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Jacko's Forex House of Pleasure and Pain

  • #6,601
  • Mar 12, 2009 9:19am Mar 12, 2009 9:19am
Quoting jacko
Hi dwildes,

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

.
Jacko

Hey Jacko!
Wow - really appreciate the compliment out here!
Thank you very much!
That means a lot to me - especially coming for a pro such as you.
  • #6,602
  • Edited 9:54am Mar 12, 2009 9:38am | Edited 9:54am
Quoting flyer415
So Jacko, I would have been better served with SL at BE+spread at 50 and then 50 pip trail....
Hi,

it all depends on what I'm seeing in that particular moment - for sure if I find a trade that is 80 pips up I'll lock in some profit - it may be 50 it may be 30 it may even be 70 if I feel there may be retrace off major resistance/support or for lack of stamina or whether I see that it has still room to run and try to leave it enough room to breathe...but maximising what i can...if I get stopped out and the move still has steam then i'll get back in..if I can't for other reasons...amen..I'm still wealthier than when I took the trade....I'll admit often I'm too tight so I didn't get that extra amount but my criteria is not how much I can make - but how much am I willing to lose...and that for me is equal to nothing if I can avoid it....

but were all different and must trade according to how we feel best...


btw..Hello Wayne nice to see you here Sir....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #6,603
  • Mar 12, 2009 9:42am Mar 12, 2009 9:42am
Quoting coscorp
Hi,
....I'll admit often I'm too tight so I didn't get that extra amount but my criteria is not how much I can make - but how much am I willing to lose...and that for me is equal to nothing if I can avoid it....
Very well said - I totally agree with you.
If at the end of the trade you have more than when you started - you are succeeding! It's that simple. If you get caught up trying to squeeze every pip out of move, you're going to get caught in the pullback/whipsaw more times than not.
  • #6,604
  • Mar 12, 2009 9:57am Mar 12, 2009 9:57am
Quoting coscorp
Hi,

it all depends on what I'm seeing in that particular moment - for sure if I find a trade that is 80 pips up I'll lock in some profit - it may be 50 it may be 30 it may even be 70 if I feel there may be retrace off major resistance/support or for lack of stamina or whether I see that it has still room to run and try to leave it enough room to breathe...but maximising what i can...if I get stopped out and the move still has steam then i'll get back in..if I'm I can't for other reasons...amen..I'm still wealthier than when I took the trade....I'll...
Hi coscorp,

I agree with what you are saying above. The differences between the approaches taken by each of flyer415, dwildes and yourself is really just a matter of how quickly to take profits.
This, in turn, is usually a result of differences in in trading horizons and timeframes. Those who have 4 Hourly trading timeframes will have bigger take profit points than someone who is focusing more on the 1 Hourly time frametime.
Even two people using the same timeframes, will have different tolerances for losses and retention of gains.

Also, it is good to see the ongoing courtesy on this Forum in all the threads

.
Jacko
  • #6,605
  • Mar 12, 2009 10:13am Mar 12, 2009 10:13am
Thank you Wayne,

I don't trade under H1, however my usual areas of tp are based on H4...but again,I'll maximise what i can according to ongoing conditions...and if i'm here and not basking in the sun enjoying the most precous asset one has from this business....freedom.

so as long as I'm not losing more than what I'm making I'm happy..

happiest when I don't lose at all..but there are always losing trades...part of the game.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #6,606
  • Mar 12, 2009 11:25am Mar 12, 2009 11:25am
The market only gives opportunities... you have to take them.

H1 showing up over the last 300 bars.

http://i43.tinypic.com/6t242d.gif
TRO
  • #6,607
  • Edited 1:25pm Mar 12, 2009 12:32pm | Edited 1:25pm
Quoting flyer415
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...
Just a simple suggestion to you all involved with this discussion.
I've seen these issues mulled over in several threads and other forums in the last several yrs.

*The basis features a variation of the multi-lot trade (especially useful in volatile periods--with such graphic action as we see now --eg. Euro's ADR of 150-200+ ps --with its ups & downs in large retracemt swings).
////////The 3 lot (or more) trade --be it std., mini. or micro
//////// Of course good entries at range extremes help immensely --but if you find that you've grabbed one excellent RR area, then you peel off 2/3rds and trail 1/3rd.
--------1) TAKE 1ST TRADE (1/3) at the first 20-40 ps
--------2) then apply a S/L at B/E
--------3) take the next 1/3rd at least 50 to 100ps in profit
--------4) then trail the last 1/3rd by either a B/E or if fortunate 50-100ps ( to allow breathing rm)

This method assures you some profit--moderate or perhaps much greater.
You simply tune the amounts to your time frame ( the above example works quite well in an hrly or less one).

