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Jacko's Forex House of Pleasure and Pain

  • #8,021
  • Edited 7:22am Jun 8, 2009 5:03am | Edited 7:22am
Hi all!

Does anyone see the down trend in Daily chart?(I would say the retracement in daily) I don't know if I can see it that way.
  • #8,022
  • Jun 8, 2009 8:54am Jun 8, 2009 8:54am
When manually moving your stop loss, how many pips or what strategy do you use to move it along? Support and Resistance on a smaller timeframe? Pip by Pip?

I am having a problem with using the MT4 Trailing Stop Loss and the fact that it will not move the initial point until you are in the profit 100 pips. this causes me to lose a full 100 pips on each trade if the trade never moves 100 or more pips.

Any thoughts or ideas? I cannot physically watch the trade throughout the day at all. I can only set and forget, Ron Popeil style.

It really is not that big of a deal in all reality if it moves a lot in the direction of the trend. I actually have more breathing room with the MT4 trailing stop loss but there have been times that it would have been nice to only lose 20-40 pips vice 100 pips.

RCWSO
  • #8,023
  • Jun 8, 2009 9:10am Jun 8, 2009 9:10am
Quoting oookie
Hi all!

Does anyone see the down trend in Daily chart?(I would say the retracement in daily) I don't know if I can see it that way.
Especially in daily I can see an uptrend and a retest of a virtual resistance around 3800 while in the short term moving downwards... Tipping resistance in daily twice in just a few days time may result in a big breakout, because it is a strong resistance???
  • #8,024
  • Jun 8, 2009 10:06am Jun 8, 2009 10:06am
Lately it is getting pretty quiet on this forum compare to other,

what is going on?

we all hope he is fine!
  • #8,025
  • Edited 10:48am Jun 8, 2009 10:34am | Edited 10:48am
Thanks for your input. I think I expressed myself wrong. Yes, I see an uptrend in my daily chart, and it looks like the price is coming down to test the support line after testing the resistance line. But, in 4H chart, I am waiting for the price to back up to start the AH. So, in this case, I wonder how others interpret the chart and prepare.



Quoting TheCyberCore
Especially in daily I can see an uptrend and a retest of a virtual resistance around 3800 while in the short term moving downwards... Tipping resistance in daily twice in just a few days time may result in a big breakout, because it is a strong resistance???
Attached Image (click to enlarge)
Click to Enlarge Name: chart.GIF Size: 14 KB
  • #8,026
  • Jun 8, 2009 11:07am Jun 8, 2009 11:07am
Quoting Rcwso
I am having a problem with using the MT4 Trailing Stop Loss and the fact that it will not move the initial point until you are in the profit 100 pips. this causes me to lose a full 100 pips on each trade if the trade never moves 100 or more pips.

RCWSO

If you click on the paperclip link at the top of the page, next to the "page selection" links you will find a list of attachments for this thread. Click "hide images" and you will see there are 4 or 5 MT4 trailing stop EA's, people have used over the years to circumvent this flaw in MT4.

I have never used them, so I can't help with the details, but they were built to solve this issue. Also, a FF search may yield better selection and possibly instructions.
  • #8,027
  • Jun 8, 2009 11:28am Jun 8, 2009 11:28am
Hi fellow traders!

Just finished reading the whole thread from day 1 and Jacko's previous posts on daily FX, and actually went "play by play" and "call by call" during the euro rise 2 years back.

I'm curious as to how profitable is his system in the last 2 years - 2008-2009 as the unprecedented levels of volatility wiped out many traders .. any traders enrolled into "private group" willing to share their story?

thanks!

Josh
  • #8,028
  • Jun 8, 2009 11:31am Jun 8, 2009 11:31am
Here's the working "true" trailing stop EA for MT4. its setup for 100 pips but you could easily change it to whatever you want.
Attached File(s)
File Type: ex4 TrailingStop_100pips.ex4   8 KB | 378 downloads
  • #8,029
  • Jun 8, 2009 11:33am Jun 8, 2009 11:33am
Seeing the bounce off of 1.3803 left me feeling a little envious, since it happened while I was asleep. No blind limit orders this week, those knives are much easier to pick up once they've hit the floor.

My thoughts on uptrend possibilities are this:

Price will have to substantially break the 61.8% daily fib to convince me the uptrend is over.

I will be looking for long entries at various other fibs, in case price doesn't make it all the way to the 50%.

I will tighten my stops for these entries, since they offer a good short-term probability, but only moderate long-term probability.

The daily 50% is 1.3611 on my chart, which has confluence with the 32.8% fib from the LL to our new HH.

This is the sweet spot.

I will watch this area with great interest.

http://i42.tinypic.com/2ly09ya.png
  • #8,030
  • Jun 8, 2009 11:34am Jun 8, 2009 11:34am
A-H trade is in
  • #8,031
  • Jun 8, 2009 11:36am Jun 8, 2009 11:36am
Quote
Low--The daily 50% is 1.3611 on my chart, which has confluence with the 32.8% fib from the LL to our new HH.

Exuse my ignorance, but what is LL and HH?
  • #8,032
  • Jun 8, 2009 11:37am Jun 8, 2009 11:37am
Quoting mirage_prof
Just finished reading the whole thread from day 1 and Jacko's previous posts on daily FX, and actually went "play by play" and "call by call" during the euro rise 2 years back.

I'm curious as to how profitable is his system in the last 2 years - 2008-2009 as the unprecedented levels of volatility wiped out many traders .. any traders enrolled into "private group" willing to share their story?
Hi, Josh.

