Trading Aussie Jacko Style

Yeah, I heard George Soros had the same problem today!

Ah. Would you have gone in again?

I bet he has quite a few cars!

to be honest that last spike came short of being 50 beyond my sl...so by the rules I shouldnt have entered. Also Im short eur and have done very well this week, and last. This market isnt going anywhere. Plenty more opportunities around the corner...

Ah, fair enough.

got stopped out. I am thinking to put a sell order at 0.8100, close to the 50% of the last wave down and to the TL.

However, I was wondering if I should change my TSL to 100 pips instead of 50, since aussie and euro have almost the same daily ATR now, and for euro we are using the 100 TSL. what do you guys think? I know that 50 pips TSL worked well for Raz though...

Someone posted a comparison on the main Jacko thread, 50pip vs 100pip. Overall 50 pip was that much more profitable. I am using 50 pips on both. The caveat is that, unlike with 100 pips, you have to be at your PC a bit more. It's not day trading, still, but a 50 pip stop is more prone to failure and if you're still feeling the bears are strong, you may see another opportunity 15 minutes later (a trade which you would be in if you used a 100 pip stop) so you'd need to be close to your PC to take the signal and earn back your recent loss.

Conclusion: 100 pips is less profitable but you don't have to be at your PC much.

Hi guys,
well we all struggle with this one dont we. I guess its a personal tolerance thing, I find the better Im doing the easier it is to hang on and let things move back ..but I dont really like giving profit back either. I guess there is no easy answer, and as long as we are making money (we are all making money right ???) then it just comes down to perfecting things. So heres to perfection...Im kind of hoping this will go on up to 0.8150 so I can place my AH stop sell order in at 0.8100...speak soon, Raz
ps Im kind of disappointed that Jacko doesnt drop in here once in a while to be honest, but doesnt look like hes interested in our progress

The important thing, I've learnt, is that whenever you get the signal, pull the trigger - no fear - because it's a numbers game. The one you don't pull the trigger for is the one that is worth 200 pips. I missed some nice moves on EURUSD this week because I've been trying to get my car prepared for its MOT. Typically, I managed to pull the trigger for the failed signals.

Hi Raz,

I don't think that's true actually - he was in Beijing for the Olympics, and has been involved in quite a few other things besides trading. And he actually has a life, apart from trading.
Considering he held our hands for quite a while (on his journal page) after explaining his strategy and answering all kinds of questions ad nauseum, he's left us to fly - catch our own fish! He has almost put the fish in our plates, but we have to get on with it too. Plus the stuff that got posted on his thread was so off base at times, it's no wonder he might not feel like being active anymore - remember he was somewhere else first, b/4 some 'young turks' were disrupting his thread?

You are doing such a great job anyway!

mac18

Hey Mac
Well I guess if you put it like that ...hehe, I´ll forgive him

Ok,
so my AH stop sell order at 0.8100 has been placed after price has gone 50 beyond my stop at 0.8100, so when price comes down to 0.8100 I will be in again, have a great weekend all, Raz

I set Mine at 8100 Too. Fingas X'd!

Ok,

I know Jacko trades longer timeframes, like daily and weekly, but since I am trading mainly on a 4hr timeframe I am going to use the 4hr as my reference for the trend as well. Which means for me that the trend in the shorter term is up (higher highs and lows on 4hr tf) and this means Im looking for long trades now. I dont want to confuse anyone, so I hope its understood this is based on a 4hr chart. So, what I am looking for now is a pullback to the 50 fib of first this last pull up from around 0.8050 to current high, which means an entry at 0.8150 if we let it drop to the 50(0.8122) and pull up through the next round number at 0.8150. If it keeps dropping I will not get in at 0.8150 obviously. If I do get in and that fails I will be watching to see how far down we drop if we go much below the 50 fib of the pull up from our low at around 0.79, which comes in at 0.8070, then I will know Im wrong and will be looking to short again. I am not keen to take my AH either at mo, will see what I do if we drop, I may take it and put my stop to breakeven as quickly as possible or not sure...

So plan A is a buy at 0.8150 if we drop to around 0.8122 or lowerish and come back up
Plan B is watch around the 50 fib of the move up from the bottom (0.8070) and buy around 0.8100 if we come back up from there
Plan c is take my AH as the strat tells me to do, short at 0.8100
So I will be watching what the market has in store and make a decision from there. Have also noticed we are now at the 76 fib of the last drop down from 0.8351 so we could possibly turn around here and end this pullback. BUT Gold is looking very bullish as is eur on a 4hr chart, so Im favouring a long outlook at mo.
Comments welcome as usual. Have a nice weekend, Raz

I have decided to let my AH play out and will get my stop to breakeven asap, so have my sell stop in place at 0.8100. Raz

In at 0.8100 currently market trading at 0.8040, sl is now at be...go aussie!

update 1ulling my stop down to 0.8050, locking in 50 pips

will enter long at 0.8100 when we go through there next (currently 0.8095)

update oops dropped to 0.8055, lets see whether we get up there, although with all the US bad news and oil on the rise cant see why we would drop to be honest...

Ok,
in at 0.8100, sl 0.8050

I think your SL got missed by a few pips. Congrats! I am also in at 8080. Reason: it seems that all the currencies against $ might have a bullish rally these days, as the Lehman Bro. news has been absorbed by the market already. Euro is looking bullish as well, and 8000 seems to be a good support for Aussie right now.I waited for the price to stabilize around 8050-8080, which is the 50% of the whole wave up and jumped in. Now lets see where it takes us.

Out -50 nevermind....