Jacko's Forex House of Pleasure and Pain | Page 193 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #3,841
  • May 22, 2008 4:43am May 22, 2008 4:43am
trail from the start or as soon as you get a chance to adjust
  • #3,842
  • May 22, 2008 4:45am May 22, 2008 4:45am
Hello

I'm just wandering where people are looking for entries right now?

TP
  • #3,843
  • May 22, 2008 4:54am May 22, 2008 4:54am
Quoting takeprofit
Hello

I'm just wandering where people are looking for entries right now?

TP
I reckon 1.5650 looks good - 50% fib from low 19 May to today's high (4hr chart)

But, as they say, I could be wwwrong!
  • #3,844
  • May 22, 2008 5:10am May 22, 2008 5:10am
Quoting zorroz
trail from the start or as soon as you get a chance to adjust

Thanks Zorroz,
So keep the stops as tight as possible. May i ask what amount you are using?
"Whether you think you can or can't, you're right." Henry Ford
  • #3,845
  • May 22, 2008 5:13am May 22, 2008 5:13am
well thats how i have been managing it anyway. it's my 1st trade after joining jackos group so whenever i looked at it i'd adjust it to whatever the highest price it had been to and then took my stop to 100 pip off that.
  • #3,846
  • May 22, 2008 5:15am May 22, 2008 5:15am
Quoting takeprofit
Hello

I'm just wandering where people are looking for entries right now?

TP
15550 has a 50% fib and trend line, but looks quite low, this is where experience comes to play I guess .... which I don't have yet.

Edit; That trend line will be on 15650 next week so I agree with Saint
  • #3,847
  • May 22, 2008 5:24am May 22, 2008 5:24am
yeah i'd have to agree about the 50 fib at 550 but not sure if we'll head down that far. maybe 600 is a bit more likely, have to wait and see what price does and how it reacts around those areas. i think 650 is the obvious one but i don't see it as a 50% fib. i'm thinking the fib should be drawn off the major low of the 8th to carry any weight but i could be wrong.

for me even if it reached 550 i think i'd want to wait and see it come up thru 600 before entering again. just my two bobs worth
  • #3,848
  • May 22, 2008 5:35am May 22, 2008 5:35am
Great trade 263 pips for me....niceeeeeeeeeeeeeee

So now what next? Looking at my 4hr chart, and having drawn fib levels from a low of 1.5485 to the the high of 1.5813, 50% fib is around 1.5650. This area also served as support and resistance in the recent down run (04/24 to 05/01 on 4hr charts). More recently we did take a little break around that area in this move up.

Considering the strength of this recent up move we may not even get down that far although it is within the paraments of the 100-150 pull back Jacko looks for, for an entry.

Any thoughts?
  • #3,849
  • May 22, 2008 5:42am May 22, 2008 5:42am
lol I posted my msg without refreshing the forum from when I looked at it earlier, good to see we have some confluence in areas for entry
  • #3,850
  • May 22, 2008 6:57am May 22, 2008 6:57am
Quoting zorroz
yeah i'd have to agree about the 50 fib at 550 but not sure if we'll head down that far. maybe 600 is a bit more likely, have to wait and see what price does and how it reacts around those areas. i think 650 is the obvious one but i don't see it as a 50% fib. i'm thinking the fib should be drawn off the major low of the 8th to carry any weight but i could be wrong.

for me even if it reached 550 i think i'd want to wait and see it come up thru 600 before entering again. just my two bobs worth
Totally agree with your sentiment about the 8th being used for the fib drawing, when I drew up the fibs 1.5500 seemed to far away to me, so I tried to look for a closer low and thats where I got the 1.5650 figure. I think I will place my order at 650 and if I am wwwwwwrong, the A-H will hopefully save the day.
  • #3,851
  • May 22, 2008 9:31am May 22, 2008 9:31am
Quoting zorroz
just got taken out at 263 pips on 2 lots and additional 63 on 1 lot. guess it's a matter of waiting now for a retrace and another chance to enter
Hi zorroz

Many in the group did exactly the same ....

We all had a good week at the forex banquet. My 263 pips on the first set and 63 pips on the second set were very pleasant....

Mrs Jacko is out shopping...

.
  • #3,852
  • May 22, 2008 9:49am May 22, 2008 9:49am
Quoting jacko
Mrs Jacko is out shopping...

.


