Jacko's Forex House of Pleasure and Pain | Page 366 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #7,301
  • Apr 29, 2009 7:22am Apr 29, 2009 7:22am
out at 1.3260 so 100 pips in the green HAD I kept my friggin' hands to myself and not touched the damn thing...so my net is 84...(make big sign let trades run)...anycase i decided it was wiser to get out and watch what FOMC will do rather than try to ride the rocket up...or down...I'll fade the news later on after the dust has settled.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,302
  • Apr 29, 2009 7:56am Apr 29, 2009 7:56am
Quoting coscorp
I'll fade the news later on after the dust has settled.
This is a very wise approach.
  • #7,303
  • Apr 29, 2009 8:05am Apr 29, 2009 8:05am
thx..after all one of my aka's is

Obi Wan Kenobi...never did get The Force bit down tḥ....gives me headaches when I try...


LOL
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,304
  • Apr 29, 2009 8:13am Apr 29, 2009 8:13am
Quoting coscorp
...(make big sign let trades run)...
lol - most useful feature on metatrader would be an "are you sure you don't want to let this run?" confirm buton!
  • #7,305
  • Apr 29, 2009 8:30am Apr 29, 2009 8:30am
I guess this is the advantage of using a TSL to exit most of the time
  • #7,306
  • Apr 29, 2009 9:57am Apr 29, 2009 9:57am
Indeed, that is no small point. The TSL and the AH do allow the trend to dictate profits. Rather than dictating to the market, one is forced to remain less judgmental. I find that over-manipulating the trades leads almost uniformly to "badness."
  • #7,307
  • Apr 29, 2009 10:30am Apr 29, 2009 10:30am
Quoting Alexandra
Indeed, that is no small point. The TSL and the AH do allow the trend to dictate profits. Rather than dictating to the market, one is forced to remain less judgmental. I find that over-manipulating the trades leads almost uniformly to "badness."

what is TSL? "stoploss?"
  • #7,308
  • Apr 29, 2009 10:37am Apr 29, 2009 10:37am
Quoting jlmac27
what is TSL? "stoploss?"
I think it's for "Trailing Stop Loss". The stoploss that is following the position.
  • #7,309
  • Apr 29, 2009 11:25am Apr 29, 2009 11:25am
Quoting olchauvin
I think it's for "Trailing Stop Loss". The stoploss that is following the position.

oh yeah......thanks,I knew that...brain fart
  • #7,310
  • Apr 29, 2009 12:24pm Apr 29, 2009 12:24pm
Quote
Originally Posted by teddybearhug http://www.forexfactory.com/images/buttons/viewpost.gif (http://www.forexfactory.com/showthread.php?p=2701767#post2701767)
Hi Jacko,
You seem a very honest and successful man. I am hoping you can help me. I want to be a trader but my family says that it is gambling. My wife says that I should try harder to get a better job and that I am wanting to be lazy and not work. My dad is cool about it and says that if it is what I want to do then it is OK with him. What should I......

teddybearhug ,

i am in all the categories Jacko mentioned, and i have been thru what you are going thru now, Jacko's reply was right on !

Be patient and give it time. Jacko has boiled it down to the most basic and simple method out there, and it is very successful.

i spent a long time looking at all kinds of indicatiors and mechanical systems, some were so complicated it only worked on every 3rd sunday, when there was a full moon and it was raining armadillos in Dubai.

Actually, the answer lies in learning the basics, price action, a plan, common sense and LOADS and Loads of practice and a desire to succeed at it. You will not get it overnight, but when you do it is worth all the work, study and effort you put into it. You have one other advantage that i didn't have when i started, you have this wonderful thread, Jacko and all those on it who are so willing to help along the way, and that is gold.

My best advice to anyone in this position...
if this is your TRUE desire then Follow your heart !!

Don't give up !!

Best of luck to you and alll that are starting out on this journey.

Cheers



P.S. i have attached a simple EA, automatic trailing stop for those that would like one. Not complicated, just follows your position with a trailing stop from the beginning, also lets you set a TakeProfit if you want.
Attached File(s)
File Type: ex4 ATrailingStop.ex4   5 KB | 492 downloads
Continuous periods of Total Misunderstanding followed by Complete Confusion
  • #7,311
  • Apr 29, 2009 1:28pm Apr 29, 2009 1:28pm
Firstly thanks to Jacko and all the great contributors that make this thread a really great learning experience.

Clueless,

1.should i place the trailing stop EA in the indicator or the script file ?

2. Can it be used when i place a pending order (eg with the AH strategy) or do i need to execute it manually after the trade is executed?

Thanks
Lmarti21
  • #7,312
  • Apr 29, 2009 1:46pm Apr 29, 2009 1:46pm
Quote
1.should i place the trailing stop EA in the indicator or the script file ?
Place the EA in the Experts folder, not the indicator folder, then restart your platform.


2. Can it be used when i place a pending order (eg with the AH strategy) or do i need to execute it manually after the trade is executed?

It will start watching your stops when the order is actually accepted by the broker.

Remember, for an EA to be work, your system must be on. If it is not the EA won't be running if your order is activated. The EA will activate when you turn your platform on tho.

If you want to remove a stop, reset the value in the properties window of the EA to zero. It will then remove the stop. If you want to lower the stoploss just change it and it will change on the next tick. If you want to raise the stoploss and have it active immediately, you must reset to zero first, otherwise it waits until price has moved beyond the stoploss to adjust again. Play with it and you will see what I mean.