Inasmuch as we are still determining what LT Trend or Countertrend the Euro continues in, for now we're witnessing a corrective primary wave in the 1.4718 - 1.2328 range--(I believe) and if 1.2991 breaks out we may well see 1.32 -1.35.
But regardless of anyone's foresights ---This is one means to take very profitable advantage of these large short term moves.
I've never seen the Euro move like this in over 5 yrs of FXing.

What Jacko has always admirably emphasized ( since his early DailyFX days)
is patient entry tactics--and above all, superior Money Mgmt.
Consistent success =s disciplined MM ---beyond any strategy

--gd hunting all
  • #6,608
  • Mar 12, 2009 2:32pm Mar 12, 2009 2:32pm
Quoting flyer415
Well I TOTALLY agree with you....
Hi Flyer

It would be reasonable to write an EA just to manage the trailing stop. I'm not suggesting a EA for the whole method, but one that you would start when you went to bed. It could trail the stop a fixed amount until a certain number of points profit, then move the stop to BE, trail a smaller amount from then on and, if you really wanted to, tighten the stop as the profit grew.

I have one for my trailing stop that shouldn't be too hard to modify to do what I describe.

Cheers
Jellybean
  • #6,609
  • Mar 12, 2009 2:38pm Mar 12, 2009 2:38pm
That was a wild ride up! can it break 2900? it appears to be running out of steam. I think the retrace of this climb will determine how much further we got to go. gbp rode right up there with it. fantastic day. I was out @ 2840 from 2754. I lost faith because early day was looking weak. Did you guys see usd/chf this morning,,,,,,,wow, all that over a rate cut? who da thought. usd/jpy was awfully good to me today as well.

happy trading to everyone,
bulls
Whats happening in EUR/USD should be happening to you!
  • #6,610
  • Mar 12, 2009 2:47pm Mar 12, 2009 2:47pm
It seems to me the major trends are down, but we're trading shorts on a 4-hr up trend waiting for the reversal down. Tough for newcommers to the method. Blasting up through 1.2900 as I write

I still have trouble judging the levels to enter at. I'm trying to enter close to the dailly trendline near round numbers, but every time I do, it turns around and goes higher. Even my anti-hedge didn't work.

Any advice would be good. I note the comments about tighter/tightening stops.

Cheers
Jellybean
  • #6,611
  • Mar 12, 2009 2:48pm Mar 12, 2009 2:48pm
yes..good day today...and had I not done what I do too often latley it would have been far better...thus if I may share my mistake...

specifically...when you do your analysis and identify a level - unless there are major news then either put a pending...or keep your eyes open...and be ready to enter...do not forget..!

today I had various pending orders...which I removed for reasons that in hindsight weren't that valid...going out for 30 minutes..with the intention of putting them back in...well I didn't...and now am looking at nearly 400 pips I would have had in my bag instead of the smaller gain I actually made....

woulda shoulda coulda are useless UNLESS one actually learns from them...

so to paraphrase a famous tv show...

PLEASE don't try this at home...


tomorrow is another day in the trenches....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #6,612
  • Mar 12, 2009 2:55pm Mar 12, 2009 2:55pm
Quoting Jellybean
It seems to me the major trends are down, but we're trading shorts on a 4-hr up trend waiting for the reversal down. Tough for newcommers to the method. Blasting up through 1.2900 as I write

I still have trouble judging the levels to enter at. I'm trying to enter close to the dailly trendline near round numbers, but every time I do, it turns around and goes higher. Even my anti-hedge didn't work.

Any advice would be good. I note the comments about tighter/tightening stops.

Cheers
Jellybean
I'm with you Jellybean. I think my problem is patience though. I see we're in a short-term bullish channel, but I just don't know what level to wait for. I thought the trendlines would be good, but it blasted through them and now appears to be climbing even faster. Where does one sit and wait now?

Thanks to all here for the positive comments, keeps me motivated despite bad days ;-)
  • #6,613
  • Mar 12, 2009 3:07pm Mar 12, 2009 3:07pm
Quoting Wellspring
Just a simple suggestion to you all involved with this discussion.
I've seen these issues mulled over in several threads and other forums in the last several yrs.

