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Jacko's Forex House of Pleasure and Pain

  • #2,041
  • Mar 24, 2008 3:56pm Mar 24, 2008 3:56pm
Quoting acetrader
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
Ace,

Thank you for the kinds words. We are all here to learn from each other.

Ocean
  • #2,042
  • Mar 24, 2008 4:03pm Mar 24, 2008 4:03pm
Ocean,

I totally agree & I am having more fun than I have had in the last ten years, not to mention the pips.

Acetrader
  • #2,043
  • Mar 24, 2008 4:12pm Mar 24, 2008 4:12pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting pavlov0032
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
Not sure of Jacko's way for this, but if there's no news to move the markets then watch the charts 4h daily and weekly, look for spikes (open and close are in the same 1 third of the candle) this will indicate witch house is strongest bear or bull - day charts are the strongest indicators. currently market is quite flat, but thats due to low volumes as many places have not traded strongly due to easter shut downs, asia should open the volumes up tonight and london will give us direction.
  • #2,044
  • Mar 24, 2008 4:27pm Mar 24, 2008 4:27pm
Last time the correction from 4950 to 4275 in November 2007 till Dec 2007 took almost a month

the two subsequent corrections had progressively faster turnaround -6 days each..

interesting how long this will last..

Thank you for answer MPP

also - are all brokers close on fri and open Sunday or there ones that open 24 hours a day 7 days a week, there quotations on FX street that don't stop on weekends, so there must be an exchange open somewhere..

The reason for my question is that I think its safer to have your account with a brokerage that opens all the time so if you are taken out with a normal stop loss and not a GAP down like today..

And second question - hypothetically speaking if I had stop loss 5425 on Friday right before closing and it opens 50 pips below my stop loss - would my stop loss be honored or not? (the reason for the gap is the Saturday and Sunday trading correct)?



Quoting MPP
Not sure of Jacko's way for this, but if there's no news to move the markets then watch the charts 4h daily and weekly, look for spikes (open and close are in the same 1 third of the candle) this will indicate witch house is strongest bear or bull - day charts are the strongest indicators. currently market is quite flat, but thats due to low volumes as many places have not traded strongly due to easter shut downs, asia should open the volumes up tonight and london will give us direction.
  • #2,045
  • Mar 24, 2008 4:53pm Mar 24, 2008 4:53pm
Immaturity.

Quoting newbietrader101
I am so free of all those bosses. middle finger to all of them
  • #2,046
  • Mar 24, 2008 5:28pm Mar 24, 2008 5:28pm
Looks like a wedge is shaping up, and it just bounced off the top of it.Bottom around 5380
  • #2,047
  • Mar 24, 2008 5:46pm Mar 24, 2008 5:46pm
Quoting lastchance
Looks like a wedge is shaping up, and it just bounced off the top of it.Bottom around 5380


alot of times it will go past the bottom trend line just to get all the little stop losses!
  • #2,048
  • Mar 24, 2008 9:17pm Mar 24, 2008 9:17pm
Pavlov

That is called stop running by the brokers, that is why I keep mental stops instead of stops loaded on the platforms. Mental stopts work the best. Don't tip your hand to the brokers.

AceTrader
  • #2,049
  • Mar 24, 2008 9:20pm Mar 24, 2008 9:20pm
My E/U buy at 1.5444 is currently at 1.5499 and it's at +53 pips. I have moved my stop loss beyond break even at 1.5486. I will now trail the up movement...
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd 3-24-2008.gif Size: 51 KB
  • #2,050
  • Edited 9:35pm Mar 24, 2008 9:23pm | Edited 9:35pm
Quoting Aad
My E/U buy at 1.5444 is currently at 1.5477 and it's at +33 pips. I have moved my stop loss beyond break even at 1.5463. I will now trail the up movement...

man,you know Jacko will hate your screen with all the indicators! better take it down now before you get slapped on the hands! ;-) ;-) :-)



