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Jacko's Forex House of Pleasure and Pain

  • #2,421
  • Apr 3, 2008 5:29am Apr 3, 2008 5:29am
Quoting hendrix
My trend line is at 1.5550 on the 4h chart.

Thanks. Zoomed in and noticed I'd missed some lows by a few points. I now get it at 1.5545, which is near enough I think.
  • #2,422
  • Apr 3, 2008 5:29am Apr 3, 2008 5:29am
gagiul

I like that thought process. The ta looks good & has merit using the close of the 4H candle & trendline. Tks for sharing your always informative views & ta.

Ace
  • #2,423
  • Apr 3, 2008 5:32am Apr 3, 2008 5:32am
Jedsman

Tks for sharing your views. I'm always learning from each.

AceTrader
  • #2,424
  • Apr 3, 2008 5:37am Apr 3, 2008 5:37am
Quoting acetrader
Jedsman

Tks for sharing your views. I'm always learning from each.

AceTrader
Thanks Ace, I hope one day to be as helpful as yourself.


My hastily re-drawn 4hr trendline has just been breached. Let's see if it holds.
  • #2,425
  • Apr 3, 2008 5:51am Apr 3, 2008 5:51am
Good CT strategy would be to wait for a consolidation on an hourly chart and then place a sell stop at the breakout. If I see this happening I will consider going short in this market.

Ocean
  • #2,426
  • Apr 3, 2008 6:00am Apr 3, 2008 6:00am
Jedsman

Tks for those kind words.

AceTrader
  • #2,427
  • Apr 3, 2008 6:00am Apr 3, 2008 6:00am
Quoting jedsman
Thanks. Zoomed in and noticed I'd missed some lows by a few points. I now get it at 1.5545, which is near enough I think.
I would like to run my last setup by you more experienced traders as I am still very much a newbie here. I placed a buy limit last night at 1.56 based on round number, 50% fib and 4hr trend line confluence. From my reading of this thread this seemed like a good 'Jacko' setup. Got triggered this morning and went straight south for a 50 pip loss. Reading other posts seems like everyone else was going short on CT approach. If my setup was ok then fine, AH will be used but did I miss something obvious that should have kept me out. Appreciate any comments....
  • #2,428
  • Apr 3, 2008 6:11am Apr 3, 2008 6:11am
Quoting lesterthecat
I would like to run my last setup by you more experienced traders as I am still very much a newbie here. I placed a buy limit last night at 1.56 based on round number, 50% fib and 4hr trend line confluence. From my reading of this thread this seemed like a good 'Jacko' setup. Got triggered this morning and went straight south for a 50 pip loss. Reading other posts seems like everyone else was going short on CT approach. If my setup was ok then fine, AH will be used but did I miss something obvious that should have kept me out. Appreciate any comments....
A stop loss of 50 pips at 56 is not enough, taking into account that it has a support at 5525, the minimum day March 25, you should have put the stop sign below this support. I have now entered long in 5540, is a risk of 20 pips, because if he breaks the 5525 tour possibly be short. It's a risk I take for a big reward, if not successfully collect the soldier later.
  • #2,429
  • Apr 3, 2008 6:15am Apr 3, 2008 6:15am
Quoting lesterthecat
I would like to run my last setup by you more experienced traders as I am still very much a newbie here. I placed a buy limit last night at 1.56 based on round number, 50% fib and 4hr trend line confluence. From my reading of this thread this seemed like a good 'Jacko' setup. Got triggered this morning and went straight south for a 50 pip loss. Reading other posts seems like everyone else was going short on CT approach. If my setup was ok then fine, AH will be used but did I miss something obvious that should have kept me out. Appreciate any comments....
In my opinion your setup was just fine. What differentiates good traders from the best traders is that the best traders are aware of the big picture. EUR/USD is still bullish in the long term but what everybody is anticipating now is a correction of the bull trend lasting a couple of weeks. However they all could be wrong.

Keep your AH in place and everything should be just fine.

Ocean
  • #2,430
  • Apr 3, 2008 6:16am Apr 3, 2008 6:16am
Quoting lesterthecat
I would like to run my last setup by you more experienced traders as I am still very much a newbie here. I placed a buy limit last night at 1.56 based on round number, 50% fib and 4hr trend line confluence. From my reading of this thread this seemed like a good 'Jacko' setup. Got triggered this morning and went straight south for a 50 pip loss. Reading other posts seems like everyone else was going short on CT approach. If my setup was ok then fine, AH will be used but did I miss something obvious that should have kept me out. Appreciate any comments....

