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Trading Aussie Jacko Style

  • #41
  • Jun 3, 2008 2:05pm Jun 3, 2008 2:05pm
Quoting razldazl
so let me get this straight, Im getting trading advice from a piece of poo now? loll
In these forums, anything goes haha
Just when you thought you've heard it all...
  • #42
  • Jun 3, 2008 7:03pm Jun 3, 2008 7:03pm
Those that are thinking about going long, here's a reason not to. We have another wave collapsing and that usually means there's a high probability of further downward movement. There may be a bit of a retracement though to around 0.9550 possibly but I'd be cautious.

If you're thinking about going long, wait for the market to start making higher highs/lows on the 4 hour first then pick your entry using round numbers.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd_4hour.gif Size: 10 KB
  • #43
  • Jun 4, 2008 3:36am Jun 4, 2008 3:36am
Right so,
My original 0.9500 entry has been picked up so I am now trailing by 45 pips as per atr with margin strat (thanks JD) so locked in 50 pips now on that trade...lets see where it goes, spk soon Raz
Never say never.
  • #44
  • Jun 4, 2008 6:06am Jun 4, 2008 6:06am
Quoting zoopy
Those that are thinking about going long, here's a reason not to. We have another wave collapsing and that usually means there's a high probability of further downward movement. There may be a bit of a retracement though to around 0.9550 possibly but I'd be cautious.

If you're thinking about going long, wait for the market to start making higher highs/lows on the 4 hour first then pick your entry using round numbers.
Yes, zoopys entry is safer because it allows the trend reestablishment before he gets in...so zoopy actually you would have waited for the first 4hr bar with higher highs and lows and then you would enter on a pullback to a round number, in this case 9550... or would you get in at 9600 on the premise that we are back on track...
Never say never.
  • #45
  • Jun 4, 2008 6:11am Jun 4, 2008 6:11am
Is it time for opening a short position or not yet? Thanks
  • #46
  • Jun 4, 2008 6:18am Jun 4, 2008 6:18am
Quoting avatarbox
Is it time for opening a short position or not yet? Thanks
You wont find anyone on this particular thread shorting aussie Im afraid, as we are trading it with the longer term trend which is up, take care, Raz
Never say never.
  • #47
  • Jun 4, 2008 6:40am Jun 4, 2008 6:40am
my both buy positions have been triggered. However the .9600 buy has been stopped out for -50 but the .9500 buy is now at 100+ and have locked in 50+ pips. Glad I have recovered my loss.
We leave no soldier behind.
  • #48
  • Edited 7:00am Jun 4, 2008 6:50am | Edited 7:00am
Quoting gagiul
my both buy positions have been triggered. However the .9600 buy has been stopped out for -50 but the .9500 buy is now at 100+ and have locked in 50+ pips. Glad I have recovered my loss.
OK,
You should have had an AH triggered on your 0.9600 trade, as it goes like this....out -50 at 0.9550, AH triggered once 0.9500 is traded...so as it went back up you should have had an AH waiting at 0.9550, in addition to the trade you have going from 0.9500. That is how Jacko makes up his lost pips.
If you decided to take a new position at 0.9500 well thats a new position altogether and you wouldnt be using that to make up for your earlier trade. In any case, good work, Raz
I would just like to add that AH is an integral part of trading Jacko style, so its not up to you whether you take an AH or not, once the price goes 50 or more beyond your stop you automatically leave a stop order at the price you were stopped out at (assuming you were long its a stop order, if you were short on another pair it would be a limit sell) If you dont put the AHs in automatically you are not following Jackos methodology.
Never say never.
  • #49
  • Jun 4, 2008 7:05am Jun 4, 2008 7:05am
Quoting razldazl
Yes, zoopys entry is safer because it allows the trend reestablishment before he gets in...so zoopy actually you would have waited for the first 4hr bar with higher highs and lows and then you would enter on a pullback to a round number, in this case 9550... or would you get in at 9600 on the premise that we are back on track...
Raz

Here's an example of how I apply the waves (this is why I did this exercise in my journal - to help determine when the market has bottomed out). My 4 hour period ends soon and this is a definite wave break to the upside. This tells me we are basically making higher highs/lows. I don't use bars so I have no idea where the bars are. There's a reason why I do this but I'm not going to get into that since it doesn't have anything to do with Jacko's method.

Now that I know we are making higher highs/lows, I wait for a pullback. I could enter at 0.9600 but I would prefer 0.9550. The reason for this is because it's the 50.0% fib retracement based on my line chart. The further the pullback the better it is, as long as we don't pull back below 0.9500 I'm fine. If we do, I wouldn't want to keep that long because then we're experiencing another wave collapse and that means we're moving further down. Also... once I know the direction and that the market is resuming, I just keep entering on pullbacks ie. 50.0% fib retracement.

I've attached two charts to give you an idea of what I see.

Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusd_4hour_break.gif Size: 10 KB
Click to Enlarge Name: audusd_4hour_break50.gif Size: 10 KB
  • #50
  • Jun 4, 2008 1:05pm Jun 4, 2008 1:05pm
moved to 0.9579, so that locks in 79pips profit.

