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Jacko's Forex House of Pleasure and Pain

  • #7,701
  • May 25, 2009 7:57pm May 25, 2009 7:57pm
Quoting jacko
Good work dunningduke...Excellent advice.

.
Jacko
Thank you, Mr. Jackson.

The things one learns in your group...
  • #7,702
  • May 26, 2009 2:14am May 26, 2009 2:14am
Quoting RickyRudy
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....
Yes, if my stop loss for short entry is hit at 1.3600, i immediately trigger the long entry at exact 1.3600. My stop loss for this trade is now at 1.3550. But when price goes above 1.3610, i move my stop loss to breakeven. If i lose this reverse trade, then yes, i have lost. Bad luck. Normally, when i talk about my loss, i talk about failure in both original and the reverse trade.

If price goes to 1.3609, i haven't put my stop loss to breakeven. So when 1.3599 comes, my stop is still at 1.3550.
  • #7,703
  • May 26, 2009 2:56am May 26, 2009 2:56am
Quoting epilogue
Yes, if my stop loss for short entry is hit at 1.3600, i immediately trigger the long entry at exact 1.3600...
Thanks again for elaborating. Well explained.
  • #7,704
  • May 26, 2009 3:52am May 26, 2009 3:52am
I have a question about Jackos method, this is a simple example.

Say we have a 500 pip bull run starting at 1.2000 at a dip or 50% or lower trendline bounce. Would it be right that we would add say 1 position at each round number with a trailing stop therefore when it moves up the first 100 we are at break even, so we can put on another position with the same risk exposed. If we do this at each round number we are locking in profit but increasing our overall position size? If price goes against us we have the AH to get us back in.

Regarding the trailing stop, do most start trailing stop as soon as price moves in their favour? Or when it get in profit 100 pips like MT4's built in one? I know there is a EA trailing stop that can achieve the first.

Thanks

Mark
Economists have forecast 9 out of the last 5 recessions
  • #7,705
  • May 26, 2009 4:42am May 26, 2009 4:42am
Hi.
I am using the metatrader4 demo account and i cant see a way of setting it to 300 bars. Am i missing something obvious? i am trying to learn s/r lines and fib but im never sure if the bars are set to 300. Any help would be great.

thanks.
  • #7,706
  • May 26, 2009 5:08am May 26, 2009 5:08am
Quoting Whiteflame
Hi.
I am using the metatrader4 demo account and i cant see a way of setting it to 300 bars. Am i missing something obvious? i am trying to learn s/r lines and fib but im never sure if the bars are set to 300. Any help would be great.

thanks.
Zoom (lense with plus sign) to the maximum, then zoom out 3 times (on the lense with the minus sign). This should be the 300 bar view.
  • #7,707
  • May 26, 2009 5:19am May 26, 2009 5:19am
Thanks alot cybercore.
  • #7,708
  • May 26, 2009 5:49am May 26, 2009 5:49am
Quoting RickyRudy
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.
I'm pleased to see phase 1 of my plan work so far. We've breached the 1.3900 level. Haha, I'm not being laughed at, at least not yet. Next stop for this bus is 1.3735/1.13750. C'mon, let's get there.

EDIT: While I'm out on this limb, I'll be brave and go a little further. I wouldn't be surprised to see this move completed by 5 PM, NY time on Wednesday. Early Thursday, no later than 10:30 AM NY time, should be big for determining where the USD will go (whether we'll break the 1.3735/1.3750 zone to retrace even further or resume our uptrend). Gotta give you guys something to laugh at. Either way, I can't wait to look back at my analysis a week or so from now.

DISCLAIMER: This is not trading advice...just my thoughts.
  • #7,709
  • May 26, 2009 6:08am May 26, 2009 6:08am
Quoting RickyRudy
I'm pleased to see phase 1 of my plan work so far....
Good analysis, I posted last night (http://www.forexfactory.com/showpost.php?p=2755438&postcount=30955)in J16 1.3750 also, will be buying at 1.3800.
Economists have forecast 9 out of the last 5 recessions
  • #7,710
  • May 26, 2009 6:10am May 26, 2009 6:10am
Quoting RickyRudy
I'm pleased to see phase 1 of my plan work so far....

Hmmm... how did you manage to get this fixed level? While watching the current market I've already seen a bit of slowdown. Personally I would not wonder if the retrace takes a soft landing around 3800 or slightly above this mark followed by some ranging before taking the next train...

