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Jacko's Forex House of Pleasure and Pain

  • #2,021
  • Mar 24, 2008 10:12am Mar 24, 2008 10:12am
Hi Pavlov0032,

That is about right & I guess that would do it for some. Not for me, but to each his own. Thanks for the respone.

AceTrader
  • #2,022
  • Mar 24, 2008 10:20am Mar 24, 2008 10:20am
Newbies,

Just in case some didn't notice, Jacko added some of his most informative links for newbies to his postings.. A must read!!!



http://www.forexfactory.com/showpost...4&postcount=85

http://www.forexfactory.com/showthread.php?t=27286
  • #2,023
  • Mar 24, 2008 10:27am Mar 24, 2008 10:27am
Well I was stopped out @ 5434 from the 5355 entry on 4 lots which is not a bad pay day, but the stops were doing their job of protecting the GAINS.

Now I have a limit order waiting @ 5434 & that is letting PRICE come back to me. It took me MANY LOST PIPS to learn NOT TO CHASE THE PRICE.

Now is when the PATIENCE aspect of trading comes in, waiting to get back in @ the stopped out point. We COULD see 5300 before the uptrend starts to resumes, but I could be wrong.

Acetrader
  • #2,024
  • Mar 24, 2008 10:31am Mar 24, 2008 10:31am
Quoting hayoo
I bought EURUSD at 1.5440 stop 50 pip

so I was stopped out at 1.5390.

then I wait as jacko said to let it go down at least 50 pip, then to put another stop buy at where I was out,

it went down 49 pip at 1.5341 then go up , now is 1.5428.

what should I do now ?

buy at market 1.5428 ?
Hi hayoo,

I notice that the heading on your original post is "What should I do now?"

Firstly, you should never go into a trade without knowing exactly what you should do in a trade.

Secondly, unless you are absolutely sure what a trading strategy is, you shouldn't use that strategy.

And thirdly, you should never buy again, immediately after a loss. It is a "revenge" buy, and they are rarely successful


.
  • #2,025
  • Mar 24, 2008 10:34am Mar 24, 2008 10:34am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting hayoo
I bought EURUSD at 1.5440 stop 50 pip

so I was stopped out at 1.5390.

then I wait as jacko said to let it go down at least 50 pip, then to put another stop buy at where I was out,

it went down 49 pip at 1.5341 then go up , now is 1.5428.

what should I do now ?

buy at market 1.5428 ?
Patience, wait for the full 50pips unless you can read the charts well, for me it's a bearish week so be carefull how quickly you try to jump in

Follow the rules, they're there for a reason.

remember that in most cases when price moves 100+pips in any direction it's most likely going to retrace a little first - if we look at the daily candles we can see that the current bull move was simply a retracement on the bearish move for this week, and this may continue for another week also, currently if the weekly candle closes below 1.5200 we will have an exhaustion spike which will give many PA trades a good indication of further bearish moves in EU.

just my view, so stick to the rules and look for good entries using as many of the conditions as possible - 1.5150 area looks like a good opertunity, but don't just place a buy stop, continue to watch the market and buy as low as you can, might even make 1.50XX, the weekly may even take us as low as 1.4800 all depends on the news and how it's perceived.
  • #2,026
  • Mar 24, 2008 10:36am Mar 24, 2008 10:36am
I guess I should have pointed out that the 5200, 5250 & 5300 COULD BE very good levels to reload for next the move up. I would especially keep an eye on the 5200. Just my views, but I could be wrong. Anway, I now have pending buy orders @ 5410 & 5424 2 lots each.

AceTrader
  • #2,027
  • Mar 24, 2008 10:38am Mar 24, 2008 10:38am
Buy orders @ 5410 & 5434. Sorry, my bad.

AceTrader
  • #2,028
  • Mar 24, 2008 11:01am Mar 24, 2008 11:01am
Quoting acetrader
Hi Jacko,

I read your post about the brokers offering some of the best the opportunity to trade for them & I have just got to wonder why someone with the ability to trade their own money would want to do that? I know two traders that tried that & now they are back doing what they started out doing, trading for themselves. For me trading offers freedom from the rules & regulations that would be place upon a PROP TRADER trading for the brokers. The only thing near trading for a brokerage I would even consider would be starting a small fund, but with that comes many many rules & regulations. Maybe the BROKERAGES made them an offer they just couldn't refuse.

No disrespect intended by this post, but just my views & I could be wrong.

