Jacko's Forex House of Pleasure and Pain | Page 124 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #2,461
  • Apr 4, 2008 3:58am Apr 4, 2008 3:58am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
understanding the trend seems to cause some issues round here lately, will every please look at the Weekly charts, any price that remains above 1.4000 is considered a correction, however we would look for a break of the daily TL and assess the world situation regards the Euro to try and get in early on the short trend and target the blue box area were we would either expect the trend to continue up or confirm the new down trend - just my view on trends

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  • #2,462
  • Apr 4, 2008 4:05am Apr 4, 2008 4:05am
Quoting MPP
understanding the trend seems to cause some issues round here lately, will every please look at the Weekly charts, any price that remains above 1.4000 is considered a correction, however we would look for a break of the daily TL and assess the world situation regards the Euro to try and get in early on the short trend and target the blue box area were we would either expect the trend to continue up or confirm the new down trend - just my view on trends

I think the "problem" lies in people being impatient when they are not in the market (I am sometimes guilty of this, myself) and so when the price falls for a couple of days, people think there must be opportunity in shorting (especially when they hear others making money going short). They're right. There is opportunity in shorting but this is not relevant to the system described in this thread therefore it ought to be taken elsewhere. Anyone who wants to talk about shorting should really go here: http://www.forexfactory.com/showthread.php?t=10372

The market reveals who we really are...
  • #2,463
  • Apr 4, 2008 4:56am Apr 4, 2008 4:56am
My proud soldier is still in place with a 'potential' gain of +170 pips with +74 pips already banked due to the tsl. Btw everyone here seems to wait for a big drop in the euro due to NFP in the short term so I'm thinking to close everything 10 minutes before NFP release , don't want to give back all that profit
  • #2,464
  • Apr 4, 2008 5:06am Apr 4, 2008 5:06am
I agree understanding the trend & following it can be a problem especially for traders such as me that have used a short term approach for much of my trading career. There is so much that can be said about the trend & how to follow it that a new thread would be needed. From my research trends can last for weeks, months & even longer, but there will be periods of retrace that can be lengthy as well & it is knowing how to deal with these periods of retrace that is important. It is a matter of getting a feel for the pair you are trading & that is why I think Jacko trades the E/$, because it is a pair that offer a good trend for much of the time. The Trend Is Your Friend Until It Ends & Knowing When It Ends & Begins Is The Key.

Even though I've had good success with Jacko's Method over the last 4 weeks I still have trouble being patient for the best entry points, but I am adapting & will continue to trade this method & follow those that post on the thread learning from those post each day. Tks to those that share there views & comments.

MPP.....Tks for post 2461 as it illustrates how the trend is still intact, but is doing the retrace thing along the way.

I am still out until after NFP & maybe even after that patiently waiting for the best time to enter. Best trades to all & a great weekend.
______________
AceTrader
  • #2,465
  • Apr 4, 2008 7:03am Apr 4, 2008 7:03am
Jacko,

Do you ever look at Eur/Gbp? The fundamentals are strongly in its favour and the trend is far, far cleaner than Eur/Usd. It looks much easier to make money in this market using your methods.

Tom
  • #2,466
  • Apr 4, 2008 8:01am Apr 4, 2008 8:01am
Quoting the_wizard
Jacko,

Do you ever look at Eur/Gbp? The fundamentals are strongly in its favour and the trend is far, far cleaner than Eur/Usd. It looks much easier to make money in this market using your methods.

Tom
I love that pair it moves slow but sure and most of the times you dont get big drawdowns. A smaller SL is normally feasible.
  • #2,467
  • Apr 4, 2008 8:53am Apr 4, 2008 8:53am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Ouch, just got home, AH collected at 1.5750, in and out in a heart beat -70pips after the jump, should've known better than to leave a trade on over NFP. never mind, time to find a new entry.
  • #2,468
  • Apr 4, 2008 12:41pm Apr 4, 2008 12:41pm
Quoting MPP
Ouch, just got home, AH collected at 1.5750, in and out in a heart beat -70pips after the jump, should've known better than to leave a trade on over NFP. never mind, time to find a new entry.

So you were going "long"?
You don't think correction is imminent?
  • #2,469
  • Apr 4, 2008 12:59pm Apr 4, 2008 12:59pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting pavlov0032
So you were going "long"?
You don't think correction is imminent?

Yes i do think we are due a correction, but the NFP was expected to be worse than forcast - which is was, which should have taken us long for a few more days. So i followed the rules and left the AH trade in place but the movement was way to quick and dropped to far to give me my pips back, just not my week, my 1.5600 trade was taken out for -1pip also and look at it now.

so out till monday and will see what the banks etc get up over the weekend
  • #2,470
  • Apr 4, 2008 1:14pm Apr 4, 2008 1:14pm
Quoting MPP
Yes i do think we are due a correction, but the NFP was expected to be worse than forcast - which is was, which should have taken us long for a few more days. So i followed the rules and left the AH trade in place but the movement was way to quick and dropped to far to give me my pips back, just not my week, my 1.5600 trade was taken out for -1pip also and look at it now.

so out till monday and will see what the banks etc get up over the weekend
Don't think about it. There will be other days.

