:44pm Feb 7, 2008 1:44pm
Quoting newbietrader101
Jackos counter trend method works too but you have to be fast with it on shorter times frames. it works best on short time frames and taking profits fast.
Hi Newbeetrder!

Yes the CT works, but I also trade it most of the time on the 4Hr. Chart.
Sell at 1.4800 worked very well.

Erkro
  • #1,630
  • Feb 7, 2008 2:07pm Feb 7, 2008 2:07pm
Quoting zoopy
That might be true. Just remember though that this fast moving freight train has been going up since 2002/03 or something. Do you feel lucky?

Adrian.
Still feel unlucky?

I don't think it is just a question of luck as you may see in my posts on the anti BD thread since few weeks.

The down move we are having now has still a big room down to 1.36xx without harming the overall uptrend.

The important thing is to stick to your trading strategy that has proven over the months and years to be a winner one.

Happy trading to all.

Hani

Attached Image (click to enlarge)
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  • #1,631
  • Feb 7, 2008 2:20pm Feb 7, 2008 2:20pm
I hope that comment I made in the previous post didn't offend you because I didn't intend for it to come across that way. Apologies if I did. I probably should have been clearer when I made that comment.

The comment that you just posted now is what I was trying to say. Although a correction looks likely at this point, the overall trend is still up. Because we're using longer timeframes, the trend won't just change overnight, a good example of this is if you look at yen crosspairs. They took a good few months before they started turning around.


Adrian


Quoting haniam
Still feel unlucky?

I don't think it is just a question of luck as you may see in my posts on the anti BD thread since few weeks.

The down move we are having now has still a big room down to 1.36xx without harming the overall uptrend.

The important thing is to stick to your trading strategy that has proven over the months and years to be a winner one.

Happy trading to all.

Hani

Attachment
  • #1,632
  • Feb 9, 2008 9:54pm Feb 9, 2008 9:54pm
Quoting newbietrader101
Jackos counter trend method works too but you have to be fast with it on shorter times frames. it works best on short time frames and taking profits fast.
What time frames does this work best on?
  • #1,633
  • Feb 10, 2008 10:22am Feb 10, 2008 10:22am
Quoting zoopy
I would have posted a chart but I don't know how to.

In an earlier post (post #72) Jacko gave some very nice tips on support/resistance areas, make sure to read over those as well.

I took the 4500 trade because I have 3 points along my trendline where price touched. The last one was a buob for those that follow PA.


Adrian
Thanks for pointing to that post. I recall reading it a few months ago so all a bit rusty. I knew it was a case of the more touches the better.
The market reveals who we really are...
  • #1,634
  • Feb 11, 2008 4:46am Feb 11, 2008 4:46am
Quoting zoopy
I would have posted a chart but I don't know how to.

In an earlier post (post #72) Jacko gave some very nice tips on support/resistance areas, make sure to read over those as well.

I took the 4500 trade because I have 3 points along my trendline where price touched. The last one was a buob for those that follow PA.


Adrian
Wat's a buob?
Post #72 is worth the money.
  • #1,635
  • Feb 11, 2008 5:12am Feb 11, 2008 5:12am
Quoting wattawatta
Wat's a buob?
Post #72 is worth the money.
Hello wattawatta - I think is Bullish Outside Bar.

DW
  • #1,636
  • Feb 11, 2008 6:54am Feb 11, 2008 6:54am
Quoting wattawatta
Wat's a buob?
Post #72 is worth the money.
buob = bullish outside bar

When I made my analysis last week to buy at 4500, it wasn't only because it would have been the 4th touch of the daily trendline going up. There were other factors too which I took into consideration.

1. There are already 3 touches to that trendline
2. The most recent high broke the prior high by a few pips
3. The prior low was a buob (this tells me there's aggressive buying in that area) + the low is higher.

As a few have pointed out, we are in a range so price "could" drop down to the 4350 support area. We also currently have an IB setup or inside bar telling me there's an indecision in the current area but it broke to the upside. Again, this is MY analysis based on what I see on my charts. The important thing is to learn the AH strategy because then it really doesn't matter where you enter as long as you're with the major trend.

