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Jacko's Forex House of Pleasure and Pain

  • #5,621
  • Dec 9, 2008 6:12pm Dec 9, 2008 6:12pm
Quoting yonnie
sold 1 futures March contract (1.2967) at cash price of 1.3000, TSL 100 pips.

see how it goes

edit: cash price now 1.2942 and changed TSL to 50 pips......a few pips locked in
just stopped out with 54 pip profit
  • #5,622
  • Edited 2:46am Dec 10, 2008 1:25am | Edited 2:46am
I'm out of positions at Break even. I'm surprized of eur strength. I will watch now where this will go further.

EDIT:

45 minutes since London open. Market feels heavy. Feels like its going to collapse. I have a sell order at 1.2965 ( market at 1.2975 currently ) . S/L is above the recent highs at 1.3010 . T/P is at 1.2915 .
  • #5,623
  • Dec 10, 2008 2:46am Dec 10, 2008 2:46am
Quoting kaunasny
I'm out of positions at Break even. I'm surprized of eur strength. I will watch now where this will go further.
Hi,
I'm looking at the area of 1.3050-80 to short.

On the 4H charts it's a clear uptrend, with the price above the October downtrend line now. However on the Daily and Weekly charts, it's still down. The resistance level is based on the 25th Nov's high of 1.3080. Fundamentals are still saying that in the short term, a complete reversal (of the downtrend) is not really imminent yet.

What do you guys think?
  • #5,624
  • Dec 10, 2008 3:06am Dec 10, 2008 3:06am
Quoting psyber85
Hi,
I'm looking at the area of 1.3050-80 to short.

On the 4H charts it's a clear uptrend, with the price above the October downtrend line now. However on the Daily and Weekly charts, it's still down. The resistance level is based on the 25th Nov's high of 1.3080. Fundamentals are still saying that in the short term, a complete reversal (of the downtrend) is not really imminent yet.

What do you guys think?

yep totally agree Psyber. good summary i'd say
  • #5,625
  • Dec 10, 2008 3:14am Dec 10, 2008 3:14am
Quoting zorroz
yep totally agree Psyber. good summary i'd say
Thanks for your kind words, zorroz. Are you a member of jacko's private group too?
  • #5,626
  • Edited 3:24am Dec 10, 2008 3:19am | Edited 3:24am
I have set S/L at break even, market has moved to 1.2945 ( 20 pips in my favor) . Retraced back to my price now moving lover again. Now letting trade to take me out at break even, or a 50 pip T/P target.


Positions closed at break even.

This was a risky trade so I wanted to go to break even as soon as possible. I expected market to shoot down on the break of 1.2965 .. not strong enaugh. Oh well, done trading for today. I have lost a feel for this market.

Rule number 1 : Don't lose money!
  • #5,627
  • Dec 10, 2008 3:20am Dec 10, 2008 3:20am
yeah i am Psyber and your levels definitley coincide with mine not that means anything haha but i like how you have reached your decision.
  • #5,628
  • Dec 10, 2008 3:26am Dec 10, 2008 3:26am
Quoting zorroz
yeah i am Psyber and your levels definitley coincide with mine not that means anything haha but i like how you have reached your decision.
that's great man. but i'll observe how the price reacts when it reaches that level and then make a decision on whether to short or not. cos there's still an uptrend line formed since 28th nov and that might turn into support and then limit our profit range...

how long've you been with him already? i'm only into my first month with him i love his trading mentality and strategy of entering and exiting.
  • #5,629
  • Dec 10, 2008 3:29am Dec 10, 2008 3:29am
Quoting psyber85
Hi,
I'm looking at the area of 1.3050-80 to short.

On the 4H charts it's a clear uptrend, with the price above the October downtrend line now. However on the Daily and Weekly charts, it's still down. The resistance level is based on the 25th Nov's high of 1.3080. Fundamentals are still saying that in the short term, a complete reversal (of the downtrend) is not really imminent yet.

What do you guys think?
I was thinking about trying to short at 1.3050 , but yesturdays strength of eur / usd after reaching 1.30000 and retracing only 100 pips surprizes me. Eur is stronger than I think. Also today clumsy actions , I don't have a feel for this movement. It's too risky for me. I'm staying out for today and will watch what will happen.
2 trades in 2 days... way out of my trading regime/average !
  • #5,630
  • Edited 3:55am Dec 10, 2008 3:33am | Edited 3:55am
Quoting kaunasny
I was thinking about trying to short at 1.3050 , but yesturdays strength of eur / usd after reaching 1.30000 and retracing only 100 pips surprizes me. Eur is stronger than I think. Also today clumsy actions , I don't have a feel for this movement. It's too risky for me. I'm staying out for today and will watch what will happen.
2 trades in 2 days... way out of my trading regime/average !
hi kaunasny,
what you said absolutely made alot of sense but i personally feel, that since euro has been only making small retraces these few days, a huge retrace is really gonna be imminent as the market is still right now sorta like indecisive with the direction its heading to and if price fails to break its way up, this usually leads to it falling back to the main trend. (down down down!)