I would be careful with long positions at the minute, as the E$ may be in a correction. The price has been bouncing from the 4hr trend line to the 50% fib of 1.5618. Might be good to wait for either of these to break and show a direction. Also, 50 pips stop in the current volatile market will stop you out more often than not. Try halving your lot's and double the stop to 100.
  • #2,431
  • Apr 3, 2008 6:23am Apr 3, 2008 6:23am
hi lester.4 basic things :
1.for a buy order you should wait for the daily candle to close first(1.5687)and put a limit order @1.5703(daily high+spread)
2.the trend is up but that doesnt mean we wont have retracements before the market starts??heading back up.
3.yesterdays candle seemed like a PIN bar but it wasnt when it closed
4.to play safer wait for the daily candle to have a higher high + a higher low and in the next day enter as 1 with a 50-60 trailing stop
happy journey...
  • #2,432
  • Apr 3, 2008 6:35am Apr 3, 2008 6:35am
The price has just bounced of todays S1.5 line (1.5519) after dropping through the H4 trendline. If it goes through this, then it may become resistance.
  • #2,433
  • Apr 3, 2008 6:55am Apr 3, 2008 6:55am
Lesterthecat

You have been give some very good advice by all that have responded & what I would add would just be repeating what as already been stated. I would keep the AH in place. I do see this as not a time to be long or going long as the 5550 level has not held as support. It is POSSIBLE 5400-5350 may be seen before it turns up again. The trade you posted looked sound in its merits, but sometimes even the best planned trade will not work out.

Tks for sharing your trades so we all might learn from them.

Ace
  • #2,434
  • Apr 3, 2008 7:33am Apr 3, 2008 7:33am
Short from 1.5570, 50 pip stop.

Sean
  • #2,435
  • Apr 3, 2008 7:36am Apr 3, 2008 7:36am
If we reach 5520, again will use 100 pip tsl. Half position size.

Sean
  • #2,436
  • Apr 3, 2008 7:44am Apr 3, 2008 7:44am
Quoting acetrader
Lesterthecat

You have been give some very good advice by all that have responded & what I would add would just be repeating what as already been stated. I would keep the AH in place. I do see this as not a time to be long or going long as the 5550 level has not held as support. It is POSSIBLE 5400-5350 may be seen before it turns up again. The trade you posted looked sound in its merits, but sometimes even the best planned trade will not work out.

Tks for sharing your trades so we all might learn from them.

Ace
Ace and all who have commented. Many thanks for the feedback, really appreciated. I think I understand the basic strategy but need to gain that wider perspective on the market somehow. Experience and many more trades I guess.
  • #2,437
  • Apr 3, 2008 8:03am Apr 3, 2008 8:03am
Quoting lesterthecat
I would like to run my last setup by you more experienced traders as I am still very much a newbie here. I placed a buy limit last night at 1.56 based on round number, 50% fib and 4hr trend line confluence. From my reading of this thread this seemed like a good 'Jacko' setup. Got triggered this morning and went straight south for a 50 pip loss. Reading other posts seems like everyone else was going short on CT approach. If my setup was ok then fine, AH will be used but did I miss something obvious that should have kept me out. Appreciate any comments....
i think you didnt miss anything obvious. You just need more experience in order to "get to feel the market" as they say. This is where discretion steps in. Your buy order is perfectly correct, so you dont need to be dissapointed coz you were stopped out. It happens, and AH always recovers your losses. I hope you had it in place.
We leave no soldier behind.
  • #2,438
  • Apr 3, 2008 8:05am Apr 3, 2008 8:05am
Quoting gagiul
hey guys, this is my view on the counter trend strategy: Since now Euro is clearly in a short -term or medium term reversal, i would go for some counter trades as well, since its not in my nature to stay too long on the sidelines.

My strategy is to wait until the current 4H candle is closed and if the price will still be deeply under the red trendline, I will take a short with TP 5350. There are 200+ pips available there.

My last trade was a long from 5620, trailed by 50 pips, since I didnt feel confident in the trade, and stopped out at 5651. 30+ pips.
It seems that my Counter Trend strategy faded away with the new setup on 4H Its always good to wait until candle close and not jump in right away.
As i write this, Euro just made a nice doji or PB on 4H on the ascending trendline so this is a good sign to buy IMHO. I just bought now at 5600, stop 100 under the low of the PB. Lets see how this goes.
Attached Image (click to enlarge)
Click to Enlarge Name: euro copy.jpg Size: 333 KB
We leave no soldier behind.
  • #2,439
  • Apr 3, 2008 8:12am Apr 3, 2008 8:12am
We are getting some upside pressure now, but if 5600 holds I'd say those that have gotten short will see the gains. I'm still out, but there is PROBABLY more room left in the downside before it turns up again. Look @ the 4H chart & the trendline on that. If PRICE gets below 5550 & 5500 I would look for much lower, but I could be wrong & probably am.

AceTrader
  • #2,440
  • Apr 3, 2008 8:36am Apr 3, 2008 8:36am
Quoting gagiul
i think you didnt miss anything obvious. You just need more experience in order to "get to feel the market" as they say. This is where discretion steps in. Your buy order is perfectly correct, so you dont need to be dissapointed coz you were stopped out. It happens, and AH always recovers your losses. I hope you had it in place.
I waited for the 50 pip drop but it turned round a few pips higher. So no AH yet but will do so when/if it drops below 1.50
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