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zoopy's trading journal

  • #321
  • Apr 2, 2008 4:21pm Apr 2, 2008 4:21pm
Quoting yamin151
My AH trade was entered at exactly 50 pips below my first i.e. 1.5550, this can be seen on the attachment. I think this is the right approach. Thanks for your input, always glad to learn,

Jonathan
I'm a little confused. Based on what I'm seeing on your chart...
Bought at: 1.5600
Stopped out at: 1.5550

Your AH order should not have been placed until price dropped down to at least 1.5500 and below. The lowest price I have showing on my charts is 1.5532.
  • #322
  • Apr 2, 2008 4:24pm Apr 2, 2008 4:24pm
Quoting static
Oh, and Zoopy, I am following your journal with great interest. Don't be afraid to drop by my place if you get a chance. I always keep beer in the fridge. ("Static's Place)
Thanks for dropping by Static. I'll be sure to drop by your journal.
  • #323
  • Apr 2, 2008 10:41pm Apr 2, 2008 10:41pm
Quoting yamin151
My AH trade was entered at exactly 50 pips below my first i.e. 1.5550, this can be seen on the attachment. I think this is the right approach. Thanks for your input, always glad to learn,

Jonathan
It seems like what you're doing is averaging down. In this case it worked for you but it is a dangerous way to trade. At least most traders will tell you that.

Actually, I suppose it would only be averaging down if you kept your initial position... so I guess I'll call it chasing a trade in the wrong direction.

The purpose of the AH is to get you back in where you were stopped out but only when it is likely that the market has turned around (Which is why you must wait for >50 pips before reentering an order). In reference to the highlighted text above, it should read -- My AH order was placed at 1.5550 once the market dropped to 1.5500. ( Which it didn't...it only hit 1.5532). Just entering a trade 50 pips below your original entry point only has the effect of doubling your risk in a market which is still heading down.

I don't mean to sound like I'm attacking you, I'm not, I just don't want to see you get burned. Maybe go back and read the start of Jacko's House of Pleasure and Pain one more time and compare it to your trade.

Good trading, I look forward to learning along with you .

-Static
  • #324
  • Apr 3, 2008 4:06am Apr 3, 2008 4:06am
Quoting static
It seems like what you're doing is averaging down. In this case it worked for you but it is a dangerous way to trade. At least most traders will tell you that.

Actually, I suppose it would only be averaging down if you kept your initial position... so I guess I'll call it chasing a trade in the wrong direction.

The purpose of the AH is to get you back in where you were stopped out but only when it is likely that the market has turned around (Which is why you must wait for >50 pips before reentering an order). In reference to the highlighted text above, it should read -- My AH order was placed at 1.5550 once the market dropped to 1.5500. ( Which it didn't...it only hit 1.5532). Just entering a trade 50 pips below your original entry point only has the effect of doubling your risk in a market which is still heading down.

I don't mean to sound like I'm attacking you, I'm not, I just don't want to see you get burned. Maybe go back and read the start of Jacko's House of Pleasure and Pain one more time and compare it to your trade.

Good trading, I look forward to learning along with you .

-Static

Thanks static and zoopy for putting me right. I do seem to have misunderstood the principles. I am currently in a losing trade applying my version of the rules! Fortunatly I am still only using a demo account so the process is not too painful. I will amend my rules so that they reflect Jackos properly.
Static, I certainly do not feel attacked. I always welcome anyone elses opinion. I have just stepped onto this long road and I dont believe it has an end. I love to learn new things and your opinions are valued.

Jonathan
Yamin On Demo until I am sure!!!!
  • #325
  • Apr 3, 2008 6:09pm Apr 3, 2008 6:09pm
Quoting yamin151
Thanks static and zoopy for putting me right. I do seem to have misunderstood the principles. I am currently in a losing trade applying my version of the rules! Fortunatly I am still only using a demo account so the process is not too painful. I will amend my rules so that they reflect Jackos properly.
Static, I certainly do not feel attacked. I always welcome anyone elses opinion. I have just stepped onto this long road and I dont believe it has an end. I love to learn new things and your opinions are valued.

Jonathan
No worries

I had a feeling perhaps you misunderstood the one rule based on what you were telling me so had to clarify that. I too made the same mistake when I first started using Jacko's method which is why I had a few losses and couldn't figure out what was going wrong.
  • #326
  • Apr 4, 2008 8:04am Apr 4, 2008 8:04am
Shorted the eurusd at 1.5760 based on the following criteria.

1. I'm bearish (short-term). I think we're in a corrective phase
2. Euro made a run up of around 1000 pips from the break of it's daily trendline
3. Double top - failed to break 1.5900 on the last attempt up
4. We are forming a beob on the 4 hour
5. Based on my line chart, there's resistance (although only one reference point) at 1.5758

* possible short targets
1.5150 (50.0% fib retracement on daily)
1.4850 (trendline break)


See attached charts
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd_daily_apr4.gif Size: 9 KB
Click to Enlarge Name: eurusd_4h_beob.gif Size: 12 KB
  • #327
  • Apr 4, 2008 8:15am Apr 4, 2008 8:15am
Quoting zoopy
Shorted the eurusd at 1.5760 based on the following criteria.