*The basis features a variation of the multi-lot trade (especially useful in volatile periods--with such graphic action as we see now --eg. Euro's ADR of 150-200+ ps --with its ups & downs in large retracemt swings).
////////The 3 lot (or more) trade --be it std., mini. or micro
//////// Of course good entries at range extremes help immensely --but if you find that you've...
Great post. +1

Remember, wisdom is applying what you know at the appropriate place at the appropriate time.
TRO
  • #6,614
  • Mar 12, 2009 3:28pm Mar 12, 2009 3:28pm
the next strong S/R level is 1.2950...
as for it being an S or an R.. will wait and see
  • #6,615
  • Mar 12, 2009 3:30pm Mar 12, 2009 3:30pm
Hi all,

this was a good day. I was bullish on the EUR and traded 1.2775 before the SNB intervention. I got stopped a BE + 10pip. Then after that as the EUR was coming back to 1.28 I got in again and now on the ride with 50pip Tstop.
I hope the move up has more steam than many think

To many more days like this and far better!!
  • #6,616
  • Mar 12, 2009 3:47pm Mar 12, 2009 3:47pm
Been trying Jacko's methods this week. His methods have definitely improved my trading and helped me to be more disciplined. Have read through this thread, but through actively trading this method I have realised that I may have myself confused on one point. Sorry it's such as basic question.

Trading this week I have been watching the market rise in this short-term bull channel. I have been trying to enter at round numbers. I have realised that I have been getting in as soon as a round number is hit and hoping that it will be the top of the bullish retracement. Thinking about this i'm sure I must be doing this wrong, as we should be trying to enter the retracement as it returns bearish. I am I correct in thinking that I should be waiting for a round number to be broken and then entering a pending order at that number once price has moved a reasonable distance past it. So therefore entering at previously hit round numbers, not ones to be hit in the future. This is hinted by Jacko in the below earlier post:

Quoting jacko
1.3700 ??? I will place an order at 1.3600 (again).
  • #6,617
  • Mar 12, 2009 5:23pm Mar 12, 2009 5:23pm
Quoting Jellybean
Hi Flyer

It would be reasonable to write an EA just to manage the trailing stop. I'm not suggesting a EA for the whole method, but one that you would start when you went to bed. It could trail the stop a fixed amount until a certain number of points profit, then move the stop to BE, trail a smaller amount from then on and, if you really wanted to, tighten the stop as the profit grew.

I have one for my trailing stop that shouldn't be too hard to modify to do what I describe.

Cheers
Jellybean
Jellybean
There is a thread devoted to this idea elsewhere on ff http://www.forexfactory.com/showthread.php?t=44285
I have no experience as they whether they work or not.
  • #6,618
  • Mar 12, 2009 7:33pm Mar 12, 2009 7:33pm
Quoting jcalow
[color=black]Trading this week I have been watching the market rise in this short-term bull channel. I have been trying to enter at round numbers. I have realised that I have been getting in as soon as a round number is hit and hoping that it will be the top of the bullish retracement. Thinking about this i'm sure I must be doing this wrong, as we should be trying to enter the retracement as it returns bearish. I am I correct in thinking that I should be waiting for a round number to be broken and then entering a pending order at that number once...

Jcalow,
my interpretation is that you will have a higher probability that the round number is a good entry if this number is achieved while the prices are moving in the direction of your trade and in the direction of the trend. A break of a round number could be a sign of strength, but to catch after it happens you need a pullback.
Support/resitances nearby and/or recently broken will help you in your call regarding possible scenarios.
Jacko's method is helping me to trade better.

-for a smiling forex market-
aorafx
  • #6,619
  • Mar 12, 2009 7:36pm Mar 12, 2009 7:36pm
Trend down on H4 and D1...

http://i40.tinypic.com/9auvea.gif
TRO
  • #6,620
  • Mar 13, 2009 3:54am Mar 13, 2009 3:54am
i havent read the last couple of messages so if someone covered this then Ill either delete it or apologise. At 80 pips profit you are only 20 from your ultimate goal, why not lock in 50% or more of your lots, so take profit on half your order and the move the rest to say +3 or 15 and trail it. This way you have taken profit on most of your order, if you get stopped out at BE or for couple of pips on your remains so be it.

This would be far more beneficial to your capital in the long run. Dont get me wrong but not everyone will share my opinion on that but as you trade larger lots are you still going to be that agressive, aiming for 100 pips and taking nothing less.


Quoting flyer415
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...
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