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  • #541
  • May 1, 2008 7:01am May 1, 2008 7:01am
Quoting zoopy
More time should instead be spent on the basics.
Well said there Zoopy. I remember when i started trading, the first thing i learnt was support and resistance, because human nature dont believe that simple things work, i went own to start looking for complicated systems with a lot of indicators. When i noticed that i was losing money, i decided to go back to the basics, looking at S/R and i got an Ahh moment. As Zoopy said MORE TIME SHOULD BE SPENT ON THE BASICS.
Well done mate, i am glad i saw your thread when you started it, so i dont have to go through previous posts like i have done in other journals where i had to go through thousands of post to catch up. I will be hanging around here for a long time.
  • #542
  • May 1, 2008 7:39am May 1, 2008 7:39am
Quoting Fxtrader
Well said there Zoopy. I remember when i started trading, the first thing i learnt was support and resistance, because human nature dont believe that simple things work, i went own to start looking for complicated systems with a lot of indicators. When i noticed that i was losing money, i decided to go back to the basics, looking at S/R and i got an Ahh moment. As Zoopy said MORE TIME SHOULD BE SPENT ON THE BASICS.
Well done mate, i am glad i saw your thread when you started it, so i dont have to go through previous posts like i have done in other journals where i had to go through thousands of post to catch up. I will be hanging around here for a long time.
Definitely true. It's human nature to complicate things. Again, referring to Graphic Design. When I was studying to become a Graphic Designer, there was emphasis on taking massive amounts of information and then communicating that to the viewer/reader/user in a simple form for them to understand. Trading is no different to any of the other visual problems I've had to solve in the past. However this problem has definitely been the biggest and most challenging one of all. There is so much information out there on trading you become overwhelmed by it all. But... how much of this information do you really need?

In the past few months after joining Jacko's group, not only has my trading simplified but my thinking and understanding of the market has turned a full 180 degrees. I'm so glad I joined because I needed a wakeup call and a slap across the face.
  • #543
  • May 1, 2008 7:45am May 1, 2008 7:45am
For those that are wondering about the cable 4 hour wave chart (post#533), here is an example of how I would trade it with a relatively tight stop (keep in mind the medium term trend for cable is currently down).
Attached Image (click to enlarge)
Click to Enlarge Name: cable_4hour_update.gif Size: 10 KB
  • #544
  • May 1, 2008 10:46am May 1, 2008 10:46am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
not so sure about trading cable, still very volatile and the gains are limited so the TSL method might not work to well

Pairs to consider in my view are USDCHF, AJ, AU and EU, with EU being the primary - do we need other pairs? or do we just get a feel for EU!!!

Great posts though Zoopy
  • #545
  • May 1, 2008 11:05am May 1, 2008 11:05am
Quoting MPP
not so sure about trading cable, still very volatile and the gains are limited so the TSL method might not work to well

Pairs to consider in my view are USDCHF, AJ, AU and EU, with EU being the primary - do we need other pairs? or do we just get a feel for EU!!!

Great posts though Zoopy
lol. I'm testing these waves on all currencies and they still work. The reason why I picked cable was because the 4 hour chart looked messy and I wanted to see if I could trade it just with the line chart

Still not sure? Lets look at CAD. We all know CAD can create horrors and no one likes trading it. We broke the 4 hour wave to the upside. What this means is... I'll wait until it goes up, drops and when it drops I'll wait for it to turn around before going long (there's a good chance the drop won't fall below 1.0075 area). If it does, I'll be waiting to short it.

see charts below.

