I'm sooooooooo tempted to chase this market!!! But I'll wait. Ahhhh... So many pips... So many $... 
Live and learn!!!
Live and learn!!!
Jacko's Forex House of Pleasure and Pain
- #2,122
- Mar 26, 2008 3:21am Mar 26, 2008 3:21am
- Joined Feb 2006 | Status: Trader | 2,228 Posts
From the post I am reading it seems some have gained some nice pips on the last move. Those that missed the move BE PATIENT you will get another chance.
As from my post from yesterday I have 4 lots running @ this time 2 entered @ 5410 & 2 @ 5434. As my previous posted stated the 5434 was entered based on the AH, but was not due to a loss, but just something I tried to demonstrate the benefits of using the AH strategy. LET PRICE COME TO YOU.
The AH is a very important aspect of the JACKO METHOD, but @ the same time so is the entry. YOU MUST GET THE ENTRY CORRECT. JACKO did say you can't wait too longer & that is correct as you will miss out on some nice trades. The timing is very important trading any method & this method is no exception.
As I have stated before, when the PRICE starts reaching lofty levels I start really tightening up my stops. By doing this I do run the risk of getting stopped out, but when you enter @ the 5400 level & we are now well above the 5700.......well what can I say.........I will be stopped out with some nice gains. On these 4 lots that is well over 1100 pips if my doing it in my head math is correct.
This is just a small sample of the POWER OF THIS METHOD. Can you envision what success JACKO is having?
Will we see 1.6000? I don't know, but will be prepared for whatever happens. The only way you can go wrong with this simple method is by NOT FOLLOWING THE RULES. I wish many pips for each of you & keep the comments & questions coming.
Keep an eye on the 5600 level & for a POSSIBLE downside test of the 5700 shortly. Just my views & not advice, but I could be wrong.
AceTrader
As from my post from yesterday I have 4 lots running @ this time 2 entered @ 5410 & 2 @ 5434. As my previous posted stated the 5434 was entered based on the AH, but was not due to a loss, but just something I tried to demonstrate the benefits of using the AH strategy. LET PRICE COME TO YOU.
The AH is a very important aspect of the JACKO METHOD, but @ the same time so is the entry. YOU MUST GET THE ENTRY CORRECT. JACKO did say you can't wait too longer & that is correct as you will miss out on some nice trades. The timing is very important trading any method & this method is no exception.
As I have stated before, when the PRICE starts reaching lofty levels I start really tightening up my stops. By doing this I do run the risk of getting stopped out, but when you enter @ the 5400 level & we are now well above the 5700.......well what can I say.........I will be stopped out with some nice gains. On these 4 lots that is well over 1100 pips if my doing it in my head math is correct.
This is just a small sample of the POWER OF THIS METHOD. Can you envision what success JACKO is having?Will we see 1.6000? I don't know, but will be prepared for whatever happens. The only way you can go wrong with this simple method is by NOT FOLLOWING THE RULES. I wish many pips for each of you & keep the comments & questions coming.
Keep an eye on the 5600 level & for a POSSIBLE downside test of the 5700 shortly. Just my views & not advice, but I could be wrong.
AceTrader
- #2,123
- Mar 26, 2008 3:26am Mar 26, 2008 3:26am
I'm sooooooooo tempted to chase this market!!! But I'll wait. Ahhhh... So many pips... So many $...
Ocean
- #2,125
- Edited 6:17am Mar 26, 2008 5:21am | Edited 6:17am
Too damned right. Many are starting to say that psychology is not important in trading. This proves they are wrong. The newbie will chase the markets and will have his account wiped out time and time again.
I entered one more lot at 1.5650. Now I have 4 lots up and running
it feels great. I just try to go with the flow, sense the strength of the market and never look for an upper limit.Edit: moved all my stops at 1.5650, which is 10 pips below the Weekly R1, which was just touched and seems to provide some resistance.
We leave no soldier behind.
- #2,127
- Mar 26, 2008 7:09am Mar 26, 2008 7:09am
- Joined Apr 2006 | Status: Metatrader Programmer | 1,422 Posts
Thanks for the Fibo indicator Skyline!
Bon Giorno!!
Have you used EA for jacko style trailing stop?
It trails X number of pips from your entry point (not in profit like standard MT4 trailing stop)
It is extremely useful for me as I cannot monitor trades during night time sleep, or even if you need to leave computer during the day.
Have you used EA for jacko style trailing stop?
It trails X number of pips from your entry point (not in profit like standard MT4 trailing stop)
It is extremely useful for me as I cannot monitor trades during night time sleep, or even if you need to leave computer during the day.
You're welcome Ronyn !
