Jacko's Forex House of Pleasure and Pain | Page 396 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Chicky's House of Pleasure and Pain 11 replies

Carry Backet w/ Jacko's AH 10 replies

Hello Guys is a pleasure to be here. I'm new to MT4 1 reply

Jacko's P&P Trend Trading Method 73 replies

Attachments: Jacko's Forex House of Pleasure and Pain
Exit Attachments

Jacko's Forex House of Pleasure and Pain

  • #7,901
  • Jun 4, 2009 3:07am Jun 4, 2009 3:07am
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...
Hi equilibrium6,

It is my understanding that was all in his past. And although some of his "turtles" do take counter-trend trades the main method he uses is with the trend as described here. As far as the method is concerned I would stick to the rules contained on this thread; the other thread is really just for background information on Jacko I think. Hope that helps.

Regards,
Dan
  • #7,902
  • Jun 4, 2009 3:20am Jun 4, 2009 3:20am
Quoting Rcwso
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...
Hi Rcwso,

In answer to your questions...

1. I move my stop manually, in the manor you suggested. Once price moves 100 pips in my favour, I move to breakeven. Once price moves 200 pips in my favour, I move to +100 and so on. I am not rigid about this however – if price were to move 95 pips in my favour I would consider that acceptable to move to breakeven.

2. You can use an online service to send you an email or SMS message when price reaches a certain level.

3. Good question. The thing to remember is that using the AH is a way to keep you in the ORIGINAL trade, whilst attempting to minimise drawdown. So I would suggest using the AH to place your entry; if you are still of the mind that your original position was of good judgement. I think it is unlikely that you would reach another 50% level in the same area as the AH re-entry – if your original entry was sound. However, if you have seen this happen please post a chart so that I could have a closer look!

- This is just my way of dealing with these situations!

Regards,

Dan
  • #7,903
  • Jun 4, 2009 3:33am Jun 4, 2009 3:33am
Hi all...


Markmm...not messing the thread by arguing about this..

But every post I was reading they were waiting for a drop to around 1.3750....I think the number was....and yes as you say it never happened but I also did not see anyone make a entry on the move up..maybe I missed a post somewhere....

anyway...I had my say...time to get on with things..
  • #7,904
  • Jun 4, 2009 3:41am Jun 4, 2009 3:41am
Quoting Angler
Hi all...


Markmm...not messing the thread by arguing about this..

But every post I was reading they were waiting for a drop to around 1.3750....I think the number was....and yes as you say it never happened but I also did not see anyone make a entry on the move up..maybe I missed a post somewhere....

anyway...I had my say...time to get on with things..
no worries mate. I missed that entry also.
Economists have forecast 9 out of the last 5 recessions
  • #7,905
  • Jun 4, 2009 4:25am Jun 4, 2009 4:25am
Quoting Angler
Hi all...

but I also did not see anyone make a entry on the move up..maybe I missed a post somewhere....
Not everyone missed that move
  • #7,906
  • Jun 4, 2009 4:26am Jun 4, 2009 4:26am
Quoting Rcwso
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?
Hi guys!

I am a lurker here too, who is still learning this great method.

I can give you the answer to your last question. Mt4 trailing stop mostly works only when your trade is in profit for the same amount as the amount of your trailing stop. Example, you set you trailing stop to 100p then mt4 tsl start to work only when there is 100p in profit. EA works even if you are 1p in profit. And that is the biggest difference. That is why I use EA rather than mt4 tsl. Also EA you can set the amount of pips to be moved by. mt4 moves it by every single pip and that variable is not changeable.

I hope it helps!
  • #7,907
  • Jun 4, 2009 5:17am Jun 4, 2009 5:17am
ummm markmmm i have an issue with the 'setting SL at breakeven before news'.

newstime probably kills your SL for huge slippage. broker gave me a 50 pip slippage in their favour once, even after my SL, so unless you have a rock solid SL its dangerous
  • #7,908
  • Jun 4, 2009 5:40am Jun 4, 2009 5:40am
tell me about news trading... when the FOMC shit hit the fan last March I got caught with a 200 pip slippage... ouch!

Quoting nooblaster
ummm markmmm i have an issue with the 'setting SL at breakeven before news'.

newstime probably kills your SL for huge slippage. broker gave me a 50 pip slippage in their favour once, even after my SL, so unless you have a rock solid SL its dangerous
  • #7,909
  • Jun 4, 2009 5:47am Jun 4, 2009 5:47am
Quoting nooblaster
ummm markmmm i have an issue with the 'setting SL at breakeven before news'.

newstime probably kills your SL for huge slippage. broker gave me a 50 pip slippage in their favour once, even after my SL, so unless you have a rock solid SL its dangerous
I have a trailing stop, its in profit now. So you would rather keep a larger stoploss and lose even more, ummmmm?
Economists have forecast 9 out of the last 5 recessions
  • #7,910
  • Edited 8:22am Jun 4, 2009 5:58am | Edited 8:22am
Hey Markmm,

Although I do not trade based on chart patterns, that H&S is looking rather healthy -to the pip-. Just take a look at the neckline. Of course the pattern may be invalidated any time now... but still I'm sure lot of people shorted the head for an almost 100 pip move.. my 0.02 cents.

