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Jacko's Forex House of Pleasure and Pain

  • #5,341
  • Sep 24, 2008 8:50pm Sep 24, 2008 8:50pm
hi Lowen, did you end up working out your script?

Trading801: I think in this current volatility, a 100 pips TSL would probably be ideal, and if you shorted at 1.4800, then I think your 100 pips TSL would have been hit already (as the low this morning was 1.4602, and the high in the last hour was 1.4710, now is 1.4700), whether to keep your position open, is your choice, I'm not going to take responsibility... but the euro sure looks bullish this morning...
  • #5,342
  • Sep 24, 2008 9:31pm Sep 24, 2008 9:31pm
Quoting dragoncat
hi Lowen, did you end up working out your script?

Trading801: I think in this current volatility, a 100 pips TSL would probably be ideal, and if you shorted at 1.4800, then I think your 100 pips TSL would have been hit already (as the low this morning was 1.4602, and the high in the last hour was 1.4710, now is 1.4700), whether to keep your position open, is your choice, I'm not going to take responsibility... but the euro sure looks bullish this morning...

yeah.. 100 will be hit thats why i am so worried about the balance of SL .. my aim is to ride it down.. over a week .. hence i am very troubled about having the right SL shift..

for the bro asking abuot why short, well i am bad at technical hence my decision is fundamental.. thats y i had a few loses be3cause i couldnbt find the right place to short.. always taken out.. now my 1.48 is ok so far... then comes my concern of the whether to shift the SL or not....
  • #5,343
  • Sep 24, 2008 9:36pm Sep 24, 2008 9:36pm
Why doesn't jacko use cover calls instead of this ridiculous anti-hedging strategy? This AH strategy seems to be very iffy when market volatility changes.

So why not short some options and have zero losses??

I don't know, I am a newbie but still wondering.
  • #5,344
  • Sep 24, 2008 9:49pm Sep 24, 2008 9:49pm
Quoting dkoleary
I don't know, I am a newbie but still wondering.
I am going to suggest re-reading the first 10 posts. All is explained very well.
The link below is the first 10 posts and other bits in PDF.
Compiled by BarryPips. Excelent read.
http://www.forexfactory.com/attachment.php?attachmentid=129867&d=Jul%2013,%202008%208:50am
  • #5,345
  • Sep 24, 2008 10:50pm Sep 24, 2008 10:50pm
Quoting jacko
Hi All

I think everyone on the Forum should know that the Moderators here do a truly excellent job.

Guys like Scott (smjones) and Merlin and the others all do it as a free service to all of us who post here.

This is easily the best forum for forex anywhere on the internet and it is primarily due to the efforts of these guys. I have seen another site where the chattering rabble and kids came in about two years ago and totally destroyed the credibility of the forum.
And even though the site brought in a new moderating team and have much bigger resources behind them, they are still just a shadow of what they were two years ago

It is good to see the efforts that Scott, Merlin and the rest of the team here put in to keep this the most credible forex forum on the internet.



.
  • #5,346
  • Sep 24, 2008 10:54pm Sep 24, 2008 10:54pm
Quoting jacko

In 35+ years of business I haven't found one that even comes close to the benefits of Forex trading. I really wish this business or opportunity had been around when I was in my 20's. I was lucky that I have been successful in two other very large businesses, but it was much,much harder and took much, much longer than what I have earned from forex trading. But I am still envious of people in their 20's who have the opportunity to make it a life long business

If in any doubt of the benefits of Forex trading compared to any other business, Then go back to page 1 of this thread
http://www.forexfactory.com/showthread.php?t=27286

Then think that if you want to buy a McDonalds store, it will cost you a minimum of $1 Million, just to buy the franchise and open your doors.
Hell, a coffee shop costs around $300,000 nowadays.

Think about it, then go and read this again!!!
http://www.forexfactory.com/showthread.php?t=27286



.
I am not as old as Jacko but I too wish that I had had this opportunity in my younger days
  • #5,347
  • Sep 25, 2008 4:33am Sep 25, 2008 4:33am
Quoting dragoncat
hi Lowen, did you end up working out your script?