If we take a look at Gaguils trade then, and followed through Jackos method, we would have traded as follows:

In at 0.9600 (whatever his reasons were at the time)
Knocked out at 0.9550 for a 50 pip loss
Market dropped another 70 pips and our AH was triggered and buy stop placed automatically at 0.9550

In at 0.9500(new trade) trailing stop of 45(subject to change) pips in place
AH picked up at 0.9550, trailing stop at 0.9500

so AH is currently +54 pips with stop at 0.9579, locked in 29 pips
0.9500 trade is currently +104 pips with ts at .9579, 79 pips locked in

Overall minimum profit on all three trades is 58 pips if we dont make a new high before hitting 0.9579, in which case profit will be increased.

Compare this to how Gaguil traded it
first trade -50
second trade +104 minimum gain 79 pips, total minimum gain is 29 pips, again if we dont make a new high before hitting our stop at 0.9579

Aussie is behaving folks lets see if we can make some money!!!
Never say never.
  • #51
  • Jun 4, 2008 1:59pm Jun 4, 2008 1:59pm
so overall as last post +80 pips
Looking for new entry...
Never say never.
  • #52
  • Jun 4, 2008 3:28pm Jun 4, 2008 3:28pm
Hey Raz.......
Hows that 45 pip stop working for ya?....
Same Whore .... Different Dress
  • #53
  • Jun 5, 2008 12:32am Jun 5, 2008 12:32am
Quoting johnedoe
Hey Raz.......
Hows that 45 pip stop working for ya?....
Looks like it was just the ticket...
Never say never.
  • #54
  • Jun 5, 2008 12:33am Jun 5, 2008 12:33am
Quoting razldazl
Looks like it was just the ticket...
Is it time to load long?
Expected the unexpected
  • #55
  • Jun 5, 2008 12:43am Jun 5, 2008 12:43am
Im thinking 0.9550, lets see it get moving back up and buy in....thoughts?
Never say never.
  • #56
  • Jun 5, 2008 5:17am Jun 5, 2008 5:17am
If you had taken that 0.9550 trade with a 45 tsl you would be out -22 at 0.9528, so in order for your AH to be triggered we need a drop to or below 0.9478.
In all honesty I doubt Jacko would have taken that 0.9550 trade if he had just closed an earlier one at 0.9580, he would have been looking for a better lower price to buy in at, but anyway since we are trying to get a feel for how aussie is moving Im going to jot down this possible AH position, to keep us up to date and keep this journal going. Just for the record I am taking these trades on a micro account until I decide whether I like the way aussie moves Jacko style.
Never say never.
  • #57
  • Jun 5, 2008 8:26am Jun 5, 2008 8:26am
Hi Raz,

Hopping aboard for the experience and the ride up! Ha! Ha!
Entered this morning at .9550, with 45 stop. Moved stop up as trade showed early gain, but stopped out at -34. Using Oanda (like you, penny trades at present to feel the lie of the land, so to speak), so unable to set trailing stop.

For now, waiting and watching for lower entry, and/or AH. Earlier in the year, had several trades on the EU a la Jacko, but always seemed to enter at the wrong point and never able to avail of the AH. This time will be different!

If price drops below .9500 and PA is OK, then perhaps a .9500 entry would be appropriate......agree?

Onward and ever upward!

AT
  • #58
  • Jun 5, 2008 8:47am Jun 5, 2008 8:47am
Good to have you aboard AT. Im wondering whether Trichet has put the lid on USD strength for now...better watch and see what happens, NFP out tomorrow too so I may hang tight until next week, speak soon, Raz
Never say never.
  • #59
  • Jun 6, 2008 11:37am Jun 6, 2008 11:37am
Quoting zoopy
Raz

Here's an example of how I apply the waves (this is why I did this exercise in my journal - to help determine when the market has bottomed out). My 4 hour period ends soon and this is a definite wave break to the upside. This tells me we are basically making higher highs/lows. I don't use bars so I have no idea where the bars are. There's a reason why I do this but I'm not going to get into that since it doesn't have anything to do with Jacko's method.

Now that I know we are making higher highs/lows, I wait for a pullback. I could enter at 0.9600 but I would prefer 0.9550. The reason for this is because it's the 50.0% fib retracement based on my line chart. The further the pullback the better it is, as long as we don't pull back below 0.9500 I'm fine. If we do, I wouldn't want to keep that long because then we're experiencing another wave collapse and that means we're moving further down. Also... once I know the direction and that the market is resuming, I just keep entering on pullbacks ie. 50.0% fib retracement.

I've attached two charts to give you an idea of what I see.

Aussie is still chugging along. Slowly but surely. 100 pips soon

Attached Image (click to enlarge)
Click to Enlarge Name: audusd_4hour_cont.gif Size: 9 KB
  • #60
  • Jun 6, 2008 2:46pm Jun 6, 2008 2:46pm
ok I got stopped out at 9580, as Raz pointed out. Aussie dropped back close to 9500 then rallied again. What now? buy at .9600? still thinking.....
We leave no soldier behind.
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