Jacko's Forex House of Pleasure and Pain | Page 152 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #3,021
  • Edited 7:44am Apr 18, 2008 7:33am | Edited 7:44am
Quoting Saint Stevo
I suspect this could be the much anticipated ECB intervention.

I'm staying on the sidelines - goodness knows where this fall could end.

Could be good buying opportunities next week though!
Yup, that's definitely the smart thing to do...

Quoting Trumpcard
i stopped trading gj long ago - wild rides BUT wild heartbeats and anxiety
Between yesterday and today it's like +700 G/J pips picked up, I started at 200.95 it's now at 207.40 my risk was only 100/150 pips. I was calm as one could be as I was confident in why I was trading it and then I simply let that puppy do its thing...LOL!
  • #3,022
  • Apr 18, 2008 7:33am Apr 18, 2008 7:33am
Quoting Trumpcard
i stopped trading gj long ago - wild rides BUT wild heartbeats and anxiety
Sounds like the EU this week! I was 85 pips up at breakfast. when i saw the price action falling like that to my entry level i closed the trade I had a huge sl in place but when i saw price doing that I thought.. yeah right... no thanks!

My Broker confirmed this week that they have no option to guarantee stop loss over the weekend like last weekend ( some do i hear)
So mind the Gap as they say.
  • #3,023
  • Edited 7:43am Apr 18, 2008 7:41am | Edited 7:43am
I went long at 1.5850 from an order placed before I went to bed for the night. I woke to find it in play and down a bit. I looked at my charts and saw the bounce off of the 50% 4 hour Fib of this weeks move. When it started it's next down draft I figured we would see 1.5800 or lower before we saw 1.5900 or higher.

One click and I am on the sidelines for the weekend. I love this business!
Yup, I broke the rules by not letting the trade go to my preset TSL. But, when you focus on just one pair you do get a FEEL for how it moves. That is one of the benefits of Jacko's method that goes largely unmentioned. I saved myself about 70 pips because Jacko's method allows focus. Having said that,
I do play by the rules most of the time. But the few times I have chosen to step to the side have worked well for me.

Thanks Jacko for the simple things. Like focus!
  • #3,024
  • Apr 18, 2008 7:59am Apr 18, 2008 7:59am
The price action is pretty what I said in post #3009. If this pattern confirms itself I am going short but first will wait for a rebound from lows. But this is my view and could be wrong.

Ocean
  • #3,025
  • Apr 18, 2008 8:16am Apr 18, 2008 8:16am
Quoting takeprofit
Hello

I set a buy order at 5880 and its just been hit so it seems I'm back in already.

TP
I left the house for some lunch and get back to find I have hit my stop and am out.
  • #3,026
  • Apr 18, 2008 8:22am Apr 18, 2008 8:22am
Hi Ocean,
Great count!

(I was always confused by how many alternate counts were possible and never found Elliottwave counts to be helpful in placing trades.)

But great count!

Quoting Ocean
What I see now is a 5th wave with overlapping waves. What it means in EW terms is that we can see a huge downward move and that in turn means that there will be a great shorting opportunity. But again I don't want anybody to take it as a trade advise cause I could be wrong. I wanted only to share with you my view.

Ocean

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  • #3,027
  • Apr 18, 2008 8:23am Apr 18, 2008 8:23am
Quoting takeprofit
I left the house for some lunch and get back to find I have hit my stop and am out.
Hi Takeprofit,

I think we should stay out for now. My last long finished at BE. The market looks very weak. I don't know if this is ECB intervention or not we will see.

Ocean
  • #3,028
  • Apr 18, 2008 8:27am Apr 18, 2008 8:27am
Quoting stewartr
Hi Ocean,
Great count!

(I was always confused by how many alternate counts were possible and never found Elliottwave counts to be helpful in placing trades.)

But great count!
Stewartr,

Thanks for the kinds words. I know Jacko doesn't use this kind of analysis but I'm just trying to help.

Ocean
  • #3,029
  • Apr 18, 2008 8:30am Apr 18, 2008 8:30am
congratulations AAD, nice trading (but why the bold text?), what was your entry criteria? GJ is king of the 50 retrace!

lot of support at 1.5750 and it coincides with the 50fib from 3rd-16th of April and upwards trendline. set a buy limit at 1.5750 with a 50 pip stop, about 1.5hours ago when price was at 1.5780ish. Kind of risky by not waiting for price to fall first and then enter! Went for a nice walk and have seen that the trade triggered, came within 11 pips of my stop and right now sitting at b/e
  • #3,030
  • Apr 18, 2008 8:44am Apr 18, 2008 8:44am
Traders,

gold is down to 910-20 range aprox., Dow opened up 200+, USD index up,

That's the fundies for the moment, probably a good dose of Central Bank intervention.
  • #3,031
  • Apr 18, 2008 8:51am Apr 18, 2008 8:51am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
i'm long at 1.5750,
but how sweet would it be for price to hit the 50% fib at 1.5210, to think i will not need to trade for the rest of the month, just let my buy at 1.5200 get collected and then my 3 AH trades would be set and i can take a week off.

am i hopeing for to much. well yes, but the way this puppies running i think anything is possible.

remember all check you log for your fallen soldiers.
  • #3,032
  • Apr 18, 2008 9:04am Apr 18, 2008 9:04am
Quoting ianf0ster
Hi,
Sorry that this is a little late, but I thought I would post my views on the article that JohnDoe provided. At present I am in a long trade and the only thing that scares me is the possibility of direct intervention in the market by Central Banks.

