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Jacko's Forex House of Pleasure and Pain

  • #7,521
  • May 7, 2009 8:38pm May 7, 2009 8:38pm
whats so special about dubai, everything there is artificial, its like going to disneyland... it was built in the middle of no where like vegas, not considering the weather is horrible to live in, can only go there winter times but it looks very nice have no idea how trump found out about dubai, if u ask me the land is a dead land to invest in real estate, its like myspace, first it was booming then everything stopped and going down
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  • #7,522
  • May 7, 2009 8:39pm May 7, 2009 8:39pm
Quoting 5abi
how could an EU long be here??
Older resistance has been broken. New short-term trend
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  • #7,523
  • May 7, 2009 8:44pm May 7, 2009 8:44pm
what possible targets you see?

Quoting dunningduke
Older resistance has been broken. New short-term trend
Its all in the mind.
  • #7,524
  • May 7, 2009 8:55pm May 7, 2009 8:55pm
Quoting 5abi
what possible targets you see?

I honestly do not know. From the picture, you can see that I have two limit orders placed:

A buy @ around 1.3260's (good for a few more hours)

A sell @ around 1.3670's ( expires on Friday)
  • #7,525
  • May 7, 2009 8:55pm May 7, 2009 8:55pm
Quoting dunningduke
Older resistance has been broken. New short-term trend
Nice.
if long then:
Target one: 1.3560
Target two: 1.3700

I plan to sell Dollar if PA goes beyond 1.3500
Otherwise I will wait.
Empty as water and soft as a facing wind mountain
  • #7,526
  • May 8, 2009 7:34am May 8, 2009 7:34am
I've got a bit of a tussle taking place between two trendlines at the moment, one showing a rising market, and one the older falling resistance.
Bit tempted by a sell around 1.3455.
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  • #7,527
  • May 8, 2009 8:31am May 8, 2009 8:31am
Quoting forexpert310
whats so special about dubai, everything there is artificial, its like going to disneyland... it was built in the middle of no where like vegas, not considering the weather is horrible to live in, can only go there winter times but it looks very nice have no idea how trump found out about dubai, if u ask me the land is a dead land to invest in real estate, its like myspace, first it was booming then everything stopped and going down

Well just to answer this, but my last post on Dubai, because it's off subject

The Good

1) Very safe place to live, very little street crime
2) Weather
3) LifeStyle
4) Tax Free
5) Pro Business
6) Very friendly people


The Bad

1) Lots of dodgy money flying around
2) Human rights issues around the legal system etc
3) Geo-political situation in the area
4) Expensive place to live (although getting cheaper)
5) A bit souless

I could add to these lists but you get the idea. Anyway enough about Dubai. On with the trading!!

Rgds

pchees
  • #7,528
  • May 8, 2009 2:09pm May 8, 2009 2:09pm
1.
At this point in the day we appear to have broken out to the topside (1.3525) & I'm curious to know if any of those using Jacko's method feel that this represents a change in trend to the upside on the daily or 4 hour time frames.
2.
Also, suppose an order had been entered to go short at 1.3400 & now the stop loss has been triggered at 1.35. Normally , assuming the mkt move 50 pips higher, the AH would be entered to catch the move when it came back down. However, if the trend has changed, do you leave the AH order in? or do you cancel it? What is the procedure in this case ?

shotshell
  • #7,529
  • Edited 4:32pm May 8, 2009 4:21pm | Edited 4:32pm
Hi,

I just checked and I have a close at 1.3629..(buystop at 3400 wouldn't have been such a bad idea after all but with NFP you can never be sure..amen) thus it would appear the the wind is changing...however at this time - monday will tell - and judging from my H4 chart I expect a retracement possibly all the way down to the 1.3450... daily and weekly however tell me it could keep going up...(1.3740?)so right now, imho, we're in a minefield so to speak...

regarding the AH...when there are moves like this one a retracement is extremely feasible (august 2008 situation aside where all hell broke loose)..thus personally I would enter it...if it get triggered fine...if it doesn't then move on and trade in the new market situation...

you can't win them all unfortunately...and to succeed you have to limit your losers to the maximum but accept them when they arise...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,530
  • May 8, 2009 5:00pm May 8, 2009 5:00pm
Nice silly run...
Have 2 open long positions: 1.3400 and 1.3502
So I am up by 232+132=360 pips
and I was at work!