Cheers
Continuous periods of Total Misunderstanding followed by Complete Confusion
  • #7,313
  • Apr 29, 2009 8:06pm Apr 29, 2009 8:06pm
I would like to seek the advice of the members here. Been reading up on Jacko trend following strategy and tried it on a demo account. So far, there have been a series of loss. I was wondering if I have misunderstood some parts of Jacko's strategy.

Here goes:

I started with weekly->Daily->4H charts

Weekly Chart
Attached Image (click to enlarge)
Click to Enlarge Name: weekly.gif Size: 27 KB


I identified it as an uptrend.

Daily Chart
Attached Image (click to enlarge)
Click to Enlarge Name: daily.gif Size: 28 KB


It's on a downtrend

4H chart
Attached Image (click to enlarge)
Click to Enlarge Name: 4h.gif Size: 28 KB


It's on a downtrend

Therefore I decided on my trading horizon and confirmed that it is a downtrend for eurousd. I mainly use the 4H chart for entry and exit. Yesterday, i executed 2 trades, both selling on a pullback by targeting round numbers.

Trade 1: I executed a sell order at 1.31430 SL:1.32430 (100 pips) with a trailing SL of 100 pips too. (Plan backfired and SL was triggered)

Trade 2: Using AH i queue my sell order at 1.32330 SL: 1.33330 (100 pips)
With TSL of 100 pips too. (PLan backfired and SL triggered)


I entered another sell order at using 4H at 1.33140 (fib 50%) and it is still ongoing.

Both are buying on pullback with major trend being identified as downwards.
Did I entered wrongly? or was the losses a part of the plan?(those bad days..)

Thanks
  • #7,314
  • Apr 29, 2009 8:32pm Apr 29, 2009 8:32pm
Hey I got in at 3160 area and tooka loss there as well so your not alone on that one. But I am questioning if we are going to break the down ward trend now so I have been staying out. Looking and waiting
  • #7,315
  • Apr 29, 2009 8:34pm Apr 29, 2009 8:34pm
we may break it temporarily, but I will still be bearish biased. Yellow lines are my potential short targets:



Quoting kodflakes
Hey I got in at 3160 area and tooka loss there as well so your not alone on that one. But I am questioning if we are going to break the down ward trend now so I have been staying out. Looking and waiting
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euro.gif Size: 20 KB
Click to Enlarge Name: euro2.gif Size: 17 KB
Its all in the mind.
  • #7,316
  • Edited 9:04pm Apr 29, 2009 8:46pm | Edited 9:04pm
Hi, Rake.

I don't see any issues with your first entry point. (Attached is a chart to show how your post was interpreted.) However, we had a big news event today at 2:15 (EST). In preparation for this news event, EURUSD had been climbing all through the London market and into the New York market. The fundamental basis for this climb can be found in the "News" portion of Forex Factory.

As mentioned above, I personally don't see any issues with the first entry based on the 50% Fib. But because the euro was strengthening in preparation to today's news announcement, your position was stopped out. An overview and study of the upcoming news events can fix this issue.

Your third entry at 1.3314 was a good place to SELL because it is at the trend line. Nonetheless, the current trend line is being tested. It may break through just a bit, but looking for it to fall to 1.31 or beyond.

Be patient. Jacko is an incredible teacher and his methods are solid. He has helped many, many, many people to advance their trading skills.

Hope this helps.
Attached Image (click to enlarge)
Click to Enlarge Name: eur, 00043.gif Size: 11 KB
  • #7,317
  • Apr 29, 2009 11:30pm Apr 29, 2009 11:30pm
I am short now with EUR$ at 32783. Bounced right back twice from 1.33443 resistance and near upper channel line. But it would be a retracement as we are likely on a bullish way now like Alexandra stated some pages before - trade what you see not what you believe.
What do you think?
  • #7,318
  • Apr 29, 2009 11:41pm Apr 29, 2009 11:41pm
Quoting TheCyberCore
I am short now with EUR$ at 32783. Bounced right back twice from 1.33443 resistance and near upper channel line. But it would be a retracement as we are likely on a bullish way now like Alexandra stated some pages before - trade what you see not what you believe.
What do you think?
i took a blind short at 1.3300 (didnt wait for PA) as i saw some confluence, im only short atm till i see it break some major trends... are people going long on eurusd?
Grabbing the bull by the horns!
  • #7,319
  • Apr 30, 2009 2:32am Apr 30, 2009 2:32am
Quoting whitegoodman
i took a blind short at 1.3300 (didnt wait for PA) as i saw some confluence, im only short atm till i see it break some major trends... are people going long on eurusd?
Yeah, I've been stopped out with 100 PIPs S/L... That's the way we learn from our mistakes. Even that I knew it - I ignored "trade what you see"...
  • #7,320
  • Apr 30, 2009 2:48am Apr 30, 2009 2:48am
Quoting jacko
Hi Teddybearhug,

There are three issues that you need to consider regarding trading versus a career as a trader …And you have to remember that I am a trader so I am biased.

Firstly employment security
[color=black][font=Verdana]The salary has never been a truly reliable safety net. From your post it sounds as though you have been through the awful reality of being made redundant and unemployed. As you get older, this awful reality will become even more...
Thank you Jacko for a well considered and comprehensive answer. I didn't expect anything as much as that.
YOU ARE A GIANT AMONG MEN HERE.
Btw, I have discussed it with the wife and I am going to do it after work hours. Wish me luck.
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