I may have to start my own journal with my analysis because I don't want Jacko's journal to go into PA as well otherwise we lose focus on this thread.


Hope this helps.


Adrian
  • #1,637
  • Feb 11, 2008 9:19am Feb 11, 2008 9:19am
Here is the section of post 72 regarding trend lines.........

Trading these lines can be very profitable, and you can do away with indicators if you follow a few simple rules...

1. The steeper the line the shorter it lasts, keep your stops tight if it moves away quickly. Keep your stops just above (resistance) or below (support) the line.

2. The price will always move back towards the support or resistance to test it, if there’s been a sizeable move, wait for the consolidation to bring it back to the line, then trade.

2. You need at least three touches (or points in a line) to confirm that it is a support or resistance level. Two is not enough. If the price action moves away fast from the line connected by these points it’s probably the dying gasp, but don’t trade until you hit that line again.

3. A good way to choose an entry is to look for an established line and follow it up with sell orders a few pips below (support) or buy orders above the line (resistance) in the opposite direction.

4. If a “trend” is older and you're not sure if it's going to break or not, wait till you're on the line and then straddle it, that way you can get into an older move. I wouldn’t recommend this though; rather wait for a change in direction. Once you’re into the rhythm you’ll almost always have an open position.

5. If you’re not sure phase in your trades, add to your position every ten or twenty pips.

6. Breaks off support and resistance are generally confirmed by big bars or a big bar, so if you see one on a line you know the “trend” has probably changed.

7. Price does not like support or resistance levels. It mostly tests them and then moves away quickly. You’ll rarely find much price action in the vicinity of the line. If price is hanging around a support or resistance level, it’s likely to break in the opposite direction.

8. If the market is moving up you only trade the support line, if down you only trade the resistance line...

And here is where we are with the EUR/USD at present........

http://img162.imageshack.us/img162/8...captureiq9.png
Same Whore .... Different Dress
  • #1,638
  • Feb 11, 2008 9:25am Feb 11, 2008 9:25am
Quoting zoopy
it wasn't only because it would have been the 4th touch of the daily trendline going up.
I'm not seeing a TL on the daily chart with 4 touches, the last at 4500. What are your TL connection dates?
  • #1,639
  • Feb 11, 2008 9:38am Feb 11, 2008 9:38am
Quoting zoopy
In an earlier post (post #72) Jacko gave some very nice tips on support/resistance areas
Just wanted to say jacko found those on another site; it was not from jacko himself / written from jacko's own experience(makes a lot of difference to me).

Quoting jacko
For those of you who like trend lines as a major indicator, I have just found this on another site
Trust price. Know yourself.
  • #1,640
  • Feb 11, 2008 9:57am Feb 11, 2008 9:57am
Quoting Trader KGB
I'm not seeing a TL on the daily chart with 4 touches, the last at 4500. What are your TL connection dates?
I put a chart up on post#1627. Of course I could be wrong in drawing that trendline in which case please correct me so that we can all learn.

I am also aware that on the last touch (where we have the buob / jan 22), price broke the trendline but then went straight up. This tells me there's some heavy buying there because the move up was certainly aggressive. Feb 7 it broke that trendline and there wasn't as much buying but it also formed that IB which makes me wonder if price is hovering around that area, there may be a good chance it could go up (key word is "could"). Again, price is near that trendline if you extend it and yes, I know that it's not within the trendline and it's going through but it's the general area I'm interested in. IF price proceeds to go down, I'll be watching the 4350 area to see what price does there.

As for the touches and the dates...
First trendline
touch 1 = 2007.10.09
touch 2 = 2007.12.20
touch 3 = 2008.01.22
touch 4 = 2008.02.07 (we are still currently in this area)

Second trendline
touch 1 = 2007.12.20
touch 2 = 2008.01.22
touch 3 = hasn't happened yet but is around 4400 (I'll be watching 4350-4400 range)


Adrian
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