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Jacko's Forex House of Pleasure and Pain

  • #5,581
  • Dec 5, 2008 6:50pm Dec 5, 2008 6:50pm
I also got stopped out at 1.2800; IBFX. I got in at 1.2810 but adjusted SL at 1.2800 so just a 10 pips profits.
  • #5,582
  • Dec 6, 2008 3:01am Dec 6, 2008 3:01am
I was taken out as well, it looks like it was normal as I can see that many traders, with different brokers, had a spike to 1.2798, 2 pips is the average spread we get on e/u....
  • #5,583
  • Dec 6, 2008 8:27am Dec 6, 2008 8:27am
Quoting Fx_Genius
It seems that a lot of traders were taken out by SL's.
This might not go with Jacko's methodology but I have been using much larger SL's based in part by ATR (Average True Range (http://en.wikipedia.org/wiki/Average_true_range)) numbers. The market is extremely volatile and and ATR of 14 is still around 200. I use an ATR of 1 as a guide also looking at the past week for SL distance. I have been in the same trade since Nov 22 (Short, wish I got out yesterday @ 1.255 but was away while the market played). I do know Jacko went...
I think that makes a lot of sense when you consider that volitality has increased even more since Jacko raised his s/l to 100 pips. Just be sure that you risk to reward is still at least 1:1. So if you raise s/l to 125 then target should at least be 125, etc. I wonder what Jacko is doing?
  • #5,584
  • Dec 6, 2008 10:22am Dec 6, 2008 10:22am
so far making a ton of money...lol...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #5,585
  • Dec 7, 2008 11:48am Dec 7, 2008 11:48am
Quoting coscorp
so far making a ton of money...lol...
Does he post much or do you have to pay to be part of his group?
  • #5,586
  • Dec 7, 2008 11:53am Dec 7, 2008 11:53am
I believe it's something like 500 a year
  • #5,587
  • Dec 7, 2008 11:58am Dec 7, 2008 11:58am
You have to pay to become one of his turtles yes. What I`ve heard so far, is that he supports his turtles in an exellent way, providing lots of useful insights in his blog.

I`d start out reading this thread over and over again, until you get thing you get the whole picture. Then read it again The whole thing is here, it`s just not that easy to grasp everything in a couple of days...

There are aslo books on this method that you might wanna read, like trend following, way of the turtle etc.

Good luck!!
  • #5,588
  • Dec 7, 2008 11:59am Dec 7, 2008 11:59am
he posts quite often...hasn't much lately because he's had a lot to do from what I understand...and yes his support and guidance is top notch...and from what I have percieved he's a great guy which doesn't hurt...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #5,589
  • Edited 11:54pm Dec 7, 2008 10:37pm | Edited 11:54pm
Ive got an order in to sell at 1.2850, wich is the 50% fib from the high of november 25. to the low of december 4th. 1.2850 is also last weeks high.

Not sure if this is the right way to do this, so please don`t take this as a recommendation.

Comments are welcome...

Wish you all good trading!

Order filled @ 1.2848

SL @ 1.2870. Trailed it down here. i use 50 pip sl
  • #5,590
  • Edited Dec 8, 2008 12:19am Dec 7, 2008 11:56pm | Edited Dec 8, 2008 12:19am
Quoting FXfelix
Ive got an order in to sell at 1.2850, wich is the 50% fib from the high of november 25. to the low of december 4th. 1.2850 is also last weeks high.

Not sure if this is the right way to do this, so please don`t take this as a recommendation.

Comments are welcome...

Wish you all good trading!

Order filled @ 1.2848

SL @ 1.2870. Trailed it down here. i use 50 pip sl

Hi,

I wouldn't rush in this fast on monday morning, before London open. Too dangerous...

This might take it up to 1.3000 so you might just catch this.

Remember this rule. If it doesnt' make lover low, it will make higher high. Look, it did not make a new lover low at 1.25500. So I wouldn't be surprized to see 1.30000 next . Maybe a SELLING opurtunity somewhere there.