It almost makes it worth it.
The market reveals who we really are...
  • #3,853
  • May 22, 2008 1:22pm May 22, 2008 1:22pm
So do you guys think it'll break past 1.5700 before going back up? Looks to me like it's stalling out right there and will bounce back up
  • #3,854
  • May 22, 2008 2:03pm May 22, 2008 2:03pm
I agree with Zorroz; I'm looking for it to hit 1.5550 (the 50% fib) and get in at 1.5600 on the way up. Why not enter at 1.5550? Well I'm still wary of European central banks and I don't want to get too excited and attempt to catch the falling knife. If I miss there will be other entries.

That said I plan on enjoying the holiday weekend and if this happens over this period I will skip the whole thing. The market will always be there.

-Sean
  • #3,855
  • May 22, 2008 2:25pm May 22, 2008 2:25pm
Quoting seanchicago
I agree with Zorroz; I'm looking for it to hit 1.5550 (the 50% fib) and get in at 1.5600 on the way up. Why not enter at 1.5550? Well I'm still wary of European central banks and I don't want to get too excited and attempt to catch the falling knife. If I miss there will be other entries.

That said I plan on enjoying the holiday weekend and if this happens over this period I will skip the whole thing. The market will always be there.

-Sean
Considering it should be hitting the 1.5550 why not short now? Basically just trying to save from the longterm uptrend?
  • #3,856
  • May 22, 2008 2:37pm May 22, 2008 2:37pm
Quoting GriffCo
Considering it should be hitting the 1.5550 why not short now? Basically just trying to save from the longterm uptrend?
Yeah that could be a very good idea but could also be a very bad idea. Shaun is looking to get in long in a strong uptrend, at a much SAFER point, whereas you are looking to short in a strong uptrend from an iffy point. If Seans trade doesnt get picked up he will look for another opp, whereas you will be (pardon my french) ...f...d! Patience is a virtue patience is a virtue patience is a virtue...
Never say never.
  • #3,857
  • May 22, 2008 3:27pm May 22, 2008 3:27pm
Long at 1.5700,i hope not too risky....but i considered the price has broken a resistence line that now becomes a support.
Am i corret or just lucky???
Thanks .
Attached Image (click to enlarge)
Click to Enlarge Name: eur.gif Size: 22 KB
Patience is essential
  • #3,858
  • May 22, 2008 4:14pm May 22, 2008 4:14pm
Quoting razldazl
Yeah that could be a very good idea but could also be a very bad idea. Shaun is looking to get in long in a strong uptrend, at a much SAFER point, whereas you are looking to short in a strong uptrend from an iffy point. If Seans trade doesnt get picked up he will look for another opp, whereas you will be (pardon my french) ...f...d! Patience is a virtue patience is a virtue patience is a virtue...

I concur.

It it foolhardy to try to predict the market movement. Better to react to what is happening. So IF it reaches 15550 then go long but not short with the expectation that it will reach 15550. Or as someone has said on here, let the market come to you.
The market reveals who we really are...
  • #3,859
  • May 22, 2008 6:39pm May 22, 2008 6:39pm
Quoting razldazl
Yeah that could be a very good idea but could also be a very bad idea. Shaun is looking to get in long in a strong uptrend, at a much SAFER point, whereas you are looking to short in a strong uptrend from an iffy point. If Seans trade doesnt get picked up he will look for another opp, whereas you will be (pardon my french) ...f...d! Patience is a virtue patience is a virtue patience is a virtue...
Thanks, I couldn't have responded better.

-Sean aka "Shaun"
  • #3,860
  • May 23, 2008 9:49am May 23, 2008 9:49am
Since the upward trend re-emerged last week, here are my Jacko trade results:

Trade 1
Opened 12 May, Closed 19 May
1.5400 – Long
Stopped out by 100 TSL at 1.5532
Profit: +132 pips

Trade 2
Opened 19 May, Closed 22 May
1.5500 – Long
Stopped out by SL at 1.5750
Profit: +250 pips

Trade 3
Opened 21 May, Closed 22 May
1.5702 – Long
Stopped out by SL at 1.5750
Profit: +48 pips

Trade 4
Opened 23 May
1.5700 - Long
Currently +71 with 21 locked in by 50 TSL
I'm being conservative as I admit; this was a bit of a greedy trade ...but hey I'm just a young and naive turtle who's still growing up.

Thanks again to Jacko for sharing his business blueprint.

I'm done and am going out to enjoy a Friday night.

Have an excellent weekend all you Turtles!

Rob
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