Jacko's Forex House of Pleasure and Pain | Page 141 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #2,801
  • Apr 15, 2008 4:59am Apr 15, 2008 4:59am
Anyone else receive the free trading diary, written by Colin Twiggs? (who founded incrediblecharts.com) He's projecting a medium-term target of 1.65 based on an upward breakout at 1.59. Since March 17th, Euro has been moving in a bullish ascending triangle.
  • #2,802
  • Apr 15, 2008 5:39am Apr 15, 2008 5:39am
It seems Price just can't get away from the 5850 level after overnight reaching the high of 5876 on my platform. What is the next level & will it hold as support? Will 5800 be seen again before the trend resumes?
These are questions that I don't have the answer to, but will just trade according to what happens. Have a plan & trade the plan, that how it goes.

Takeprofit......Tks for that chart......now take a look @ the Daily, Weekly & Monthly & you have a clear picture of Price on a steady climb up with alittle retrace along the path.

Trumpcard.....I tend to agree with Colin Twiggs & his call for 1.6500, but how long will it take?

If the PRICE should visit the 5800 level again & it holds support that COULD offer an opportunity to get onboard to those that are not already on.
I am still holding all postions from last date & keeping stops in place. When price can stay above the 5870-80 level then the momentum SHOULD increase taking it to the 1.6000. Just my views & nothing more.

Best trades to all & thanks to those that post their views & comments.

______________________
AceTrader
  • #2,803
  • Apr 15, 2008 6:03am Apr 15, 2008 6:03am
Quoting takeprofit
So you think a good entry would be 5 pips above this line. So around the 5880 level.

I like your idea of placing orders where you think the market will move to. Can you please post your thoughts around entry and exit for these.

Thanks
Hi Takeprofit,

A word of advice regarding your chart and looking for your set-ups. For his method, Jacko would not use the 30 mins chart to look for entries. It's important to point out that for this method to be effective, the higher timeframes of the weekly, daily and 4 hourly should be used to look for set-ups. Anything below that is just "noise". Obviously by using those bigger timeframes, the set-ups will be less frequent but it will help you to identify the bigger dips. By buying from the bigger dips (or selling from the bigger rallies), you are minimising the risk of a big drawdown and also buying/selling at better prices (bargain prices). Once you have identified your set-ups from those higher timeframes, then you can go lower down to the smaller ones (if you want to) to "finetune your entry if you're by the screen watching the market.

Hope that helps.

Bakuli
  • #2,804
  • Apr 15, 2008 6:10am Apr 15, 2008 6:10am
Bakuli

Post 2803......Very well said & I agree. Smaller tf's are for daytrading & scalping, but for the Jacko Method 4H & up is what is needed. Tks for pointing that out to everyone.

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AceTrader
  • #2,805
  • Apr 15, 2008 7:11am Apr 15, 2008 7:11am
In regards to the post about the converging trendline (takeprofit your chart) it is also visible on the 4 hr charts with some lower highs forming with some higher lows after. The general rule of thumb is a trade about 10 pips outside both TL's and waiting for the breakout to net you pips (remember to cancel the trade on the opposite side. It is only a method I would use for the upside in this instance as the long term trend has been bullish for quite sometime, however a break of the lower trendline could see some bearish movement which might run for a while.

We are still hovering around the up 5800s so a break on either side might see some action
  • #2,806
  • Apr 15, 2008 7:34am Apr 15, 2008 7:34am
I do not like the pressure on the downside that is developing @ this time. A break below 5800 would not be good. I just had a conversation with a trader friend & he feels the 5800 will hold for another move up, but he said he could be wrong. Time will tell.

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AceTrader
  • #2,807
  • Apr 15, 2008 7:42am Apr 15, 2008 7:42am
Quoting acetrader
I do not like the pressure on the downside that is developing @ this time. A break below 5800 would not be good. I just had a conversation with a trader friend & he feels the 5800 will hold for another move up, but he said he could be wrong. Time will tell.

_________
AceTrader
US news came in pretty strong today and tie that in with not so great news from Eur POV, I can only hope the 5800 can hold strong...

Plenty more to come though so as they say 'only time will tell'
  • #2,808
  • Apr 15, 2008 7:43am Apr 15, 2008 7:43am
Quoting acetrader
I do not like the pressure on the downside that is developing @ this time. A break below 5800 would not be good. I just had a conversation with a trader friend & he feels the 5800 will hold for another move up, but he said he could be wrong. Time will tell.