Forgot to mention... If you're finding your bar/candlestick chart too "messy" and it seems very volatile, switch it to the line chart. That should solve your problem. I'm also finding I seem to trade in a much "calmer" manner with the line chart because I'm not seeing any of the candles or bars creating that erratic visual effect. Try it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cable_4hour_result.gif Size: 10 KB
Click to Enlarge Name: cad_wave.gif Size: 9 KB
  • #546
  • May 1, 2008 11:16am May 1, 2008 11:16am
Ok, now that we've looked at currencies, lets see how it works with gold. This chart shows the wave collapse on the 4 hour. Wait for the pullback... then short! Notice how the pullback doesn't reach the top of the wave that collapsed. If it did and went beyond, then start to look for long positions.
Attached Image (click to enlarge)
Click to Enlarge Name: gold_collapse.gif Size: 8 KB
  • #547
  • May 1, 2008 11:20am May 1, 2008 11:20am
So... currencies, gold... how about oil? Wave collapses, wait for pullback (notice how price didn't hit the high of the wave it collapsed) then short!
Attached Image (click to enlarge)
Click to Enlarge Name: oil_collapse.gif Size: 10 KB
  • #548
  • May 1, 2008 11:22am May 1, 2008 11:22am
Have no idea what this pair is... lol who cares? Wave breaks to the upside, wait for pullback (notice how it doesn't drop as low as the low of the wave it broke) then go long.
Attached Image (click to enlarge)
Click to Enlarge Name: tryjpy_wavebreak.gif Size: 8 KB
  • #549
  • May 1, 2008 11:27am May 1, 2008 11:27am
Starting to wonder after all of these examples. I may not even end up trading Jacko's method but just implementing a few things. This is way easier for me and it works on 4 hour and daily. That's all you really need along with good money management. No trendlines, no fib retracements, no PA and best of all no indicators.
  • #550
  • May 1, 2008 1:10pm May 1, 2008 1:10pm
looks great zoopy!
Never say never.
  • #551
  • May 1, 2008 1:32pm May 1, 2008 1:32pm
Quoting razldazl
looks great zoopy!
Hi Raz

Did you get to try these wave exercises out? It's quite easy or maybe there's something I'm not seeing
  • #552
  • May 1, 2008 1:46pm May 1, 2008 1:46pm
Since I'm originally from South Africa, here's the Rand. Wave breaks to the upside, wait for pullback and buy
Attached Image (click to enlarge)
Click to Enlarge Name: usdzar_wavebreak.gif Size: 9 KB
  • #553
  • May 1, 2008 1:57pm May 1, 2008 1:57pm
What broker do you use for your charting? I am looking for a broker who have commodities on demo accounts, and use Metatrader. On another note i traded the cable using waves and made 100pips, i set a target because this pair has been very volatile and not showing clear direction.
  • #554
  • May 1, 2008 2:05pm May 1, 2008 2:05pm
Quoting Fxtrader
What broker do you use for your charting? I am looking for a broker who have commodities on demo accounts, and use Metatrader. On another note i traded the cable using waves and made 100pips, i set a target because this pair has been very volatile and not showing clear direction.
I'm using ODL Securities. I was using IBFX a few weeks ago but was getting really bad feed from them. Another broker that has commodities and the Dow Jones, S&P etc is North Finance.

Yah, I shorted cable, still in it. I was going to also set a take profit of 100 (which I think is actually a good target for the majority of pairs) but... I'll just leave it and let the market tell me when it's done. If I see it start to turn around then I'll get out. That's really the whole purpose of this all. To watch the market and learn it's rhythm, not just the euro. Also keep in mind round numbers. With cable we're at 1.9737 or thereabouts. When price is this low it tends to sag down to 1.9700. We're almost there so may as well let it do it's thing.
  • #555
  • May 1, 2008 2:34pm May 1, 2008 2:34pm
Quoting zoopy
I'm using ODL Securities. I was using IBFX a few weeks ago but was getting really bad feed from them. Another broker that has commodities and the Dow Jones, S&P etc is North Finance.
Thanks Zoopy, i have just downloaded the Northfinace platform. I am loving the waves, am checking out the waves on the daily gold chart.
  • #556
  • May 1, 2008 2:47pm May 1, 2008 2:47pm
Quoting Fxtrader
Thanks Zoopy, i have just downloaded the Northfinace platform. I am loving the waves, am checking out the waves on the daily gold chart.
Glad you're finding it helpful
  • #557
  • May 1, 2008 3:17pm May 1, 2008 3:17pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting zoopy
Starting to wonder after all of these examples. I may not even end up trading Jacko's method but just implementing a few things. This is way easier for me and it works on 4 hour and daily. That's all you really need along with good money management. No trendlines, no fib retracements, no PA and best of all no indicators.
Zoopy
remember this is a new theory (old one revisited) don't get carried away.

Ok felt i needed to say that, but anyway, why drop all of Jacko's methods?

purhaps you should still look to trade with the trend (or did i miss that part of the class) and apply the AH method along with round numbers.

with trend has many advantages when we play of strong support, i also think that you should limit the pairs - keep it so that the charts can all be visable on your screen at the same time so you can watch them (now there's a thought - back to watching screens all day ! TSL?) too many pairs and your'll miss a big move good or bad for your account?

