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Jacko's Forex House of Pleasure and Pain

  • #7,881
  • Jun 3, 2009 3:21pm Jun 3, 2009 3:21pm
Personally I just (try) to trade what the charts tell me....being wary of news and stuff...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,882
  • Jun 3, 2009 3:58pm Jun 3, 2009 3:58pm
Quoting ctookem3
FXstreet.com (Barcelona) - Euro rally from levels below 1.3000 in mid April to the 5-month high at 1.4335 reached oon today's Assian session, might be coming to an end, according to the BMO Capital Markets Economic Research Team, which advances a decline to levels around 1.3600 in the third quarter of the year.....
That doesn't seem like news to me. More like the observation followed by the opinion of some group. It's almost as good as the opinion of anyone posting on this board.
  • #7,883
  • Jun 3, 2009 4:09pm Jun 3, 2009 4:09pm
Quoting ctookem3
I just finished reading all of this thread, I like this strategy....
Well they should quit doing research and put all there money on the market if they can predict where price is going.
Economists have forecast 9 out of the last 5 recessions
  • #7,884
  • Jun 3, 2009 4:19pm Jun 3, 2009 4:19pm
Quoting markmm
Well they should quit doing research and put all there money on the market if they can predict where price is going.
Speaking of knowing where price is going your entry at .14120 seems just about perfect right now. BTW at first you said 1.4100 what made you want to get in earlier?
  • #7,885
  • Jun 3, 2009 4:23pm Jun 3, 2009 4:23pm
Quoting GriffCo
Speaking of knowing where price is going your entry at .14120 seems just about perfect right now. BTW at first you said 1.4100 what made you want to get in earlier?
I had a hunch, thought it might struggle to touch 1.4100. Its early days though to say my entry was perfect, only up 33 pips.
Economists have forecast 9 out of the last 5 recessions
  • #7,886
  • Jun 3, 2009 6:02pm Jun 3, 2009 6:02pm
Hi all..

Good luck with that trade...markmm..

We are getting in rough waters now with the major data releases for the month coming out thursday and Friday..

To the poster who tried 1.4200 with demo and said it was bad...no such thing...it was basically the news and reporting that turned it around..
  • #7,887
  • Jun 3, 2009 10:19pm Jun 3, 2009 10:19pm
It is going down. I reckon 1.4000 is a big arse round number with a target on its back.
  • #7,888
  • Jun 3, 2009 10:26pm Jun 3, 2009 10:26pm
Quoting Low
http://i41.tinypic.com/35hq06h.png
That chart is about as good as it gets to justify using fibs.
History is written by the victors.
  • #7,889
  • Jun 3, 2009 10:40pm Jun 3, 2009 10:40pm
Looks like a possible H & S forming if it gets back up to 1.4240 - good place to short.
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History is written by the victors.
  • #7,890
  • Jun 3, 2009 10:55pm Jun 3, 2009 10:55pm
Can Jacko or anyone else explain me why does Jacko tell us to always trade with the trend yet i've been looking at his "Live Trade" topic in the other forum and he used to make a lot of trades against the major trend (like when the market would "over react"). Was that just in the past or is there something i'm missing here?


edit: also, Jacko says trading longer term is better because of lesser noise yet in his living trades topic he would constantly be looking for 10-20 pips profits (and often against the major trend!). Was that just his past?
freedom
  • #7,891
  • Jun 3, 2009 11:37pm Jun 3, 2009 11:37pm
Quoting equilibrium6
Can Jacko or anyone else explain me why does Jacko tell us to always trade with the trend yet i've been looking at his "Live Trade" topic in the other forum and he used to make a lot of trades against the major trend (like when the market would "over react"). Was that just in the past or is there something i'm missing here?


edit: also, Jacko says trading longer term is better because of lesser noise yet in his living trades topic he would constantly be looking for 10-20 pips profits (and often against the major trend!). Was that just his...
A while back Jacko tried a counter-trend option and then soon abandoned it. Some people still use his techniques for counter-trend trades.
  • #7,892
  • Edited 11:56pm Jun 3, 2009 11:53pm | Edited 11:56pm
Quote
msenocak

I'd like to add a technical aspect to this: When you use MT4 and set Trailing Stops, it only works when your computer is on and connected to the server of the broker. In other words, the broker's server does NOT know anything about your Trailing stop. Your MT4 has to keep track of it and execute when it's time. When your computer or MT4 stops working, or gets disconnected from the broker's server your Trailing Stops will not be executed.

It's different with normal Stop/Loss. It's stored in your broker's server and will be invoked by...

msenocak, I am sorry to say that it doesn't answer my original question. I am familiar with the difference between a stop loss and a trailing stop.

1. My question has to do with the indicator for trailing stop losses that is posted here in the thread. I am looking to know if people use the MT4 or the indicator here in the thread. What is the big difference between the two and why would I want to use one or the other?

Follow on questions:
2. How do you manually trail your trades without having to watch them all the time? Do you simply look back every few hours or day or what? I don't have the capability to do so when I am at work and am trying to find out if it is simply better to run a trailing stop loss, either the MT4 or the other in the forum, or try to trail them manually when I can. What is the big difference or advantage to manually trailing?

3. If I get a trade that ends up losing. I understand the concept of the AH trades. Now, the trade continues past my stop by 50 or more pips but happens to end up near a nice round number and/or a 50% fib line. Do I place the AH and place a new trade at that new round number/50% line? Or do I only place the AH trade?