_________
AceTrader
He was wrong, I got stopped!
  • #2,809
  • Apr 15, 2008 7:44am Apr 15, 2008 7:44am
I pulled the trigger and got filled at 5805. I'm pushing up now guys.
  • #2,810
  • Apr 15, 2008 7:59am Apr 15, 2008 7:59am
Quoting takeprofit
I pulled the trigger and got filled at 5805. I'm pushing up now guys.
Hi takeprofit

Be VERY careful...The ECB wants the Euro below where it is.

Don't stand still when the elephants start dancing.


.
  • #2,811
  • Apr 15, 2008 7:59am Apr 15, 2008 7:59am
Takeprofit

That is a good entry level, now lets see if we can visit the 1.5900 & above.

Ace
  • #2,812
  • Apr 15, 2008 8:07am Apr 15, 2008 8:07am
He did say he could be wrong & that is about to become apparent now. About time to tp it seems. If the 5800 fails to support on the next test, I'll reevaluate current trades & tp. I think JACKO gave a good warning on his last post.

Ace
  • #2,813
  • Apr 15, 2008 8:08am Apr 15, 2008 8:08am
Quoting jacko
Hi takeprofit

Be VERY careful...The ECB wants the Euro below where it is.

Don't stand still when the elephants start dancing.


.

OK understood. Lets see what happens. I have not bet my shirt obviously.

That did make me laugh btw.
  • #2,814
  • Apr 15, 2008 8:08am Apr 15, 2008 8:08am
Quoting jacko
Hi takeprofit

Be VERY careful...The ECB wants the Euro below where it is.

Don't stand still when the elephants start dancing.


.

I repeat :

Be VERY careful...The ECB wants the Euro below where it is !!!!!!


But I could be wwwrong !!!
  • #2,815
  • Apr 15, 2008 8:12am Apr 15, 2008 8:12am
Quoting acetrader
He did say he could be wrong & that is about to become apparent now. About time to tp it seems. If the 5800 fails to support on the next test, I'll reevaluate current trades & tp. I think JACKO gave a good warning on his last post.

Ace
OK I decided to close at 5791 to see what happens. Seems price is hovering back around 5800 level now - typical...
  • #2,816
  • Apr 15, 2008 8:19am Apr 15, 2008 8:19am
Quoting jacko
I repeat :

Be VERY careful...The ECB wants the Euro below where it is !!!!!!


But I could be wwwrong !!!
OK got it Jacko, thanks. Waiting patiently now for the elephant to get tired.
  • #2,817
  • Apr 15, 2008 8:21am Apr 15, 2008 8:21am
Quoting takeprofit
OK got it Jacko, thanks. Waiting patiently now for the elephant to get tired.
When elephants get tired they sit down.!!!!!

Don't stand still when the elephants start sitting down.


.
  • #2,818
  • Apr 15, 2008 8:25am Apr 15, 2008 8:25am
Out @ 5795 on 2 lots from 5820 = 50 pips loss. The first on this method.
Out @ 5795 on 2 lots from 5720 = 150 pip gain. Not happy with this results, but still + 100 pips, so it COULD be worse. NOW, what next? For me on the sideline, or would a CT trade work? Any views & comments most appreciate.

There is NO DOUBT it pays to heed a warning from JACKO.

_____________
AceTrader
  • #2,819
  • Apr 15, 2008 8:30am Apr 15, 2008 8:30am
Takeprofit,

Take comfort in deciding to close & lets wait for a better level to reenter.
There is NO SHAME is being wrong & trying again. You & I are NOT ALONE,
your just not hearing from the others. It does appear PRICE is hugging the 5800, but I'm out now & will try later.

AceTrader
  • #2,820
  • Apr 15, 2008 8:37am Apr 15, 2008 8:37am
Jacko

Thanks for the headsup & the added humor is great as well. There was a saying some years ago "When E. F. Hutton Speaks Everybody Listens"
or something along those lines....Now we can say "When Jacko Speaks,
Everybody Should Listen". For those too young to remember E. F. Hutton,
just give Google a go for the info. Best trades to all.

_______________
AceTrader
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