Now the question?
Should I take my profits late sunday evening or trail ride out?
Should I trail and sell more dollars after the pullback?
My first inclination is to take the profit on Sunday evening,
wait for a confirmed pullback and sell the dollars.

why?
Weekly and day charts are going north.
This was a very aggresive move
so a pullback is due.
That is something to thinking over the weekend.
Empty as water and soft as a facing wind mountain
  • #7,531
  • May 9, 2009 2:56am May 9, 2009 2:56am
nice runs lusan...at least someone made the most of it...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,532
  • May 9, 2009 9:15am May 9, 2009 9:15am
Hi

My first piece of analysis for the group.

On Friday we closed at a 0.886 retrace of the high on the 19th March, and the high of the day was the 1.0 retrace.

Based on this I am looking for a turn in the market with the EURUSD dropping. If it does drop then my first target would be 1.3400

Let's see what happens

Have a nice weekend

pchees
  • #7,533
  • May 10, 2009 4:36pm May 10, 2009 4:36pm
Quoting coscorp
nice runs lusan...at least someone made the most of it...
Sure.
I just sold my Euros as a happy camper.
Why?
E/U at strong resistance around 1.3650 after a strong run.
A likely bounce so I am out.

Next?
I will wait and see if 4H retraces and moves again north.
Then I buy Euro again. Otherwise, back to the thinking board.
So
I stand out and wait.
Let us see what 4H says this week.

Gosh!
This strategy seems like 1 to 4 trades a week!
Very laid back indeed.
Empty as water and soft as a facing wind mountain
  • #7,534
  • May 11, 2009 12:17am May 11, 2009 12:17am
got a question, if 95% of people win in this market, will it exist?
  • #7,535
  • May 11, 2009 1:02am May 11, 2009 1:02am
Quoting mduchamp
got a question, if 95% of people win in this market, will it exist?
IMHO it is not possible that 95% can win, because if there are no losing orders left anymore the remaining winners could not get there order closed, so they would not be winners. It is the liquidity of the forex market which let it seem that an order just need to be closed because there is almost anytime a counterpart which takes the opposite order at the price you want to close.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #7,536
  • May 11, 2009 3:05am May 11, 2009 3:05am
Businesses need to buy and sell currency when they import and export, and they will buy and sell currency no matter what. And you can't say they "loose" a trade like we think when we say loosing a trade.

Quoting stefx
IMHO it is not possible that 95% can win, because if there are no losing orders left anymore the remaining winners could not get there order closed, so they would not be winners. It is the liquidity of the forex market which let it seem that an order just need to be closed because there is almost anytime a counterpart which takes the opposite order at the price you want to close.
"White collar crime deserves a blue collar beating!" - 8fingers
  • #7,537
  • May 11, 2009 4:15am May 11, 2009 4:15am
can someone pls post blog url im on another computer

Thanks
  • #7,538
  • May 11, 2009 5:16am May 11, 2009 5:16am
Quoting Pipster888
can someone pls post blog url im on another computer

Thanks
Assuming you are referring to Jacko's blog.

Here you go:
http://waynejacksonfx.blogspot.com/

Cheers
MM
  • #7,539
  • May 11, 2009 5:40am May 11, 2009 5:40am
Quoting DramaKing
Businesses need to buy and sell currency when they import and export, and they will buy and sell currency no matter what. And you can't say they "loose" a trade like we think when we say loosing a trade.
Yes, absolutely right. I forgot about the point that also a product behind the price may be the income of a business, not the exchange rate. What a blind nut I became.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #7,540
  • May 11, 2009 2:28pm May 11, 2009 2:28pm
This never ceases to amaze me!

The euro hit a high of 1.3667 (which was the exact high on December 26, 2004 and which was adequate support and resistance throughout 1995). As the price hit this level, it immediately reacted by dropping 100+ pips to 1.3557.

S/R levels (or S/R areas) are very powerful.
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