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Jacko's Forex House of Pleasure and Pain

  • #7,681
  • May 22, 2009 1:18pm May 22, 2009 1:18pm
Quoting hans356
Just remember that S+R levels are more important than Fibs. The BIG players use S+R levels much more than they use Fibs. But if you have an S+R level that coincides with a Fib level, then that particular price level becomes much, much stronger and has a higher percentage of holding.

Good luck.
Yes, I know that. I just gave an example of a good entry point. Any good entry point will do. I just forgot to mention S+R.
  • #7,682
  • May 22, 2009 7:49pm May 22, 2009 7:49pm
After learning everything from Wayne in this thread and his traders group, I have been winning many of $$$ and heve been winning regularly. I have won enough money to convince my girlfriend that I can trade full time and to make a real go of this. Thanks Wayne for getting me out of a rut and my future is sunshine. Forex has got me out of a financial hole and I am on my way.
  • #7,683
  • May 22, 2009 8:27pm May 22, 2009 8:27pm
Quoting epilogue
In the beginning, i had to work very hard to find the exact point for entry, to avoid stop losses. Still i got frustrated when price moved a long way behind my stop before coming back. Then, i came up with and idea to capture those pips behind the stops, so that i don't need to worry about where i enter. Any position is good. Also, this strategy has an advantage to grab a big move just in case we were completely wrong in our opinion about original entry.
About the 10 pip trailing stop, i only use stop to break even. Then i don't trail. I grab...
This strategy would've come in handy this week for those of us who went short only to then see EURUSD go on a Bull rampage. So frustrating.

My only question is, let's say you put an order to go short at 1.3500 for your original trade with a 100 pip stop loss at 1.3600. EUR bull rises and stops you out at 1.3600. Do you immediately enter long the very moment 1.3600 is hit? Where is your new stop loss with the long trade in such a scenario?

And in the above scenario, let's say the second trade (reverse trade) goes to 1.3609 and then come back to 1.3599, where are you in the trade at that point? Perhaps your answer to my question about the stop loss of the second order (reverse order) answers this question.

Thanks.
  • #7,684
  • May 22, 2009 8:42pm May 22, 2009 8:42pm
Got my next potential trade lined up on the 4H chart - market looks like it's set to retrace, so I'll buy if and when price drops to the Fib/Trendline/S&R. If it goes higher, I'll just wait for the next opportunity.

I've set my MT4 alert to email me once price reaches 1.3800 - as soon as my phone bleeps I'll sit up and take notice. Until then, I have no intention of being glued to the chart. The sunshine beckons.....

I love the freedom that this method permits. It allows you to take control of your trading and not be a slave to the ticks. Personally, I know that if I stare at a 5-min chart for hours on end, day after day, I start to feel sub-human. It makes me ill.

That's the challenge really: finding a profitable method that suits you so you can enjoy a life outside of trading. Trade to live, not the other way around.

Jacko - I hope I'm on the right track.

Enjoy the weekend everyone.
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  • #7,685
  • May 22, 2009 9:53pm May 22, 2009 9:53pm
Quoting Pipped
Got my next potential trade lined up on the 4H chart - market looks like it's set to retrace, so I'll buy if and when price drops to the Fib/Trendline/S&R. If it goes higher, I'll just wait for the next opportunity.

That's the challenge really: finding a profitable method that suits you so you can enjoy a life outside of trading. Trade to live, not the other way around.
lol, that was exactly the plan I crafted earlier today. I set the upper blue line in my chart early this am and was wondering if EUR would hit 1.4000. The damn thing hit the upper line right at 1.4000, shot past it, dropped below, retested and closed there almost to the pip. Then I saw where the 50% fib was on my chart and I thought, "damn, if this thing starts dropping I'm looking to buy in the 1.3700 area."

We're thinking alike, but I don't know what Jacko would say. Actually, I know what he would say, "RickyRudy, there are so man lines on your chart you owe me a new pair of glasses."