- #2,131
- Mar 26, 2008 8:01am Mar 26, 2008 8:01am
- | Membership Revoked | Joined Dec 2005 | 2,298 Posts
Same Whore .... Different Dress
- #2,132
- Mar 26, 2008 8:24am Mar 26, 2008 8:24am
Psychology is the most important in trading. Thats why is not good to try to estimate the market and think it wont go higher coz usually it does, when you least expect.
I entered one more lot at 1.5650. Now I have 4 lots up and running
Edit: moved all my stops at 1.5650, which is 10 pips below the Weekly R1, which was just touched and seems to provide some resistance.
Yeah, some nice words of wisdom.
Yesterday, when I wrote I hope to wake up and see my 1.5530 order triggered, I actually dreamed it was executed at 1.5480 and that it went up to 1.5600. When I woke up, I almost believed it was true (because in my dream I've connected my mind with the collective mind of all participants and I could "see" the 1.600), only to realize, it was just a dream.
Damn.
- #2,133
- Mar 26, 2008 8:53am Mar 26, 2008 8:53am
- | Commercial User | Joined Oct 2005 | 2,899 Posts
Psychology is the most important in trading. Thats why is not good to try to estimate the market and think it wont go higher coz usually it does, when you least expect.
I entered one more lot at 1.5650. Now I have 4 lots up and running
Edit: moved all my stops at 1.5650, which is 10 pips below the Weekly R1, which was just touched and seems to provide some resistance.
- #2,134
- Mar 26, 2008 10:56am Mar 26, 2008 10:56am
Psychology is the most important in trading. Thats why is not good to try to estimate the market and think it wont go higher coz usually it does, when you least expect.
I entered one more lot at 1.5650. Now I have 4 lots up and running
Edit: moved all my stops at 1.5650, which is 10 pips below the Weekly R1, which was just touched and seems to provide some resistance.
Gagiul, I'm quoting you again, because it made me rethink the situation. I went long again @ 1.5750. Thanks.
Btw, one of the best things I've learned is to flip the chart vertically and reexamine in from the opposite site. After I saw this strong "downtrend", I just "knew" it has to continue. See the attached vertically flipped 1h chart of EUR/USD.
- #2,136
- Mar 26, 2008 1:27pm Mar 26, 2008 1:27pm
This surge is crazy, I'm tempted to cash out at the resistance of 5830 or if it keeps going, 5902, but it hasn't shied away from any resistance point so far on this run up so I'll just keep trading the plan.
I have to let go of prematurely closing my trades, too! I've added another position @ 1.5820 (I've missed the original plan of 1.5810). I strongly suspect that the 1.5900 will be revisited. US had some weak reports out today and EU had some strong reports. The momentum is ON. My only concern are tomorrows Unemployment Claims in the US. I'll leave my trades open over the night. I wonder what will I dream this time...
But without Jacko's teachings, I would most probably still keep wondering, what is FX about...
Btw, I'm starting to notice I post too much.
Will shut up for a day or two, hehe.
- #2,137
- Mar 26, 2008 1:36pm Mar 26, 2008 1:36pm
Gagiul, I'm quoting you again, because it made me rethink the situation. I went long again @ 1.5750. Thanks.
Btw, one of the best things I've learned is to flip the chart vertically and reexamine in from the opposite site. After I saw this strong "downtrend", I just "knew" it has to continue. See the attached vertically flipped 1h chart of EUR/USD.
Anyway, I hope your position from 5750 is doing fine, you should be around +90 pips right now. This move has been crazy and obviously it took many unexpectedly. I got lucky, I guess, by jumping in at the right time and having those wounded soldiers along the way. My account has never seen such a big profit in such a short time. However, now I have to deal with myself not to become over confident, because I am just a newbie, not at all experienced in chasing a trend. I had a hard time trying to convince myself not to close the transaction when it was +100 pips or even +200 pips.
During these 2 days I realised the beauty and the importance of position trading - placing your buy orders, wait for the price to come to you, then go and do something else, enjoy life, come back, trail the stops and so on. I tried to spent as less time as possible in front of the computer because otherwise I tend to over judge the move and above all, you will not believe, try to find reasons to exit.
At .5700 I didnt even imagine that it will make it to .5850. But it did, and I wasnt here to witness it, coz if I did, I would have probably sit on the sidelines.Now I think it is obvious for many that euro will touch the high at .5900 soon. its only 50 pips left. from there we will see later.
I think now it is too late to buy anyway; like Jacko said, we have to find cheap deals, not to buy expensive. Bargains you can always find at 50% retracement.
I love this strategy. God bless Jacko.
We leave no soldier behind.