AceTrader
Hi AceTrader,

I agree with what you say. I would never go and work for someone after knowing that I can make excellent money on my own.

However, I am old and they are young, and sometimes the ego of being Master of the Universe in an investment bank has an allure that us oldies have forgotten (It will certainly get them laid more than staying at home trading on their own account !!!....LOL).

However, as you say, they always have the option of returning to their own trading after they experience some of the rules and regulations of being a prop trader. I recommended it to them solely on the basis that they have an opportunity to practise what they have learnt on a bigger stage.

I would also like to say that I appreciate that my friend at the brokerage firm respected my opinion of my traders enough to fly halfway round the world to catch up with Mrs Jacko and me again and to ask me if they could contact them. (Maybe that was why we had so many bottles of red wine that night....LOL)


.
  • #2,029
  • Mar 24, 2008 11:39am Mar 24, 2008 11:39am
Hi Jacko,

You & I are the same age & I agree the EGO is a factor when your younger & I can see the allure of trading @ a level they might never reach own their own. There are some postitives no doubt. The getting laid part would not even be a draw for me as when my wife & I married she requested that I refrain from dating or anything else while we are married, LOL So in order to stay happy I must keep her happy by doing the right thing.

On a serious note..............the willing of the broker to seek out your group members & clear it with you really does speak volumes for you & the respect that broker has for you. I am very greatful & happy to have found YOU & THIS THREAD as I have learned over the last 3 weeks what I thought I already knew. I wish to those that you recommended as well as your other members all the best in the future.
  • #2,030
  • Mar 24, 2008 11:48am Mar 24, 2008 11:48am
ACE, I thought AH reentries were if you got stopped out with a loss and not for positions stopped out in profit? Have I got it wrong or is this a variation that you use? TKS
  • #2,031
  • Mar 24, 2008 12:27pm Mar 24, 2008 12:27pm
Lastchance,

NO YOU HAVE IT CORRECT......thats just what I did for those 2 lots. That is why I hesitated posting that as I didn't want to confuse others. Sorry for the confusion. You are correct in your understanding of the rule, but I am just letting the market come to me on those two lots.

AceTrader
  • #2,032
  • Mar 24, 2008 1:44pm Mar 24, 2008 1:44pm
Quoting jacko
1. you should never go into a trade without knowing exactly what you should do in a trade.

2. you should never buy again, immediately after a loss. It is a "revenge" buy, and they are rarely successful
Quoting acetrader
It took me MANY LOST PIPS to learn NOT TO CHASE THE PRICE.
Now is when the PATIENCE aspect of trading comes in, waiting to get back in @ the stopped out point.
Acetrader
Amen to these, I will write them on my wall.

Quoting acetrader
Well I was stopped out @ 5434 from the 5355 entry on 4 lots which is not a bad pay day, but the stops were doing their job of protecting the GAINS.

Now I have a limit order waiting @ 5434 & that is letting PRICE come back to me.
Acetrader
Hey Acetrader, the price went up to 5456 before going back down again. I dont understand why you were stopped out at 5434. You trail the price by 20pips? And second, since you were stopped out in profit, you still use the AH strategy to put you back in? I thought Ah is only for losses.

I bought at 5350 and 5400 where I had a resurrected soldier. both positions have now the stop at 5400, since the price moved 100 and 50 pips away from the entries. I would like to allow the price more space to breath, but Im not very confident in the bullish momentum right now.

However, on 4H chart it seems that the price might have successfully breached 5400 and now use it as a support.
Attached Image
We leave no soldier behind.
  • #2,033
  • Mar 24, 2008 2:54pm Mar 24, 2008 2:54pm
gagiul,

CHECK the the above referenced post. You are correct about the 20 pips stop. Note the gains I still made, but PLEASE follow the rules.

I have been in the business a very long time & I will try different strategies that are not within the rules.

I KNEW I SHOULD NOT HAVE POSTED THAT VARIATION FROM THE RULES.

EVERYONE......PLEASE STICK TO THE RULES & I AM SORRY FOR THE CONFUSION I HAVE CAUSED. JACKO'S RULES WILL PRODUCE MANY PIPS IF YOU WILL JUST FOLLOW THEM.

AceTrader
  • #2,034
  • Mar 24, 2008 2:58pm Mar 24, 2008 2:58pm
Hello Everyone!

I hope everybody had a nice Eastern time.