So looks like we out of the slump?? it never made it to 50% retracement level.. Wow what a spike!
  • #2,051
  • Mar 24, 2008 9:31pm Mar 24, 2008 9:31pm
Quoting pavlov0032
man,you know Jacko will hate your screen with all the indicators! better take it down now before you get slappen on the hands! ;-) ;-) :-)



So looks like we out of the slump?? it never made it to 50% retracement level.. Wow what a spike!
Actually I'm mainly using trend, fibs, and candlestick patterns as my main decision makers and testing the indicators. The E/U is currently moving up nicely, I'm at +90 now...
  • #2,052
  • Mar 24, 2008 9:32pm Mar 24, 2008 9:32pm
Quoting Aad
Actually I'm mainly using trend, fibs, and candlestick patterns as my main decision makers and testing the indicators...

Yes, and the starter of this thread used only 50% FIB LINE, trend trading and buying on pullbacks..
;-)
  • #2,053
  • Mar 24, 2008 9:37pm Mar 24, 2008 9:37pm
Quoting pavlov0032
Yes, and the starter of this thread used only 50% FIB LINE, trend trading and buying on pullbacks..
;-)
Well we can't all be perfect, he he...
  • #2,054
  • Mar 24, 2008 9:40pm Mar 24, 2008 9:40pm
Nice to see the EURUSD finally breaking out, my long order above 1.5470 triggered. I'm envious of those of you that got in at 1.5300. =) I had a couple of losers on the way down trying to pick the bottom so decided to sit on the sidelines until there was an obvious breakout to the upside. May the pips be with you...
  • #2,055
  • Mar 24, 2008 9:46pm Mar 24, 2008 9:46pm
so what causes this activity on low volume? europe/usa closed.. any news?
  • #2,056
  • Mar 24, 2008 9:53pm Mar 24, 2008 9:53pm
Acetrader,

My email is dwoliver @ bama.ua.edu with no spaces.
  • #2,057
  • Edited 11:00pm Mar 24, 2008 10:02pm | Edited 11:00pm
so what do you guys do? jump on the train or wait for a pullback- since I assume the "official" correction is over?

I think according to Jacko's strategy there no reason to jump in the trade right now and chase it down, but rather wait for a pullback and enter at future 50% of this spike retraction. Because you know every action has a reaction and when it goes up fast and hard like that at 90deg. angle it is bound to come down at more or less same manner..

I would say 5450 or even 5400 is a good entry points at this time..

come on people! there like 14 users reading the thread - anyone has an opinion?

I want learn Jacko's way of trading and that means I have learn how he thinks at the moment of the current situation!

Market entry point is the ONLY area I have not mastered!
  • #2,058
  • Mar 24, 2008 11:16pm Mar 24, 2008 11:16pm
Quoting pavlov0032
so what do you guys do? jump on the train or wait for a pullback- since I assume the "official" correction is over?

I think according to Jacko's strategy there no reason to jump in the trade right now and chase it down, but rather wait for a pullback and enter at future 50% of this spike retraction. Because you know every action has a reaction and when it goes up fast and hard like that at 90deg. angle it is bound to come down at more or less same manner..

I would say 5450 or even 5400 is a good entry points at this time..

come on people! there like 14 users reading the thread - anyone has an opinion?

I want learn Jacko's way of trading and that means I have learn how he thinks at the moment of the current situation!

Market entry point is the ONLY area I have not mastered!
The obvious entry point at this time was 5350 which was the exact 50% fibo.
  • #2,059
  • Mar 24, 2008 11:20pm Mar 24, 2008 11:20pm
Quoting levaz
The obvious entry point at this time was 5350 which was the exact 50% fibo.

can you please elaborate on that. why was it obvious? and from what date you plot fibo line?
  • #2,060
  • Mar 24, 2008 11:25pm Mar 24, 2008 11:25pm
Quoting pavlov0032
can you please elaborate on that. why was it obvious? and from what date you plot fibo line?
March 17 - 1.5905 (peak)

Feb 07 - 1.4439 (last major correction)

50% gives you 1.5345

The round number for ideal entry would be 1.5350
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