Jacko's Forex House of Pleasure and Pain | Page 222 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #4,421
  • Jul 8, 2008 3:53am Jul 8, 2008 3:53am
Quoting newbietrader101
JACKO IS AN AWESOME TRADER
May all of us become great traders ....
  • #4,422
  • Jul 8, 2008 5:26am Jul 8, 2008 5:26am
Quoting luqmanz
May all of us become great traders ....
Hi luqmanz,

That is my aim !! I want to help the serious and committed traders here become great traders !!

I have already seen some spectacular results from some of the traders in the group...

And luqmanz is being too modest about his own abilities.


.
  • #4,423
  • Jul 8, 2008 5:45am Jul 8, 2008 5:45am
hxcjf,

The short answer to why I use a 100 pip TP is because I am not trading Jacko's method. I have been trading for about 5 years and it has been a long struggle. Jan 1, 2008, was a turning point for me, I had learned enough to become consistently profitable, but still had some parts of my strategy to work out. One aspect was how to extend my gains. I was having good success with a 30 pip TP, but was leaving a lot of pips on the table. My exit strategy has 3 different ways for me to exit a trade, one of which is a 100 pip TP that I place on all trades. I see no reason to short this market, but you will notice that the market went 102 pips from my entry before retracing. I don't mind getting out because my strategy provides 1 or 2 signals per day, so I know I can always get back in.

I am currently learning Jacko's method because it is a perfect compliment to my own trading strategy, and I know it will make me a better trader.

I am actually waiting for a re-entry signal right now, and it looks like I will get in below my previous exit point!!

I also am in at 5705 with an AH trade, so don't worry, I am a long way from shorting this market.

James



Quoting hxcjf
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.
  • #4,424
  • Jul 8, 2008 7:32am Jul 8, 2008 7:32am
Quoting Lou
I believe there is an assumption that price will bounce UP off of the 50% retracement. And that 50 pips is a safe bet that the trend up will have gained some momentum....whereas a buy closer to 5600 may be triggered but price may crash through 5600 to a lower level. Thus 5650 is a bit of a safety net. If there are other ideas, let's hear them.
Thinking about what you said, wouldn't that mean letting price drop down below 5650, first, towards 5600, and then entering only if it rose up through 5650 again? Whereas most people seemed to be entering at 5650 as price dropped down.

Anyway, the mystery is solved, for me. Jacko evidently recommended entry at that level!

I do like the logic behind your explanation, though.
All flesh is as grass
  • #4,425
  • Jul 8, 2008 8:17am Jul 8, 2008 8:17am
Quoting dod
Thinking about what you said, wouldn't that mean letting price drop down below 5650, first, towards 5600, and then entering only if it rose up through 5650 again? Whereas most people seemed to be entering at 5650 as price dropped down.

Anyway, the mystery is solved, for me. Jacko evidently recommended entry at that level!

I do like the logic behind your explanation, though.
If I recall correctly, I put my buy order on after price had dropped past 5650 in anticipation of the bounce. Price bounced up and took my order with it. Short term momentum had reversed, and 5650 was far enough away to give momentum time to become established. (not referring to any indicator, just price action). That is why I referred to that level as a safety net. Maybe a 'safety zone' is a better concept.
  • #4,426
  • Jul 8, 2008 9:02am Jul 8, 2008 9:02am
Thanks again. As you say, price action and momentum. This sort of entry process is similar to that of the AH. Simple but subtle.
All flesh is as grass
  • #4,427
  • Jul 8, 2008 9:27am Jul 8, 2008 9:27am
Seems like several of us took our profit (including me) on the last run up from 5650.

curious to know if you've re -entered? if so, why did you pick that price?
  • #4,428
  • Jul 8, 2008 12:23pm Jul 8, 2008 12:23pm
Quoting LearningPIPs
Seems like several of us took our profit (including me) on the last run up from 5650.

curious to know if you've re -entered? if so, why did you pick that price?
I am wondering too, now that price is around 5650 again, whether to buy here.
  • #4,429
  • Jul 8, 2008 2:02pm Jul 8, 2008 2:02pm
Quoting Lou
I am wondering too, now that price is around 5650 again, whether to buy here.

I was tempted but am now looking to buy a bit lower @ 1.5500 - 1.5550 around 61.6 fib retracement of last move up from 1.5300.

I broke even on my last trade from 1.5650. It was up over 100 pips at one point and normally I would have probably taken profits there, but this time i didn't do so.

I am not downhearted despite this, in fact, I am seeing it as a small victory against myself.

At last, I managed to trade my plan, even if it didn't win, and that is more important to me for my future success. It is the thing that I so often find hardest to do..

John
  • #4,430
  • Jul 8, 2008 3:01pm Jul 8, 2008 3:01pm
Quoting mjolimer
I was tempted but am now looking to buy a bit lower @ 1.5500 - 1.5550 around 61.6 fib retracement of last move up from 1.5300.

I broke even on my last trade from 1.5650. It was up over 100 pips at one point and normally I would have probably taken profits there, but this time i didn't do so.

I am not downhearted despite this, in fact, I am seeing it as a small victory against myself.

