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Jacko's Forex House of Pleasure and Pain

  • #3,781
  • May 19, 2008 11:43am May 19, 2008 11:43am
Quoting Syafi
still only at page 30 ....... slow reader.....
You quoted the rules.

In answer to your questions, if it breaches your stop by a few pips, then tough. The stop has been chosen to accommodate noise, though, so it is less probably an occurence. Why not a better price? Because you're trying to make the most of a dead trade. It isn't a guarantee that the AH won't fail, of course. You also want assurance (confirmation?) that the movement is now back in the direction of the trend.
The market reveals who we really are...
  • #3,782
  • Edited 12:28pm May 19, 2008 11:53am | Edited 12:28pm
Quoting cologg
Hi Rob,

Just to let you know that there is no AH on a winning trade.

They are only for losing trades, and even then it's only once. I.e. you lose and place the AH when the criteria have been met, if the AH triggers and then loses, that's it - look for a new entry.

Cheers
Colin.
Colin,

Thanks for pulling me up.

I shall do just that. Let's see if I can get filled at 1.55. If I can't get such a round number I'll get in nearby at a rubgy ball shaped number.
Edit: Filled @ 1.55 @ 19:28 CET

Cheers Colin,
Rob

P.S. Thanks also Saint Stevo
  • #3,783
  • May 19, 2008 8:53pm May 19, 2008 8:53pm
Quoting shadowninja
You quoted the rules.

In answer to your questions, if it breaches your stop by a few pips, then tough. The stop has been chosen to accommodate noise, though, so it is less probably an occurence. Why not a better price? Because you're trying to make the most of a dead trade. It isn't a guarantee that the AH won't fail, of course. You also want assurance (confirmation?) that the movement is now back in the direction of the trend.
Ahh okay.
  • #3,784
  • May 19, 2008 9:46pm May 19, 2008 9:46pm
Im in at 1.5500 and only 57pips away from taking a free ride north, i will be much more comfortable the uptrend has resumed when we close above the 1.5600 mark, to me it is a level that has proven very difficult to over come.
and even though we have had some consecutive high lows and higher highs 1.5600 to me is a very important milestone for the euro in the short term.
anyway just my thoughts.
cheers
geoff
  • #3,785
  • May 19, 2008 10:06pm May 19, 2008 10:06pm
So basically, We buy Dips on EUR/USD ?
  • #3,786
  • May 20, 2008 2:21am May 20, 2008 2:21am
Quoting Syafi
So basically, We buy Dips on EUR/USD ?
Yes and always with the daily/weekly trend (using the 50% fib and round numbers will help you position orders)...
  • #3,787
  • May 20, 2008 4:18am May 20, 2008 4:18am
hey all. just wanted to see whether i'm doing this half right or not. in at 5500 and now have my stop at a locked in 13 pips as the most recent high was 5613. just trailing it now with a 100 pip s/l and looking for possible PA to give me another entry at 5600 or possibly even at 5550. not sure whether many enter at the 50 levels. maybe some can advise happy trading everyone
  • #3,788
  • May 20, 2008 5:39am May 20, 2008 5:39am
Quoting zorroz
hey all. just wanted to see whether i'm doing this half right or not. in at 5500 and now have my stop at a locked in 13 pips as the most recent high was 5613. just trailing it now with a 100 pip s/l and looking for possible PA to give me another entry at 5600 or possibly even at 5550. not sure whether many enter at the 50 levels. maybe some can advise happy trading everyone
zorroz,

Seems like you're doing it right, and at my time of writing you should now have 72 pips locked in by the 100 TSL and be up 168 pips. Nice trade

I recently asked Jacko about adding to a position and he said that he will add to a position when he is about 100 -150 pips in positive for the trade.

Rob
  • #3,789
  • May 20, 2008 6:31am May 20, 2008 6:31am
thanks mate, i'm a new turtle and just looking to get a feel

bugger!! where did you get the 168 from. i'm def up 72 but not sure where you are pulling the rest from. can you give me a heads up on that??

cheers
  • #3,790
  • May 20, 2008 6:33am May 20, 2008 6:33am
oh sorry, idiot me

you mean in total on the open position. doh
  • #3,791
  • May 20, 2008 7:12am May 20, 2008 7:12am
This is an area I am a little confused about also. Anyone know if the rules for adding to trades have been documented somewhere?

