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Jacko's Forex House of Pleasure and Pain

  • #6,581
  • Mar 11, 2009 5:06pm Mar 11, 2009 5:06pm
I have a limit entry for 2900. It is the next whole number and in the next couple of hours it will coincide with the top part of the channel. We may get that far, we may drop but im only in if she comes to my party. good luck all
  • #6,582
  • Edited 5:57pm Mar 11, 2009 5:33pm | Edited 5:57pm
Keeping it simple...


http://i44.tinypic.com/33o5vo1.gif


Over last 300 bars, price went down from HH to LL and is rising.
TRO
  • #6,583
  • Mar 11, 2009 6:21pm Mar 11, 2009 6:21pm
closed my shorts for +22
still haven't seen a sign of sellers enter the market (no strong down moves) - I'll take what little profit the market is giving to me and be happy about it.

I closed due to the support level at 1.2820
  • #6,584
  • Mar 11, 2009 6:25pm Mar 11, 2009 6:25pm
Quoting dwildes
closed my shorts for +22
still haven't seen a sign of sellers enter the market (no strong down moves) - I'll take what little profit the market is giving to me and be happy about it.

I closed due to the support level at 1.2820
The market only gives opportunity, you have to take it.

Price at 1.2810 now.
TRO
  • #6,585
  • Mar 11, 2009 6:32pm Mar 11, 2009 6:32pm
Quoting Money4Nothing
The market only gives opportunity, you have to take it.

Price at 1.2810 now.
good - hope it keeps going down for anyone who else is short.
  • #6,586
  • Mar 12, 2009 12:23am Mar 12, 2009 12:23am
I should let everyone know when I trade so you know to do the opposite, lol

Put in a short yesterday @ 1.2722, SL 1.3222 (trading .01 lots). Just letting this one ride, I know I'll be safe tommorrow since the daily range is around 270.

So long as it continues its trend down, I'll be in good shape.
  • #6,587
  • Mar 12, 2009 2:22am Mar 12, 2009 2:22am
Quoting Delfino
I should let everyone know when I trade so you know to do the opposite, lol

Put in a short yesterday @ 1.2722, SL 1.3222 (trading .01 lots). Just letting this one ride, I know I'll be safe tommorrow since the daily range is around 270.

So long as it continues its trend down, I'll be in good shape.
Why trade with such a massive SL. You would be better to trade a much smaller SL and utilise the AH method. It would allow you to trade bigger lots without over-exposing yourself. At the moment with a SL of 500 pips you are asking for trouble whether you trade small or large, you would almost be better off not having a SL. BTW with a SL that large what is your Risk to reward ratio. Most people aim for 1.5 to 1 which would mean you are expecting 750 pips gain for such as large SL.

IMHO that is way to big and you will just be setting yourself up for a tough road. Also by trading with a Large SL you are almost stopping yourself from reversing a position ie if you are down 200 pips could/would you close and reverse if direction becomes obvious.

Just my 2c
  • #6,588
  • Mar 12, 2009 2:52am Mar 12, 2009 2:52am
Quoting cruze2005
Why trade with such a massive SL. You would be better to trade a much smaller SL and utilise the AH method. It would allow you to trade bigger lots without over-exposing yourself. At the moment with a SL of 500 pips you are asking for trouble whether you trade small or large, you would almost be better off not having a SL. BTW with a SL that large what is your Risk to reward ratio. Most people aim for 1.5 to 1 which would mean you are expecting 750 pips gain for such as large SL.

IMHO that is way to big and you will just be setting yourself up...
I plan to hold this position for a while, for as long as the eurusd is in a down trend. It does make more sense though to just apply AH instead.

Thats what I'll do after this trade. Much more efficient to risk 200 pips instead of 500, regardless of lot size.
  • #6,589
  • Mar 12, 2009 6:42am Mar 12, 2009 6:42am
Well, i got in the trade last night some time at 2810. Went as high as 80 pips profit. Moved SL to BE+3 and now seeing where it will go. Only 26 pips positive now but still positive. A free trade now and spread covered as well.
  • #6,590
  • Mar 12, 2009 6:58am Mar 12, 2009 6:58am
and NY opened and my trade was closed out at BE+3
  • #6,591
  • Mar 12, 2009 7:15am Mar 12, 2009 7:15am
that's one thing I can't understand...if a trade is 80 pips in profit why not move stop to + 50 (for example) THEN let it run with a tsl..why give back those 50 pips...ok you were at B/E but, in my view at least, 50 pips is better than nothing....


just a thought....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #6,592
  • Mar 12, 2009 7:25am Mar 12, 2009 7:25am
Well I TOTALLY agree with you. But I was sleeping and so missed it. i tried managing trades with EAs but haven't found one that I understood well enough yet.

