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Jacko's Forex House of Pleasure and Pain

  • #2,681
  • Apr 11, 2008 4:04am Apr 11, 2008 4:04am
Quoting Bakuli
Hi Take Profit,

If you feel undecided, why not have a compromise. Take part profit at 5850 (if you feel there is going to be much resistance there and possibly a bounce) and let the rest of the trade play itself out.

My trading platform does not have a TSL facility too. So I do it manually every hour or so. I know there are others who move the stops less frequently. If I am out, I have a "pocket surfer -( a mobile internet surfer)" that I can check on my trade and move the TSL if I need to. That way I don't feel I have to be glued to the screen and still can engage in other activities beside trading

Bakuli
Right ok I have set a limit order to part close at 5850. It doesnt 'seem' logical taking part profit but then I guess it does help emotion and indecision. I have named myself takeprofit deliberately to remind myself to do this instead of constantly wishing for higher highs.

I can get price updates in real time on my mobile but my platform does not have a mobile interface. Maybe its time to research new platforms / brokers. Lets hope my friends and family appreciate seeing me more even if I am glued to my mobile.

Good trading and keep pushing for 5900+.
  • #2,682
  • Apr 11, 2008 4:30am Apr 11, 2008 4:30am
guys i'd be careful with longs right now, price has retraced forming an hourly pin bar on the 61 and 50 fibs from yesterday's high. On another note, cable also looks quite bearish, forming a nice continuation pinbar yesterday.
Attached Image (click to enlarge)
Click to Enlarge Name: euro 1 hour11-4-08.gif Size: 10 KB
  • #2,683
  • Apr 11, 2008 4:48am Apr 11, 2008 4:48am
I have moved my 80 point stop to 5770 as it hit 5850 earlier. I am hoping 5800 holds and holds strong.
  • #2,684
  • Apr 11, 2008 4:58am Apr 11, 2008 4:58am
The 5750 level has given somewhat of a bounce, but will it hold? At this time 5850 has capped the upside, but will it continue to do so? If PRICE is support by 5800 again, then I would say more upside COULD be seen, but today is Friday & anything can happen. I WOULD BE CAREFUL AS PRICE IS HEAD TOWARD 5800 FOR ANOTHER TEST.

Aad.....Thanks for the article on the Euro.....very informative & thought prevoking read. Keep the informative post coming.

As I stated in my last post, I am Out for the week & with some nice gains I might add. Will be watching the 5800 level for clues to what might be next.

Following the rules of THE JACKO METHOD should keep you in the PIPS & out of TROUBLE.

_________________

AceTrader
  • #2,685
  • Apr 11, 2008 5:01am Apr 11, 2008 5:01am
Quoting takeprofit
..........ok I have set a limit order to part close at 5850. It doesnt 'seem' logical taking part profit but then I guess it does help emotion and indecision. I have named myself takeprofit deliberately to remind myself to do this instead of constantly wishing for higher highs.
Hi Take Profit,

I find what helps emotionally is to have a plan before you place your trade and then trade to that plan. That way you do not have to start making all those decisions about exits, take profit etc during a trade. Personally, I don't always look at the resistance levels to take profit because price will always meet with pockets of resistance along it's way. I have a predetermined number of pips that I want to protect once I am x number of pips in front and leaving the rest to run. It's just my way of managing my trades and it helps me emotionally and keeps me disciplined (ie following a plan).

Another factor, which has been mentioned before, is that if a trade is causing one much anxiety, then probably it may be due to taking on too much risk. So the logical step would be to cut down on the size of the trade until you feel comfortable with it and feel less inclined to "interfere" with the trade, letting your pre-determined trade plan play out itself. I used to trade too big a position for my account and that affected me greatly in that I was watching every tic with constant thoughts of "Shall I take profit now ? Shall I cut my losses now ? etc. ". I wasn't able to trade any pre-determined plans I had for my trades because of the anxiety and strong compulsion to close the trades prematurely. Well, that's all history now since I started trading at a more sensible size and can withstand several losing trades without seriously damaging my account.

Happy trading
Bakuli
  • #2,686
  • Apr 11, 2008 5:15am Apr 11, 2008 5:15am
I'm still in at 1.5750 with 100 pip TSL for a possible 1 pip loss. If this is what will happen I think we could see more downside and I'm ready to place my AH order. One pip loss it's still a loss.

Thanks for all of you for very valuable posts.

Ocean
  • #2,687
  • Apr 11, 2008 5:24am Apr 11, 2008 5:24am
Ocean

In @ 5750.......Have No Fear.......that is a great entry level.

Should 5800 hold as support.....your gains will grown.

Thanks for sharing.

__________________

AceTrader
  • #2,688
  • Apr 11, 2008 5:36am Apr 11, 2008 5:36am
a battle of the fibs? as an update to my above chart, here's another one showing the 50 fib retraces. fib 1 is the retrace from A-B pointing to the downside. fib 2 is from B-C suggesting continuation to the upside. Given we are still in a major uptrend, is fib 2 more valid?
Attached Image (click to enlarge)
Click to Enlarge Name: euro 50fibs 11-4-08.gif Size: 9 KB
  • #2,689
  • Apr 11, 2008 5:38am Apr 11, 2008 5:38am
great work man . keep it
Winners never quit and quitters never win. Vince Lombardi
  • #2,690
  • Apr 11, 2008 5:43am Apr 11, 2008 5:43am
Trumpcard

Thanks for the charts you post showing the FIBS. The answer to your question.......??? Time will tell.

