Jacko's Forex House of Pleasure and Pain

Thanks for the responses. I am a big proponent of taking minimal trades per week..... I've done the "daytrading" thing in the past, and it just didn't fit my personality. Taking a few trades a week sounds much more reasonable. I currently trade around 2% of my balance per trade..... is this typical for Jacko's students?

yes, 2% is a good start, as you get more comfortable and experienced up to 5%.
I use 1.5% because of the increased trades.

Gentlemen

I have took a position at 5860.

Good trading to you all.

I have been in since last friday..... lets see if this current momentum has some legs......

I'm going to be looking to enter at 1.5800

News is strong for Eur , usd still in the dirt. This correction will stall soon, and H4 trendline and fibs from recent move up around that area.

2:45am EUR French Consumer Spending m/m
http://www.forexfactory.com/images/m...dar_detail.gif (http://www.forexfactory.com/calendar.php?)
-0.2%1.2%
3:30am EUR German Manufacturing PMI (p)
http://www.forexfactory.com/images/m...dar_detail.gif (http://www.forexfactory.com/calendar.php?)
54.755.1
3:30am EUR German Services PMI (p)
http://www.forexfactory.com/images/m...dar_detail.gif (http://www.forexfactory.com/calendar.php?)
51.551.8
4:00am EUR Manufacturing PMI (p)

51.652.0
4:00am EUR Italian Retail Sales m/m

-0.1%0.2%
4:00am EUR Services PMI (p)

51.451.6


none of these "projections" look stong euro to me. they point to problems developing

I don't pay much attention to those numbers. Although they might not be good, but they are not severe. Usd has alot bigger problems. Also I try to use only one source I like for the news so not tu clutter my picture of different opinions. Eur has problems, but it's taking steps to fix them and there seems to be nothing out of hands so there for for longer term I say strong Eur .
Ofcourse, I could be wrong with my own projection

Long @ 1.5850

Good luck to all!

I had a buy limit at 5830 - 50% fib on the 4h. Looks like it was missed by about 3 pips. Now to decide whether to leave the order in or scrap it and look for a new entry.

It did not miss it. It just didn't get there yet . Either way, no trade = no loss. If you don't get the price you want so be it. There will be other trades to take. Keeps you from overtrading.

Thats my entry also, based on the 50% fib, just wait for it, definitely don't scrap it, unless of course we see a lower low or higher high... Let the market come to you lol...

Thanks for the advice.

Hello Everyone

I decided to close my position manually at 5936. 75 [76] points I am happy with.

Good Luck to everyone else.

I also believe that 5930 is a short term resistance, as you can see on the hourly chart. Unfortunately I missed today's move, but I am still happy because yesterday was a great day, entry from 5750 and 2 resurrected soldiers along the way to 5900. As you can see on this hourly chart, we are in a very clear uptrend with much more space to the upside, so I not worrying about a downtrend until I will see the euro below the channel.

Right now I have an order at 1.5850 since my buy order at 1.5830 was also missed. I dont know if the euro will drop again there, so I also have a buy order at 1.5950. I know it is quite expensive at this price, but I assume that if it goes there, it should run to 1.6000.

By the way, I know that we dont use any indicators here, but if you pull a 200 ema on the hourly, you will see why euro stopped before 1.5830.

Happy trading everybody.

TakeProfit,

Congrats on the quick profit. You are aptly named.

-Sean

Thanks guys I am trying.

well done take profit! i had an entry set 12 hours ago at 1.5902 which triggered and stopped for a loss of 50 points (no easy money there ) 1.5850 was a good entry. I forgot I had a buy stop sitting at 1.5950 which got triggered while I was napping.

Gaguil, Just curious as to why price stopped at the 200ma yet had previously crossed it at least 12x's prior. I like the purity of this thread/method and wouldn't like to see it adulterated with indicators. No offence meant as I'm sure your intentions are honourable.
Cheers.

Hello Everyone,

I see the trend is finally on track again & 1.6000 is getting closer. I'm still long from 5815 for 2 lots & gains are locked in. Will the 1.6000 be printed this time? I have no idea, but it looks as though it will. No tp target @ this time, but anything just under or over the 1.6000 level would be good. If 5950 holds as support & 1.6000 is printed we will see some retrace before another run up is seen. Just my views & nothing more.

BTW: It is starting to look as though more & more traders are understanding this method & are finally making some gains with it. This is a very simple way to trade, but it take patience & following the rules. One to two trades a week is about the limit for me with this method & one will do if I'm correct on the entry. Again, just my views & nothing more. To each his own.

______________
AceTrader

I think he is just joking about the 200ma bounce...right?