Jacko's Forex House of Pleasure and Pain | Page 166 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #3,301
  • Apr 24, 2008 1:00am Apr 24, 2008 1:00am
Quoting takeprofit
Good Morning Everyone

This further price drop has given me the opportunity to add to my position at both 5855 and 5835. If it drops to 5800 I will add more.

Hoping [obviously] that its gotta go north eventually.

TP
Are you adding to your position because you see evidence that price wants to go higher, or are they anti-hedge positions. Price seems to be consolidating between 5830 and 5865 for the past 6 hours, I do not see any indication as yet that the price wants to go higher.

My thinking is to wait for an indication that price wants to go higher, like a nice bullish candle off the current lows on the 4 hour. I am prepeared to miss a few pips on a higher probability trade. The last 6 candles have all been red. That said, I am relatively new, and have only been following Jacko's method for 2-3 months, and really thinking out loud.
  • #3,302
  • Apr 24, 2008 1:05am Apr 24, 2008 1:05am
Bought at 5795.

-Sean
  • #3,303
  • Apr 24, 2008 1:06am Apr 24, 2008 1:06am
Wow, news from Germany came out a little worse than expected and market plunges. Looks like everyone feels the market is overbought. Probably sitting out for the rest of the day. Trichet is going to speak in 4 hours... that might bring market even more south.

Otherwise I would be looking for entry at 1.5750
  • #3,304
  • Apr 24, 2008 1:07am Apr 24, 2008 1:07am
Quoting Sac
Are you adding to your position because you see evidence that price wants to go higher, or are they anti-hedge positions. Price seems to be consolidating between 5830 and 5865 for the past 6 hours, I do not see any indication as yet that the price wants to go higher.

My thinking is to wait for an indication that price wants to go higher, like a nice bullish candle off the current lows on the 4 hour. I am prepeared to miss a few pips on a higher probability trade. The last 6 candles have all been red. That said, I am relatively new, and have only been following Jacko's method for 2-3 months, and really thinking out loud.
He's paying for his patience lessons dearly. Unless its demo money so no pain = no lesson there.


I also learned a lesson there, actually it just proved my theory that I wasn't sure off. "Don't bet against H4 bearish candles" thought it just cost me 30 pips on a small position and wich has AH order placed.
  • #3,305
  • Apr 24, 2008 1:10am Apr 24, 2008 1:10am
Most traders, myself included, tend to think of the bigger swings, for example, the swing from the 1/22 swing low to the 2/1 swing high, a 576 pip swing. The smaller swings, for example, from the 4/13 low to the 4/17 swing high, a 312 pip swing, are equally as important and are just as viable trading opportunities only with smaller profit potential.

As long as the trend is making higher swing tops and lows, whatever their magnitude, you know the trend is healthy and still intact.
  • #3,306
  • Apr 24, 2008 1:23am Apr 24, 2008 1:23am
Quoting kaunasny
He's paying for his patience lessons dearly. Unless its demo money so no pain = no lesson there.


I also learned a lesson there, actually it just proved my theory that I wasn't sure off. "Don't bet against H4 bearish candles" thought it just cost me 30 pips on a small position and wich has AH order placed.
Yes its real money but only minimum allowed per point. I openly admit I am new to trading and just finding my feet. Hopefully this WILL teach me to be more patient before I start using serious amounts.
  • #3,307
  • Apr 24, 2008 1:28am Apr 24, 2008 1:28am
Nice drop, love those wholesale prices...
  • #3,308
  • Apr 24, 2008 1:30am Apr 24, 2008 1:30am
I thought I was buying at the bottom the swing. Bad news down 50 pips, a good 30 pips below the supporting TL. Good news is my stop is at 15695, below the preious low on the 4 hour on April 18th of 1.5711.

I don't feel great about this trade, but I still think it has potential.

Emotionally it is easier for me to buy new highs, rather than try to grab the dips. But the support is there, and I planned this buy when I wasn't emotionally attached to the trade. Let's see how she goes.

-Sean
  • #3,309
  • Apr 24, 2008 1:31am Apr 24, 2008 1:31am
Quoting takeprofit
Yes its real money but only minimum allowed per point. I openly admit I am new to trading and just finding my feet. Hopefully this WILL teach me to be more patient before I start using serious amounts.

You should learn some basic concepts about trading. Thought if you know them already you should start following them because if you don't you will never make it. For example one of the rules in trading is - NEVER ADD TO A LOOSING POSITION .

If you don't know those concepts, you should read this forum thoroughly all through out it and you will find most of them. Also you must read some good books about trading. So if you haven't done so yet, you should start from there.
  • #3,310
  • Apr 24, 2008 1:33am Apr 24, 2008 1:33am
Quoting takeprofit
Yes its real money but only minimum allowed per point. I openly admit I am new to trading and just finding my feet. Hopefully this WILL teach me to be more patient before I start using serious amounts.
Perhaps make it a rule for yourself to only add to positions when they are going you way. Adding the other way is a bit dangerous. It will work for a while then one day it doesn't, and man does it hurt.

Good luck, I'm in there with you friend,

Sean
  • #3,311
  • Apr 24, 2008 1:38am Apr 24, 2008 1:38am
Quoting kaunasny
You should learn some basic concepts about trading. Thought if you know them already you should start following them because if you don't you will never make it. For example one of the rules in trading is - NEVER ADD TO A LOOSING POSITION .