1. I'm bearish (short-term). I think we're in a corrective phase
2. Euro made a run up of around 1000 pips from the break of it's daily trendline
3. Double top - failed to break 1.5900 on the last attempt up
4. We are forming a beob on the 4 hour
5. Based on my line chart, there's resistance (although only one reference point) at 1.5758

* possible short targets
1.5150 (50.0% fib retracement on daily)
1.4850 (trendline break)


See attached charts
.

At least, we're on the same side, Adrian....
Not 100% sure about this trade though.

p.s. checkout cable on daily...

.
  • #328
  • Apr 4, 2008 8:27am Apr 4, 2008 8:27am
Quoting raczekfx
.

At least, we're on the same side, Adrian....
Not 100% sure about this trade though.

p.s. checkout cable on daily...

.
I still think it's going down. Like Jacko says, when euro turns around, it's like an ocean liner lol. It will most likely be one very choppy move down... could also be wrong and it shoots up against me but we'll see. Can't be right all the time :
  • #329
  • Apr 4, 2008 11:19am Apr 4, 2008 11:19am
Quoting zoopy
I still think it's going down. Like Jacko says, when euro turns around, it's like an ocean liner lol. It will most likely be one very choppy move down... could also be wrong and it shoots up against me but we'll see. Can't be right all the time :
Zoopy,
You say you think that we are headed down. Why do you think this?

Jonathan
Yamin On Demo until I am sure!!!!
  • #330
  • Apr 4, 2008 11:54am Apr 4, 2008 11:54am
Quoting yamin151
Zoopy,
You say you think that we are headed down. Why do you think this?

Jonathan

Yes I think we may be headed down for a correction of some sort. I have a number of reasons (keep in mind this is my analysis) and I could still be wrong. The market will tell me if I'm right or wrong, in the end the market is always right. Other than the reasons I listed in post#326...

1. We may end the week with a weekly doji (usually a sign of a reversal)
2. Since breaking the trendline at 1.4900, we have not come back to confirm that break.
3. Personally I think if we were headed higher, today after NFP we should have broken 1.5800 (but we didn't).
4. I'm noticing the moves up seem to be weaker... everytime price keeps sagging down to 1.5700. It also did this when we were at the 1.5800 level.

One thing I'm still learning is trying to get a feel for price and it's behaviour. For example... if the strategy calls for buying at a round number, lets say 1.5800. You buy at 1.5800 and price goes up to 1.5830 then drops back down to 1.5800 again, that's a sign that there aren't enough buyers at 1.5800. If there was, we would have made it to 1.5900. What I've noticed since observing price, when there are strong buyers at a level, they usually push it to the next level. If there aren't, the price will drop to the level below. The move for today, we didn't make it to 1.5800 so if we fall below 1.5700, there's a good chance we'll be seeing 1.5600.
  • #331
  • Apr 4, 2008 1:05pm Apr 4, 2008 1:05pm
Thank you. Have a good weekend,

Jonathan
Yamin On Demo until I am sure!!!!
  • #332
  • Apr 4, 2008 1:24pm Apr 4, 2008 1:24pm
Quoting zoopy
Shorted the eurusd at 1.5760 based on the following criteria.
Very nice analysis, thanks.
  • #333
  • Apr 4, 2008 5:26pm Apr 4, 2008 5:26pm
Quoting Khornate8
I'm going away for 4 days where I wont have access to a computer. Have left the trade as is with 100 pip SL at 1.5874. Lets see if I am still in when I get back and for how much...

K8
Hello all,

back from the time away and found I was stopped out at the start for a loss of 100 pips. I have decided that for the time being, until I master the principle method of Jacko's trading that I will stick with Long Trades and leave the CT trades for those with more experience and profits.

LOLs about Bernanke going 5 for 6.

Zoopy, love the way this thread is going. Since coming back I read all the posts since I left and it is good it is sticking to good educational content on the rules (with a little price action) and only constructive criticism as opposed to blown out egos and carryon. Keep up the good work.

For the record I am looking at getting in Long around 1.5700 next week. Hopefully this will be after you guys that have gone short make a few good pips and then it goes north. I don't know much about price action but looking at the daily chart there appears to be a few pinnochio noses on the short side with the last day being a solid bullish candle.

Again, keep up the good work,

K8
  • #334
  • Apr 4, 2008 7:19pm Apr 4, 2008 7:19pm
Quoting yamin151
Thank you. Have a good weekend,

Jonathan
You too. Have a good weekend
  • #335
  • Apr 4, 2008 7:34pm Apr 4, 2008 7:34pm
Quoting Khornate8
Hello all,

back from the time away and found I was stopped out at the start for a loss of 100 pips. I have decided that for the time being, until I master the principle method of Jacko's trading that I will stick with Long Trades and leave the CT trades for those with more experience and profits.