It is very safe to say that many trend traders have lost greatly the past 10 months, especially if they're not adaptable to their surroundings. Nonetheless, Jacko is an adaptable trend trader and has altered a few things to combat the volatility. This is somewhat of an unwritten law to success in trading . . . you must remain open-minded and be able to adapt to the market conditions.

Many of us know Jacko as the ultimate trend trader, but he does very well in a consolidating market. He has remained in the BLACK despite volatile days and months.
  • #8,033
  • Jun 8, 2009 11:38am Jun 8, 2009 11:38am
Quote
mirage_profHere's the working "true" trailing stop EA for MT4. its setup for 100 pips but you could easily change it to whatever you want.

Will it work on multiple trades within the same pair? In other words, set up a trailing stop on multiple open orders?

Any other instructions?
  • #8,034
  • Jun 8, 2009 11:38am Jun 8, 2009 11:38am
Quoting Rcwso
Exuse my ignorance, but what is LL and HH?
Lower Low, Higher High
  • #8,035
  • Edited 11:43am Jun 8, 2009 11:42am | Edited 11:43am
empty
  • #8,036
  • Jun 8, 2009 11:46am Jun 8, 2009 11:46am
Quoting Rcwso
Will it work on multiple trades within the same pair? In other words, set up a trailing stop on multiple open orders?

Any other instructions?

works as a charm on several orders on the same pair, never tried on different pair..

you need to copy it into "experts" folder (but not any of the subfolders that are inside "experts" folder), then restart the mt4

when you see it in "navigator window" drag it to the chart and check "enable live trading" also make sure "expert advisors" on the toolbar is green, if its not click it.
Attached Images
  • #8,037
  • Jun 8, 2009 11:53am Jun 8, 2009 11:53am
Quoting hans356
Many of us know Jacko as the ultimate trend trader, but he does very well in a consolidating market. He has remained in the BLACK despite volatile days and months.
I would have to say, that although Jacko developed this method during a 5 year bull-run, only to have it ruined by the banksters, the increased volatility and subsequent "lack of trendy-ness" is healthier for us as traders, as it teaches us that things can change, and that we must develop the neccessary perception to flow with these changes.

When the world returns to "financial normality(whatever that means)", I suspect the EUR/USD will regain its stature as one of the trendiest pairs on offer, and thanks to Jacko, we will be able to exploit this to our benefit.
  • #8,038
  • Jun 8, 2009 11:54am Jun 8, 2009 11:54am
mirage_prof
I can get it up and running but am wonding about the setting etc.

1. I put in a trailing stop but when the EA is running I don't get an EA stop loss set in the trading window. Does it have to go into profit first? Because right now on my demo account I have two open trades that are about -10 pips each but neither has a stop loss even though I set one upon the EA for 25 pips.

2. Can I set a stop loss with the MT4 Platform initially and then the EA will update that number as it moves into profit?

3. Also, the take profit seems to be based on a dollar amount. Is that based on all open trades added together or each trade individually? Right now on my demo I set it to 500 and it shows a take profit of $500. Is that a total for both trades or will it be $500 for each trade?

4. Or is that number really number of pips? If so, same question. Is that total pips between all open trades or each trade?

Any other settings I need to set from the ea? Profit trailing true or false? What is that?

Trailing step? What is that?

Thanks,
RCWSO
  • #8,039
  • Jun 8, 2009 12:04pm Jun 8, 2009 12:04pm
I can get it up and running but am wonding about the setting etc.

1. I put in a trailing stop but when the EA is running I don't get an EA stop loss set in the trading window. Does it have to go into profit first? Because right now on my demo account I have two open trades that are about -10 pips each but neither has a stop loss even though I set one upon the EA for 25 pips.

It does not have to be in profit first. It imitates exactly jackos type of stop loss. If there a munual stop loss I think it will not adjust it unless it goes in your direction (in profit, then EA will automatically adjust it)




2. Can I set a stop loss with the MT4 Platform initially and then the EA will update that number as it moves into profit?

yes

3. Also, the take profit seems to be based on a dollar amount. Is that based on all open trades added together or each trade individually? Right now on my demo I set it to 500 and it shows a take profit of $500. Is that a total for both trades or will it be $500 for each trade?

if you right click on the open order you can set profit as pips or dollars.


4. Or is that number really number of pips? If so, same question. Is that total pips between all open trades or each trade?

Any other settings I need to set from the ea? Profit trailing true or false? What is that?

profit trailing set to "yes" would be same as "regular" trailing stop that comes with MT4.


Trailing step? What is that?

it means it will adjust itself every pip, for example if it goes up and you long so every new higher high will be trailed pip by pip, if you set it to "10" then it will adjust itself for every 10 pips in your direction

Thanks,
RCWSO
Attached Image
  • #8,040
  • Edited 1:07pm Jun 8, 2009 12:30pm | Edited 1:07pm
Quoting Low
...the increased volatility and subsequent "lack of trendy-ness" is healthier for us as traders, as it teaches us that things can change, and that we must develop the neccessary perception to flow with these changes.
When the world returns to "financial normality(whatever that means)", I suspect the EUR/USD will regain its stature as one of the trendiest pairs on offer, and thanks to Jacko, we will be able to exploit this to our benefit.
Very Wise words there, Low. "Lack of trendy-ness" will definitely turn us into better traders as it forces us to think out of the box.
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