Jacko's Forex House of Pleasure and Pain | Page 221 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #4,401
  • Jul 7, 2008 1:54pm Jul 7, 2008 1:54pm
I just bought at 1.5729 with approx 100 pip SL.

We'll see what happens. (Now that I'm long, the trend is probably will reverse to downward.)

Barry
  • #4,402
  • Jul 7, 2008 2:21pm Jul 7, 2008 2:21pm
I'm no expert, Barry, and I'm not suggesting it's wrong to go long; but do you have any particular 'Jacko' reason for entering at 5729?

You mentioned waiting for a V formation (a la feb2865, I presume). I always understood that meant waiting for a reversal bar, which, at the moment, we've got (though the day isn't over yet) and then waiting for that bar to be taken out before entering.
All flesh is as grass
  • #4,403
  • Jul 7, 2008 2:35pm Jul 7, 2008 2:35pm
Hi all,

well, from now on I'm going to pyramide my trades, How am I going to do that? I doubled my lots and short my SL to 50 pips with a 65 pips TSL, each 100 pips that the market goes in my favor I'm going to add 50% of the initial buy, other 100 pips and will add 50% of the last buy and so on. All of the adds will be setted up with the same TSL so if market comes against me all trades will be stopped out at the same price.

Doing this, I am not risking any money from my account, just FLOATING profits, but the chance to make much more money in each trade is exponential. Now will see how this works, I have heard that this is what make traders very very rich, if don't believe me ask Jacko...LOL

BTW, I already add 50% lots at 5750.


Good trade for all of us already in.


TRADETHEPIPS
  • #4,404
  • Jul 7, 2008 2:41pm Jul 7, 2008 2:41pm
See...

THAT's why I need to trade with Jacko (and am signed up).

I really should have waited for the V on the daily bar. Somehow when todays bar was forming, I got sucked in.

See what they mean about patience. But I am going to keep this trade on.

As Jacko said in this thread, the A-H is there to help you when you have a bad entry.

This might be a chance for me to practice using the A-H technique.

Complaint to webmaster: The confused icon doesn't really show my level of confusion. Perhaps "at wits end" would be better.

Barry
  • #4,405
  • Jul 7, 2008 4:28pm Jul 7, 2008 4:28pm
Less trading, more WAITING Weekly, daily, 4hr. Trendlines, S/R...maybe get one trade a week, if that, but mostly winners.
  • #4,406
  • Jul 7, 2008 4:43pm Jul 7, 2008 4:43pm
Anyone else in at this level? TSL moved up, protecting 3 pips of profit. I'm considering adding another smaller position on a break above 1.5753.
  • #4,407
  • Jul 7, 2008 4:48pm Jul 7, 2008 4:48pm
Quoting ocelot
Anyone else in at this level? TSL moved up, protecting 3 pips of profit. I'm considering adding another smaller position on a break above 1.5753.
I'm in the same position....it bounced right on the broken trendline from the 13th June at 1.5754. I'll look the confirmation of a break of that trendline to add to the position.
  • #4,408
  • Jul 7, 2008 4:54pm Jul 7, 2008 4:54pm
Quoting tehuringa
I'm in the same position....it bounced right on the broken trendline from the 13th June at 1.5754. I'll look the confirmation of a break of that trendline to add to the position.
Indeed, and it was just above the 50% fib level from the same date. Good setup.
  • #4,409
  • Edited 6:11pm Jul 7, 2008 4:57pm | Edited 6:11pm
StoragePro,

I guess Jacko was right, anyone who bought at 1.5650 saw less than a 50 pip drawdown before seeing their trade go 100 pips into profit.

I did not have a standing order at 1.5650 because I try not to 'catch the knife', but my strategy did produce a long entry signal for me.

I got in at 1.5651!! only 1 pip above Jacko's entry!!

I trade with a trailing stop, an exit strategy, and a 100 pip TP, so this trade, a long, produced a 100 pip gain for me today. Not bad really.

Fellow Jacko Turtles,

Who's long? I hope everyone got in at the 5650 buy point.

Did anyone TP along the way, or are you all following the TSL strat?

As you can see from above I did get in at 5650 and got out at +100.

I also have a 'dead soldier' AH trade at 1.5705 which is currently at +17 pips with my trailing stop at 1.5652, so hopefully we'll have some more upside to take me into the profit, and to carry all of your trades even deeper into the money!!