LOLs about Bernanke going 5 for 6.

Zoopy, love the way this thread is going. Since coming back I read all the posts since I left and it is good it is sticking to good educational content on the rules (with a little price action) and only constructive criticism as opposed to blown out egos and carryon. Keep up the good work.

For the record I am looking at getting in Long around 1.5700 next week. Hopefully this will be after you guys that have gone short make a few good pips and then it goes north. I don't know much about price action but looking at the daily chart there appears to be a few pinnochio noses on the short side with the last day being a solid bullish candle.

Again, keep up the good work,

K8

lol. I wasn't sure how to treat Bernanke's results this week because he spoke on 2 days I believe. On the 2nd day, the euro was down but an hour before he was about to speak, it started going up aggressively. So I guess we're at 6 of 7?

Thanks for your compliments on my journal. I prefer having educational content in here instead of trades. Today was an exception but there was educational information behind it. I will also need this information for the future (plus it may get other trader's thinking and maybe they'll find something I haven't considered yet) when this happens again so I know how to trade it.

As for egos... lets just say those who have too big of an ego the market will eventually humble them Today's trade is a good example. I could give a million reasons of why the euro is headed down and I could say I'm dead sure because of PA or whatever other tools I may be using. In the end I could still lose because the market is always right lol. Keep in mind you may have a million reasons why the market is going down, BUT... there is most likely a million reasons why it could also go up too.

My thoughts on the euro counter trend trade (which is my first)... still not sure about it. Based on the information I have at the given time I think it's a good trade whether it wins or loses, however I think it's way easier to trade just in one direction. I'm already finding it more complicated when trading the other way because now I have to think about whether I continue taking short trades and where do I look to go long again.
  • #336
  • Edited 4:26am Apr 5, 2008 1:33am | Edited 4:26am
Zoopy,

I really hate to ask this question because I know I am going off topic, but I am having real problems posting charts. When I cut and paste nothing seems to happen and if I use the insert image button it asks me for a url address which is all it then puts in the post. I have got so many questions re price action and would love to include charts. Can you help.....please,

Jonathan
Yamin On Demo until I am sure!!!!
  • #337
  • Apr 5, 2008 9:57am Apr 5, 2008 9:57am
Quoting yamin151
Zoopy,

I really hate to ask this question because I know I am going off topic, but I am having real problems posting charts. When I cut and paste nothing seems to happen and if I use the insert image button it asks me for a url address which is all it then puts in the post. I have got so many questions re price action and would love to include charts. Can you help.....please,

Jonathan
Not a problem. I didn't know how to post charts before. Won't know if you don't ask

If you're using MT4 (Metatrader), do the following:
1. right click on the chart
2. select "save as picture"
3. select either "active chart as is" or "active chart" and specify the size
4. save it as a ".gif" file

Once you've done the above, do the following in your posts:
1. click on the "paperclip" icon
2. there will be 2 slots with "browse" next to it
3. where there is browse, find your file (click the browse button) and upload it

*when you've completed your message, click on preview post at the bottom to see if the chart attaches.

With regards to PA questions, sure, ask away. Although depending on if it's related specifically to the J16 PA setups, it may be better to ask in the James16 Chart Thread instead since they have more indepth knowledge than I do.
  • #338
  • Apr 5, 2008 1:33pm Apr 5, 2008 1:33pm
Thanks zoopy for your time. This method attaches the file but how do you get your image to show up as part of your message without having to open an attachment,

Jonathan
Yamin On Demo until I am sure!!!!
  • #339
  • Apr 6, 2008 12:17am Apr 6, 2008 12:17am
Quoting yamin151
Thanks zoopy for your time. This method attaches the file but how do you get your image to show up as part of your message without having to open an attachment,

Jonathan
Jonathan

I'm not quite sure I understand your question. The way I've described to you is the exact way I post charts up in the forums (whether it be in my journal or other threads). It won't show up in your actual message box but when you click on "preview post" it will show exactly how it will appear after you click on "submit reply.

Hope this helps.
  • #340
  • Apr 7, 2008 7:58pm Apr 7, 2008 7:58pm
Well... that move came out of nowhere LOL. So much for that bearish view. Come to think of it, I think this spike moved more than on NFP and it's during Asian session?

I'm now switching over to a bullish view and will only take long trades. Even though my counter trend trade was profitable, for what it's worth, not only am I finding counter trend trading to be way more riskier but it's just making things more complicated than they have to be. Just find the trend and trade with it, no thinking involved. Judging by this move up, I would have made probably about 3 times more than the counter trend trade. Mind you... this is in a ranging period too and we're near the highs.

Woulda, coulda, shoulda... aRGhhHH
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