Jacko's Forex House of Pleasure and Pain | Page 138 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #2,741
  • Apr 13, 2008 3:25pm Apr 13, 2008 3:25pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
FXCM only showing a high of 1.5826 - so i think there's a lot of false info on some MT4 linked brokers, might be an MT4 weekend patch thats thrown it out.

the low looks very nice, and more often than not the gaps get closed, so lets hope the market opens at 1.5650 and takes off.
  • #2,742
  • Apr 13, 2008 4:16pm Apr 13, 2008 4:16pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
4h charts, looks like we have made it to a former support area and also a TL that is made from the Feb low and Apr low points, not much else to add to this, until we find out what the G7 meeting agreed to then it's take a guess time.

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  • #2,743
  • Apr 13, 2008 4:37pm Apr 13, 2008 4:37pm
Seems like it dropped to 1.5695 on my ODL chart...
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  • #2,744
  • Apr 13, 2008 5:03pm Apr 13, 2008 5:03pm
Quoting Aad
Seems like it dropped to 1.5695 on my ODL chart...
That's too bad !! It's happened also with my broker FXDD and I had the sl set at 1.5755 and I was stopped out at 1.5695 so instead of a +5 pips I was closed at -55 pips , I'm really furious with FXDD !!
  • #2,745
  • Apr 13, 2008 5:08pm Apr 13, 2008 5:08pm
Quoting skyline
That's too bad !! It's happened also with my broker FXDD and I had the sl set at 1.5755 and I was stopped out at 1.5695 so instead of a +5 pips I was closed at -55 pips , I'm really furious with FXDD !!
Sorry to hear about that Skyline, I had no trades held over the weekend. I guess this drop was caused by the G7 meeting, perhaps we should prepare for some fireworks when the London session opens...
  • #2,746
  • Apr 13, 2008 6:07pm Apr 13, 2008 6:07pm
My 5710 buy got hit and I'm in.

-Sean
  • #2,747
  • Apr 13, 2008 6:16pm Apr 13, 2008 6:16pm
My AH @ 5726 got hit and I'm back in..........
Same Whore .... Different Dress
  • #2,748
  • Apr 13, 2008 7:19pm Apr 13, 2008 7:19pm
well this price direction isn't looking very good .........
Same Whore .... Different Dress
  • #2,749
  • Apr 13, 2008 7:30pm Apr 13, 2008 7:30pm
Ouch, that was an unpleasant surprise, SL at hit after an extra 51 pips
  • #2,750
  • Apr 13, 2008 9:48pm Apr 13, 2008 9:48pm
Think it will be stormy this week , with the USD fluctuating with the company news out througout the week.
the G7 threat of intervention should be short lived
I believe the 100 pip gap over the weekend will be filled. I will venture a long once the price settles and starts moving upwards again.
the 1.57 area is highly tempting with a 50 pip TSL.
  • #2,751
  • Apr 13, 2008 11:24pm Apr 13, 2008 11:24pm
This is very instructive. Now many, many people will be afraid to leave positions open over the weekends. They'll remember this weekend for a very long time, using it as their justification for closing out on Friday, yet they'll ignore all the weekends it's never done this. It's the law of small numbers at work.
  • #2,752
  • Edited Apr 14, 2008 12:01am Apr 13, 2008 11:46pm | Edited Apr 14, 2008 12:01am
Quoting Dopey
This is very instructive. Now many, many people will be afraid to leave positions open over the weekends. They'll remember this weekend for a very long time, using it as their justification for closing out on Friday, yet they'll ignore all the weekends it's never done this. It's the law of small numbers at work.
to let this weekend jade you from holding a position over a weekend in the future would be a mistake....... because more often than not the market continues in a favorable direction........ just chalk this up to the cost of doing business... shit happens, so don't swat the small stuff
Remember trade the plan and keep your money management in place.
Same Whore .... Different Dress
  • #2,753
  • Apr 14, 2008 1:12am Apr 14, 2008 1:12am
Quoting jacko
To all Newbies,

This is why one of my brokers approached me a short time ago and said to me..."we want some traders who are passionate about trading...BUT have the maturity to be excellent traders... AND have a good trading record...who would be suitable for prop trading for our bank.....Do you know anyone???" (Three people out of my group were identified and contacted and two have agreed to take up positions with the bank...the third wasn't prepared to relocate)

If you read the above quote from Bakuli, and can identify with what he is saying, then you have the potential to become an excellent trader.

If you say that he is "full of horse-shit" and you just want to punt on the next 10 pips....then you will NOT become an excellent trader and your trading life will be very short.


.
I am learning so much from FF and Jackos private blog. Thanks be to all here

I AM BECOMING AN AWESOME TRADER
  • #2,754
  • Apr 14, 2008 2:18am Apr 14, 2008 2:18am
Moved SL to breakeven, 5710; will trail at 100 pips going forward.

