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Jacko's Forex House of Pleasure and Pain

  • #7,741
  • May 27, 2009 7:44am May 27, 2009 7:44am
Does Jacko still post about where he thinks price is headed long term? like he did at the start of the thread?
Economists have forecast 9 out of the last 5 recessions
  • #7,742
  • May 27, 2009 8:04am May 27, 2009 8:04am
Hi Markmm,

I don't think Jacko makes those kind of posts here anymore - I think that sort of thing is (probably) discussed over at his private place. He does still post here when people need help though.

Regards,
Dan
  • #7,743
  • May 27, 2009 9:35am May 27, 2009 9:35am
Looks like most of us are jumping on the same train with this....let's hope the next few days bring us a cause for celebration! It's reassuring to know so many people are thinking the same way.

The more I look at it, the more I like the original plan. Not sure we'll see much action before the end of the week though...
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  • #7,744
  • May 27, 2009 9:52am May 27, 2009 9:52am
Quoting Pipped
Looks like most of us are jumping on the same train with this....let's hope the next few days bring us a cause for celebration! It's reassuring to know so many people are thinking the same way.

The more I look at it, the more I like the original plan. Not sure we'll see much action before the end of the week though...
It seems to me as the nearest Fibo around 3880 holds the retracement pressure. Can't see the price would really like to break through it. Currently it touched and/or pinned it already 3 times in H4 since yesterday and now the market ranges above the line around 3900... Seems we are again reaching a decision point.

I guess the USD is going to be wrecked much more than we currently expect it. But it's just my opinion.
  • #7,745
  • May 27, 2009 10:46am May 27, 2009 10:46am
Quoting Pipped
Looks like most of us are jumping on the same train with this....let's hope the next few days bring us a cause for celebration! It's reassuring to know so many people are thinking the same way.

The more I look at it, the more I like the original plan. Not sure we'll see much action before the end of the week though...
No wonder many of us targeted that area, it holds the confluence of a round number, fib50, resistance and the 4h trendline as well. With tomorrow's dollar news i think pretty soon we'll find out wether it holds. 3720 is the number for me.
  • #7,746
  • May 27, 2009 12:50pm May 27, 2009 12:50pm
Quoting nfx
No wonder many of us targeted that area, it holds the confluence of a round number, fib50, resistance and the 4h trendline as well. With tomorrow's dollar news i think pretty soon we'll find out wether it holds. 3720 is the number for me.
Hey nfx,

The area you are taking about is @1.3750? I see that too if it moves below 1.3880 then I see it dropping there , and if it holds then its long time!!! As you say, Trendline, fib and round number!.
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Economists have forecast 9 out of the last 5 recessions
  • #7,747
  • May 27, 2009 3:11pm May 27, 2009 3:11pm
Quoting markmm
Hey nfx,

The area you are taking about is @1.3750?...
That's right. The zone extends from 700-750, so I targeted the middle of it and set my order for 720.
  • #7,748
  • May 27, 2009 4:20pm May 27, 2009 4:20pm
Very aggresive dollar bull.
I look to go long at about 1.3750
if PA finds support in that area
and I have 4H white candle...
otherwise...I will seat on my hands.
(After all that is whay I have been doing
the whole week! amd )

A lesson in patience.
Empty as water and soft as a facing wind mountain
  • #7,749
  • May 27, 2009 7:27pm May 27, 2009 7:27pm
Quoting luSan
Very aggresive dollar bull.
I look to go long at about 1.3750
if PA finds support in that area
and I have 4H white candle...
otherwise...I will seat on my hands.
(After all that is whay I have been doing
the whole week! amd )

A lesson in patience.
If we've all been as patient as we say, then Jacko should be proud - we're learning a valuable lesson. A stress-free one at that!

Price has been as low as 1.3822 and is now looking very good indeed for reaching target @ 1.3750.

Staying disciplined and having a plan makes this far more enjoyable and way less nerve-jangling. Being in control of your trading is very liberating.
  • #7,750
  • May 27, 2009 7:50pm May 27, 2009 7:50pm
I'm probably stating the obvious, but just for the sake of clarity...

Fib50 is at 1.3735, so the nearest round number is 1.3750 - this is my anticipated entry level.

The bottom of the rising channel will probably be somewhere between 1.3700 and the Fib50 if and when price reaches it (and depending on how long it takes to get there....I don't think it's just going to drop straight down in the next few hours, a bit of noise is likely first).

Supposing 1.3750 is touched, I'll wait for it to near the Fib/trendline below and then I'll place my buy order at the round number (1.3750 I mean), hopefully catching the market once it's turned. It's better than just throwing yourself in front of it and praying!

Good luck everyone.
  • #7,751
  • May 28, 2009 3:40am May 28, 2009 3:40am
Quoting Pipped
I'm probably stating the obvious, but just for the sake of clarity...