Best of luck.
  • #5,591
  • Dec 8, 2008 12:06am Dec 8, 2008 12:06am
price at 1.2882

anybody selling at 1.2900?
  • #5,592
  • Dec 8, 2008 12:12am Dec 8, 2008 12:12am
Quoting kaunasny
Hi,

I wouldn't rush in this fast on monday morning, before London open. Too dangerous...

This might take it up to 1.3000 so you might just catch this.

Remember this rule. If it doesnt' make lover low, it will make higher high. Look, it did not make a new lover low at 1.25500. So I wouldn't be surprized to see 1.30000 next . Maybe a buying opurtunity somewhere there.

Best of luck.

Sometimes hard to remember all this

You said buying, don`t you mean selling?
  • #5,593
  • Dec 8, 2008 12:12am Dec 8, 2008 12:12am
Quoting yonnie
price at 1.2882

anybody selling at 1.2900?

Not a bad place to sell. But I'm staying out. I think still not enaugh certainty. I see this going to 1.3000 easily .
  • #5,594
  • Dec 8, 2008 12:22am Dec 8, 2008 12:22am
Quoting kaunasny
Hi,

I wouldn't rush in this fast on monday morning, before London open. Too dangerous...

This might take it up to 1.3000 so you might just catch this.

Remember this rule. If it doesnt' make lover low, it will make higher high. Look, it did not make a new lover low at 1.25500. So I wouldn't be surprized to see 1.30000 next . Maybe a SELLING opurtunity somewhere there.

Best of luck.
Hi kaunasny,
would you like to share with us why would you expect a lower low before the trend resumes for the price to go lower? any particular reason or explanation for this?

thanks!
  • #5,595
  • Dec 8, 2008 12:36am Dec 8, 2008 12:36am
My explanation would be:

That this last drop of eur wasn't steep enaugh stopping at 1.25500 . I would have wanted to see it drop further. This shows me that Eur is stronger than I would like it to be to enter at 1.28000 - 1.29000 . Because of this I think it is too much of the risk to enter at those levels and that is not "bargain" price enaugh.

psyber : I hope this also anwers your question... I just see this going to 1.3000 easily and its too risky to enter now and yes, higher highs and higher lows do not show any signs of south bound train comming.
  • #5,596
  • Dec 8, 2008 12:47am Dec 8, 2008 12:47am
Quoting kaunasny
My explanation would be:

That this last drop of eur wasn't steep enaugh stopping at 1.25500 ....
Hi,
I see. Actually in layman terms you're referring to the short term uptrend. Putting it in my own words, you're believing that the short term uptrend is not over hence the price has potential to rise up further. Until you see a potential point of reversal (trendlines, fib retracements), then you'd pull the trigger. Correct me if im wrong
  • #5,597
  • Edited 1:41am Dec 8, 2008 1:27am | Edited 1:41am
Quoting psyber85
Hi,
I see. Actually in layman terms you're referring to the short term uptrend. Putting it in my own words, you're believing that the short term uptrend is not over hence the price has potential to rise up further. Until you see a potential point of reversal (trendlines, fib retracements), then you'd pull the trigger. Correct me if im wrong
Yes, your right at some degree. The other point I want to make is that eur/usd retraced passed 50% fib from Nov 21. - Nov 25 . and resumed upward direction. Also untill now we have a triangle forming starting from the end of October. Previous higher lows were only about 50 pips apart. This most recent dowward push ended at over 100 pips higher telling me that eur/usd is strong and not yet ready to drop. So I just believe it can go higher.

P.S. - I dont use much of trendlines, or follow fib, or strong round numbers. These are just tools I pay attention to.
I only try to guess direction by main trend and highs and lows. Then a strict money management and good risk to reward ratio on any trade - those are my main tools.

Keep it simple
  • #5,598
  • Dec 8, 2008 1:41am Dec 8, 2008 1:41am
when I connect the daily trendline from 30 Oct and 25 November I get 1.2975 for today.

anyone selling around there?
  • #5,599
  • Dec 8, 2008 2:00am Dec 8, 2008 2:00am
I'm intending/hoping to sell @ 2950.
  • #5,600
  • Dec 8, 2008 2:13am Dec 8, 2008 2:13am
maybe better to wait till the price is clearer before u sell at 2950?


Quoting Interceptor
I'm intending/hoping to sell @ 2950.
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