i'd prolly be looking out for chart patterns like double tops as well as head and shoulders these few days. will observe really closely before pulling the trigger! till then, wait till europe and US markets open.........
  • #5,631
  • Dec 10, 2008 3:34am Dec 10, 2008 3:34am
i've been with him for awhile now, prob over 6 months or so. the simplicity if you could call it that of his method is great. sensible entry, sensible managemnt of the trade and an ability to let profits run and minimise losses.

the main way to get into trouble with this method i think is to be impatient and overtrade instead of waiting for an ideal time OR to push trades and get caught in a ranging period. yr also on the money with the idea of waiting for price to get to your level and then seeing how it reacts once there and then getting on for what is hopefully the run down once price has stalled a bit at yr level.

patience and discipline for the market to tip it's hand is the key i think.

i'm def not an expert but i am live trading and i truly believe jacko has a sound method that can't help but make money in trending times.
  • #5,632
  • Dec 10, 2008 3:44am Dec 10, 2008 3:44am
Quoting zorroz
i've been with him for awhile now, prob over 6 months or so....
yep! haha only when the market trends apparently when it's at range it can get pretty irksome man!
  • #5,633
  • Dec 10, 2008 3:48am Dec 10, 2008 3:48am
yeah if you can work out a method of when a market is ranging then you should do fine with patience.
  • #5,634
  • Dec 10, 2008 4:12am Dec 10, 2008 4:12am
We're in a traffic congestion area, price wants to go down and up and down and up. (My 3 yr old son says its a roller coaster)

If you trade with stop losses and you can time the market, well done, jump in and tell me which price.

Otherwise be careful of starting a league of fallen soldiers.

Either short at much higher prices or on break of 1.2600. Thats my 2 pips worth.
Still waters run deep
  • #5,635
  • Dec 10, 2008 5:01am Dec 10, 2008 5:01am
dont really know what is now so difficult to trade.

we have a downtrend in EUR/USD

we had a STRONG retrace to around 1.2960 1 1/2 days ago, so I got in @ 1.2954 and stopped out for 81 pips profit

then a strong retrace to 1.3000 so I sold there and stopped out for 54 pips profit

3 1/2 hours ago went back up to 1.3000 and sold again and stands now @ 1.2925.

so what is stopping you people from getting in there as well???
  • #5,636
  • Dec 10, 2008 5:18am Dec 10, 2008 5:18am
Quoting yonnie
dont really know what is now so difficult to trade.

we have a downtrend in EUR/USD

we had a STRONG retrace to around 1.2960 1 1/2 days ago, so I got in @ 1.2954 and stopped out for 81 pips profit

then a strong retrace to 1.3000 so I sold there and stopped out for 54 pips profit

3 1/2 hours ago went back up to 1.3000 and sold again and stands now @ 1.2925.

so what is stopping you people from getting in there as well???


yonnie,

We are in a trading range at present.

If you are going either long or short in this market and using a 100 pip stop & taking profit between 50 & 80 pips how many 100pip losses can your strategy withstand ?


Regards,
BabeFX.
  • #5,637
  • Dec 10, 2008 6:28am Dec 10, 2008 6:28am
4Hr Chart: Higher lows and higher highs.

Weekly Chart: Higher lows.

Monthly Chart: Average monthly range super reduced, caused us to be in a range for this month. Monthly inside bar has formed.

1.3 is like a magnet. lol

Magnet!!! Does this phrase look familiar friends?

There might be a breakout soon.
Still waters run deep
  • #5,638
  • Dec 10, 2008 8:27am Dec 10, 2008 8:27am
Quoting barak
4Hr Chart: Higher lows and higher highs.

Weekly Chart: Higher lows.

Monthly Chart: Average monthly range super reduced, caused us to be in a range for this month. Monthly inside bar has formed.

1.3 is like a magnet. lol

Magnet!!! Does this phrase look familiar friends?

There might be a breakout soon.

Barak,

Also take a look a bond yield differentials 10yr Bund versus 10yr US Treasuries look to favour Euro.

A breakout could be on the cards.

Regards,

BabeFX
  • #5,639
  • Dec 10, 2008 12:32pm Dec 10, 2008 12:32pm
Quoting yonnie
3 1/2 hours ago went back up to 1.3000 and sold again and stands now @ 1.2925.
price went down to 1.2904 and as it went up again I went flat @ 1.2926 for a 74 pip profit.

went short again @ 1.3000 with a TSL of 100 pips
price went up to 1.3059 and almost reached my TSL @ 1.3069
we`ll see how this pans out.

anybody short @ 1.3050?
  • #5,640
  • Dec 10, 2008 12:50pm Dec 10, 2008 12:50pm
Quoting BabeFX
yonnie,

We are in a trading range at present.

If you are going either long or short in this market and using a 100 pip stop & taking profit between 50 & 80 pips how many 100pip losses can your strategy withstand ?


Regards,
BabeFX.
The ranging market was over a couple of days ago and that`s why I got into the action.
It might go and try to take out the high of 1.3298.

Sorry, but I was not taking profits; after the trades went into profit, I had a 50 TSL on and the market simply did not give me more.

the last trade I closed out manually at 1.2926, because I felt that 1.3000 was going to be hit again.

just stopped out @ 1.3069 for a loss of 69 pips.
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