Also, I'm thinking about taking off on Fridays. Having a three day weekend from now on.
Humble Lifetime Member
  • #2,471
  • Apr 4, 2008 1:44pm Apr 4, 2008 1:44pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Ash
Don't think about it. There will be other days.

Also, I'm thinking about taking off on Fridays. Having a three day weekend from now on.
would be nice, maybe when i've got rid of the day job.
  • #2,472
  • Apr 4, 2008 1:52pm Apr 4, 2008 1:52pm
Quoting MPP
would be nice, maybe when i've got rid of the day job.
You will soon!

I'll do some research this weekend and send you an email.
Humble Lifetime Member
  • #2,473
  • Apr 4, 2008 3:19pm Apr 4, 2008 3:19pm
for me these 2 days were really good again. The AH and Trail stop seem to work really well. Had a position initiated at 5600 after the doji on 4H and another one at 5700. Trail stop 50 pips due to NFP so I got stopped out at 5724 during NFP, because I trailed the initial rally by 50 pips - Total results: 124 + 24 = 148 pips.

The euro is going up anyway, so Im thinking to re-enter at some level next week. Great weekend everybody !
We leave no soldier behind.
  • #2,474
  • Apr 4, 2008 3:41pm Apr 4, 2008 3:41pm
Gagiul

That 148 pips is a nice pay day & that shows it can be done. I too had a nice week, for that matter a nice 4 weeks. Not trying to brag as I might get called down as I have before, but NO FEAR. It is always good to read your post. Thanks for sharing & may next week be even more productive to all.
  • #2,475
  • Apr 4, 2008 4:59pm Apr 4, 2008 4:59pm
Quoting gagiul
for me these 2 days were really good again. The AH and Trail stop seem to work really well. Had a position initiated at 5600 after the doji on 4H and another one at 5700. Trail stop 50 pips due to NFP so I got stopped out at 5724 during NFP, because I trailed the initial rally by 50 pips - Total results: 124 + 24 = 148 pips.

The euro is going up anyway, so Im thinking to re-enter at some level next week. Great weekend everybody !
Congratulations!

I'm on the sidelines for now, but I'm looking to go long again @ 1.5550... But the truth is, I'm not quite comfortable at the moment... Are we again in a trading range? Are we going to see another channel breakout? Or are we going down?

My chart is attached. What do you guys think?
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  • #2,476
  • Apr 4, 2008 5:44pm Apr 4, 2008 5:44pm
The reaction to NFP caught a lot of people out. It was unusual.

Quoting Ash
Also, I'm thinking about taking off on Fridays. Having a three day weekend from now on.

It's something I've been considering.
The market reveals who we really are...
  • #2,477
  • Apr 4, 2008 6:09pm Apr 4, 2008 6:09pm
At lest NFP fridays......
Same Whore .... Different Dress
  • #2,478
  • Apr 5, 2008 4:56am Apr 5, 2008 4:56am
Haha, yes. A new international bank holiday: NFP Fridays.
The market reveals who we really are...
  • #2,479
  • Apr 5, 2008 7:14am Apr 5, 2008 7:14am
Quoting acetrader
Gagiul

That 148 pips is a nice pay day & that shows it can be done. I too had a nice week, for that matter a nice 4 weeks. Not trying to brag as I might get called down as I have before, but NO FEAR. It is always good to read your post. Thanks for sharing & may next week be even more productive to all.
thank you, Ace, is good to know that you also got profits these days. Following the original rules of Jacko and keeping it simple will always keep us out of trouble. The euro became really easy to trade for me. I dont brag either, I know where my place is i.e. the noobs section, but its good to express your small successes and see that others are doing great as well.

Quoting hendrix
Congratulations!

I'm on the sidelines for now, but I'm looking to go long again @ 1.5550... But the truth is, I'm not quite comfortable at the moment... Are we again in a trading range? Are we going to see another channel breakout? Or are we going down?

My chart is attached. What do you guys think?
Thank you hendrix. I like your KISS Chart. What do I see now on the euro daily: the retracement from 5500 was fast and furious and the daily candle is a big doji, which in my opinion shows that 5500 is strong support with many buy orders. Shall euro fall back there, I think its a good place to buy. Also the average 20 days price is around 5500 and seems to be a good support. It was mentioned in an article someone posted here yesterday. My strategy for now is to buy back because the euro seems to head to 5900 again. I would not get worried about reversal until 5500 is taken out. As long as euro still puts higher lows in place, I am on the buy mode.
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Click to Enlarge Name: euro.png Size: 23 KB
We leave no soldier behind.
  • #2,480
  • Apr 5, 2008 1:28pm Apr 5, 2008 1:28pm
Quoting hendrix
Congratulations!

I'm on the sidelines for now, but I'm looking to go long again @ 1.5550... But the truth is, I'm not quite comfortable at the moment... Are we again in a trading range? Are we going to see another channel breakout? Or are we going down?

My chart is attached. What do you guys think?

I think that's a good call. Catch it just as it hits the trendline...you might want to watch in case it dips down a tad (and therefore hits your stop?), however none the less that's where I'd grab it too.
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