Jacko's Forex House of Pleasure and Pain | Page 139 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #2,761
  • Apr 14, 2008 4:58am Apr 14, 2008 4:58am
In overnight long @ 5720 for 2 lots. Using 50 sl for now. Waiting now to see how price reacts @ 5800. If price can clear 5800 momentum should increase. It appears some have been caught with positions over the weekend.....No Fear.....How often does that happen? Have a plan, trade the plan & keep MM in place.

I have NO idea what will happen next, but will keep stops in place & let this trade run. No tp target @ this time. When 5850 is seen, there COULD be a small correction, before 5900 is seen. Just my views & yes we all know I COULD be wrong. Best trades to all this week.

__________________

Acetrader

  • #2,762
  • Apr 14, 2008 5:10am Apr 14, 2008 5:10am
Quoting Ocean
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
Oh ok Ocean I thought it was only a problem from my broker, btw it's a lesson learned to never leave a trade running through the weekend
  • #2,763
  • Edited 6:22am Apr 14, 2008 5:22am | Edited 6:22am
Quoting seanchicago
............................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
Hi Sean

You are absolutely right there ! Jacko always emphasise on looking for "bargain" prices and so will not buy on every minor dip. I think two trades a week with the eurusd would be the max for this system imho. Look for set-ups from the daily and 4 hourly TF's will help in not overtrading this method. I look for my set-ups in these timeframes but will then zoom down to the lower time frames to finetune my entry.

Well done on your 5710 long entry. I missed the entry due to being over-cautious.

Happy Trading
Bakuli
  • #2,764
  • Apr 14, 2008 5:47am Apr 14, 2008 5:47am
Long at 1.5706, opened second postion at 1.5747. Currently 214 pips up. Watching to see what will happen at 1.5800 level, as it will determine my exit.
  • #2,765
  • Apr 14, 2008 5:52am Apr 14, 2008 5:52am
Quoting skyline
it's a lesson learned to never leave a trade running through the weekend
Been bitten more than once myself on that!
  • #2,766
  • Apr 14, 2008 6:05am Apr 14, 2008 6:05am
Sini

Those are good entry levels. Some pips should be yours on those. I'm watching for a posssible small correction @ 5850. Best trades to you.

Acetrader
  • #2,767
  • Apr 14, 2008 6:37am Apr 14, 2008 6:37am
Quoting skyline
Oh ok Ocean I thought it was only a problem from my broker, btw it's a lesson learned to never leave a trade running through the weekend
Skyline I would not be so radical. I think I will close my trades before the weekend if they're not at least 200 pips in my favor.

Ocean
  • #2,768
  • Apr 14, 2008 7:04am Apr 14, 2008 7:04am
TP set for 5900 here we go!
"Whether you think you can or can't, you're right." Henry Ford
  • #2,769
  • Apr 14, 2008 7:57am Apr 14, 2008 7:57am
I think I found a solution for weekend gaps and leaving a position open during the weekend. My broker has guaranteed stop orders witch costs 3 pips more during an order execution. So I guess that if I am going to take a trade on friday I will use one of these orders.

Ocean
  • #2,770
  • Apr 14, 2008 9:14am Apr 14, 2008 9:14am
Quoting seanchicago
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
Here is an idea....... trade with Jacko's system. Then for those of you who are trading junkies do your over trading on a demo account for your fix.... just a thought, and have fun
Same Whore .... Different Dress
  • #2,771
  • Apr 14, 2008 9:15am Apr 14, 2008 9:15am
Quoting Bakuli
Hi Sean

You are absolutely right there ! Jacko always emphasise on looking for "bargain" prices and so will not buy on every minor dip. I think two trades a week with the eurusd would be the max for this system imho. Look for set-ups from the daily and 4 hourly TF's will help in not overtrading this method. I look for my set-ups in these timeframes but will then zoom down to the lower time frames to finetune my entry.