I like were this is going and i'm on for the ride, but i just felt that you may be in one of those eureka moments and need that voice in the head to say WHAT IF. the reason i say this is because you look like your about to trade 23 pairs/commodities in one day. remember the start of this procees was to get a feel for it - and i think you done that really well, now find a few pairs and go to town on them, reach your goal - to have a feeling for the charts to just see it and trade it.

Best of pips

MPP
  • #558
  • May 1, 2008 3:18pm May 1, 2008 3:18pm
Well it looks good, I havent quite worked out how you know a wave is finished so to speak, it pulls back and you get in after the close of the 4hr(?)...I havent been watching it long enough to see it clearly....looking at your gbp now and seeing the 4hr has closed above the last low would you say its a buy now? Not planning to buy just wondering if Im getting it hehe...take care Raz
Never say never.
  • #559
  • May 1, 2008 3:28pm May 1, 2008 3:28pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting razldazl
Well it looks good, I havent quite worked out how you know a wave is finished so to speak, it pulls back and you get in after the close of the 4hr(?)...I havent been watching it long enough to see it clearly....looking at your gbp now and seeing the 4hr has closed above the last low would you say its a buy now? Not planning to buy just wondering if Im getting it hehe...take care Raz
I'm with you there, but i think and Zoopy will correct me on this, so here goes.

we are looking for price to either break the low 1.9650ish for a sell or bounce of the low area and return through the 1.9700 area for a buy.

how did i do??

edit: need to check trend for entry direction in my view.
  • #560
  • May 1, 2008 3:44pm May 1, 2008 3:44pm
Quoting MPP
Zoopy
remember this is a new theory (old one revisited) don't get carried away.

Ok felt i needed to say that, but anyway, why drop all of Jacko's methods?

purhaps you should still look to trade with the trend (or did i miss that part of the class) and apply the AH method along with round numbers.

with trend has many advantages when we play of strong support, i also think that you should limit the pairs - keep it so that the charts can all be visable on your screen at the same time so you can watch them (now there's a thought - back to watching screens all day ! TSL?) too many pairs and your'll miss a big move good or bad for your account?

I like were this is going and i'm on for the ride, but i just felt that you may be in one of those eureka moments and need that voice in the head to say WHAT IF. the reason i say this is because you look like your about to trade 23 pairs/commodities in one day. remember the start of this procees was to get a feel for it - and i think you done that really well, now find a few pairs and go to town on them, reach your goal - to have a feeling for the charts to just see it and trade it.

Best of pips

MPP
Hi MPP

Thanks for your comment. You're right about the theory, nothing new or anything. Just that it's been out there and I'm surprised no one has taken any interest in it. Regarding "trading with the trend", I would pick that any day over trying to do counter trend. Reason being, waves that move with the major trend will tend to be larger in size and therefore more profitable.

As for dropping Jacko's methods, didn't say I was although it did seem like I was suggesting it. Like I mentioned in a previous post, this was more of an exercise for me to get the feel for the market and to use this as a tool (which was the reason for updating the methodology). As for all the pairs I was posting, those aren't pairs I was trading, some of them were but 80% I didn't take. I don't think anyone should trade this way with more than three pairs and it's best to trade it just with one. Reason being because of high correlation. I remember mentioning this very early on in my journal and the dangers of it. I don't want to short gbpjpy, gbpchf, eurjpy or any other yen crosspairs all at once using 2% of my account or whatever because that's no longer "2%", more like 6% and higher (Glad you brought that up by the way).

Another thing that I also wanted to point out when it comes to "dangers" when trading multiple pairs. Be it 2 pairs or 20 (yikes!) is that you'll find 90% of the pairs are correlated in some way. During these current market conditions specifically, the market tends to be very sensitive to news so to take 10 trades or more hoping to make it rich quick could also be a devastating blow.

The other reason why I've gone "post happy" is because I'm still waiting for the euro to tell me when it's time to go long lol. This is my way to discipline those trades and to be patient.


EDIT: Decided to post the above in red because I see it as being of high value to this journal and also a word of caution not to overtrade or to over expose yourself to highly correlated pairs.
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