Jacko's Forex House of Pleasure and Pain | Page 118 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #2,341
  • Apr 1, 2008 9:26am Apr 1, 2008 9:26am
Long from 1.5575. 100 pip TSL. Good luck everyone.
  • #2,342
  • Apr 1, 2008 9:27am Apr 1, 2008 9:27am
Becarefull Seanchicago, you dont wanna catch this falling knife.
Please, read my post #2300.

Regards
Cut losses, Ride winners, Manage Risk, Stick with it & Master it
  • #2,343
  • Apr 1, 2008 9:28am Apr 1, 2008 9:28am
Quoting stewartr
Sean - I just read your comment.
What is interesting is: I had the exact opposite logic. I thought "we've had 3 days of price moving sideways, there's enough sellers around to absorb all the buyers".

Both of us had already formed an opinion (short or long bias) then used the exact same logic on the exact same price action to justify our opposite views.

Perhaps what was really happening was: price is moving sideways. There's no bias in direction just "now". Then when the price broke (either way) we could have stated "now the sellers are in control" or "now the buyers are in control".

Interesting that we both came with a bias of who was in control of a SIDEWAYS market.

Thank you for your post. I would never have realised that my own bias existed before the price confirmed anything, if you had not posted.
Believe it or not as I wrote the post I realized your view could be equally valid. It is sort of like on CNBC where after the close, if the market is up they pull reasons out of the bull's basket of reasons why we went up; or the opposite if we went down on the day. I always laugh at that as it is very easy after the fact to explain why we moved as we did.

As I said its best to claim ignorance.

-Sean
  • #2,344
  • Apr 1, 2008 9:31am Apr 1, 2008 9:31am
Quoting cecmc
Becarefull Seanchicago, you dont wanna catch this falling knife.
Please, read my post #2300.

Regards
Just closed at 91, 4 pip loss.
  • #2,345
  • Apr 1, 2008 9:32am Apr 1, 2008 9:32am
Quoting seanchicago
Long from 1.5595, 60 pip stop.

-Sean
trying to catch a falling knife or just being impatient....
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  • #2,346
  • Apr 1, 2008 9:35am Apr 1, 2008 9:35am
I say, "don't try to catch a falling knife" to all my friends too. Thanks for the post and the reminder. I will try to get long again when it feels right to me.

-Sean
  • #2,347
  • Apr 1, 2008 9:36am Apr 1, 2008 9:36am
S2 (1.5592) has now gone. I can't see anything in between the current price and S3 at 1.5436, which is a loooong way down. If it gets there, what a great price to get back in with.
  • #2,348
  • Apr 1, 2008 9:42am Apr 1, 2008 9:42am
Quoting jacko
Why do I trade Forex?
Because I am ABSOLUTELY CONVINCED that this is the best "business" in the world.


5. If the business becomes a hassle for whatever reason, you can shut it down (that is, close all positions) instantly...and re-open (initiate new positions) whenever YOU want to re-open your "business."


.
I'm most happy about this part of the biz, as I use #5 all the time.

-Sean
  • #2,349
  • Apr 1, 2008 10:02am Apr 1, 2008 10:02am
Quoting jacko
Clint Eastwood ??!! CLINT EASTWOOD ???!!!! He is REALLY old...

I see myself as a distinguished older version of Brad Pitt !!!! At least that's what Mrs Jacko tells me...

And I tell her she looks just like Angelina....LOL

.

Hi, Jacko Eastwood!!!

I will not thank you for all for that has been done enough here and still the words allways fall short.... You are giving us the chance to 'learn' forex.... and this is much more important than any imediate profit. At least for those of us who really take FX serious..... So, your help is indeed beyond words....You are teaching me to ''think'' forexwise.....

But I have to admit I have allways wondered how do you look like. And now things are getting more confused...I have a mixed image of Michael Jackson, Clint Eastwood and Brad Pitt in my mind....That doesnt look good....lol

So, would you be kindest to post a picture of you... It will kill the curiosity of many.....lol
Send the pic in, Clint !!!!

lol
''I am too sexy for my pips, too sexy for my pips, too sexy yeahhh...''
  • #2,350
  • Apr 1, 2008 10:28am Apr 1, 2008 10:28am
Quoting skyline
Hi Neil,
you have to locate the folder where you installed Metatrader and save the file in the experts folder, so most probably the path should looks like C:\Program Files\Metatrader\Experts, then open metatrader and you should see in the Navigator pan on the left the Jacko Helper EA v1 that you have to put on the chart you want to trail to.