Views on the article:
1. The Federal Reserve Switches Focus Away from Economy, Financial Markets to Inflation
OK, so the Fed says: even though it is election year, we don't care about resession and unemployment or about our Wall Street friends. - How likely is this just now?

2. The European Central Bank Drops Their Hawkish Tone
ECB members were still hawkish in public as recently as Tuesday. ECB mandate is Price Stability - not employment or economic growth. So although they don't want a strong Euro / weak Dollar - they can't very well reduce interest rates to fight it - not until inflation subsides.

3. Monthly RSI is overbought (it is 85 and previously there was a turn when it got to between 76 and 82).
OK who on this thread trades purely from RSI? In a trend, RSI can stay overbought for longer than a short can stay solvent. How would you have done if you had shorted (and stayed short) when it got to 76 or even 82?

4. Weekly Channel - Eur/Usd is around the centre line (which could act as resistance).
Sure it could, but equally it could go all the way up to the top of the upward sloping channel before turning. Or it could even break through the top - all channels are eventually broken.

5. Weekly Bar Cycle - past up legs have had cycles of 20 to 31 weeks and we are currently at end of week 22.
OK, so if this cycle runs as long as the last one we have 9 more weeks to go.

6. (Possible) Elliot wave counts indicate bearishness to come and the projected turning points from a (possible) 4hr wave count are 1.6055 or 1.6118.
Ellito Waves are like a re-painting indicator they keep on getting revised - so they are always good in hindsight and great on backtesting, but pretty unreliable in forward testing. In any case, I would not mind if it turned at 1.6055, because I would still have a profit.

Rant now over,
Ian
Excellent rant
Same Whore .... Different Dress
  • #3,033
  • Edited 9:29am Apr 18, 2008 9:13am | Edited 9:29am
Was the big jump in $ strength due to anything tangible? or is it just another knee jerk reaction.
Also I was stopped out and now have an AH order in place 1.5795

Dollar Rises Versus Euro on Bets Firms to Weather Credit Losses (http://www.bloomberg.com/apps/news?pid=20602081&sid=atBJQB_eaIHM&refer=benchmark_currency_rates)
Same Whore .... Different Dress
  • #3,034
  • Apr 18, 2008 9:53am Apr 18, 2008 9:53am
Hi guys
entered long usdchf at 1.02500
  • #3,035
  • Apr 18, 2008 9:56am Apr 18, 2008 9:56am
it seems to me that the worst the news the better stock market runs up!

what a joke!

and that affects eur/dollar.

I guess everyone got stopped out unless you were short from the beginning of the fall

Quoting johnedoe
Was the big jump in $ strength due to anything tangible? or is it just another knee jerk reaction.
Also I was stopped out and now have an AH order in place 1.5795

Dollar Rises Versus Euro on Bets Firms to Weather Credit Losses (http://www.bloomberg.com/apps/news?pid=20602081&sid=atBJQB_eaIHM&refer=benchmark_currency_rates)
  • #3,036
  • Apr 18, 2008 10:15am Apr 18, 2008 10:15am
yeah, I can see a surplus of dead soldiers. I am looking forward to resuscitate them.

Quoting pavlov0032
it seems to me that the worst the news the better stock market runs up!

what a joke!

and that affects eur/dollar.

I guess everyone got stopped out unless you were short from the beginning of the fall
  • #3,037
  • Apr 18, 2008 10:28am Apr 18, 2008 10:28am
Quoting Aad
Yup, that's definitely the smart thing to do...



Between yesterday and today it's like +700 G/J pips picked up, I started at 200.95 it's now at 207.40 my risk was only 100/150 pips. I was calm as one could be as I was confident in why I was trading it and then I simply let that puppy do its thing...LOL!
I too tend to dabble in that pond. Unfortunatly as soon as I got home, I had a 2 min look at all the charts, and the G/J was running up. I got dragged out the door to take my missus for a checkup, only to get home and miss ALL the action. Was definatly looking to get a piece of the 700 pips but alas not this time. Well done to you m8
  • #3,038
  • Apr 18, 2008 11:00am Apr 18, 2008 11:00am
Me too


Quoting johnedoe
............
Also I was stopped out and now have an AH order in place 1.5795

Dollar Rises Versus Euro on Bets Firms to Weather Credit Losses (http://www.bloomberg.com/apps/news?pid=20602081&sid=atBJQB_eaIHM&refer=benchmark_currency_rates)
  • #3,039
  • Apr 18, 2008 11:44am Apr 18, 2008 11:44am
Now that we are this low I can rescue a few fallen soldiers... But do you guys and gals think this will be another crazy weekend with a market reset?
Live From Los Angeles
  • #3,040
  • Apr 18, 2008 11:51am Apr 18, 2008 11:51am
Quoting panhandler
Now that we are this low I can rescue a few fallen soldiers... But do you guys and gals think this will be another crazy weekend with a market reset?
now, that I read your post and checked the chart, I'm kind of wonder if that last bar on daily yells at us.... 'please, please buy me'...?
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