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Jacko's Forex House of Pleasure and Pain

  • #3,961
  • May 29, 2008 7:33am May 29, 2008 7:33am
Quoting kaunasny
Moxy > how will you know when the low is the low ?

I agree with 1.5550 as a strong resistence level. I put my stop just bellow it at 1.5530 from my 1.5650long. Little too many pips, but I thought the risk is worth it, since I was planing to use 100 pip TSL, hopefully it will hold. Most likely it wont.

Thought I wonder where this selling power is comming from.

Bernankie is speaking today, maybe hopefully he will bale me out
how i do it is that i look for a candlestick reversal formation at the fib level (4hr chart) and then go to a 15m chart for a retrace within a retrace for entry..
  • #3,962
  • May 29, 2008 7:33am May 29, 2008 7:33am
Stopped out at 1.5560 will set an AH. Looking at the daily bars currently similar to around the 24th/25th April and heading south? Any thoughts? So if over a couple of days gets below 1.5510ish then bottoming out around 1.5400? Maybe that is the area I will go for a pending buy and pick my fallen soldier up next week on the way back up through..........
  • #3,963
  • May 29, 2008 7:50am May 29, 2008 7:50am
Quoting PiPnAiNtEaSy
how i do it is that i look for a candlestick reversal formation at the fib level (4hr chart) and then go to a 15m chart for a retrace within a retrace for entry..
Couldn't have said it better myself.

Look at th 4hr just now, lovely Tweezer formation. On the 1hr TF, I will look for price to head up followed by a retrace back down. Hopefully price will stop shy of the recent low and I will enter on the break of the new swing high.

Attached Image (click to enlarge)
Click to Enlarge Name: EU1hr.png Size: 38 KB
  • #3,964
  • Edited 8:01am May 29, 2008 7:50am | Edited 8:01am
look at this example forming and if all goes well, we could get an entry in the 5580-95 area and maybe a return to the broken support line that acts as resistance now so a move to 5700+..? just my thinking i could be wroooooooong


http://i286.photobucket.com/albums/l...y/reversal.jpg
  • #3,965
  • May 29, 2008 7:53am May 29, 2008 7:53am
Quoting PiPnAiNtEaSy
look at this example forming
I like your thinking PiPnAiNtEaSy
  • #3,966
  • May 29, 2008 8:05am May 29, 2008 8:05am
back to red so....NO ENTRY YET...DON'T JUMP THE GUN..

http://i286.photobucket.com/albums/l.../reversal3.jpg
  • #3,967
  • May 29, 2008 8:29am May 29, 2008 8:29am
Quoting kaunasny
..

I was planing to use 100 pip TSL, hopefully it will hold. Most likely it wont.

Thought I wonder where this selling power is comming from.

Bernankie is speaking today, maybe hopefully he will bale me out


Hope is where people lose their pants...
When feds are pausing with cuts, start changing your views of Mr.B speeches as positive for the $ ... or set your SL below 1.4950...
  • #3,968
  • Edited 1:37pm May 29, 2008 1:35pm | Edited 1:37pm
Hi ya guys !!!

Just looking at the daily....... What if this move down is not a pullback...... What if the previously move up was the pullback of a larger down move ???

See the chart...

Cheers

PS: Ok, no shoulda, coulda whatifs.... Trade what u see, not what u wanna see, right ???
Attached Image (click to enlarge)
Click to Enlarge Name: downmove.gif Size: 17 KB
''I am too sexy for my pips, too sexy for my pips, too sexy yeahhh...''
  • #3,969
  • May 29, 2008 1:45pm May 29, 2008 1:45pm
Could be anything... how about the double bottom and heading north again??
If oil would spike, this might happen.. Might,should, would, let's wait.

quote=Dudu 73;2026899]Hi ya guys !!!

Just looking at the daily....... What if this move down is not a pullback...... What if the previously move up was the pullback of a larger down move ???

See the chart...

Cheers

PS: Ok, no shoulda, coulda whatifs.... Trade what u see, not what u wanna see, right ???[/quote]
Attached Image
  • #3,970
  • May 29, 2008 3:27pm May 29, 2008 3:27pm
Well, whichever it is, there are two distinct ways of trading a double bottom and a lower low. In either case, we should be flat for the moment...
The market reveals who we really are...
  • #3,971
  • Edited 5:07pm May 29, 2008 4:56pm | Edited 5:07pm
Hi all! 28 may was very good position on UsdChf, but... a take a loss
Reason to sell:
1) 50% retracement
2) round number (1.0400)
3) trend continue
4) + not bad candle formation