____________

AceTrader

  • #2,691
  • Apr 11, 2008 5:47am Apr 11, 2008 5:47am
lol, oh well time says it's now pub night so got to go! have a great weekend everybody!
  • #2,692
  • Apr 11, 2008 5:49am Apr 11, 2008 5:49am
Ocean,

The 5800 holding & the PIPS are growing. Keep stops in place & you Could Very Well See 1.6000 early next, but anything can happen. Just my humble views & nothing more.

_______________

AceTrader
  • #2,693
  • Edited 6:07am Apr 11, 2008 6:02am | Edited 6:07am
Quoting acetrader
Ocean,

The 5800 holding & the PIPS are growing. Keep stops in place & you Could Very Well See 1.6000 early next, but anything can happen. Just my humble views & nothing more.

_______________

AceTrader
Thanks Acetrader,

I was tempted to take part of my profits but I think sticking to the strategy pays off in the long term so I will stick to my TSL exit.

EDIT: Besides it makes my exits less emotional. I am not breaking my brain with coulda, shoulda, woulda...

Ocean
  • #2,694
  • Apr 11, 2008 6:10am Apr 11, 2008 6:10am
Quoting Ocean
Thanks Acetrader,

I was tempted to take part of my profits but I think sticking to the strategy pays off in the long term so I will stick to my TSL exit.

Ocean
Hi Ocean, Acetrader

I was also in at 5753. I was using a 50 s/l which I moved up to 5796 (50 below the high of 5846) and have now been stopped out. I see you are using a 100 s/l - do you apply this based on seomthing like an atr value or is it just a discretionary decision. Many thanks.
  • #2,695
  • Apr 11, 2008 6:24am Apr 11, 2008 6:24am
Lesterthecat,

Purely discretionary for me. Will use the 50 & the 100 stops. At times the 50 works well, then there are times the 100 is the best. I hope this helps.


Ace
  • #2,696
  • Apr 11, 2008 6:29am Apr 11, 2008 6:29am
Quoting acetrader
Lesterthecat,

Purely discretionary for me. Will use the 50 & the 100 stops. At times the 50 works well, then there are times the 100 is the best. I hope this helps.


Ace
Thanks, this could well be one of them. Do I re-enter? Do I sit and watch? Decisions, decisions......
  • #2,697
  • Apr 11, 2008 6:30am Apr 11, 2008 6:30am
I was in at 1.5800 before it went to 1.5850 the first time. had a 100 pip TSL but decided to place SL at BE as opposed to letting it run up. Stopped out at BE. Not a loss so happy with outcome but went away from plan and now out of the running for 1.6000 if it comes along this time. Good luck to all that are still in long. I'm out until next week.

K8
  • #2,698
  • Apr 11, 2008 6:36am Apr 11, 2008 6:36am
Quoting lesterthecat
Hi Ocean, Acetrader

I was also in at 5753. I was using a 50 s/l which I moved up to 5796 (50 below the high of 5846) and have now been stopped out. I see you are using a 100 s/l - do you apply this based on seomthing like an atr value or is it just a discretionary decision. Many thanks.
It's discretionary decision, the same as with 50 tsl. It's because we see more volatility now. However applying a tsl based on an atr value would be very good strategy. You should backtest what length of atr moving average to apply and what should be the ratio you will multiply your atr value by. It all depends what size of move you would like to capture and how long to stay in the market. You must also remember that when something goes wrong you will give up full amount of your tsl - so it should be a good compromise of all these elements.

I'm reading "Trade Your Way to Financial Freedom" at the moment and there is also something interesting what one could apply. It's called maximum adverse move. You could see at history prices what was the largest drawdown in the trend in your desired timeframe and use slightly larger value as a tsl.

I hope that helps.

Ocean
  • #2,699
  • Apr 11, 2008 6:44am Apr 11, 2008 6:44am
My profit potential is now 5 pips. So no loss, no AH. Hopefully I would not be whipped out and see the sky. Nevertheless it is a great trade.

Everything is possible...

Ocean
  • #2,700
  • Apr 11, 2008 6:57am Apr 11, 2008 6:57am
Hi guys and girls,

First post came across this thread a few days ago, have tried my first 'Jacko' trade.
Entry at 1.5745 and added to it at 1.5780 (not sure if that was what Jacko would do). I have a tsl of 100, with a plan to close small position today before any profit taking. May well also close larger position, but I will see how I feel about that as the day moves. Potential profit right now is 81 and 49.
If I was not trying this style for the first time those profits would definetly have been banked, but I believe there is more progress yet for the trend as Jacko would suggest in his blog.

Anyway, hello all, and you will probably see me around quite a bit in the coming weeks.

Sini.
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