-Sean
  • #2,755
  • Apr 14, 2008 2:35am Apr 14, 2008 2:35am
Last night whilst going through my past 3-4 weeks of trading I started a spreadsheet and put into it the trades I had made in that time. I identified the trades made with the system that Jacko and so many here use, and also some trades that I had made on my own accord. To my surprise ( yes I am still getting used to the Jacko system) every single time I implemented Jacko system I made profit, in low and larger volumes.

There where in total 4 trades made under jackos system and for a total of 221 pips. The other side of the coin were a number of old style me trades, the still undisciplined, trial and error, gap trades ect ect ect, and speaking of gap trades, i made 1 this morning to prove a point that I should just stick to this system. I called these trades the undisciplined/rogue trades and guess what, not a single 1 netted positive pips. My total loss from these rogue trades was-121 pips.

I guess this was a wake up call and so today after my gap trade failed I wrote a note, lamenated it and have stuck it right next to my monitor to remind myself that the system is working, and the trades that have taken my bank account for more than 50% are the reason why I almost gave up trading, until I meet everyone on this forum

I put my new rules into play at lunch ( im in Australia) on 2 pairs. The Eur/USD on my live account, and the USD/Yen on my demo (part of my rules state that I only trade the Eur/Usd Live. Both trades are currently netting profit, and i locked in 50pips not long ago and have let the rest run...

I guess I just had to share that. For so long I was disheartened, and I blamed so much on markets, brokers even family for distractions. It really wasnt until last night when I put it down on paper that I realise that I was at fault, and still am and will probably always be. If I stick to a system and it fails 2 out of 10 then I am a winner, but if I rogue trade outside of guidelines, then I only have myself to blame.

Thank you Jacko and everyone for the feedback... I really hope to be a full time trader 1 day
  • #2,756
  • Apr 14, 2008 3:13am Apr 14, 2008 3:13am
Quoting cruze2005
Last night whilst going through my past 3-4 weeks of trading I started a spreadsheet and put into it the trades I had made in that time. I identified the trades made with the system that Jacko and so many here use, and also some trades that I had made on my own accord. To my surprise...
Excellent. I am very glad that you are having success. I have not had the same success with Jacko's method, but that is due to me overtrading it.

I now get my short-term trades fix in the yen and I refuse to trade the euro without it meeting Jacko's rules.

I too reviewed my trades and came to the conclusion that fewer trades are better with this method. I hope others will take the time to record their trades and review them as you did. It is extremely powerful.

-Sean
  • #2,757
  • Apr 14, 2008 3:21am Apr 14, 2008 3:21am
Quoting skyline
That's too bad !! It's happened also with my broker FXDD and I had the sl set at 1.5755 and I was stopped out at 1.5695 so instead of a +5 pips I was closed at -55 pips , I'm really furious with FXDD !!
Hi Skyline!

That is the same price I was stopped out at. By broker is GFT so I guess it is not a single broker problem.

Anyway it does not matter for now anymore. Let's look for another trade setup.

Ocean
  • #2,758
  • Apr 14, 2008 3:42am Apr 14, 2008 3:42am
Quoting seanchicago
My 5710 buy got hit and I'm in.

-Sean
Nice entry Sean. Can you explain me why at 1.5710?

Im still reluctant to enter now, as Euro is still filling the huge gap. Once it will fill it and still move upwards, I will consider to enter, perhaps at 1.5850. On 4H I see a small resistance at 1.5800..
We leave no soldier behind.
  • #2,759
  • Apr 14, 2008 3:46am Apr 14, 2008 3:46am
Quoting seanchicago
I plan to enter long at 5710. 100 pip TSL. It is the 50% point, and I fear if I am right about this trade we may just brush 5700 and I will not get filled if I insist on entering at 5700. If I am wrong then it is only costing an extra 10 pips.

I believe we shouldn't be looking at counter-trend trades unless we touch 5500. That would provide us with a lower low on the 4 hour and in my mind will confirm our potential triple-top. Then perhaps we will see 1.5200 (50% on daily) or very likely test 1.5000 (61.8% fibonacci retrace {very interesting that the 61.8 and 1.5000 are aproximately the same}).

-Sean
Here's my earlier post..
  • #2,760
  • Apr 14, 2008 4:57am Apr 14, 2008 4:57am
Quoting seanchicago
Here's my earlier post..
Congrats, you are up by a couple of pips then m8. Cheers for the feedback earlier cobber. It is something (recording trades) I was always meant to do, but I got tired of recording bad trades. Like I said, until now I really blamed alot of others/things for my actions.

There is also a program called Camtasia studio 5. It works by recording what is on your screen. if you have a Microphone, you can also talk through it. The way I use it is to record my broker screen and explain my setups through the mic. I do this before every trade and also if i make changes/exit the trade. This is then a future video reference that I can refer to incase there is anything to learn from.
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