As I said in post #1956 E/U looks week. The 1.5150 scenario is looking more probably to me however I think we will se a nice reaction up before getting there.

I'm glad I stayed aside from the market for holidays time. I had a time to rethink and to plan my trading for the next weeks. I think it is important to know when to play but it is also important to know when not to play.

As to what the AH is about. Jacko said that the market should at least go 50 pips beyond where you were stopped out. It is up to you if this would mean 50, 60, 100, 150 pips. If you have gut feelings that the market looks bearish to you then wait a little bit longer with placing the AH trade. However I would advise novice traders to keep it at 50 pips - they don't have enough experience yet.

Regarding trading for someone else...
It is all about expectations. Some people feel more important if they have lucrative jobs working for someone else. This is an indicator of success for them. I expect to make money trading and this is my goal - my financial freedom (The phrase comes from the book 'Trade Your Way to Financial Freedom' I'm currently reading). I would not trade for someone else as this is in conflict with my goal. Everybody has different goals and makes different choices and I respect that.

Best trading to you all!

Ocean
  • #2,035
  • Mar 24, 2008 3:08pm Mar 24, 2008 3:08pm
HI EVERYONE,

When I enter a trade say @ 5300, my stop will be 5250 & every 25 pips I will lock in gains. As the gains get higher I will shorten the stops. If I got in @ 5300 & we are now @ 5390 a 20 PIP STOP is typically what I will use. This is just an example. The higher PRICE moves the more likely a retrace will be seen & that is the reason I keep a tighter stop in place as the PRICE GET HIGHER.

NONE OF THIS IS IN STONE.......as I will change & adapt as PRICE & FLOWS
CHANGE, BUT WILL STILL FOLLOW JACKO'S CORE RULES.

JUST FOLLOW THE RULES & YOU WILL DO WELL. AGAIN, I AM SORRY FOR THE CONFUSION I HAVE CAUSED.

AceTrader
  • #2,036
  • Mar 24, 2008 3:15pm Mar 24, 2008 3:15pm
OCEAN,

Hello my friend...........that last post is OUTSTANDING & I agree 100%. It is all about freedom & being happy. I appreciate your post & receive value from each. I wish you the best in the trades ahead. Keep in touch with us all.

AceTrader
  • #2,037
  • Mar 24, 2008 3:27pm Mar 24, 2008 3:27pm
Quoting acetrader
HI EVERYONE,

When I enter a trade say @ 5300, my stop will be 5250 & every 25 pips I will lock in gains. As the gains get higher I will shorten the stops. If I got in @ 5300 & we are now @ 5390 a 20 PIP STOP is typically what I will use. This is just an example. The higher PRICE moves the more likely a retrace will be seen & that is the reason I keep a tighter stop in place as the PRICE GET HIGHER.

NONE OF THIS IS IN STONE.......as I will change & adapt as PRICE & FLOWS
CHANGE, BUT WILL STILL FOLLOW JACKO'S CORE RULES.

JUST FOLLOW THE RULES & YOU WILL DO WELL. AGAIN, I AM SORRY FOR THE CONFUSION I HAVE CAUSED.

AceTrader
Acetrader, no need to apologize. I think your trailing stop strategy is interesting and can help us take advantage of the market momentum. As you stated before, we are here to all learn from each other, and I truly believe that your input is very valuable to all of us. Thank you again.

The market seems strong now and we might see some upward longer retracement before we see more downside.
We leave no soldier behind.
  • #2,038
  • Mar 24, 2008 3:40pm Mar 24, 2008 3:40pm
gagiul,

Tks for the kind words. I just try & help. Even though I have traded for a long time I am still learning form each & every post. If I had JACKO'S help many year ago I would NO DOUBT be fully retired now on a beach somewhere drinking wine & relaxing each day, but then again I love to trade, so I would probably being using a laptop from that beach to trade & follow this great thread. Tks for your post as I appreciate each.

AceTrader
  • #2,039
  • Mar 24, 2008 3:43pm Mar 24, 2008 3:43pm
Hi Jacko!

Would like to know your opinion on current correction and particularly the point of reversal to the uptrend again..


What are you looking for at the moment and when you will tell yourself that correction is over?


Thank you!
Alex
  • #2,040
  • Mar 24, 2008 3:54pm Mar 24, 2008 3:54pm
Gagiul,

Thanks for your chart as it speaks volumes. I appreciate your post.

AceTrader
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