Normally at 80 pips I would have moved to 50 pips and trailed. I do believe that it is the exits and not always the entry that determines profits and I am still learning how best to finetune that.

So, I have certain ideas in my head...SL to BE+ at 50 pips, SL to 50 pips at XXX. Initial TP at 100 pips, move TP under certain conditions (still defining).

I put the info out there so i would get feedback and I appreciate the comments coscorp.

Now, any suggestions on how best to manage that trade in hindsight. I mean physically manage it ex.... EA vs TSL vs whatever.

thanks in advance for any assistance.
  • #6,593
  • Mar 12, 2009 7:26am Mar 12, 2009 7:26am
Quoting coscorp
that's one thing I can't understand...if a trade is 80 pips in profit why not move stop to + 50 (for example) THEN let it run with a tsl..why give back those 50 pips...ok you were at B/E but, in my view at least, 50 pips is better than nothing....


just a thought....

I may be wrong but i believe increased volatility led to TSL being raised from 50 to 100.It is a double edged sword that can lock in a lot of profit but also deny you those small ones..
Some drink at the fountain of knowledge. Others just gargle !
  • #6,594
  • Mar 12, 2009 8:02am Mar 12, 2009 8:02am
that is correct...however i personally look to my own targets and if they don't coincide with the "greater" strategy then I modify it according to my needs...and I'm not about to give up 50 pips if I can avoid it...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #6,595
  • Mar 12, 2009 8:17am Mar 12, 2009 8:17am
finally ... some pressure :-)
  • #6,596
  • Mar 12, 2009 8:21am Mar 12, 2009 8:21am
Quoting plan-b
I may be wrong but i believe increased volatility led to TSL being raised from 50 to 100.It is a double edged sword that can lock in a lot of profit but also deny you those small ones..
Hi plan-b,

In this business you need to be a little bit flexible. We have not used the 100 pip TSL for the last couple of trades because the market has been ranging in sets of 150-200 pips, then it will move to the next level, and then range again.
However, it is being "aware" of the times the market is behaving in a certain way, and adapting to it, that becomes part of the skill-set of an experienced and talented trader.

.
Jacko
  • #6,597
  • Mar 12, 2009 8:35am Mar 12, 2009 8:35am
Quoting jacko
Hi plan-b,

In this business you need to be a little bit flexible. We have not used the 100 pip TSL for the last couple of trades because the market has been ranging in sets of 150-200 pips, then it will move to the next level, and then range again.
However, it is being "aware" of the times the market is behaving in a certain way, and adapting to it, that becomes part of the skill-set of an experienced and talented trader.

.
Jacko
So Jacko, I would have been better served with SL at BE+spread at 50 and then 50 pip trail. In that case I would have locked in 30 pips.

The only way to lock in the full 80 is to be there when it happens and then you only know in hindsight. If i go with a small trail then i could have been taken out at any point after BE unless the move is straight and it never is.

Coscorp, I hear you that you never give up 50 pips but i am trying to decide at which point would you look to move the SL to 50 pips. it seems like a kind of step function that you use. When you first move to 50+ then your room is only 30 pips grace. Once it gains another 20 pips then you eill be trailing 50.

Again, when i am awake no issues. Decisions can be made real time.
  • #6,598
  • Mar 12, 2009 8:49am Mar 12, 2009 8:49am
dwildes, you did better then me by taking the opportunity to bank money.
  • #6,599
  • Mar 12, 2009 9:00am Mar 12, 2009 9:00am
Quoting flyer415
dwildes, you did better then me by taking the opportunity to bank money.
Thanks - I appreciate the compliment.
To me, the market was swinging wildly and not moving smoothly. I decided to take profit and sit on the hill and watch for a while until things got a little clearer.

Remember - you always need to get paid for your work. 50pips is GREAT profit, don't lose sight of that. Those 'singles' and 'doubles' add up faster and occur a lot more often than the 'homeruns'.
  • #6,600
  • Mar 12, 2009 9:13am Mar 12, 2009 9:13am
Quoting dwildes
Thanks - I appreciate the compliment.
To me, the market was swinging wildly and not moving smoothly. I decided to take profit and sit on the hill and watch for a while until things got a little clearer.

Remember - you always need to get paid for your work. 50pips is GREAT profit, don't lose sight of that. Those 'singles' and 'doubles' add up faster and occur a lot more often than the 'homeruns'.
Hi dwildes,

You are trading very well. I know from our group emails that you are doing well. Good work


.
Jacko
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