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Trading Aussie Jacko Style

  • #481
  • Aug 27, 2008 5:22am Aug 27, 2008 5:22am
Quoting razldazl
Ok,
so Im short from 0.8600, my tsl of 50 pips is now at 0.8625 and what I will be doing if I get to be, is leaving my stop there at 0.8600 until we get a significant enough move down and then I will trail by last highs...will post a chart
Out -25
Never say never.
  • #482
  • Aug 27, 2008 6:57am Aug 27, 2008 6:57am
I don't see why you are out. Did you move it on the first instance you could?
The market reveals who we really are...
  • #483
  • Aug 27, 2008 7:09am Aug 27, 2008 7:09am
Quoting shadowninja
I don't see why you are out. Did you move it on the first instance you could?
I think she entered short at .8600, and stop loss at .8625. It got hit earlier, so was knocked out. Strange market.
Expected the unexpected
  • #484
  • Aug 27, 2008 7:38am Aug 27, 2008 7:38am
Should have left the SL at 50 I think
  • #485
  • Aug 27, 2008 7:39am Aug 27, 2008 7:39am
From what I've noticed, it has a different behaviour to EURUSD. Assuming you have a good entry, it can put you in small profit (20-30 pips), retrace back into your original stop (up to 50 pips) then head off back in the direction you traded in.
The market reveals who we really are...
  • #486
  • Aug 27, 2008 8:13am Aug 27, 2008 8:13am
Quoting shadowninja
I don't see why you are out. Did you move it on the first instance you could?
Yeah it was a trailing stop so market moved to +25 and then went up, and knocked me out at -25...
Never say never.
  • #487
  • Aug 27, 2008 8:57am Aug 27, 2008 8:57am
You could try waiting for a serious amount of profit (>50)...

I am going off trailing stops that follow to the pip. Why? Because some spread betting companies are now offering it in the UK. Not that I'm paranoid.
The market reveals who we really are...
  • #488
  • Aug 27, 2008 9:34am Aug 27, 2008 9:34am
Quoting shadowninja
You could try waiting for a serious amount of profit (>50)...

I am going off trailing stops that follow to the pip. Why? Because some spread betting companies are now offering it in the UK. Not that I'm paranoid.
Lol, I think you are right about the TSL thing when the spread betters are offering them. They are such crooks. Mind you the winnings are Tax free in the UK for the few that make any with them.

I am still in as I left my 50 pip sl in place. I noticed that Jacko now tends to wait before letting the tsl kick in too soon. also he uses a 100 pip tsl too initially which is then reduced to 50 sometimes according to the volatility on the trade. Im not so comfortable with 100 pip sl's myself though.

I actually entered this trade too early by my interpretation but the prognosis for a short was so strong I dived in then watched it continue to retrace up to -40 pips. things are starting to look better now though.
  • #489
  • Aug 27, 2008 10:58am Aug 27, 2008 10:58am
It's not that he lets it kick in. He moves it manually when he's around. I get the feeling he's confident enough in his entry to just walk away after setting it, so while we're all panicking about it retracing 40 pips, he's drinking G&T by the pool, then when we're watching it head back in the right direction and it's 30 pips in profit and we're all going, "Phew!", he's just smiling knowingly while filling up his glass.
The market reveals who we really are...
  • #490
  • Aug 27, 2008 12:19pm Aug 27, 2008 12:19pm
Quoting shadowninja
You could try waiting for a serious amount of profit (>50)...

I am going off trailing stops that follow to the pip. Why? Because some spread betting companies are now offering it in the UK. Not that I'm paranoid.
lol @ the spreadbetting, i agree with you though. I think most of the time, ts is helping the broker more than the trader and that's what the spreadbetting cos are catching on to. My main broker doesn't offer it anyway, but really only see the benefit of a ts if it's being used to protect hundreds of pips like an investor, or just a few pips like a scalper. In between the two extremes (like most of us, i think) we're better moving the sl manually at least until we have a good profit - jmo.
  • #491
  • Aug 27, 2008 1:36pm Aug 27, 2008 1:36pm
Quoting pipprincess
lol @ the spreadbetting, i agree with you though. I think most of the time, ts is helping the broker more than the trader and that's what the spreadbetting cos are catching on to. My main broker doesn't offer it anyway, but really only see the benefit of a ts if it's being used to protect hundreds of pips like an investor, or just a few pips like a scalper. In between the two extremes (like most of us, i think) we're better moving the sl manually at least until we have a good profit - jmo.
I think that a toolbox of methods is required to suit market conditions for stops and exits. The problem is for me that I don't like to meddle with the trade too much. Trailing stops as an exit plan at least stop me from doing this. Then I can enter the trade and sit on my hands.