Would we use the the same kind of method as when we place the initial trade? For instance on the 1hr chart the nearest whole number to the 50% fib of the most recent low and high is 1.5600. Perhaps look for an entry to add around this area?

Or would a more mechanical approach for instance add at 100 pips profit, add at 150 pips profit?

How large percentage wise in comparision to the original entry would this addition be?

Does the addition have its own SL?
  • #3,792
  • May 20, 2008 7:47am May 20, 2008 7:47am
Well,
There is NO DOUBT that Jacko is THE man..Thanks to a few guys here through PM's, I took the plunge and decided to give it a try..
MY first trade was over 500 pips profit on a 5 lot and 1.5400 entry and here is my current trade now..

can you longer time turtles see if i have the TSL right...

1) May 19th:
FILLED @ 1.5490 inital stop placed 100 pips from fill @ 1.5390

2) May 20th:
Woke up this morning, checked the prices and saw that there was a high of 1.5673 (WOW..WHAT HAPPENED) so i moved the NEW stop 100 pips from the high of 1.5673 to 1.5573 (83 pips profit locked in x 5 = 415 pips)

(talk about stress free....while sleeping i was 193 pips in profit on ONE LOT, ONE TRADE (have 5 lots so, almost 1000 PIPS)

i am only on a mini account but this is still quite impressive, while i learn...

915 pips @ $1, is not bad..but, on $10 or $100...WOW!

i see what jacko means about compounding and taking it slow..

TO PRESERVE YOUR PRIVACY, I WON'T MENTION NAMES BUT THANKS FOR GETTING ME TO THE MAN!
  • #3,793
  • May 20, 2008 7:55am May 20, 2008 7:55am
Quoting PiPnAiNtEaSy
Well,
There is NO DOUBT that Jacko is THE man..Thanks to a few guys here through PM's, I took the plunge and decided to give it a try..
MY first trade was over 500 pips profit on a 5 lot and 1.5400 entry and here is my current trade now..

can you longer time turtles see if i have the TSL right...

1) May 19th:
FILLED @ 1.5490 inital stop placed 100 pips from fill @ 1.5390

2) May 20th:
Woke up this morning, checked the prices and saw that there was a high of 1.5673 (WOW..WHAT HAPPENED) so i moved the NEW stop 100 pips from the high of 1.5673 to 1.5573 (83 pips profit locked in x 5 = 415 pips)

(talk about stress free....while sleeping i was 193 pips in profit on ONE LOT, ONE TRADE (have 5 lots so, almost 1000 PIPS)

i am only on a mini account but this is still quite impressive, while i learn...

915 pips @ $1, is not bad..but, on $10 or $100...WOW!

i see what jacko means about compounding and taking it slow..

TO PRESERVE YOUR PRIVACY, I WON'T MENTION NAMES BUT THANKS FOR GETTING ME TO THE MAN!
Now you might consider changing your handle to PiPn"B"EaSy
  • #3,794
  • May 20, 2008 8:12am May 20, 2008 8:12am
Quoting aamarx
This is an area I am a little confused about also. Anyone know if the rules for adding to trades have been documented somewhere?

Would we use the the same kind of method as when we place the initial trade? For instance on the 1hr chart the nearest whole number to the 50% fib of the most recent low and high is 1.5600. Perhaps look for an entry to add around this area?

Or would a more mechanical approach for instance add at 100 pips profit, add at 150 pips profit?

How large percentage wise in comparision to the original entry would this addition be?

Does the addition have its own SL?

I imagine a lot of people are thinking the same. I got in at around 1.5500 and was feeling rather relaxed. when i reached 150 pips i thought time to enter an addition. So i did when a lower TF gave me an entry. I have yet to see if i made the right decision.
I think its a difficult question and look forward to other more experienced traders views on this. I also think that after waiting so long for the resumption of the uptrend meant i was like a hare out of a trap in my eagerness. I used the same 100 pip trailing s/l as i have on my initial entry.

