Jacko's Forex House of Pleasure and Pain | Page 405 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #8,081
  • Jun 9, 2009 11:04am Jun 9, 2009 11:04am
Placed AH at 1.3950. 50 pip hard stop, 100 pip TSL. got closed @ 1.3900.

Bugger.
  • #8,082
  • Jun 9, 2009 11:11am Jun 9, 2009 11:11am
http://i43.tinypic.com/alowpe.png


Price will meet the old TL around 1.4125
  • #8,083
  • Jun 9, 2009 12:08pm Jun 9, 2009 12:08pm
Entered a short at 1.4045...near resistance level. 1% of bank risked (rather than 2%) as entered before waiting to see how price reacts nearer the resistance to cofirm it.
  • #8,084
  • Jun 9, 2009 12:10pm Jun 9, 2009 12:10pm
Quoting hansnl
congrats Jpneck
mmm, I'v been out for a few hours good to see you made up your loss
I'm still in and stay in for a while, why dónt you re-enter the trade on a nice dip like now??
I am with you Hans, still in but pulled my SL to 50 which guarantees +11 above AH. Thought price seemed to be slowing so thought I would lock in profits. Going to let it play out from here and be happy with my resurrected fallen soldier. (Love that AH strategy, THANKS JACKO)
  • #8,085
  • Jun 9, 2009 1:40pm Jun 9, 2009 1:40pm
Quoting Jpnek
Hey Ricky,

Timing couldn't be better for your entry. Nice ride nortbound

Cheers,
Thanks Jpnek. You are so right about timing. Had I not have to leave for the weekend I’m sure I would’ve entered earlier and get stopped out like most others. My entry is basically the same as others but I just didn’t get whipsawed due to my late entry. Sometimes it’s not just about the point of entry but also the timing, which could be luck – whether good or bad. In this case I got massively lucky I was forced to enter around the 3rd or 4th time it hit my entry number.

Another thing is that I’ve decided to let my trades play out. I’ve been deprived of pips so many times by cutting them short. I told myself if this went into a loss I would just live with it. Perhaps it all balances out anyway. I’m hoping to ride this thing like an equestrian on his show prize.
  • #8,086
  • Jun 9, 2009 3:48pm Jun 9, 2009 3:48pm
Hi all,
from my point of reseach this trendline will be SUP and RES in next 1-2 weeks. Actually it does not matter, because as long as you stick with this trend you will be rewarded with some profit.

Plz tell me if I am completly wrong..

http://smages.com/t/14/78/14784f75fe...cbe70a7891.jpg (http://smages.com/14/78/14784f75fe58d69abe49a0cbe70a7891.gif.htm)
  • #8,087
  • Edited 7:55pm Jun 9, 2009 7:41pm | Edited 7:55pm
Quoting RickyRudy
Thanks Jpnek. You are so right about timing....
Great to see that your longs are on the green, Ricky. Way to go

One of the things that I've found most profitable is letting my winners run as far as possible. Admittedly, sometimes you do lose a few dozen pips before getting stopped by a TSL, but still is better than manually closing a position 'cause you got scared out and then miss on a monster move (like yesterday's).

I was not as lucky. Entry level was good (.3950), but timing was a bit off. I got whipsawed big time and closed out but thanks to an A-H I was able to get back my losses. I'm currently looking forward to re-enter the market on a pullback as we seem to be back on the uptrend channel.

Cheers,
  • #8,088
  • Jun 9, 2009 11:16pm Jun 9, 2009 11:16pm
Quoting Low
Placed AH at 1.3950. 50 pip hard stop, 100 pip TSL. got closed @ 1.3900.

Bugger.
Hi Low,

Isn't a 50 pip hard stop a little small for an A-H with the current market volatility...? As you may know, Jacko is currently trading with 100 pip S/L's.
  • #8,089
  • Jun 10, 2009 1:50am Jun 10, 2009 1:50am
Quoting Jpnek
Hi Low,

Isn't a 50 pip hard stop a little small for an A-H with the current market volatility...? As you may know, Jacko is currently trading with 100 pip S/L's.