Fib50 is at 1.3735, so the nearest round number is 1.3750 - this is my anticipated entry level.

The bottom of the rising channel will probably be somewhere between 1.3700 and the Fib50 if and when price reaches it (and depending on how long it takes to get there....I don't think it's just going to drop straight down in the next few hours, a bit of noise is likely first).

Supposing 1.3750 is touched, I'll wait for it to near the Fib/trendline below and then I'll place...
I agree 100%, however I work full time and cant be watching the charts all the time. I use MT4 so I have put a limit but order on at 1.3750, if I get taken out then Ill use AH. To solve this problem I have a couple of options, to get a mobile phone with windows so I can trade from work, or write an EA for advanced pending order. (E.g. When price goes 30 pips below then returns BUY).
Economists have forecast 9 out of the last 5 recessions
  • #7,752
  • May 28, 2009 4:30am May 28, 2009 4:30am
Quoting markmm
I agree 100%, however I work full time and cant be watching the charts all the time. I use MT4 so I have put a limit but order on at 1.3750, if I get taken out then Ill use AH. To solve this problem I have a couple of options, to get a mobile phone with windows so I can trade from work, or write an EA for advanced pending order. (E.g. When price goes 30 pips below then returns BUY).
Don't you think that you will over complicate this simple approach?
  • #7,753
  • May 28, 2009 4:41am May 28, 2009 4:41am
Quoting alter
Don't you think that you will over complicate this simple approach?
With the EA, yes I would much rather just look at what price is doing at my target entry. I am trying to avoid buying when price is dropping, my mobile contract runs out next month so that looks like the option.
Economists have forecast 9 out of the last 5 recessions
  • #7,754
  • May 28, 2009 8:19am May 28, 2009 8:19am
Mark, how do you manage your SL then? Do you use fixed 100pips, do you use ATR , do you hide it below next S/R area or u use something else?
  • #7,755
  • May 28, 2009 8:38am May 28, 2009 8:38am
Quoting alter
Mark, how do you manage your SL then? Do you use fixed 100pips, do you use ATR , do you hide it below next S/R area or u use something else?
Alter,

I will be using a trailing stop of 75. Just loosely based on the 14 ATR, I would only change if it it went back up to 100 the levels end of 08 or down to 50 if it continues to drop to levels 2007. I got a trailing stop EA from this thread (paperclip top right) so it trails right away but I've set it to step trail 10.
Economists have forecast 9 out of the last 5 recessions
  • #7,756
  • May 28, 2009 8:44am May 28, 2009 8:44am
Quoting markmm
With the EA, yes I would much rather just look at what price is doing at my target entry. I am trying to avoid buying when price is dropping, my mobile contract runs out next month so that looks like the option.
I have access to charts while at work, but I use an EA to send me a text message when price reaches a certain level anyway. This way, it's a simple reminder to look at the charts when price is in a certain region (or a wake up call while I'm sleeping). I like doing this so I don't have to catch falling knives

Also, there are free web based charts available on the internet that will at least give you an idea of price action while you're at work (www.netdania.com (http://www.netdania.com) for example). I hope that isn't considered an endorsement, rather it's help for another FF member.

Moose
  • #7,757
  • May 28, 2009 8:50am May 28, 2009 8:50am
Quoting c49ermoose
I have access to charts while at work, but I use an EA to send me a text message when price reaches a certain level anyway.
Which EA would that be?
  • #7,758
  • May 28, 2009 8:52am May 28, 2009 8:52am
Quoting c49ermoose
I have access to charts while at work, but I use an EA to send me a text message when price reaches a certain level anyway. This way, it's a simple reminder to look at the charts when price is in a certain region (or a wake up call while I'm sleeping). I like doing this so I don't have to catch falling knives

Also, there are free web based charts available on the internet that will at least give you an idea of price action while you're at work (www.netdania.com (http://www.netdania.com) for example). I hope that isn't considered...
Thanks moose,

I have access to netdania (its very good now with the latest release), but not to trading, not much point seeing a great entry and you cant do anything about it! I have the same set up I have an indicator which is a HLine that you drag to a price, when price gets x pips near that price it emails me on my phone. Ill be getting a windows mobile phone which I can put Mt4 mobile on and trade from that.

Anyone going to go long at 1.3900?
Economists have forecast 9 out of the last 5 recessions
  • #7,759
  • May 28, 2009 9:09am May 28, 2009 9:09am
In the past 24 hours we've had a range of about 400 pips yet we're back at the exact same point we were exactly 24 hours ago.
  • #7,760
  • May 28, 2009 9:11am May 28, 2009 9:11am
Quoting RickyRudy
In the past 24 hours we've had a range of about 400 pips yet we're back at the exact same point we were exactly 24 hours ago.
Yeah, Im looking at the bounce of the 76.4 if that can get broken then I think our target will be hit to go long.
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Economists have forecast 9 out of the last 5 recessions
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