At last, I managed to trade my plan, even if it didn't win, and that is more important to me for my future success. It is the thing that I so often find hardest to do..

John

Hi John, congratulations man, it is a great success it really is! Another Jacko's legacy. There is no money in these kinds of winnings because any money may buy them.


TRADETHEPIPS
  • #4,431
  • Jul 8, 2008 4:53pm Jul 8, 2008 4:53pm
Quoting mjolimer
I was tempted but am now looking to buy a bit lower @ 1.5500 - 1.5550 around 61.6 fib retracement of last move up from 1.5300.

I broke even on my last trade from 1.5650. It was up over 100 pips at one point and normally I would have probably taken profits there, but this time i didn't do so.

I am not downhearted despite this, in fact, I am seeing it as a small victory against myself.

At last, I managed to trade my plan, even if it didn't win, and that is more important to me for my future success. It is the thing that I so often find hardest to do..

John
I am wondering if you were up over 100 pips why you didn't make a small profit? It seems that the trailing stop should have given you at least 2 pips of profit.

James
  • #4,432
  • Jul 8, 2008 4:55pm Jul 8, 2008 4:55pm
I was wondering the same thing.... also now that some of the volatility has reduced a 75 pip SL is good, I however am using 55.......
Same Whore .... Different Dress
  • #4,433
  • Jul 8, 2008 5:17pm Jul 8, 2008 5:17pm
Dear Jharvey407 and Johnedoe,

It is quite possible that mjolimer has a platform that does not have a trailing stop feature... Oanda for one. I have been bugging them several times weekly for months about it. Yesterday I asked them if I could telephone them so THEY could move my stops ...... this is when I cannot access the platform (at work for instance) but can get price information.

They said ... No.
  • #4,434
  • Jul 8, 2008 5:35pm Jul 8, 2008 5:35pm
Gee! customer service these days!
  • #4,435
  • Jul 8, 2008 6:06pm Jul 8, 2008 6:06pm
Jacko doesn't use an automatic trailing stop........ he or Mark manually moves it over the course of the day..... there is the big advantage, a trading partner that watches your positions when your out goofing off......
Same Whore .... Different Dress
  • #4,436
  • Jul 8, 2008 6:35pm Jul 8, 2008 6:35pm
My platform, MT4 has a trailing stop feature, but it is not very efficient, if I put a trailing stop of 100 pips, the market has to move at least 101 pips before anything happens, so I check the market at least every hour and adjust my stop manually.

I still have a day job,and I work in the field, so I spend a lot of time away from the computer. I have a smart phone with internet access that I use to check the charts. Then I can call in a new stop order.

There is always a solution.

James

Quoting Lou
Dear Jharvey407 and Johnedoe,

It is quite possible that mjolimer has a platform that does not have a trailing stop feature... Oanda for one. I have been bugging them several times weekly for months about it. Yesterday I asked them if I could telephone them so THEY could move my stops ...... this is when I cannot access the platform (at work for instance) but can get price information.

They said ... No.
  • #4,437
  • Jul 8, 2008 6:40pm Jul 8, 2008 6:40pm
Thats the only thing that bugs me about Oanda, also they won't explain why..... I mean at least give us their reasoning for crap sakes ......
Other than that I am very satisfied with Oanda and have been with them for nearly 4 years.
Same Whore .... Different Dress
  • #4,438
  • Jul 8, 2008 7:35pm Jul 8, 2008 7:35pm
Quoting jharvey407
My platform, MT4 has a trailing stop feature, but it is not very efficient, if I put a trailing stop of 100 pips, the market has to move at least 101 pips before anything happens, so I check the market at least every hour and adjust my stop manually.

I still have a day job,and I work in the field, so I spend a lot of time away from the computer. I have a smart phone with internet access that I use to check the charts. Then I can call in a new stop order.

There is always a solution.

James
I was looking at some handheld gizmos (from this term you can tell that I am technologically challenged) on the internet, that I could use to access my account. But based on what I have read on Oanda's forum there are some problems, even though they say they have it set up. This might be a way to do it. But the cost of the gizmo can be prohibitive. I will need to visit a gizmo store.
  • #4,439
  • Jul 8, 2008 7:43pm Jul 8, 2008 7:43pm
Quoting johnedoe
Thats the only thing that bugs me about Oanda, also they won't explain why..... I mean at least give us their reasoning for crap sakes ......
Other than that I am very satisfied with Oanda and have been with them for nearly 4 years.
Yes I like them too. For the use of units rather than lots. (So you could put on a position for 0.39 lots if you wish). For the interest paid to my account even without trading. For the low spread 0.9 on the E/U cannot be beat. For the ability to track you position to see why/what happened to it.

Not for trailing stops (don't have it). Not for charting pkg ... primitive. (Cant even modify the fib tool. ) Not for the spread adjustment during volatile times.

Lets keep bugging them about getting trailing stops.
  • #4,440
  • Jul 8, 2008 10:48pm Jul 8, 2008 10:48pm
Quoting jharvey407
I am wondering if you were up over 100 pips why you didn't make a small profit? It seems that the trailing stop should have given you at least 2 pips of profit.

James
yes. made 2 pips. but was hoping for more. maybe next time

john
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