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Jacko's Forex House of Pleasure and Pain

  • #2,241
  • Mar 28, 2008 3:08pm Mar 28, 2008 3:08pm
Quoting jacko
.

I believe that now would be an interesting time to try the Counter Trend Strategy....

Go to blog to confirm details.

But I could be wwwrong !!!


.
What, did hell freeze over!

I liked your follow the trend strategy because it works perfect for trading on a conservative account successfully. I would only counter trade on a aggressive account mostly trading my beloved derby horse the "guppy" where I use some indicators as support (GBP/JPY is one of the if not the most volatile pairs but it can be the most predictable)...
  • #2,242
  • Mar 28, 2008 6:33pm Mar 28, 2008 6:33pm
Sean, Ive enjoyed reading your posts. They've been pretty insightful.

I think it's just a matter of "when" not "if" there is going to a major euro correction and dollar stabilzation. I would not be a bit suprised to see this train change course very soon.

We already hear the rumblings of G7 intervention into the US dollar situation.
  • #2,243
  • Mar 28, 2008 6:38pm Mar 28, 2008 6:38pm
Regarding the AH strategy.

"Why wait another 50 pips below what you were originally stopped out at? why not get in sooner, or what if that entry point (50 pip below your stop) doesn't come around and the train keeps rollin upward?
  • #2,244
  • Mar 28, 2008 6:43pm Mar 28, 2008 6:43pm
On Friday night you wish it was Monday because the market will be open again.

  • #2,245
  • Mar 28, 2008 6:44pm Mar 28, 2008 6:44pm
It seems like I'm just haveing all kinds of ideas tonite while I drink my strong coffee......sorry

Calling a Euro Top

As far as calling a Euro top, I'm convinced the euro will never be par with the pound.

I just don't see the euro going that high.

I'd be interested what the others think?
  • #2,246
  • Edited 7:20pm Mar 28, 2008 7:11pm | Edited 7:20pm
Quoting trader john
Regarding the AH strategy.

"Why wait another 50 pips below what you were originally stopped out at? why not get in sooner, or what if that entry point (50 pip below your stop) doesn't come around and the train keeps rollin upward?
the idea about letting it go a full 50 pips is that when it comes back to the A-H level there is a higher chance it will continue through and become a profitable trade.

I sort of think of it like it is an opposite to the stop loss. If you say only let it fall 10 - 20 pips then this is an amount that is commonly only noise so it is much more likely that your A-H will be pre-maturely picked up and then stopped out again for a further 50 (or 100) pips loss.

Therefore by allowing the market to fall an amount greater than 50 pips you are basically setting yourself up for a trade in the direction of the next short to medium term trend in the direction of the long term trend, whether it happens the same date or days or weeks later.

As far as the second part of the question if you are unlucky and the market only falls say 20 pips before heading back up then you put the A-H trade in the memory bank and wait for the inevitable time the market does come back through and when it is below the 50 pips below the original stop loss point set the A-H trade in place. May take weeks or months but that doesn't matter. In the event that the market doesn't retreat again for a long time and then when it does you decide the market's long term trend has changed to a short then so be it. You lose the 50 pips (probably less) and put it down to experience. After all, with proper money management the 50 pips shouldn't cripple you account. The other thing is if the market has gone up to such a degree as this scenario takes place months later you shold have made lots of pips going with the major trend anyway.

Sorry for the waffle,

Hope this helps

K8
  • #2,247
  • Mar 28, 2008 8:05pm Mar 28, 2008 8:05pm
Quoting trader john
Sean, Ive enjoyed reading your posts. They've been pretty insightful.

I think it's just a matter of "when" not "if" there is going to a major euro correction and dollar stabilzation. I would not be a bit suprised to see this train change course very soon.

We already hear the rumblings of G7 intervention into the US dollar situation.
Thanks, although I think I am getting more out of writing them than you are probably getting from reading them.

I agree that there will be dollar corrections in the future. I would suggest that it is fun to speculate on the when, the where, and the how far, but do not trade on these opinions. As other posters are emphasizing; continue trading the trend. The market will let us know when that changes. (And when it does "There Will Be Blood".)

Thanks again,

Sean
  • #2,248
  • Mar 28, 2008 8:43pm Mar 28, 2008 8:43pm
seanchitown. Bravo, well said.
Hej.
  • #2,249
  • Mar 29, 2008 7:35am Mar 29, 2008 7:35am
Hello everyone,

could somebody PM me please, who uses EFX Group / MB Trading as their broker? I have a question about adding subsequent positions and about the trailing stop loss. Thanks!
  • #2,250
  • Mar 29, 2008 8:55am Mar 29, 2008 8:55am
How about their customer service number? did you try that?



Quoting hendrix
Hello everyone,

could somebody PM me please, who uses EFX Group / MB Trading as their broker? I have a question about adding subsequent positions and about the trailing stop loss. Thanks!
  • #2,251
  • Mar 29, 2008 1:53pm Mar 29, 2008 1:53pm
Quoting pavlov0032
How about their customer service number? did you try that?
They don't work for weekends, but I've managed to find a partial answer to my question in one of their webinars. You can't have two separate long (or short) positions in the same currency pair (EUR/USD in my case), but only one "combined" position, with and average price showing (which I wasn't aware of until I tried it). But I don't understand yet how the Trailing Stop Loss works in this case. Am I having only one TSL for my combined position or are my TSL's still individually set for my first and for my second (add-on) trade. Anyway, this is not the place where I should be asking this question, but this is what I was wondering about.
  • #2,252
  • Mar 29, 2008 6:32pm Mar 29, 2008 6:32pm
Thats a BS broker, just switch to any broker who uses MT4 platform (InterbankF or any other) and you can do either manual or automated Jacko style trailing stops (the build in trailing stop i MT4 is trailing in profit).




