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Jacko's Forex House of Pleasure and Pain

  • #7,221
  • Apr 27, 2009 10:50am Apr 27, 2009 10:50am
Hai everbody

Seek your help as I am confused here. I was reading post no. 4 below and though that I just need to draw one single line to determine the trend.

Quoting jacko
I am a Trend Trader

1. If the graph on the chart starts in the bottom left hand corner and ends in the top right hand corner, the market is going UP.

2. If the graph on the chart starts in the top left hand corner and ends in the bottom right hand corner, the market is going DOWN.


.

Now, in post no. 7064, looks like I need to draw 2 lines.

Quoting jacko
Hi Pipped


Put up your single resistance line (linking up all the highs)
Put up your single support line (linking up all the lows)


I am not sure which one is correct now. Or maybe I was misinterpreting it.

Thanks for any advise.

nazeri
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  • #7,222
  • Apr 27, 2009 11:53am Apr 27, 2009 11:53am
Riding my dollar bull for a while.
Still with an open question:
What is the best way to take profit?
1) 4H lost momentum...screen watching.
2) Trails stop to failure...relaxed but money left on the table
3) Fix profit taken...similar to eaten a pie one slide at the time.

At this moment I go for Trail at 100 pips,
but I think it could be better.
Any thoughts appreciated.
Empty as water and soft as a facing wind mountain
  • #7,223
  • Apr 27, 2009 11:54am Apr 27, 2009 11:54am
29,

Your hard work and enthusiasm will accomplish great things. You are making some nimble trades there. I am holding long USDCHF and short EURUSD from last week - but you are knocking my socks off with your exits...are you re-loading or waiting for another retest?
  • #7,224
  • Apr 27, 2009 11:59am Apr 27, 2009 11:59am
i have short postion at 1.31000 are the anyone who think that was a bad ide to have short position there?
  • #7,225
  • Apr 27, 2009 12:00pm Apr 27, 2009 12:00pm
nazeri....on the second chart the high tl is more or less correct from what i can see...now draw in a lower tl that is parallel if possible to the one above it...


that is the channel in which price moves and gies you the general trend....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,226
  • Apr 27, 2009 12:02pm Apr 27, 2009 12:02pm
What just threw the market?
  • #7,227
  • Apr 27, 2009 12:03pm Apr 27, 2009 12:03pm
Quoting d0MiN077
i have short postion at 1.31000 are the anyone who think that was a bad ide to have short position there?

patience...let the trade play itself out...you have an sl in place I presume...

im waiting to get in at around 3060....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,228
  • Apr 27, 2009 12:04pm Apr 27, 2009 12:04pm
Quoting hans356
What just threw the market?

mr trichet i believe....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,229
  • Apr 27, 2009 12:08pm Apr 27, 2009 12:08pm
Quoting luSan
Riding my dollar bull for a while.
Still with an open question:
What is the best way to take profit?
1) 4H lost momentum...screen watching.
2) Trails stop to failure...relaxed but money left on the table
3) Fix profit taken...similar to eaten a pie one slide at the time.

At this moment I go for Trail at 100 pips,
but I think it could be better.
Any thoughts appreciated.

the dilemma.....dunno...i tendo to be more of a tp set type of eprson..then if im here and i see price has momentum i can move it....wayne is a tsl oriented....i guess one has to adjust to what the situation requests allows...

but let profits run is a good motto....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,230
  • Apr 27, 2009 12:12pm Apr 27, 2009 12:12pm
There was an hourly hammer prior to the comments that prompted me to cautiously add; normally I prefer to look longer term; perhaps there was a level in there that someone was spotting.
  • #7,231
  • Apr 27, 2009 12:17pm Apr 27, 2009 12:17pm
Quoting coscorp
patience...let the trade play itself out...you have an sl in place I presume...

im waiting to get in at around 3060....

i have trailing stop 100 why are you waiting to hit 1.3060?
  • #7,232
  • Apr 27, 2009 12:22pm Apr 27, 2009 12:22pm
i had confluence of a 23 fib level and 50 sma on h4....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,233
  • Apr 27, 2009 12:33pm Apr 27, 2009 12:33pm
can someone please tell me about round numbers? like to day on daily it has breaking 2 round numbers "1.32000" "1.31000" like they were nothing.
  • #7,234
  • Edited 5:21pm Apr 27, 2009 12:55pm | Edited 5:21pm
Quoting d0MiN077
can someone please tell me about round numbers? like to day on daily it has breaking 2 round numbers "1.32000" "1.31000" like they were nothing.
Rounders are also referred to as psych levels. "Psychology levels" because we, as humans (and some of us monkeys ), like to round things off. We like to keep things orderly. (It's a gift and a curse.) So, lots of traders will set their take profit points (TP), stop loss levels (SL), limit orders and/or stop orders around these levels. Large hedge funds and banks do likewise.