I have discovered the enemy in this business. It's the charts themselves. If I gawp at the screen all the time it fuels the fear and greed syndrome. I think its better to make your trades and only look from time to time. I now have an sms alert to my phone so i will know if price hits levels that require my attention. Meanwhile I will occupy myself elsewhere.

Adding to positions of course is quite nerve racking if you are new to it.

I am a trend trader I keep telling myself....I now believe it.

Thanks Jacko, your method is the only credible way forward i have found in 8 months of full time study and trading.
  • #3,795
  • May 21, 2008 12:21am May 21, 2008 12:21am
Quoting forexfixer
G'day Wattawatta

I would second this.
Since joining Jacko's group I have seen trading in a whole new light.
It is not merely a disorganised series of buying and selling of different currencies.
It is a strategic and calculated system of trading that takes all the pressure off when looking at the market.
He also has a more holistic approach that includes a view of trading as a total business, not merely random trades that is something more akin to gambling.
In my reading of the private group blog, I can see what wattawatta is saying.
Jacko sees trading as a lifelong business that can be conducted anywhere, anytime by anyone.
If you are serious about trading as a career and lifetime business you wont do better than to contact Jacko and see if there are any more spaces in the second group.
I did and its money well spent.
Jacko's well laid out and easily explained plan to buy at 1.5500 was inspired trading. On Friday last week when the E/U was at 1.5595, Jacko advised his group that 1.5500 was a buying target for the Monday. A GREAT call. I have made a motsa. Keep em coming Jacko.

A GREAT call. Totally inspired trading. Up 180 pips in a day. His blog is brilliant. And extremely funny.
  • #3,796
  • May 21, 2008 12:30am May 21, 2008 12:30am
Quoting PiPnAiNtEaSy
Well,
There is NO DOUBT that Jacko is THE man..Thanks to a few guys here through PM's, I took the plunge and decided to give it a try..
MY first trade was over 500 pips profit on a 5 lot and 1.5400 entry and here is my current trade now..

can you longer time turtles see if i have the TSL right...

1) May 19th:
FILLED @ 1.5490 inital stop placed 100 pips from fill @ 1.5390

2) May 20th:
Woke up this morning, checked the prices and saw that there was a high of 1.5673 (WOW..WHAT HAPPENED) so i moved the NEW stop 100 pips from the high of 1.5673 to 1.5573 (83 pips profit locked in x 5 = 415 pips)

(talk about stress free....while sleeping i was 193 pips in profit on ONE LOT, ONE TRADE (have 5 lots so, almost 1000 PIPS)

i am only on a mini account but this is still quite impressive, while i learn...

915 pips @ $1, is not bad..but, on $10 or $100...WOW!

i see what jacko means about compounding and taking it slow..

TO PRESERVE YOUR PRIVACY, I WON'T MENTION NAMES BUT THANKS FOR GETTING ME TO THE MAN!
I agree, Jacko is THE MAN.
180 pips times 200 contracts times $10 a contract = ???????? Fark
Jacko runs 200 contracts a trade over 4 brokers. Is there a bigger trader here on FF?
  • #3,797
  • May 21, 2008 2:29am May 21, 2008 2:29am
Hi forexfixer,
The 180 pips assumes exiting on the peak. It doesn't take into account the TSL. 85 pips locked in as profit. It remains to be seen what happens with the TSL.
Profit is not profit until the trade is exited.

Cheers
Michael
  • #3,798
  • May 21, 2008 2:58am May 21, 2008 2:58am
Quoting forexfixer
Jacko runs 200 contracts a trade over 4 brokers. Is there a bigger trader here on FF?
Yes i trade 500 contracts!!!


On demo account
  • #3,799
  • May 21, 2008 3:09am May 21, 2008 3:09am
2nd entry at 700 taken and already risk is at 65pips and 136 booked in on position 1 at the time of writing. i'm liking this. esp with the AH up our sleeve.

cheers jacko. this is such a good trading plan
  • #3,800
  • May 21, 2008 4:15am May 21, 2008 4:15am
Quoting zorroz
cheers jacko. this is such a good trading plan

Method, not plan.

Here's a trading plan template you can use: http://www.trade2win.com/knowledge/articles/general_articles/trading-plan-template/
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