Rgs,
Skyline
Many thanks Skyline - much appreciated.
every Saint has a past. Every Sinner has a Future
  • #2,351
  • Apr 1, 2008 11:29am Apr 1, 2008 11:29am
Short at 1.5778 10 pips below the low of the spike with a 100 pips S/L. With about 135 pips or so locked in, S/L reduced to 50 pips. Stopped out at 1.5619 with 159 pips. Time will tell if the S/L change was a wise decision. Probably not. We are now at 1.5590. Stepping aside at this point.
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  • #2,352
  • Apr 1, 2008 12:25pm Apr 1, 2008 12:25pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
SHORT!!!!!!!!!!!! caution please

please remember why you came to this thread, long positions are what we are looking for.

some maybe sitting out there thinking we have passed the 50% through by miles, but remember that it was only a spike that pushed the fib higher and the original fib was at 1.5600 on the nose and it's quite common to see a spike through a fib before the turn occurs. also if we look at the charts we can see this area has been tested from both sides so could offer some strong support - trade with caution

I'm long @1.5600 - buystop order placed earlier before taking the kids out, now filled - we wait and see.
  • #2,353
  • Apr 1, 2008 12:55pm Apr 1, 2008 12:55pm
Hi,

I have a pending buy order at 1.5525. Just in case if it drops that far. This is approximately where the price and the trendline would meet again, just the same as at 1.5350.


Just a guess of mine.
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  • #2,354
  • Apr 1, 2008 1:00pm Apr 1, 2008 1:00pm
It appears the knife is lying on the floor for the moment. Entered long again at 1.5595, with my patented 60 pip trailing stop.

~Sean
  • #2,355
  • Apr 1, 2008 1:11pm Apr 1, 2008 1:11pm
Quoting johnedoe
Jacko lanterns........ ahhhhh in a word NOOOOOOOOO
So we know how you feel. May I ask if you are a "turtle?" If not, then thanks for your opinion, I'll respect that.

But if you are, can we agree that the similarities between us and the original turtles are few? I do see "J16 turtles" and there may be others so perhaps "turtle" has taken on its own definition on this forum. But I think it shows a lack of imagination and in fairness to Jacko, he deserves more. I wonder if Richard Dennis became a friend and a mentor?

So I like Jacko Lantern. I like the play on words. And I like the parallels. I was surely being cut into something grotesque with the Forex knives. And Jacko has lit me up. You just got me started.

But that's just my opinion.
Wheels
  • #2,356
  • Apr 1, 2008 1:37pm Apr 1, 2008 1:37pm
I had a buy stop pending at 1.5650 this morning however the sellers are clearly still in control so i am withdrawing and waiting for the buyers to pick up the slack, perhaps at 1.5350 -1.5400 ish.

I don't catch knives or pick bottoms so when i do place another order it will likely be a buy stop and i will wait until the price is solidly changed direction. Boring but it works.
  • #2,357
  • Apr 1, 2008 2:09pm Apr 1, 2008 2:09pm
Quoting saskgui
I had a buy stop pending at 1.5650 this morning however the sellers are clearly still in control so i am withdrawing and waiting for the buyers to pick up the slack, perhaps at 1.5350 -1.5400 ish.

I don't catch knives or pick bottoms so when i do place another order it will likely be a buy stop and i will wait until the price is solidly changed direction. Boring but it works.

Very wise. Although I'm in, I think it's likely you have the correct method here. But then again I always second (& third, & fourth) guess myself.

Good luck,

Sean
  • #2,358
  • Edited 2:29pm Apr 1, 2008 2:19pm | Edited 2:29pm
I have a buy stop @ 1.5650 with 100 pip TSL. I will cancel it though if the price makes new low on a hourly chart prior to order filling.

Ocean
  • #2,359
  • Apr 1, 2008 2:50pm Apr 1, 2008 2:50pm
Hey guys.

I am wondering what would jacko do after this drop ? Is it time to go long with an AH stop ? or am i too impatient ?
  • #2,360
  • Apr 1, 2008 3:02pm Apr 1, 2008 3:02pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Student
Hey guys.

I am wondering what would jacko do after this drop ? Is it time to go long with an AH stop ? or am i too impatient ?
You have the method in your tool box, work it out. firstly work on your MM and decide how many trades you can use of Xpositions, then decide if the current price is a good one or not.

basically you need to decide on wether you are prepaired to be stopped out at the current price and then collect it later via the AH, if your affaid reduce your trade size to reduce the stress until your comfortable with the method.

For me i have 3 areas that look like good entries and i will trade them all and then AH the fallen soldiers, my MM allows this.

Hope this helps, no one can tell you if your impatient, this will be clear to see when you analise your trades later - what, where, when, how and why.

Best of pips

MPP
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