Oh yeah, the part of your quote in bold is exactly one of the nuances of trading that all aspiring traders must overcome.
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  • #7,686
  • May 23, 2009 4:22am May 23, 2009 4:22am
Quoting RickyRudy
We're thinking alike, but I don't know what Jacko would say. Actually, I know what he would say, "RickyRudy, there are so man lines on your chart you owe me a new pair of glasses."

Muhahaha!!
You're that right!
  • #7,687
  • May 23, 2009 8:28pm May 23, 2009 8:28pm
Quoting jamiewhite
After learning everything from Wayne in this thread and his traders group, I have been winning many of $$$ and heve been winning regularly. I have won enough money to convince my girlfriend that I can trade full time and to make a real go of this. Thanks Wayne for getting me out of a rut and my future is sunshine. Forex has got me out of a financial hole and I am on my way.

Hey Jamie
I joined Jackos group last week and am amazed at the quantity and quality of the information. It is all lessons in real trading and not endless sets of theory. I can see every one of his trades back to 2007 and he is proven profitable. I am slowly working my way through all the trades but Jackos system is the best way to see theory in action for me. I am really feeling confident that I have done a good thing after seeing jackos results all the way back. His results make me confident that I can do this profitably and be a fulltime trader down the line too.
  • #7,688
  • May 24, 2009 11:47am May 24, 2009 11:47am
Pardon me for cluttering this thread with another useless post. I'm just preparing for another week of trading and excited. I have nobody else to share my thoughts with other than my wife and you strangers in Internet land.

I'm really starting to think EURUSD is going to have a hard time climbing or staying above 1.4000 before a retrace. I see possible retraces as low as 1.3900, and 1.3750. Hopefully we get as low as 1.3750 so that I can buy for a deep discount. I'll be ready if it later looks like 1.3900 is the lowest we'll go. Either way, those already bullish could then get in again after cashing profits on their existing trades.

DISCLAIMER: This is by no means advice...just my thoughts. I just wanted to go out on a limb and get them out there. Besides, like I wrote above, I'm eagerly anticipating the upcoming week and need to let it out (this is therapeutic). Maybe I'll be laughed at if I'm wrong, lol!
  • #7,689
  • May 24, 2009 11:59am May 24, 2009 11:59am
no problem on my part...it's all about analysing what we think eur/usd will do...

I got nailed the wall twice 'cause I got trigger happy AND countertrend to boot anticipating a retrace...

so now it's sit and wait to see what the market wants to do...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,690
  • May 24, 2009 12:19pm May 24, 2009 12:19pm
Quoting coscorp
no problem on my part...it's all about analysing what we think eur/usd will do...

I got nailed the wall twice 'cause I got trigger happy AND countertrend to boot anticipating a retrace...

so now it's sit and wait to see what the market wants to do...
Good point...
I am sitting and waiting.
I could be a long wait.
Empty as water and soft as a facing wind mountain
  • #7,691
  • May 24, 2009 12:24pm May 24, 2009 12:24pm
Quoting luSan
Good point...
I am sitting and waiting.
I could be a long wait.
Yeah, I am waiting too. I have time.

luSan, aren't you still in your Long trades?
  • #7,692
  • May 24, 2009 3:38pm May 24, 2009 3:38pm
Quoting RickyRudy
Yeah, I am waiting too. I have time.

luSan, aren't you still in your Long trades?
Nope.
I exited on Thursday just below 1.400 with 300 pips profit.
Now I wait until either a retrace or a congestion.
It could be a long wait...several days or even a week since PA is at the top of the channel.
Good place to go short!
However,
-I am not confortable anymore with bi-directional trading.
-I am sticking to the 1W and 1D trends. Both are north.
so north I'll go when the time comes...
let us wait....
CU
Empty as water and soft as a facing wind mountain
  • #7,693
  • May 24, 2009 4:32pm May 24, 2009 4:32pm
Quoting RickyRudy
Pardon me for cluttering this thread with another useless post. I'm just preparing for another week of trading and excited. I have nobody else to share my thoughts with other than my wife and you strangers in Internet land.