Also, HANS356, Thanks for the words.

Thanks, RCWSO
  • #7,893
  • Jun 4, 2009 12:03am Jun 4, 2009 12:03am
Why do you need an indicator for a trailing stop?

IG Markets allows you to set trailing stops although Jacko updates his periodically based on the most recent high or low since the trade opened.

As far as I am awatre you only plaqce the AH trade. If I am wrong on that someone please correct me.

Regards
Steve


Quoting Rcwso
msenocak, I am sorry to say that it doesn't answer my original question. I am familiar with the difference between a stop loss and a trailing stop.

1. My question has to do with the indicator for trailing stop losses that is posted here in the thread. I am looking to know if people use the MT4 or the indicator here in the thread. What is the big difference between the two and why would I want to use one or the other?

Follow on questions:
2. How do you manually trail your trades without having to watch them all the time? Do you simply look...
  • #7,894
  • Jun 4, 2009 12:21am Jun 4, 2009 12:21am
dawsonsg,

I don't need an indicator for a trailing stop loss. The indicator or EA that is on this thread is different than the MT4 platform. The MT4 broker type platforms trail your stop as you continue to make profit 1 pip at a time. The indicator/EA on this thread trails your stop by chunks of pips that you set up. If you want it to move 50 pips it moves 50 pips at a time as it move up or down as appropriate with a buy or sell. In other words if you have a 100 pip trailing stop loss with the indicator or EA and it move 100 pips in your favor you are at break even. It then has to move another 100 pips in order to update your trailing stop loss to +100 pips. With the MT4 brokers if it move 100 pips in your favor you are at break even and then for every pip it moves in your favor your trailing stop loss moves 1 pip also. If you are 101 pips up, your trailing stop loss locks in +1 pip and so on. This simply gives you a bit more flexibility with whipsaw type movements etc.

1. So, do many people do this or simply set the MT4 Broker trailing stop loss or do it manually? If manually, how/when/how often?

I simply put these questions back with the above question again -- Follow on questions:
2. How do you manually trail your trades without having to watch them all the time? Do you simply look back every few hours or day or what? I don't have the capability to do so when I am at work and am trying to find out if it is simply better to run a trailing stop loss, either the MT4 or the other in the forum, or try to trail them manually when I can. What is the big difference or advantage to manually trailing?

3. If I get a trade that ends up losing. I understand the concept of the AH trades. Now, the trade continues past my stop by 50 or more pips but happens to end up near a nice round number and/or a 50% fib line. Do I place the AH and place a new trade at that new round number/50% line? Or do I only place the AH trade?


Thanks again for the info/help. Much appreciated.

RCWSO
  • #7,895
  • Jun 4, 2009 1:00am Jun 4, 2009 1:00am
MT4 trailing stop is better because it gives breathing space to your position.That is it allows your winning tarde to keep getting fatter even as market oscillates up and down and resultantly in your favour.For manual trailing stop,it is eitther you continue to move it 10 pips below successive swing low in an uptrend or 10 pis below prevous day candle.
we cannot succeed without a well defined risk management.
  • #7,896
  • Jun 4, 2009 2:00am Jun 4, 2009 2:00am
Stop loss at BE now (-2 pips). So a free trade now, dont care if it goes back down to BE, i just love being in this position of no risk trade, before news. Given Europe and Asia is taking most of the usa car industry for buttons, the dollaar dont look good.

I see some people trying to predict a H & S, this is absultey idiotic im my eyes, the pattern doesnt exist yet and the chart could look totally different a day or two.
Economists have forecast 9 out of the last 5 recessions
  • #7,897
  • Jun 4, 2009 2:12am Jun 4, 2009 2:12am
Hi,

This is my first post in this thread, though I follow the posts daily and am a member of Jacko's second group.

I took a long trade from 1.4150 purely as this was proven support wit the first target being 1.4245....though with a lot of news around this morning and the fact that I work full time and thus cannot watch the prices, I might set a tight trailing stop soon (currently moved stop to +5 pips).

Anyway, hello everyone and I hope to contribute to this great thread.

Mark
  • #7,898
  • Jun 4, 2009 2:17am Jun 4, 2009 2:17am
Hi all..

Markmm...good trade so far...

idiotic.....well he did say possible......and your comment is a bit rich when everyone here was waiting for a drop at the end of last month all while the market moves up 300 or more pips...be a bit more fair with others comments.....

just my opinion..
  • #7,899
  • Jun 4, 2009 2:29am Jun 4, 2009 2:29am
Quoting Angler
Hi all..

Markmm...good trade so far...

idiotic.....well he did say possible......and your comment is a bit rich when everyone here was waiting for a drop at the end of last month all while the market moves up 300 or more pips...be a bit more fair with others comments.....

just my opinion..
Just saying there is no place for hope, the whole point of this thread is buy on pull backs of the trend, looking for patterns that might happen is a waste of time. Its a double bottom at the moment.

I dont get your last bit about everyone waiting for a drop? The drop never happened, you need to go with the market.
Economists have forecast 9 out of the last 5 recessions
  • #7,900
  • Jun 4, 2009 2:31am Jun 4, 2009 2:31am
Just closed trade out at 1.4209...should have really let it run and see ow it reacts to resistance at 1.4240 but wont be able to see charts till later, lots of news around ad prce action has be choppy last few days so with all that it mind I'm happy to have bagged 59 pips for the first trade of the month.

Laters
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