Raz's Idea above about using previous highs as stop levels is good I think. I also tend to use fib retracement levels if I can afford to put my stops above or below those then I usually will.

I remember seeing a video on youtube about how expensive tight stops can be in the long run. It's a tricky one!
  • #492
  • Aug 27, 2008 2:17pm Aug 27, 2008 2:17pm
Hi PippinL

Quoting PippinL
Raz's Idea above about using previous highs as stop levels is good I think.
I agree it is a good idea, i set stops like this too. That's why trailing a stop mechanically in such a way that you basically drag it into the intraday noise seems, imo, to defeat the whole purpose of setting the stop in such a sensible place to begin with.

I take your point about not wanting to play around manually with the stop though. My trades always seem to work out better when I leave them to do their thing also.
  • #493
  • Aug 27, 2008 2:53pm Aug 27, 2008 2:53pm
One problem with stops above highs... if we all pick today's high, unless we're smoking the funny stuff, we will pick pretty much the same price. As will the big boys who will then force the price through the thousand or so stops... stop hunters are looking for your scalp.

Someone on here has some strategy where you buy resistance and sell support!
The market reveals who we really are...
  • #494
  • Aug 27, 2008 7:30pm Aug 27, 2008 7:30pm
Noticed it's crept up past 0.8600 again. Be interesting to see if my hypothesis is right in that it'll fall for nice profit as it hasn't breached 0.8600 + 50 pips. I have seen it do this for three days before heading in the direction of the trend, though! It's almost as if someone is trying to stop out us traders. Not that I'm paranoid or anything.
The market reveals who we really are...
  • #495
  • Aug 27, 2008 7:44pm Aug 27, 2008 7:44pm
AUD seems supported by a commodities boost.
USD directionless atm.
Im long AUD but its a slow grind up I think.
Not a convincing trade or standout but see today's downside limited unless any news.
happy hunting
  • #496
  • Edited 8:31pm Aug 27, 2008 7:52pm | Edited 8:31pm
Quoting shadowninja
Noticed it's crept up past 0.8600 again. Be interesting to see if my hypothesis is right in that it'll fall for nice profit as it hasn't breached 0.8600 + 50 pips. I have seen it do this for three days before heading in the direction of the trend, though! It's almost as if someone is trying to stop out us traders. Not that I'm paranoid or anything.
News out in about 30 minutes...
AUD http://www.forexfactory.com/images/m...mpact_high.gif Private New Capital Expenditure q/q http://www.forexfactory.com/images/m...dar_detail.gif 2.0% -2.5% Actual 5.7%
Could be the boost to get it over .865...
Add in the weather coming in US south east, shutting down oil rigs etc and recent upturn in E$ & N$ (Small but I picked up my AH's on both) it might start up. Maybe.
Still waiting for my A$ order to be picked up at .8750.
  • #497
  • Aug 27, 2008 9:01pm Aug 27, 2008 9:01pm
Quoting Fx_Genius
News out in about 30 minutes...
AUD http://www.forexfactory.com/images/m...mpact_high.gif Private New Capital Expenditure q/q http://www.forexfactory.com/images/m...dar_detail.gif 2.0% -2.5% Actual 5.7%
Could be the boost to get it over .865...
Add in the weather coming in US south east, shutting down oil rigs etc and recent upturn in E$ & N$ (Small but I picked up my AH's on both) it might start up. Maybe.
Still waiting for my A$ order to be picked up at .8750.
Helped me to bag in 35pips on news trade.
No Magic, Just basic fundamental chart analysis
  • #498
  • Aug 27, 2008 9:02pm Aug 27, 2008 9:02pm
AUD shud show initial res ard .8670/80 level
Support now at .8620
Stubborn shorts will be averaging into this move up and looking to buy back .8630/40
Longs shud hold with S/L below .8620
  • #499
  • Aug 28, 2008 10:34am Aug 28, 2008 10:34am
Quoting razldazl
Out -25
Right, market has moved up past 0.8675,(my stop out point plus 50 pips) so my AH sell stop order is in place at 0.8625, this time Im putting a hard stop of 50 pips and will move it manually, take care all, Raz
Never say never.
  • #500
  • Aug 28, 2008 10:58am Aug 28, 2008 10:58am
Quoting razldazl
Right, market has moved up past 0.8675,(my stop out point plus 50 pips) so my AH sell stop order is in place at 0.8625, this time Im putting a hard stop of 50 pips and will move it manually, take care all, Raz
Well that was fast, in at 0.8625, hard sl 0.8675, lets see where it goes...
Never say never.
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