If you don't know those concepts, you should read this forum thoroughly all through out it and you will find most of them. Also you must read some good books about trading. So if you haven't done so yet, you should start from there.
Tone it down, everyone makes mistakes, theres no need to be so harsh. We are all here to learn but nobody will post mistakes if they dont find a lighter more helpful atmosphere. What you say may be true but there are better ways to explain things, Raz
ps losing is spelled with one o
Never say never.
  • #3,312
  • Apr 24, 2008 1:40am Apr 24, 2008 1:40am
Quoting seanchicago
Perhaps make it a rule for yourself to only add to positions when they are going you way. Adding the other way is a bit dangerous. It will work for a while then one day it doesn't, and man does it hurt.

Good luck, I'm in there with you friend,

Sean
OK thanks

5750 just sounds like a good round number and I cant resist a bargain. Fingers crossed...
  • #3,313
  • Apr 24, 2008 1:42am Apr 24, 2008 1:42am
This is a good chance to pick up a couple of soldiers
Live From Los Angeles
  • #3,314
  • Apr 24, 2008 1:44am Apr 24, 2008 1:44am
Maybe I got up not in my best mood today. I'm sorry for my toned language like raz has noticed. I did not mean no harm. This is my last post today. Thanks for the heads up raz and for a spelling lesson

Good luck for those that are in a market.
  • #3,315
  • Apr 24, 2008 2:03am Apr 24, 2008 2:03am
I've been following this thread, not very successfully I might add, because I get nervous when it goes way negative, then tend to cut it too soon when it goes positive.

However, can I just ask something, at the mo the trend appears to be down...initially I had a buy set for 800, but it sailed thro that without a blip, and now it's gone thro 765, and hovering below 750...so I'm kind of thinking 700 seems more likely than 800. Is it better to wait and see what evolves? Or go with current down trend and sell instead of buy?

How do you have the confidence that the upward trend is still intact? Given 1600 never held. I find it difficult to have the confidence to make the decision to go long when surrounded by red candles. Then miss the set-up, enter too late, etc.

A bit jumbled I know, what I 'm trying to say I suppose, while the $ is weaker, I feel the euro isn't exactly going to benefit long-term on these highs. So a correction is bound to come about and how do you know that this isn't it. Under the anti hedge strategy how to you trade in ranging markets?

If anyone can understand what I 'm trying to say - thanks for your help and good luck.
  • #3,316
  • Apr 24, 2008 2:03am Apr 24, 2008 2:03am
bottom just fell out, now wheres those elephants gone
  • #3,317
  • Apr 24, 2008 2:06am Apr 24, 2008 2:06am
Be careful out there, guys.

Re wounded soldiers, are they still valid if the market has climbed up?
The market reveals who we really are...
  • #3,318
  • Apr 24, 2008 2:07am Apr 24, 2008 2:07am
Quoting cruze2005
bottom just fell out, now wheres those elephants gone


STAMPEDE!!!

http://images.amazon.com/images/P/B0...1.LZZZZZZZ.gif
The market reveals who we really are...
  • #3,319
  • Apr 24, 2008 2:11am Apr 24, 2008 2:11am
Quoting annieb
I've been following this thread, not very successfully I might add, because I get nervous when it goes way negative, then tend to cut it too soon when it goes positive.

However, can I just ask something, at the mo the trend appears to be down...initially I had a buy set for 800, but it sailed thro that without a blip, and now it's gone thro 765, and hovering below 750...so I'm kind of thinking 700 seems more likely than 800. Is it better to wait and see what evolves? Or go with current down trend and sell instead of buy?

How do you have the confidence that the upward trend is still intact? Given 1600 never held. I find it difficult to have the confidence to make the decision to go long when surrounded by red candles. Then miss the set-up, enter too late, etc.

A bit jumbled I know, what I 'm trying to say I suppose, while the $ is weaker, I feel the euro isn't exactly going to benefit long-term on these highs. So a correction is bound to come about and how do you know that this isn't it. Under the anti hedge strategy how to you trade in ranging markets?

If anyone can understand what I 'm trying to say - thanks for your help and good luck.
Hi Annie,
Well nobody knows for sure where the bottom is so if you are unsure best stand aside. Personally I find the best way to go about things is to buy from below, so I have now got an order in at 5800...also keep your money management in mind when you take on new trades I know Ive said this before but just remember you can wind up holding a number of AH trades waiting to be taken if you keep buying the low and getting knocked out on the way down. Jacko told me once, and again Ive said this before, its not a bad strategy to wait if you already have one AH waiting to be picked up...everyone is different and has different risk tolerance but its good sound advice for traders new to his method. Hope this helps, Raz
and to kaunasny dont worry we all have bad days...
Never say never.
  • #3,320
  • Apr 24, 2008 2:13am Apr 24, 2008 2:13am
This is taken directly from Jacko's House of Pleasure and Pain thread:

"I start with weekly, then move closer in using daily then 4 hour to help me make a decision."
There is no signal on the Daily - no signal means no trade

A signal on the Daily would be confirming the swing low with the next Daily bar having a higher low.

Jacko's method is all about trading the Daily time frame, nothing less
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