I haven't read the entire thread yet. I am around page 350. I was uncertain about the hard stop/TSL parameters. I have reset my defaults to 100 pip TSL only, and cut lot size in half to accommodate the risk.

tomorrow is a new day.
  • #8,090
  • Jun 10, 2009 1:57am Jun 10, 2009 1:57am
Price has bounced nicely at 1.4120. Looking for longs around 1.36.
  • #8,091
  • Jun 10, 2009 2:12am Jun 10, 2009 2:12am
Quoting Low
Price has bounced nicely at 1.4120. Looking for longs around 1.36.
1.36? isnt that a bit too low. I am currently in the market, with one long at 1.3820 and one at 1.3882. Wondering whether to close them or let them play. Looking forward to reenter at 1.3900 if the HH and LL that we have currently hold their position
  • #8,092
  • Jun 10, 2009 2:14am Jun 10, 2009 2:14am
Quoting lovejoy80
Entered a short at 1.4045...near resistance level. 1% of bank risked (rather than 2%) as entered before waiting to see how price reacts nearer the resistance to cofirm it.
Poor trade as counter-trend, lost 58 pips and immediately entered a position long together with a GBP/USD long position. Just closed out on surprise French Industrial Output figures for a 3 pip loss on Euro and 37 pip gain on cable. Looking for potential long entry points...1.4050 support with a tight stop??
  • #8,093
  • Jun 10, 2009 2:19am Jun 10, 2009 2:19am
Quoting Ellipsis
1.36? isnt that a bit too low. I am currently in the market, with one long at 1.3820 and one at 1.3882. Wondering whether to close them or let them play. Looking forward to reenter at 1.3900 if the HH and LL that we have currently hold their position
The bounce suggests the previous trendline has turned from support to resistance. This is obviously unconfirmed. However, should price continue southward, the daily 50% fib lands around 1.3610.

I have been wrong enough, even I'm wondering if I should listen to myself.
  • #8,094
  • Jun 10, 2009 2:29am Jun 10, 2009 2:29am
PS,

I am open to the fact that this may be the resumption of the uptrend, and if so, I'll look for another long entry on a pullback.
  • #8,095
  • Jun 10, 2009 2:36am Jun 10, 2009 2:36am
Low, you might be right, this is the thing about drawing TLs, everybody draws them differently. I havent moved mine, i usually let it be pierced, as being S/R line, i assume that it is not a brick wall , but a zone, and currently on my h4 chart, price has moved above it, so hopefully trend countinues north.
It is very possible that I am wrong as being new to FOREX
Attached Image (click to enlarge)
Click to Enlarge Name: chart.jpg Size: 123 KB
  • #8,096
  • Jun 10, 2009 3:24am Jun 10, 2009 3:24am
hello. the price bounced off 1.38, so the trendline is drawn now like that: (i'm sorry i don't know how to attach a thumbnail)
Attached Image
  • #8,097
  • Jun 10, 2009 3:40am Jun 10, 2009 3:40am
Quoting W.Jen
hello. the price bounced off 1.38, so the trendline is drawn now like that: (i'm sorry i don't know how to attach a thumbnail)
This only shows that there is always a kind of diffusion in using pure TL. This is the time when round numbers come into play.
  • #8,098
  • Edited 4:49am Jun 10, 2009 4:13am | Edited 4:49am
Quoting Low
I haven't read the entire thread yet. I am around page 350. I was uncertain about the hard stop/TSL parameters. I have reset my defaults to 100 pip TSL only, and cut lot size in half to accommodate the risk.

tomorrow is a new day.
Hey Low,

Yeah, due to market conditions, somewhere along the the end of 2008 Jacko decided to change his S/L to 100 pips in order to avoid getting hit by the market's volatility.
  • #8,099
  • Jun 10, 2009 6:05am Jun 10, 2009 6:05am
Quoting Ellipsis
Low, you might be right, this is the thing about drawing TLs, everybody draws them differently. I havent moved mine, i usually let it be pierced, as being S/R line, i assume that it is not a brick wall , but a zone, and currently on my h4 chart, price has moved above it, so hopefully trend countinues north.
It is very possible that I am wrong as being new to FOREX
For what it's worth, Ellipsis, my trend line is drawn like yours. Although price has pierced it on the 4H, it has bounced back over 200 pips above it and it hasn't closed below that same line on the daily. I'm interpreting this market as a LONG. I wouldn't be looking for 1.36 unless I see significant piercing and more of a convincing downward move. Just my $0.02.
  • #8,100
  • Jun 10, 2009 6:39am Jun 10, 2009 6:39am
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
Quoting RickyRudy
For what it's worth, Ellipsis, my trend line is drawn like yours. Although price has pierced it on the 4H, it has bounced back over 200 pips above it and it hasn't closed below that same line on the daily. I'm interpreting this market as a LONG. I wouldn't be looking for 1.36 unless I see significant piercing and more of a convincing downward move. Just my $0.02.
My 5 year old agrees with that..
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