Quoting hendrix
They don't work for weekends, but I've managed to find a partial answer to my question in one of their webinars. You can't have two separate long (or short) positions in the same currency pair (EUR/USD in my case), but only one "combined" position, with and average price showing (which I wasn't aware of until I tried it). But I don't understand yet how the Trailing Stop Loss works in this case. Am I having only one TSL for my combined position or are my TSL's still individually set for my first and for my second (add-on) trade. Anyway, this is not the place where I should be asking this question, but this is what I was wondering about.
  • #2,253
  • Mar 29, 2008 10:21pm Mar 29, 2008 10:21pm
Yeah.... MT4 borkers are just wonderfull.... READ THIS THREAD (http://www.forexfactory.com/showthread.php?t=70582)
Same Whore .... Different Dress
  • #2,254
  • Mar 29, 2008 11:23pm Mar 29, 2008 11:23pm
I don't understand your paranoia, you seem to think that MT4 is an evil piece of software that brokers can play with the way they want?

Then how come I get same quotes, same spikes as everyone else?

An software can be rigged the way you wanted- MB trading or any other..

I have not noticed any evil behavior in mt4 platform - perhaps you need to re examine your trading style and shift responsibility of your orders from mt4 brokers on yourself.




Quoting johnedoe
Yeah.... MT4 borkers are just wonderfull.... READ THIS THREAD (http://www.forexfactory.com/showthread.php?t=70582)
  • #2,255
  • Mar 29, 2008 11:42pm Mar 29, 2008 11:42pm
Quoting pavlov0032
Thats a BS broker, just switch to any broker who uses MT4 platform (InterbankF or any other) and you can do either manual or automated Jacko style trailing stops (the build in trailing stop i MT4 is trailing in profit).
I don't mean to derail the conversation but I want to warn people of using MT4 trail stops.

Say you right click on your order and set a trailing stop of 50 pips.

They will NOT start trailing until you are 50 pips in profit.

In other words they will NOT start trailing until you have profit equal to your trailing stop in pips.

That would definitely increase your exposure as Jacko's method sets the expectation to almost never hit the full 50 pips stop. (In fact that has only happened once since we joined the first group and the soldier was recovered later)
  • #2,256
  • Mar 30, 2008 2:10am Mar 30, 2008 2:10am
Quoting charlinks
They will NOT start trailing until you are 50 pips in profit.
Yes, it's a bit of strange thinking on behalf of the MT4 programmers but I'm sure an EA could be written to bypass this.
The market reveals who we really are...
  • #2,257
  • Mar 30, 2008 4:01am Mar 30, 2008 4:01am
Quoting pavlov0032
Thats a BS broker, just switch to any broker who uses MT4 platform (InterbankF or any other) and you can do either manual or automated Jacko style trailing stops (the build in trailing stop i MT4 is trailing in profit).

Hi,

No no, I love EFX (not to mention, that they are ECN (http://www.forexfactory.com/showthread.php?t=8046) type of broker), just that I don't understand the TSL on multiple EUR/USD positions. But I use InterbankFX's MT4 for charting... And I'll stop using that too, after EFX introduces the Remote Trader. Oh, and the pip-by-pip TSL works wonderful also. (no, I'm not affiliated with EFX and I don't work for them )

Anyway, let's drop the subject. There are many other "rate my broker" threads around. I just wanted to ask for some help... But it's not critical.

What a wonderful Sunday afternoon it is... I'm off to biking!!!
  • #2,258
  • Mar 30, 2008 8:39am Mar 30, 2008 8:39am
Yes, thats true, but there JACKO stop EA for MT4 already written and posted here:

(and it work very well, esp when I'm sleeping)

http://www.forexfactory.com/showthread.php?t=44285

Quoting charlinks
I don't mean to derail the conversation but I want to warn people of using MT4 trail stops.

Say you right click on your order and set a trailing stop of 50 pips.

They will NOT start trailing until you are 50 pips in profit.

In other words they will NOT start trailing until you have profit equal to your trailing stop in pips.

That would definitely increase your exposure as Jacko's method sets the expectation to almost never hit the full 50 pips stop. (In fact that has only happened once since we joined the first group and the soldier was recovered later)
  • #2,259
  • Mar 30, 2008 11:29am Mar 30, 2008 11:29am
Is there any major disadvantages useing a market maker broker instead of an ecn?

If wondered if all the mrket maker brokers are high tech bucket shops?

I'd like to hear your experiences.

Thank you
  • #2,260
  • Mar 30, 2008 12:03pm Mar 30, 2008 12:03pm
Hi friends,

before I'm off to watch Star Trek (hehe... yeah, I like Star Trek very much) I'd like to share with you 2 textbook examples of Technical Analysis on channels and trendlines, since both are part of tools that Jacko uses.

  1. Channel lines have measuring implications. Once a breakout occurs from an existing price channel, prices ususally travel a distance equal to the width of the channel. Therefore, the user has to simply measure the width of the channel and then project that amount from the point at which either trendline is broken. (Technical Analysis of the Financial Markets, Page Nr. 85) - See the channels attachment.

  1. In other words, if in the prior uptrend, prices moved 50 units the up trendline (measured vertically), then prices would be expected to drop that same 50 units below the trendline after it´s broken. (Technical Analysis of the Financial Markets, Page Nr. 74) - See the trendline attachment.

Have a nice start of the week.

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