If you've ever watched the TV Series "Monk" on USA Network, it's a lot like that. (Good show, by the way. Like old-school "Columbo.") Monk can't do anything unless everything is rounded to the nearest tenth. We naturally do the same thing even though we don't realize it. Notice that when you set a TP or an SL, it is almost always a rounded number (e.g., 50, 60, 100, etc.) Very rarely do we set our TP points at 91 pips, 32 pips, etc.---unless you're a trader who bases all entry and exits off of S/R levels. If you did this, then you might find yourself placing the 91 pip TP level(s).

Are rounders ALWAYS adhered to? No. However, more often than not, you'll find a lot of confluence around those round numbers. The more zeros one has, the stronger it pulls the market to its location. Why? Because the central banks are pushing the market to those locations.

Hope this helps.
  • #7,235
  • Apr 27, 2009 1:11pm Apr 27, 2009 1:11pm
Quoting hans356
Rounders are also referred to as psych levels. Psychology levels because we, as humans (and some of us monkeys ), like to round things off. We like to keep things orderly. (It's a gift and a curse.) So, lots of traders will set there take profit points (TP), stop loss levels (SL), limit orders or stop orders around these levels . . . as well as major banks and hedge funds.

If you've ever watched "Monk" on USA Network, it's a lot like that. (Good show, by the way. Like old school Columbo.) The guy can't do anything unless everything is rounded...
thanks a lots =)

so if we say that central banks are pushing to 1.30000 because it is there location and a strong number. what happning after that? like now the price have touched 1.3000 3 times.
  • #7,236
  • Apr 27, 2009 1:16pm Apr 27, 2009 1:16pm
Quoting d0MiN077
thanks a lots =)

so if we say that central banks are pushing to 1.30000 because it is there location and a strong number. what happning after that? like now the price have touched 1.3000 3 times.
These are Jacko's own words from the first page of this Thread with the blue words added in.

Quoting jacko
Price does not like support or resistance levels or round numbers. It mostly tests them and then moves away quickly. You’ll rarely find much price action in the vicinity of the line. If price is hanging around a support or resistance level, it’s likely to break in the opposite direction.

(For example we know that professional traders love round numbers to target...it brightens up their dull day to push and cajole the market to a target number. Now Euro/USD 1.3000 is the roundest number there is around those levels, so the pros have gotta be saying that the big game in the industry is to now grind and push the market to 1.3000. After that they don't care, they have had their fun...and thats why a market will whip and drop/rise dramatically straight after the target has been hit).

Smart Money is the Central Banks. They actually determine the trend by sheer weight of money. (Central Banks turn the long term currency markets to accomodate the relevant government's trade requirements). Then following them are the huge hedge funds.
Hope this helps.
  • #7,237
  • Apr 27, 2009 1:31pm Apr 27, 2009 1:31pm
Quoting hans356
These are Jacko's own words from the first page of this Thread with the blue words added in.



Hope this helps.

it helps very much =)

it feel like the most of the trades close their positions now.
  • #7,238
  • Edited 7:52pm Apr 27, 2009 1:38pm | Edited 7:52pm
Quoting d0MiN077
it feel like the most of the trades close their positions now.
LOL!!!! Good for them. I entered the market at 1.3201, added to the position at 1.31, and then placed a TP for both positions at 1.3 and have not been hit yet. Because the spread is 2 pips, the market fell to 1.2999, but not 1.2998. LOL!!!!

Still waiting for it to get hit. Missed it by one pip.

P.S. I use IBFX. Maybe they were the ones who stopped it by ONE PIP.
  • #7,239
  • Apr 27, 2009 1:48pm Apr 27, 2009 1:48pm
Quoting hans356
LOL!!!! Good for them. I entered the market at 1.3201, added to the position at 1.31, and then placed a TP for both positions at 1.3 and have not been hit yet. Because the spread is 2 pips, the market fell to 1.2999, but not 1.2998. LOL!!!!

Still waiting for it to get hit. Missed it by one pip.

P.S. I use IBFX. Maybe they were the ones who stopped it by ONE PIP.
"Missed it by that much"
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  • #7,240
  • Apr 27, 2009 1:53pm Apr 27, 2009 1:53pm
Hi everyone,

I'm new to Forex and to this thread. I'd like to say that I learned a lot from Jacko's and other members' posts and I thank you all for that. (252 pips in 24 hours in demo account )

I have a limited budget. Therefore, I have to calculate the lot size and the risk very carefully. I could not find any calculation tool for that. So I sat down and created a spreadsheet that does exactly that.

I don't know if a calculation tool like this exist or what you all are using, but I thought I will provide this tool as a token of my appreciation and my contribution to this forum.

There are two spreadsheets on it, one for standard accounts and one for mini accounts. The white fields are inputs and yellow fields are outputs. Keep in mind, that I just have created it (fresh out of the oven it's hot).

This is what I suggest:
Use this tool carefully and tell me if you find any error. I'll fix it and re-post it ASAP.

P.S. I created it using OpenOffice but saved it in .xls format. So, there should be no problem to use it with Excel.

Good luck and best wishes!
Attached File(s)
File Type: xls Risk Calculation.xls   69 KB | 510 downloads
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