Long Live Jacko!!
James
  • #4,410
  • Jul 7, 2008 5:01pm Jul 7, 2008 5:01pm
An interesting concept
I dont quite get this part though "I doubled my lots and short my SL to 50 pips with a 65 pips TSL", do you mean you are increasing your initial position by double what it was, and you are changing the 100pip stop loss back to 50pip sl, but then i dont get the 65pip tsl.
there are a multitude of ways to play it, i guess it comes down to the pain factor, how much you can absorb, how bad you feel about giving back profit.
but it is food for thought.
cheers
geoff


Quoting Tradethepips
Hi all,

well, from now on I'm going to pyramide my trades, How am I going to do that? I doubled my lots and short my SL to 50 pips with a 65 pips TSL, each 100 pips that the market goes in my favor I'm going to add 50% of the initial buy, other 100 pips and will add 50% of the last buy and so on. All of the adds will be setted up with the same TSL so if market comes against me all trades will be stopped out at the same price.

Doing this, I am not risking any money from my account, just FLOATING profits, but the chance to make much more money in each trade is exponential. Now will see how this works, I have heard that this is what make traders very very rich, if don't believe me ask Jacko...LOL

BTW, I already add 50% lots at 5750.


Good trade for all of us already in.


TRADETHEPIPS
  • #4,411
  • Jul 7, 2008 5:11pm Jul 7, 2008 5:11pm
Quoting jharvey407
StoragePro,



Fellow Jakco Turtles,

Who's long? I hope everyone got in at the 5650 buy point.

Did anyone TP along the way, or are you all following the TSL strat?



Long Live Jacko!!
James
Hi man, I'm in at 5650 also, plus I added 50% of lots at 5750 but, my exit method is determined by the TSL, now I'm using 65pips TSL. The reason, I don't want to use a TP because risking 100pips to earn 100 pips is not attractive to me, if I am risking 100pips I want to earn more than that.
Now my TSL is at 5688 for 38 pips locked in profits plus the potencial of my added trade wich TSL is at 5688 also.


TRADETHEPIPS
  • #4,412
  • Jul 7, 2008 5:50pm Jul 7, 2008 5:50pm
Quoting geoffrod
An interesting concept
I dont quite get this part though "I doubled my lots and short my SL to 50 pips with a 65 pips TSL", do you mean you are increasing your initial position by double what it was, and you are changing the 100pip stop loss back to 50pip sl, but then i dont get the 65pip tsl.
there are a multitude of ways to play it, i guess it comes down to the pain factor, how much you can absorb, how bad you feel about giving back profit.
but it is food for thought.
cheers
geoff
Hi man, yes, I bought twice than I used to buy when used 100pips SL, now, as I am buying the double but I don't want to risk the double, I shorted my initial SL to 50 pips so I am risking the same, almost 5% but each pip means twice to me. Now, my SL starts to move every 65pips. The reason to use 65 plus do not give back too much was the ATR (100bars) that show me an average volatility about 50pips.
i.e.
I bought at 5650 and my SL (50pips) is at 5600, price move up to 5700 my SL moves to 5700-65=5635
that's what I meant with 50pips SL and 65 pips TSL. It's very simple.


TRADETHEPIPS
  • #4,413
  • Jul 7, 2008 7:48pm Jul 7, 2008 7:48pm
Quoting jharvey407
Fellow Jacko Turtles,

Who's long? I hope everyone got in at the 5650 buy point.

Did anyone TP along the way, or are you all following the TSL strat?

As you can see from above I did get in at 5650 and got out at +100.

I also have a 'dead soldier' AH trade at 1.5705 which is currently at +17 pips with my trailing stop at 1.5652, so hopefully we'll have some more upside to take me into the profit, and to carry all of your trades even deeper into the money!!

Long Live Jacko!!
James
U must have pippin gd time now!!

sonic
  • #4,414
  • Jul 7, 2008 10:24pm Jul 7, 2008 10:24pm
Great to hear you are making money ...

I got 2 positions in .. one at 5720 and another 5670 ..


Quoting jharvey407
StoragePro,

I guess Jacko was right, anyone who bought at 1.5650 saw less than a 50 pip drawdown before seeing their trade go 100 pips into profit.

I did not have a standing order at 1.5650 because I try not to 'catch the knife', but my strategy did produce a long entry signal for me.

I got in at 1.5651!! only 1 pip above Jacko's entry!!