What can you say about it? Where my mistake?
Attached Image (click to enlarge)
Click to Enlarge Name: chf.gif Size: 23 KB
  • #3,972
  • May 29, 2008 5:08pm May 29, 2008 5:08pm
Call it rushing, lack of attention, not enough sleep whatever it might have been. When I put my order in I somewhere along the way made a minor booboo, I am now down 150 pips and have noticed the double bottom at support of 5485. I now have a question to ask of myself. Cut my losses or see if it can run, or alternatively ( I know this is a non hedging thread so dont cut my throat) hedge my position. I am glad I didnt bet the bank on this one
  • #3,973
  • May 29, 2008 5:27pm May 29, 2008 5:27pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting makron
Hi all! 28 may was very good position on UsdChf, but... a take a loss
Reason to sell:
1) 50% retracement
2) round number (1.0400)
3) trend continue
4) + not bad candle formation

What can you say about it? Where my mistake?
No Mistake, USD found some strength, Uchf is however in direct correlation to EurUsd, so i would advise you to switch to EU and follow the others around here until you get the hang of this method
  • #3,974
  • May 29, 2008 5:29pm May 29, 2008 5:29pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting cruze2005
Call it rushing, lack of attention, not enough sleep whatever it might have been. When I put my order in I somewhere along the way made a minor booboo, I am now down 150 pips and have noticed the double bottom at support of 5485. I now have a question to ask of myself. Cut my losses or see if it can run, or alternatively ( I know this is a non hedging thread so dont cut my throat) hedge my position. I am glad I didnt bet the bank on this one
Don't hedge, you'll still be in the same boat 500pips from here, so make the big decision, set you SL from the current position and play it out or close it and learn from it. only you can decide
  • #3,975
  • May 29, 2008 8:59pm May 29, 2008 8:59pm
Quoting jacko
Hi Bizking

You have raised a number of issues,so I will try to answer them in the order you have asked them.

1. I think the post that you are referring to is this one
http://www.forexfactory.com/showpost.php?p=1786038&postcount=1413

2. I do not believe that as you trade bigger, "the nerves fall's to bits and the strategy's do not apply". In fact, I believe the reverse to be true...as you get nervous, you tend to rely more on the strategy.

3. The traders who have moved to the prop trader positions have barely got their butts on a seat, so it is premature to ask how they are handling the pressure of trading millions of dollars...LOL

4. Whilst I am sure that you "Would love to hear what sort of result's they achieving", there is an issue of privacy. Also, while one of our members recently wrote to me to say that her current rate of return (of 200%+) was nice but she was looking to improve her even further. Others have also emailed me with equal or better results. However, the issue is whether YOU can achieve those types of results.

5. If there is a number of grateful people here, then I feel good, because I am only sharing what I do (trade forex), how I trade (trend trading and the occasional Counter Trend trade on full moon craziness nights), why I take those trades and when I take the trades.

6. Finally, I am enjoying the two groups. They are a very interesting and talented group of traders.


.
Thank you very much Jacko and all who replayed.
Didn't meant to be intrusive, it was just a general question not meant to
break any privacy.
Thanks again for all the replays.
Regards
  • #3,976
  • May 30, 2008 1:47am May 30, 2008 1:47am
Quoting MPP
No Mistake, USD found some strength, Uchf is however in direct correlation to EurUsd, so i would advise you to switch to EU and follow the others around here until you get the hang of this method
Hey MPP,
Is it still in direct correlation with eurusd? To be honest its been behaving much more rationally than eur these days, smaller atr, smaller less erratic movements...I dont know I think its at least worth having a look at you know, although this may be a temporary thing, but the two seem to have switched personalities...take care, Raz
Never say never.
  • #3,977
  • May 30, 2008 6:22am May 30, 2008 6:22am
If anyone is using Jackos strat on other pairs can they pm me please I would be interested in comparing notes, thanks, Raz
Never say never.
  • #3,978
  • May 30, 2008 7:22am May 30, 2008 7:22am
Quoting razldazl
If anyone is using Jackos strat on other pairs can they pm me please I would be interested in comparing notes, thanks, Raz
Why not start another thread? "Application of Jacko's Method to other pairs"
The market reveals who we really are...
  • #3,979
  • May 30, 2008 8:02am May 30, 2008 8:02am
Quoting shadowninja
Why not start another thread? "Application of Jacko's Method to other pairs"
http://www.forexfactory.com/showthread.php?p=2028391#post2028391
Never say never.
  • #3,980
  • May 30, 2008 11:15am May 30, 2008 11:15am
Quoting razldazl
http://www.forexfactory.com/showthread.php?p=2028391#post2028391
The market reveals who we really are...
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