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Jacko's Forex House of Pleasure and Pain

  • #6,521
  • Mar 10, 2009 10:02am Mar 10, 2009 10:02am
I see several refs to "building shorts". I get the idea from the context of the posting but can someone direct me to a resource (if available) on the concept.

It seems like a pyramiding concept but pyramiding with a better price in case the trade goes against you in the meantime. part of me sees it as hedging and part of me sees it as possibly adding to a losing position. At this stage of my education I am willing to be conservative and play one position at a time but i am interested in learning more. As an example would you just put in Sell limit orders or would you watch the trade and when it went higher just put a SellStop to catch it on the way down again.

thanks.
  • #6,522
  • Mar 10, 2009 10:10am Mar 10, 2009 10:10am
Quoting flyer415
I see several refs to "building shorts"....
In a nutshell - my style is the same concept as jacko, except I don't like the one entry & the TSL, so I manage my entries/exits differently. I have modified that to suit my needs. I won't get too much into it due to the spirit of this thread, but it's no different (in principle) than taking a 3% risk in 'one' entry versus splitting up the same 3% across 3 or 4 entries.
  • #6,523
  • Mar 10, 2009 12:22pm Mar 10, 2009 12:22pm
Hi Jacko..

Sounded like you went elsewhere..

You're first post on this thread left a lasting impression. I have friends who have sank lots of capital in small business such as coffee shops that are struggling. They would of been better off in this business, plus you can take a break if need be. You can't close a coffee shop while you take a badly needed vacation.

Do you focus on just the EUR/USD? I see others elsewhere who are trading multiple currency pairs instead of focusing on one. I'd rather focus on one for simplicity sake. I am torn between the GBP/USD and EUR/USD. I like the Eur due to it's low pip spread, while the GBP has more pip opportunity.

I am trading on a micro account which I am finding the leverage amazing. You can start low and slowly build.

You're thoughts?

Quoting jacko
Hi Sinclap

I am here...what can I do for you??

.
Jacko
  • #6,524
  • Mar 10, 2009 12:56pm Mar 10, 2009 12:56pm
Quoting dwildes
Just FYI - I opened one entry at 1.2818.
Other entry levels are 1.2850 and 1.2880 levels - if we get that high.
I'm looking for a move back to 1.2650.
1.2685 is good enough for me.
Closed my last short.
I'm flat now - looking for next position.
  • #6,525
  • Mar 10, 2009 1:01pm Mar 10, 2009 1:01pm
Quoting sinclap
Hi Jacko..

Sounded like you went elsewhere..

You're first post on this thread left a lasting impression. I have friends who have sank lots of capital in small business such as coffee shops that are struggling. They would of been better off in this business, plus you can take a break if need be. You can't close a coffee shop while you take a badly needed vacation.

Do you focus on just the EUR/USD? I see others elsewhere who are trading multiple currency pairs instead of focusing on one. I'd rather focus on one for simplicity sake. I am torn...
Have you read the enitre thread?? I think all of your questions and a lot more are explained several times.
"Money is easy to make, but hard to keep" - FWV 1975
  • #6,526
  • Mar 10, 2009 1:13pm Mar 10, 2009 1:13pm
Quoting dwildes
1.2685 is good enough for me.
Closed my last short.
I'm flat now - looking for next position.
I don't think we're done yet...seems to want to test the bottom of the 1H bull range...

I am hoping for a close below
  • #6,527
  • Mar 10, 2009 1:20pm Mar 10, 2009 1:20pm
Quoting bgin2end
I don't think we're done yet...seems to want to test the bottom of the 1H bull range...

I am hoping for a close below
Yeah man, the bears have a good hold on it!
I hope it does keep going for all you shorts. Down to 1.2500!!!
I personally just have gotten too much profit in my account to 'let it ride'.
I can always re-enter and will either in Tokyo or later in the week depending on how PA goes the rest of the day.
  • #6,528
  • Mar 10, 2009 1:22pm Mar 10, 2009 1:22pm
Quoting dwildes
1.2685 is good enough for me.
Closed my last short.
I'm flat now - looking for next position.