Well done on your 5710 long entry. I missed the entry due to being over-cautious.

Happy Trading
Bakuli
Bakuli, you are obviously making great progresses here. My deepest respect to you. I agree that 2 trades per week with Euro should be maximum. We tend to over trade but until now the euro was quite good to us, at least to me.
Im a bit pissed because I missed all the entries today for being over cautious as well because of the gap down. I was sure this is a sign that its gonna fall hard today, since it opened under the daily Trendline.
Im patiently waiting for a dip to join the party too.
We leave no soldier behind.
  • #2,772
  • Apr 14, 2008 9:27am Apr 14, 2008 9:27am
Quoting johnedoe
My AH @ 1.5726 got hit and I'm back in..........
OK..... AH was activated last night and Take profit hit this morning @ 1.5880 for a tidy profit of 154 pips.
Same Whore .... Different Dress
  • #2,773
  • Apr 14, 2008 9:30am Apr 14, 2008 9:30am
Quoting johnedoe
OK..... AH was activated last night and Take profit hit this morning @ 1.5880 for a tidy profit of 154 pips.
Excellent work John!
I'm pretty new in Jacko's groups and look forward to catching up with using the AH approach.

Rob
  • #2,774
  • Apr 14, 2008 9:47am Apr 14, 2008 9:47am
Entry yesterday at 5700 with a TL 100. After reaching 175 pips, SL reduced to 50 pips, right now I've got 129 free pips. As Jacko said, it is the traders against the banks....Ultimately the banks will win. Then again , who cares, the chart is the boss.
  • #2,775
  • Apr 14, 2008 10:52am Apr 14, 2008 10:52am
I'm still long from 5720 for 2 lots, but Price seems to be struggling with the 5850 even after hitting the 5870 zone. Looking for 5850 to now stall the move short term, but you never know.

I agree with those stating less trades are better. Over the last 4 weeks I have entered 1-2 trades each week. Keeping track of ones trades in the live mode or demo mode should be standard trading procedures for any trader, but I'm sure we all do that anyway.

Alittle wider sl than 50 pips may be needed for this move as it appears some small retrace might be in the works.

AceTrader
  • #2,776
  • Apr 14, 2008 1:40pm Apr 14, 2008 1:40pm
Hello

I have an order to buy at 5800. Anyone else looking for this entry?

TP
  • #2,777
  • Apr 14, 2008 2:10pm Apr 14, 2008 2:10pm
I was looking at 1.5800 just because of the round number. But, other than that I could see no reason on my charts. So, I am out until 1.5700 which is near the 50% fib on my 4 hr and a round #. I did however have the good fortune to grab most of the last move up from 1.5700 before stepping to the side at 1.5845. Good luck if your in the trade. Remember the AH if you get stopped out.
  • #2,778
  • Apr 14, 2008 2:58pm Apr 14, 2008 2:58pm
Althought I'm already in @ 5720 for 2 lots, I am considering adding 2 more lots if 5800 gives a strong bounce on the next test. Price has made a sizeable retrace from the last high, but I had expect it to drift below the 5800 level before it tackled the next high, but it seems I'm wrong again.

_____________
Ace
  • #2,779
  • Apr 14, 2008 3:04pm Apr 14, 2008 3:04pm
I see 5800 as a good support. still trying to learn the Jacko system, but I believe this would be a valid whole number.
Attached Image
All that is left in FF is just plain garbage. "Cloggie"
  • #2,780
  • Apr 14, 2008 3:39pm Apr 14, 2008 3:39pm
I think we got the bounce from 1.5800 Acetrader was talking about. Im in at 1.5830, rather late coz I just got home, and my order at 1.5780 didnt get filled.
The chart for me is pretty obvious: higher tops and higher lows, except the damn gap the euro stayed above the 2 trendlines so probably we will be knocking again soon at 5900's door.

Good luck everybody.

This is what I see:
Attached Image
We leave no soldier behind.
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