And yes, probably most of Jacko's followers are waiting for a bigger retrace before going long *with the trend*.

Cheers,

Edit: Looks like the H&S pattern is getting as perfect as it can be in H1...

Quoting markmm
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.
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..
  • #7,911
  • Jun 4, 2009 6:57am Jun 4, 2009 6:57am
Out for a very small profit.
Economists have forecast 9 out of the last 5 recessions
  • #7,912
  • Jun 4, 2009 7:03am Jun 4, 2009 7:03am
HORAAYYY, IT BROKE THE 1.4100/1.1425 ZONE!!!!

Congrats on the small gain Markmm
  • #7,913
  • Jun 4, 2009 7:11am Jun 4, 2009 7:11am
YIKES!!! This thing just shot back up to 1.4125 after going to within 5 pips of the 50% retracement, LOL! Somebody is playing a cruel joke on us. With news coming in another 20-minutes I'm playing it safe.
  • #7,914
  • Jun 4, 2009 8:05am Jun 4, 2009 8:05am
Quoting markmm
I have a trailing stop, its in profit now. So you would rather keep a larger stoploss and lose even more, ummmmm?
personally i'd close the trade and wait out the news. forgoing the possible gains or loss that the news brings.
  • #7,915
  • Jun 4, 2009 8:12am Jun 4, 2009 8:12am
"Dollar strengthens with strong news reports...until everyone realized geithner was speaking and quickly sold off."

Might want to wait for Geithner to finish before trading much of any USD pair.
  • #7,916
  • Jun 4, 2009 8:49am Jun 4, 2009 8:49am
Quoting nooblaster
personally i'd close the trade and wait out the news. forgoing the possible gains or loss that the news brings.
I would have, however Im at work and still don't have a method of closing trades. Might move to oanda as a broker.
Economists have forecast 9 out of the last 5 recessions
  • #7,917
  • Edited 9:32am Jun 4, 2009 9:02am | Edited 9:32am
So lets say that you do get stopped out for a loss and you are looking to get in for your AH and you miss that opportunity because the market never really goes past by 50 pips. Or it goes past by 50 pips but because of sleep or work you miss putting in a pending order.

What do you do now?

Do you forget that AH and wait for another entry on a round number?

Or what?

Or what if you miss a signal all together?

RCWSO
  • #7,918
  • Jun 4, 2009 9:32am Jun 4, 2009 9:32am
Quoting Rcwso
So lets say that you do get stopped out for a loss and you are looking to get in for your AH and you miss that opportunity because the market never really goes past by 50 pips. Or it goes past by 50 pips but because of sleep or work you miss putting in a pending order.

What do you do now?

Do you forget that AH and wait for another entry on a round number?

Or what?

RCWSO
Well you probably should forget it because assuming it goes past it and keeps going with the trend, if the trend then retraces you would be far past the 50 fib, and if it retraces that far it may just be a trend reversal?

I think with that one you would have to see an example but my guess would be to shy away from that one
  • #7,919
  • Jun 4, 2009 11:34am Jun 4, 2009 11:34am
Quoting Rcwso
So lets say that you do get stopped out for a loss and you are looking to get in for your AH and you miss that opportunity because the market never really goes past by 50 pips. Or it goes past by 50 pips but because of sleep or work you miss putting in a pending order.

What do you do now?

Do you forget that AH and wait for another entry on a round number?

Or what?

Or what if you miss a signal all together?

RCWSO
Sometimes you are unlucky and miss opportunities.

Jacko had a trade go to 49 pips past his stopped out trade and did NOT place the AH order. The lesson is that you have rules and you follow them to be successful in the long run.

Jacko also says that there will be another opportunity right around the corner, so be PATIENT, and wait.

I would leave that fallen soldier (AH trade) in place in case price does ever come back to that area to pick him up and resurrect him.
  • #7,920
  • Edited 4:35pm Jun 4, 2009 11:39am | Edited 4:35pm
Please let me know if these charts are too big, or just plain annoying, as most of the work done here is in text. I find it easier to convey my thoughts graphically.

http://i41.tinypic.com/24fhiir.png


http://i44.tinypic.com/15z5yex.png

After Angler pointed out the validity of the 200 pip move Monday night, I've begun wondering if I should be looking for entry's on the H3 (H4, MT4), rather than biasing towards "deeper" discounts. Any thoughts would be appreciated.

Also, my unfamiliarity with EUR/USD undermines any confidence I may have in the quality of my analysis/expectations.

I will hold out for 140.20 and maybe examine the smaller pullbacks more closely as my experience with E/U evolves.
19 traders viewing now