Wooow!! what a trade..
booked profit at 1.2660 for almost +150
Some drink at the fountain of knowledge. Others just gargle !
  • #6,529
  • Mar 10, 2009 1:24pm Mar 10, 2009 1:24pm
Quoting plan-b
Wooow!! what a trade..
booked profit at 1.2660 for almost +150
Fantastic man - great job!

All you need is just 'one' trade like that a week. All you have to do is wait for them and enter and proper levels - not in the middle of all the consolidation.
  • #6,530
  • Mar 10, 2009 1:25pm Mar 10, 2009 1:25pm
Quoting dwildes
Yeah man, the bears have a good hold on it!
I hope it does keep going for all you shorts. Down to 1.2500!!!
I personally just have gotten too much profit in my account to 'let it ride'.
I can always re-enter and will either in Tokyo or later in the week depending on how PA goes the rest of the day.
I think I'll let it ride, but I am moving my stops in to secure some more profit. Lets see what happens for the rest of the NY session!
  • #6,531
  • Mar 10, 2009 1:43pm Mar 10, 2009 1:43pm
I closed at 2650. I was going to change my TP and before I even had a chance to do so it just sorched through it for a gain of 132 pips. No complaints. Gotta love Jacko.
  • #6,532
  • Mar 10, 2009 1:50pm Mar 10, 2009 1:50pm
Quoting flyer415
I closed at 2650. I was going to change my TP and before I even had a chance to do so it just sorched through it for a gain of 132 pips. No complaints. Gotta love Jacko.
132 pips in just a few hours ain't so bad is it?
Congrats man - wish you many more trades like that.
  • #6,533
  • Mar 10, 2009 2:00pm Mar 10, 2009 2:00pm
At that rate I would only need a couple of trades a month.

Love this life.
  • #6,534
  • Mar 10, 2009 2:23pm Mar 10, 2009 2:23pm
we hit a rock wall here @ the daily pivot, but all the signals say let it ride. we didnt encounter much resistance coming down....

bulls
Whats happening in EUR/USD should be happening to you!
  • #6,535
  • Mar 10, 2009 2:29pm Mar 10, 2009 2:29pm
Quoting flyer415
At that rate I would only need a couple of trades a month.

Love this life.
Agreed!
  • #6,536
  • Mar 10, 2009 2:31pm Mar 10, 2009 2:31pm
Quoting BullsAndBear
we hit a rock wall here @ the daily pivot, but all the signals say let it ride. we didnt encounter much resistance coming down....

bulls
What signals are saying to let it ride?
Not being critical - just want to see what you see.
  • #6,537
  • Mar 10, 2009 2:51pm Mar 10, 2009 2:51pm
out at 1.2620 for 180 pips and 279 total for today with 4 losers (which I could have avoided)...

maybe good 'ol times are back....

I hope
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #6,538
  • Mar 10, 2009 2:52pm Mar 10, 2009 2:52pm
stop hit, out until i see somthing new
  • #6,539
  • Mar 10, 2009 2:55pm Mar 10, 2009 2:55pm
Quoting coscorp
out at 1.2620 for 180 pips and 279 total for today with 4 losers (which I could have avoided)...

maybe good 'ol times are back....

I hope

WOooooooo
Man, it's great to hear all the good trades made today. Congrats guys!
  • #6,540
  • Mar 10, 2009 3:13pm Mar 10, 2009 3:13pm
Quoting dwildes
What signals are saying to let it ride?
Not being critical - just want to see what you see.


I use the THV TRIX V4.01 and I use a modified macd that phil has in his thread. Both have not indicated an exit. Now those are just indicators. The reasoning behind it is if you look where the climb started on 3/9-1300 on the 1h chart to 3/10 @ 1200,,,,,that is 23hours to cycle up. So a predominantly weak currency should be able to cycle down same amount of time or longer, not to mention the dollar rallied today and i am sure it is not going to stop right now this minute. The only reason right now for an exit is a little price action/retrace off the daily pivot @ 1.2633. After a move like we just saw a retrace somewhere is most likely, but would not complete an exit signal in my mind.

Now where i could be way off here is if on the days close we still have a higher high and a higher low,,,,,,and we are still do for a descent retracement. So all I am saying is i would wait for the chart to say exit which could be in a worse spot than where you exited or it may not and be watching for signs of a retracement to complete, other than that this could cycle down for a few more hours.......

bulls
Whats happening in EUR/USD should be happening to you!
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