I'm really starting to think EURUSD is going to have a hard time climbing or staying above 1.4000 before a retrace. I see possible retraces as low as 1.3900, and 1.3750. Hopefully we get as low as 1.3750 so that I can buy for a deep discount. I'll be ready if it later looks like 1.3900 is the lowest we'll go. Either way, those...
Agreed. If I was trading counter-trend, I'd have sold immediately after the break of the 4H pinbar at 1.3995 (see my last post) - no hesitation. There's resistance, price action and an upper trend-line. I'd be very surprised if we don't see a significant retrace....but then I've been surprised before.

It seems to me that the momentum is still very much with the bulls, so I'm sticking with my original plan to buy at 1.3750 and get with the trend (rather than fight against it).

As for excitement, my aim is to make trading as dull as possible! This is a business like any other, so the satisfaction of successfully following a plan and sticking to it is the ultimate goal. I'm pretty good at cutting out the knee-jerk reaction/hunch/emotionally-motivated trades now. (I can't pretend I don't still get a kick out of identifying a set-up, or seeing a trade play out well, but I figure that's ok).

I'm happy to go out on a limb too - as long as I've followed the plan and have good reasons for taking a trade there's nothing to be embarrassed about, win or lose. If I deviate from it, then being ridiculed might be the best medicine. The worst thing for any beginner is to succeed for the wrong reasons - it'll set you back and teach you bad habits.

I think the motivation behind my posts is accountability rather than catharsis That's a function that this forum can perform very well.
  • #7,694
  • May 25, 2009 3:17am May 25, 2009 3:17am
Hi!

Does anybody else see this weekly TL which has recently broken? It is currently located more or less at 3900...

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  • #7,695
  • May 25, 2009 8:34am May 25, 2009 8:34am
UK and US are both celebrating Bank holidays today ...

A note from the Forex Factory calendar
"Most Forex brokers remain open for every holiday except Christmas and New Year's Day. However, Banks facilitate the majority of foreign exchange volume. When they are closed the market is less liquid and speculators become a more dominant market influence. This can lead to both abnormally low and abnormally high volatility"

Good day to spend with family and friends....

.
Jacko
  • #7,696
  • May 25, 2009 9:49am May 25, 2009 9:49am
If the price retraces to the .3700 area are we looking for candle confirmations (bullish engulfing or evining star) to enter the trade or is there another way?

I took a short at .4000 area this morning and shortly after locked in my profit to 1 pip, now its 15 pips in the green, now im reading that its not a good move.

If on daily the candles confirm a morning star at the end of todays session, it will be a stronger idication that a retrace will happen correct?

Im going off
TL + Candle confirmation
  • #7,697
  • May 25, 2009 1:17pm May 25, 2009 1:17pm
Quoting IliaM
... to enter the trade or is there another way?

I took a short at .4000 area this morning and shortly after locked in my profit to 1 pip, now its 15 pips in the green, now im reading that its not a good move...
You really want to stop reading other people's views after you have developed a sound trading idea and the trade is on. it's always good to revaluate on a pen a paper whether the trade is doing what you are expecting it to or not...you should have all of your exit parameters already in place before placing an order. But, again, listening to others should be thrown immediately out of the door once your trade is triggered.
  • #7,698
  • May 25, 2009 6:00pm May 25, 2009 6:00pm
Quoting GriffCo
With Jacko's method set your daily chart to 300 bars and then draw the trendlines on ALL viewable bars.

Your TL's are only on about 40 bars.
Many thanks for your help! Do these trendlines look better?
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  • #7,699
  • May 25, 2009 7:05pm May 25, 2009 7:05pm
Quoting dunningduke
You really want to stop reading other people's views after you have developed a sound trading idea and the trade is on. it's always good to revaluate on a pen a paper whether the trade is doing what you are expecting it to or not...you should have all of your exit parameters already in place before placing an order. But, again, listening to others should be thrown immediately out of the door once your trade is triggered.
Good work dunningduke...Excellent advice.

.
Jacko
  • #7,700
  • May 25, 2009 7:07pm May 25, 2009 7:07pm
Quoting jcalow
Many thanks for your help! Do these trendlines look better?
Hi jcalow

They are much better Support and Resistance lines.

Note You are using a "channel" approach

.
Jacko
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