Dislikedso let me get this straight, Im getting trading advice from a piece of poo now? lollIgnored
Just when you thought you've heard it all...
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Dislikedso let me get this straight, Im getting trading advice from a piece of poo now? lollIgnored
DislikedThose 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.
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Dislikedmy 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.Ignored
DislikedYes, 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...Ignored
DislikedRaz
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.
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