Trading801: I think in this current volatility, a 100 pips TSL would probably be ideal, and if you shorted at 1.4800, then I think your 100 pips TSL would have been hit already (as the low this morning was 1.4602, and the high in the last hour was 1.4710, now is 1.4700), whether to keep your position open, is your choice, I'm not going to take responsibility... but the euro sure looks bullish this morning...

Hey dragoncat (well, whatever a dragoncat is (I just stumbled over your name )

thanks for asking. I had no time the last evernings to get this done, but it's definitely on my schedule.
I have to fiddle a bit more with MT4 to preparate my trading in an optimal way (currently only demo for the next months), adding such scripts will be a part of this.
I also have to check the "jacko EAs" if I can use sth from it. I guess it might help some of us people who have a dayjob.

I will put this script in this thread when I have finished it (it was for entering a long trade, for price coming from below (while I'm still above entry price at the time I enter the order. maybe this can help some more of us)

Anyhow,
I find here is some precious information in the last posts, concerning daytime workers.


Trading801:
You maybe should consider to go long instead of short.
Try to zoom a bit out of a daily or weekly chart, we may have a opportunity to go long currently.


Cheers Lowen
  • #5,348
  • Sep 25, 2008 12:38pm Sep 25, 2008 12:38pm
Hi there, well, recent days gave me another great lesson.

Low volume + range steady market = low liquidity = STOPS F*CKING HUNTING!!

It did cost me 45 pips to learnt it, good deal!

This is the time when patience will be paid in cash, and when is totally valid the Keynes's message: the market can remain erratic longer than you can remain solvent (more or less )

I will wait a bit before placing any trade.


Jose
  • #5,349
  • Sep 27, 2008 5:55pm Sep 27, 2008 5:55pm
Quoting Tradethepips
Hi there, well, recent days gave me another great lesson.

Low volume + range steady market = low liquidity = STOPS F*CKING HUNTING!!

It did cost me 45 pips to learnt it, good deal!

This is the time when patience will be paid in cash, and when is totally valid the Keynes's message: the market can remain erratic longer than you can remain solvent (more or less )

I will wait a bit before placing any trade.


Jose
trading forex is not a steady flow of income.. don't quit your day job
  • #5,350
  • Sep 28, 2008 9:45pm Sep 28, 2008 9:45pm
Quoting dengzhi
trading forex is not a steady flow of income.. don't quit your day job
Hi man, I won't quit my day job, this is it! The best job I ever had.
  • #5,351
  • Sep 30, 2008 12:17am Sep 30, 2008 12:17am
Has everyone been staying out of the market right now, waiting for a better entry, or are you all treating it as a downtrend at the moment?
  • #5,352
  • Edited 5:35pm Oct 1, 2008 10:28am | Edited 5:35pm
Quoting Delfino
Has everyone been staying out of the market right now, waiting for a better entry, or are you all treating it as a downtrend at the moment?
Long Term Weekly is not broken for me, but currently I'm out of the market. Better u are. I don't get this stuff.
I don't think it will be good times for $, but EU will suffer, also.

I estimate, in long term, dollar will fall further, but market will not be very steady, so much harder to hold positions.

that's just my vague idea.

EDIT: to remind you, I'll attach this longterm view. watch the trendline & also 50% retracement.
And, btw, I have this for you
http://www.chrismartenson.com/blog/national-debt-officially-over-10-trillion/5924



Attached Image (click to enlarge)
Click to Enlarge Name: EURvsUSD.jpg Size: 91 KB
  • #5,353
  • Oct 1, 2008 11:38am Oct 1, 2008 11:38am
Quote
Originally Posted by Lowen
Long Term Weekly is not broken for me, but currently I'm out of the market. Better u are. I don't get this stuff.
I don't think it will be good times for $, but EU will suffer, also.

I estimate, in long term, dollar will fall further, but market will not be very steady, so much harder to hold positions.

