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Jacko's Forex House of Pleasure and Pain

  • #6,221
  • Feb 20, 2009 11:16am Feb 20, 2009 11:16am
Well, in this case the TS would have been GREAT. Didn't see that coming. Got stopped out at +10 vs +145.

A new day... a new lesson.
  • #6,222
  • Feb 20, 2009 11:21am Feb 20, 2009 11:21am
I had to reboot my computer just prior to that surge. Turned it on and found 3 trades stopped out. 1 for a loss and the other two at BE+10.

Love this market.
  • #6,223
  • Feb 20, 2009 11:25am Feb 20, 2009 11:25am
Well I thought I was done. but my order @ 2800 was hit and I place an AH where I was stopped out @ 2661.

Here we go again...I think we'll see a large correction from that quick up swing...

The Quicker the move - the shorter it lasts. Let's go downward pressure!!!
  • #6,224
  • Feb 20, 2009 11:28am Feb 20, 2009 11:28am
Quoting bgin2end
I always let the TS take me out of the market, unless I am uneasy about what happened to price on Friday - I will close positions before the weekend.

I have found that with the TS being your exit, you are giving yourself the best chance of letting your profits run....
Glad to hear it's working for ya - but the market conditions that just happened is why I would rather take the profit presented to me. All TSLs just gave back 100pips that would have been in hand.
  • #6,225
  • Feb 20, 2009 11:29am Feb 20, 2009 11:29am
[quote=bgin2end;2554374]

The Quicker the move - the shorter it lasts.
quote]

Isnt that just like saying.....

'The quicker the move - the quicker the move'

I agree, lol.
Living the adventure in my head.
  • #6,226
  • Feb 20, 2009 11:29am Feb 20, 2009 11:29am
Quoting dwildes
Glad to hear it's working for ya - but the market conditions that just happened is why I would rather take the profit presented to me. All TSLs just gave back 100pips that would have been in hand.

Cue the AH...
  • #6,227
  • Feb 20, 2009 11:32am Feb 20, 2009 11:32am
Quoting bgin2end
Cue the AH...
You are a brave soul to open positions at this time of day.
  • #6,228
  • Feb 20, 2009 11:35am Feb 20, 2009 11:35am
haha - I know, but they were orders that I set. I can't pass up selling @ 2800...
  • #6,229
  • Feb 20, 2009 11:39am Feb 20, 2009 11:39am
Quoting bgin2end
haha - I know, but they were orders that I set. I can't pass up selling @ 2800...
hahah - no judgements here
You have more cahones than I do!
It looks to be in a good profit now
  • #6,230
  • Feb 20, 2009 1:52pm Feb 20, 2009 1:52pm
Wouldn't you know it. When the Kiwi sleeps all those stops get blown!

To anti-hedge or not? That is the question...

At what point do we think the daily trend is changing? When I a bit lost I fall back on my 'rules'.
The weekly trend is still good, although the pullback through Dec was large.
The daily is still making lower highs & lows, although last night's (yesterday's) rise pierced my trend line. With hindsight, should have expected a rough time due to the large consolidation back in Nov/Dec.
The 4-hr has made a higher low and a higher high, and is up in another region of previous consolidation (1.2800 - 1.3000). Surely that's a warning sign.

What's the advice when all three time frames don't quite agree?

I'd appreciate anyone's comments (especially Jacko's or one of his group members).

Cheers
Jellybean
  • #6,231
  • Feb 20, 2009 2:12pm Feb 20, 2009 2:12pm
Quoting Jellybean
Wouldn't you know it. When the Kiwi sleeps all those stops get blown!

To anti-hedge or not? That is the question...

At what point do we think the daily trend is changing? When I a bit lost I fall back on my 'rules'.
The weekly trend is still good, although the pullback through Dec was large.
The daily is still making lower highs & lows, although last night's (yesterday's) rise pierced my trend line. With hindsight, should have expected a rough time due to the large consolidation back in Nov/Dec.
The 4-hr has made a higher low and a higher...
trend is still down...

short 2845
stop 2945

ready to ah if stopped out...
  • #6,232
  • Feb 20, 2009 2:32pm Feb 20, 2009 2:32pm
Quoting jacko
Market makers and ECN's are "horses for courses" depending primarily on your account size. If you want to be a little fish in a big pond then go with ECN's...but don't be surprised if they treat you badly if you have only a small account.

As for negative things about market makers, you have to remember that both market makers (and ECN's ) are businesses...and their prime purpose is to make profits..at your expense!!

.
Jacko
thank you once again Jacko much obliged
  • #6,233
  • Feb 20, 2009 2:33pm Feb 20, 2009 2:33pm
Does anyone know if Jacko is still using a 50pip sl for his anti hedging strategy and a 50 pip trailing stop?

the reason i ask is i thought 50 pip stop would be too tight on the dailies.

thanx
  • #6,234
  • Feb 20, 2009 2:37pm Feb 20, 2009 2:37pm
Thanks, McQueen

Appreciate your advice.

For the future, though, at what point would you decide that short was too risky?

Cheers
Jellybean
  • #6,235
  • Feb 20, 2009 2:42pm Feb 20, 2009 2:42pm
I'm going to be paying a lot of attention to this weekly PIN bar suggesting longs. Next week will validate/invalidate it.
  • #6,236
  • Feb 20, 2009 2:47pm Feb 20, 2009 2:47pm
Quoting Jellybean
Thanks, McQueen

Appreciate your advice.

For the future, though, at what point would you decide that short was too risky?

Cheers
Jellybean
my apologies...

for the tf i trade, the trend is down until a decisive move above 3350...
  • #6,237
  • Feb 20, 2009 3:36pm Feb 20, 2009 3:36pm
Man, I was busy today. I sure would have like to gotten in at 2800....

kudos to those that did........

It IS going back down.

has anyone studied the weekly or monthly charts?

I personally dont have it in an up trend until a bare minimum of 4050 and a retest of support. till then the bears got it, no chance for bulls.........

have a great weekend all
BB
Whats happening in EUR/USD should be happening to you!
  • #6,238
  • Edited 4:09pm Feb 20, 2009 3:40pm | Edited 4:09pm
Quoting dwildes
I'm going to be paying a lot of attention to this weekly PIN bar suggesting longs. Next week will validate/invalidate it.
Yes, I saw that. perhaps the start of a nice rally?

I liked to see that baby rally so i could ride it all the way back down!!!!

hehehe

night folks
BB

Rihgt now I have a 50% fib retrace to 3550 exactly from last signifcant high to current low. We have resistance @ 2760 and 2865. If we could get a clear breakout out there then a nice rally may come thru for us hungry bears.
Whats happening in EUR/USD should be happening to you!
  • #6,239
  • Feb 20, 2009 3:41pm Feb 20, 2009 3:41pm
Quoting BullsAndBear
Yes, I saw that. perhaps the start of a nice rally?

I liked to see that baby rally so i could ride it all the way back down!!!!

hehehe

night folks
BB

*smile* That makes 2 of us.
See ya - have a great weekend!
  • #6,240
  • Feb 20, 2009 5:02pm Feb 20, 2009 5:02pm
Quoting McQueen68
my apologies...

for the tf i trade, the trend is down until a decisive move above 3350...
Thanks again.

I guess I need to have more failth in the longer term trends and not be swayed by the 4-hr chart. I think I was remembering reading a comment of Jacko's somewhere that the significance of the 4-hr chart is that it's the first trend chart to warn of a change of direction - I'm just not sure what to look for.

I'll stick with the short view.

Thanks again
Jellybean
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