Going long is a good probability bet | Forex Factory

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Going long is a good probability bet

  • #1
  • First Post: Mar 27, 2007 1:34am Mar 27, 2007 1:34am
Just do what Jacko says to do. Go with the long term trend. It has been rising since early 2005. It is still rising. It is also rising at a faster rate. Enter your trade at a support level. He likes round numbers (eg. 1.3100), support lines and 50% fib numbers, in that order. Use his hedging technique as your stoploss/ re-entry point.
Make a shitload of money.

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  • #2
  • Mar 29, 2007 9:05pm Mar 29, 2007 9:05pm
Hi Newbie,

Thanks for putting this chart up for me.

One day I will learn how to do these things !!!

Signed,
The Techno-Moron

.
  • #3
  • Apr 20, 2007 1:15am Apr 20, 2007 1:15am
Quoting newbietrader101
Just do what Jacko says to do. Go with the long term trend. It has been rising since early 2005. It is still rising. It is also rising at a faster rate. Enter your trade at a support level. He likes round numbers (eg. 1.3100), support lines and 50% fib numbers, in that order. Use his hedging technique as your stoploss/ re-entry point.
Make a shitload of money.

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To Jacko

A BIG public thank you for helping me make many, many dollars.

Thank you, Thank you, Thank you, Thank you, Thank you, Thank you, Thank you, Thank you.

You are a real Pal.
  • #4
  • Apr 20, 2007 5:14pm Apr 20, 2007 5:14pm
Well, I agree that I could have made a couple of thousand Pips if I had bought EUR/USD a year ago or so, but....

....holding long-term is not for the faint hearted and your account has to support for the running spread costs.

If you had a system that could "squeeze" every Pip on the up and downs, you would do thousandfold more (USD/JPY moved yesterday 70 down and 60 up! I calculated that if I had entered on every 5min "mini"-Retracement I could have made 170 Pips! That is only theoretically, since I had to buy against a falling trend (buying into the retracements), but it shows you that long-term is nice if you're Buffet and have the breath to hold long time.

Btw, what was Jackos suggestion/advice????? Could you point me to some thread link?

Thanks.

Peter.
  • #5
  • Edited 11:41pm Apr 20, 2007 11:12pm | Edited 11:41pm
Just be careful. CB's don't mind linear growth so much, but exponential (a symptom of which is support lines that start increasing rapidly in slope) usually get hit pretty hard. To go long here hoping for big moves up would require roughly a 500 pip (or more) SL, since we are at the top edge of the channel. a 131 entry for long would (could) be reasonable though.
  • #6
  • Apr 21, 2007 9:53am Apr 21, 2007 9:53am
Quoting HalifaxCB
Just be careful. CB's don't mind linear growth so much, but exponential (a symptom of which is support lines that start increasing rapidly in slope) usually get hit pretty hard. To go long here hoping for big moves up would require roughly a 500 pip (or more) SL, since we are at the top edge of the channel. a 131 entry for long would (could) be reasonable though.
That is the problem with this approach. You really need a big SL - not suitable for every account. I have studied charts for hours to find more and more precise ways to find "THE Reversal point" but it is extremely difficult - Elliot Wave could help, but from what I have seen it is subjective from Trader to Trader.

I think I've read in a Traders magazine that SHORTS are usually more violent (and talked about this with a floor trader - he mentioned that this has some psychological reason as people think "by selling something" is where they make money - BUYING sounds like expenditure in most people's mind, but SELLING sounds like "I'm doing good ol' business here").

Peter.
  • #7
  • Apr 23, 2007 9:35am Apr 23, 2007 9:35am
Quoting petercross
That is the problem with this approach. You really need a big SL - not suitable for every account. I have studied charts for hours to find more and more precise ways to find "THE Reversal point" but it is extremely difficult - Elliot Wave could help, but from what I have seen it is subjective from Trader to Trader.


Peter.
Not sure which style you are referring to but
if you use Jacko's style, you only need 50 pips SL.
  • #8
  • Dec 10, 2007 7:48am Dec 10, 2007 7:48am
petercross wrote
If you had a system that could "squeeze" every Pip on the up and downs" and "You really need a big SL - not suitable for every account."
The way I see it, it is very, very, very hard to try to squeeze every pip from the market. And very dangerous too... Find yourself a method and improve your money management.
I think you'll do much better If you follow Jacks method, it will not get bigger than a 50 pip S/L. If it still too much for you, instead of trading a full contract/lot, trade 0.5. Calculate it in a way you won't lose more than 2-5% per trade.

newbietrader101
May I talk to you? Send me an e-mail if possible. leobvo at yahoo.com

Take care, people
  • #9
  • Nov 2, 2008 6:34am Nov 2, 2008 6:34am
Quoting jacko
Hi Newbie,

Thanks for putting this chart up for me.

One day I will learn how to do these things !!!

Signed,
The Techno-Moron

.

Hey, come on now, it's not like you wrote that on a cave wall with flint.

ROTFL
Starting to see instead of just looking.
  • #10
  • Last Post: Nov 10, 2008 2:06am Nov 10, 2008 2:06am
I also will try to practise more and more to do my conclusions and to make my topic to discuss diferent market situations!
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