Well, the news may do their best to make my thoughts wrong... but who knows the direction of news...
  • #7,711
  • May 26, 2009 7:22am May 26, 2009 7:22am
Quoting TheCyberCore
Hmmm... how did you manage to get this fixed level?
Hi, I think its easy . Following the Jacko's rules, just draw 0.5 fibos and you should get something like this....with Daily triangle trend line which accidentally goes on same lvl, can be pullback before another bullish move + 4hr trend lines lvls. Good opportunity in my eyes to get again in longs, maybe one can put more lmt orders on different price lvls and watch 1.3650 as a SL area. Just my thoughts....
Attached Image (click to enlarge)
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  • #7,712
  • May 26, 2009 7:38am May 26, 2009 7:38am
Quoting giotto
Hi, I think its easy . Following the Jacko's rules, just draw 0.5 fibos and you should get something like this....with Daily triangle trend line which accidentally goes on same lvl, can be pullback before another bullish move + 4hr trend lines lvls. Good opportunity in my eyes to get again in longs, maybe one can put more lmt orders on different price lvls and watch 1.3650 as a SL area. Just my thoughts....
Yes, I see, but there are also 2 other possible levels before 375x... Currently the beginning US session reverses the london session, so I'll sit and wait how it plays out. Made already some good PIPs shorting 3 times from around 4000 and now closed my trades as US session came up.

Lost some PIPs in bad CT trading last week, so I'll be careful now.
  • #7,713
  • May 26, 2009 7:42am May 26, 2009 7:42am
Looking at the weekly/daily recently bearish trend lines have been broken and used as support. I also see the double bottom at @1.2500, to me this suggest we are on the move back up to maybe 1.5000? i.e. we are on the North Train now? Does this reflect what Jackos view is? I am reading through the entire thread from the start apologies if he has mentioned this.
Economists have forecast 9 out of the last 5 recessions
  • #7,714
  • May 26, 2009 11:22am May 26, 2009 11:22am
hi

could someone give me some advice on stop loss. with trend trading you can potentialy be in a trade for a while, how much difference would you put between your entrance and your stop loss? i have bee stoped out prematurly alot which is fustrating when the trade has gone in the direction i thought it would. Example: if i put an long order in at 1.39300, the stop loss at 1.39200. it stoped me out but the price quickly carried on going up. 1.39900 as i write this. What im i doing wrong? i have a full time job so cannot be infront of the pc all day. should i put a bigger gap between my entry and S/L or is this to risky?

thanks for your help.
  • #7,715
  • May 26, 2009 11:30am May 26, 2009 11:30am
I'm new to Jacko's but I draw a fib line and it shows a nice bounce from the .50 level.

I read the PDF file someone posted here and what I understood is if the price goes 30-50 pips beyond the .50 fib line, but then comes back, then enter the trade at the .50 fib line or round number.

In this case I assume it would have been a valid long trade, but would you guys also use the same points to draw a fib line?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_fib.gif Size: 17 KB
  • #7,716
  • May 26, 2009 11:31am May 26, 2009 11:31am
Quoting Whiteflame
hi

could someone give me some advice on stop loss. with trend trading you can potentialy be in a trade for a while, how much difference would you put between your entrance and your stop loss? i have bee stoped out prematurly alot which is fustrating when the trade has gone in the direction i thought it would. Example: if i put an long order in at 1.39300, the stop loss at 1.39200. it stoped me out but the price quickly carried on going up. 1.39900 as i write this. What im i doing wrong? i have a full time job so cannot be infront of the pc all...
even though m n000b like you, i'd suggest to work on having a better entry where you dont have a large draw down i.e. getting onto the trend a 'bit' late. Increasing the SL wont take you anywhere.
If it floats, flies, or f%^ks, rent it, it's cheaper.
  • #7,717
  • May 26, 2009 11:47am May 26, 2009 11:47am
So did anybody jump in today?
  • #7,718
  • May 26, 2009 11:50am May 26, 2009 11:50am
Quoting Whiteflame
hi

could someone give me some advice on stop loss.
The new stop loss being used with this method is 100 pips. Reread the first post again for entry and re-entry rules.
  • #7,719
  • May 26, 2009 12:08pm May 26, 2009 12:08pm
Quoting Whiteflame
hi

could someone give me some advice on stop loss. with trend trading you can potentialy be in a trade for a while, how much difference would you put between your entrance and your stop loss? i have bee stoped out prematurly alot which is fustrating when the trade has gone in the direction i thought it would. Example: if i put an long order in at 1.39300, the stop loss at 1.39200. it stoped me out but the price quickly carried on going up. 1.39900 as i write this. What im i doing wrong? i have a full time job so cannot be infront of the pc all...


Whiteflame,

You are trading a 5-digit number (1.xxxxx) with your broker, which means that in order to set your SL to 100 pips, you have to add one more zero to the 100. While majority of the traders are trading with 4-digits, that is why the thread discusses all trades in terms of 4-digits (i.e. 1.xxxx). So, at an entry point of say long 1.39300, your SL would be 1000, i.e. 1.38300. Hope I have been able to explain clearly without causing more confusion.

May I suggest you visit www.babypips.com, go to "School" tab, and gain as much knowledge as you can. It takes only a few hours, but it will help you to get conversant with the nitty-gritties of forex.
  • #7,720
  • May 26, 2009 12:17pm May 26, 2009 12:17pm
Thanks Alot eswgfx that was a real help.
thanks rickyrude, will do.
thanks nooob for your input.

im doing the baybypips school at the moment but im also demo trading. i completely forgot that MT4 platform uses 5 decimal places insted of 4.

thanks again
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