I trade with a trailing stop, an exit strategy, and a 100 pip TP, so this trade, a long, produced a 100 pip gain for me today. Not bad really.

Fellow Jacko Turtles,

Who's long? I hope everyone got in at the 5650 buy point.

Did anyone TP along the way, or are you all following the TSL strat?

As you can see from above I did get in at 5650 and got out at +100.

I also have a 'dead soldier' AH trade at 1.5705 which is currently at +17 pips with my trailing stop at 1.5652, so hopefully we'll have some more upside to take me into the profit, and to carry all of your trades even deeper into the money!!

Long Live Jacko!!
James
  • #4,415
  • Jul 7, 2008 11:25pm Jul 7, 2008 11:25pm
5352 with 5303 below !

imagine the longs thought thursdays down move would retrace immediately !

enjoy and trade well

mp




Quoting StoragePro
I just do not get it. Why on God's green earth would anyone go long? The July 3 bar is a magnificent example of a BEOB or bearish outside bar. It happened right smack on top of resistance, and the thing screams SHORT!

I suspect a gain of around 300 pips on this. There is support at 1.5350.

People - it is fine to attempt to apply Jackos method, but to do so blindly in the face of market price action that runs counter to your trade is a fast way to lose your shirt. Especially so if you do not have storng money management skill.

Sheesh.
  • #4,416
  • Jul 7, 2008 11:26pm Jul 7, 2008 11:26pm
Quoting jacko
Hi Lou,

Yes I do....

But mostly I am updating the private group blog and answering the emails from each of the group (I try to answer all emails within 24 hours).

The mentoring of a truly fine group of committed and serious...and some spectacularly profitable..... traders is continuing to give me enormous satisfaction.

Trading is the best business in the world from a financial aspect.

Mentoring my two small groups is the best thing from an emotional aspect.

I am a very lucky man...I get to do both...


.


.

A big thank you to you sir.

The advice to buy at 1,5650 was inspired.
Not 1.5700 where we would have been stopped out.
Not 1.5600 where we would not have not got our order.
But 1.5650. RIGHT ON THE BUTTON.

Thank YOU for your time and assistance

I AM BECOMING AN AWESOME TRADER
  • #4,417
  • Jul 7, 2008 11:31pm Jul 7, 2008 11:31pm
James,

Long from 1.5650 with 100 pip TSL. Did you get out at 1.5750 because of weekly pivot point? I am keeping on full position with small breakout add-ins at 1.5800, 1.5925, and 1.6040ish. I will also play any bullish price action, ESP inside bars in the european and US trading sessions. Anytime I think about cutting my profits short, I ask myself, "Would I short this market?," because you are essentially saying you think it will now go down, so if you don't have a strong enough reason to short it, why pull profits prematurely? The most I will do is tighten SL to 50 pips at significant S/R, news or glaring price action. Sometimes I will have tight stops on my add-in positions until the market has moved far enough away to incorporate them into the TSL. Its been a great month, hasn't it? And the conditions aren't even all that optimum. Patience is key.

Quoting jharvey407
StoragePro,

Fellow Jacko Turtles,

Who's long? I hope everyone got in at the 5650 buy point.

Did anyone TP along the way, or are you all following the TSL strat?

As you can see from above I did get in at 5650 and got out at +100.

I also have a 'dead soldier' AH trade at 1.5705 which is currently at +17 pips with my trailing stop at 1.5652, so hopefully we'll have some more upside to take me into the profit, and to carry all of your trades even deeper into the money!!

Long Live Jacko!!
James
  • #4,418
  • Jul 8, 2008 2:19am Jul 8, 2008 2:19am
Quoting wattawatta
A big thank you to you sir.

The advice to buy at 1,5650 was inspired.
Not 1.5700 where we would have been stopped out.
Not 1.5600 where we would not have not got our order.
But 1.5650. RIGHT ON THE BUTTON.

Thank YOU for your time and assistance

I AM BECOMING AN AWESOME TRADER

JACKO IS AN AWESOME TRADER

  • #4,419
  • Jul 8, 2008 2:36am Jul 8, 2008 2:36am
jacko. you' da' man. many thanks.
  • #4,420
  • Jul 8, 2008 3:36am Jul 8, 2008 3:36am
Quoting newbietrader101
JACKO IS AN AWESOME TRADER
SUCCESSFUL YET HUMBLE TOO!!!
Still waters run deep
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