Newbie here!

I went short EURUSD few days ago on thought the package will be accepted immediately, but those republican rejected the bailout plan. Lucky me, there's also crash on Europe. But I won't enter the market anymore till I found more certainties.

Congress men is more unpredictable than the market itself

In long term I agree with Lowen about USD.
  • #5,354
  • Edited 4:08am Oct 2, 2008 3:57am | Edited 4:08am
Hi ya Lowen,

I can't believe that sort of debt he has created it's amazing....oh how I would like a little piece of that..coh! what a life you could have ..

Question to anyone who can answer please.....
I've just noticed in another thread someone pointed out Fibo 50% as a pivot point for them selves on the longer TF's....I don't understand Fibo's properly but I was just wondering if that is why Jacko only really uses a Fibo 50% as a signal or is this just a coincidence?..

Thanks in advance,
Adrian
  • #5,355
  • Oct 2, 2008 7:41am Oct 2, 2008 7:41am
Quoting Lowen
Long Term Weekly is not broken for me, but currently I'm out of the market. Better u are. I don't get this stuff.
I don't think it will be good times for $, but EU will suffer, also.

I estimate, in long term, dollar will fall further, but market will not be very steady, so much harder to hold positions.

that's just my vague idea.

EDIT: to remind you, I'll attach this longterm view. watch the trendline & also 50% retracement.
And, btw, I have this for you
http://www.chrismartenson.com/blog/national-debt-officially-over-10-trillion/59

Attachment

I think we're seeing a major trend reversal, I look for parity and eventually the dollar gaining on the EURO over the next several years. Love the break of the .50 fibo this AM on the Monthly chart, 61.8 is up next.
Yay! Pips for everyone!
  • #5,356
  • Oct 2, 2008 9:19am Oct 2, 2008 9:19am
Hi all,

I don't believe in the strong dollar over the long run, this is just a correction based on euro zone weakness and which economy is more resilient to go over this crisis. The bailout bill will make a strong damage in the US economy in the long term, and increasing debt. But in the short term, CB's are pushing the usd up, most countries need a strong dollar to sell their products, a strong dollar will help most of the economies to pass through recession or what ever. Old support (3882) was broken, the TL in the chart above was broken also.

So in the short term I will short this market as many times as I can, strict money management, very short SL and TSL also. Few strategies will work for now given the current circumstances. And if it breaks up will go long also.

It's a bloody sea full of hungry sharks, very risky. But very carefull people can make good money.

Watch the forest not the tree.
  • #5,357
  • Oct 2, 2008 11:39am Oct 2, 2008 11:39am
Quoting Lowen
Long Term Weekly is not broken for me
It's broken now. Will be interesting to see where the daily and weekly candles close here. We could easily pop back up into the trend, but for now, the major trend is broken as of today's price action.
  • #5,358
  • Edited 1:35pm Oct 2, 2008 12:13pm | Edited 1:35pm
Quoting Trader KGB
It's broken now.
Oh my ..

now everything is oveerr
well I have to say it's hard at the border on weekly. (hmm more "under the border")


I will sit and watch.




btw: anybody has a hint for an alternative, currently trending pair?


Lowen
  • #5,359
  • Oct 2, 2008 3:46pm Oct 2, 2008 3:46pm
Quoting Lowen

btw: anybody has a hint for an alternative, currently trending pair?

How about EURUSD? On H1, it's definitely heading south.

http://dynexcorp.com/charts/images/eu1h.png
The market reveals who we really are...
  • #5,360
  • Edited 6:15pm Oct 2, 2008 6:03pm | Edited 6:15pm
Quoting Lowen
Oh my ..

now everything is oveerr

btw: anybody has a hint for an alternative, currently trending pair?


Lowen
Hi, maybe the break of lows? It had been very fine, tight SL. If it breaks, it could go lower and fast, I can see a lot of momentum in the south run.

P.S.: I did read something very interesting about USD strenght, here's the link.
http://www.forexfactory.com/news.php?do=news&id=111160
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