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Jacko's Forex House of Pleasure and Pain

  • #8,181
  • Jun 15, 2009 10:24am Jun 15, 2009 10:24am
Quoting RickyRudy
Market went as low as 1.3779. I moved my SL to breakeven just in case this thing reverses. It's pretty much a free trade for me now. Whoopie, out of the woods with my pants on.
Hi RickyRudy

Excellent trading. You have minimized your potential loss and you have a free trade running.

.
Jacko
  • #8,182
  • Jun 15, 2009 10:26am Jun 15, 2009 10:26am
Quoting Jpnek
I'm with you on this one, Rick. Got in at .3845 at the last pullback. As I consider this a very risky trade because of the really low entry point, I've just placed my S/L at B/E (currently 60 pips in the green). I'm planning to buy back my lots at 3745 if we get there.

Cheers,
Hi Jpnek

You too. Excellent trading. You have minimized your potential loss and you have a free trade running.

.
Jacko
  • #8,183
  • Edited 10:52am Jun 15, 2009 10:29am | Edited 10:52am
Quoting Paul88
sorry , i'm a newbie in jacko style
and glad to learn much thing from u all guys

and i want to learn more about A-H strategy

let say entry on 3900 and put Stop Loss 3800 and also put a buy limit at 3800 ??

sry for my english , coz is not my default language
Hi Paul88,

A-H explained by the Master himself http://www.forexfactory.com/showpost.php?p=1425762&postcount=5

If you went long at .3900 and your S/L was hit at .3800, you should wait for PA to go at least 50 pips past your S/L (.3750) before placing your Buy Stop order again *at .3800.

*Edited as I failed to write down the A-H re-entry price on my original post
  • #8,184
  • Jun 15, 2009 10:32am Jun 15, 2009 10:32am
Quoting Paul88
sorry , i'm a newbie in jacko style
and glad to learn much thing from u all guys

and i want to learn more about A-H strategy

let say entry on 3900 and put Stop Loss 3800 and also put a buy limit at 3800 ??
sry for my english , coz is not my default language
Hi Paul88

1. The A-H strategy is on the frst page of the thread here

2. "let say entry on 3900 and put Stop Loss 3800 and also put a buy limit at 3800 ??" NO...this is a Stop and Reverse strategy. ... it is completely different from the A-H strategy.
A Stop and Reverse strategy will give you drawdowns that are far too large for any normal trader.... I never use that strategy

.
Jacko
  • #8,185
  • Jun 15, 2009 10:34am Jun 15, 2009 10:34am
Quoting jacko
Hi Jpnek

You too. Excellent trading. You have minimized your potential loss and you have a free trade running.

.
Jacko
Thanks Wayne. Could have never done this without your great mentoring.

Cheers,

Paul
  • #8,186
  • Jun 15, 2009 10:35am Jun 15, 2009 10:35am
Quoting jacko
Hi RickyRudy

Excellent trading. You have minimized your potential loss and you have a free trade running.

.
Jacko
Thanks. Yeah, risky trade. Anything here is a bonus.

JP, I like your entry a lot better than mine. Your number looked good but Geithner was still speaking at the time I monitored it around that number. I wanted to wait until he finished speaking to decide what to do.
  • #8,187
  • Jun 15, 2009 10:35am Jun 15, 2009 10:35am
Quoting Jpnek
Hi Paul88,

http://www.forexfactory.com/showpost.php?p=1425762&postcount=5

If you went long at .3900 and your S/L was hit at .3800, you should wait for PA to go at least 50 pips past your S/L (.3750) before placing your Buy Stop order again.
Hi Jpnek

If you went long at .3900 and your S/L was hit at .3800, you should wait for PA to go at least 50 pips past your S/L (.3750) before placing your Buy Stop order again at 1.3800.

.
Jacko
  • #8,188
  • Jun 15, 2009 10:40am Jun 15, 2009 10:40am
nice way to start the week.....in retrospect I'm happy Geitner didn't have his ill effects...party wouldn't have been as sweet...

just a matter where to start buying again though I feel it may not make it much past 1.3700 (.50 fib on my weekly) as well as confluence with a 50 sma...

I'm really getting the itch to scale up the sizing but my MM would be out the window so that's a nono....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #8,189
  • Edited 7:13pm Jun 15, 2009 10:41am | Edited 7:13pm
Quoting jacko
Hi Jpnek

If you went long at .3900 and your S/L was hit at .3800, you should wait for PA to go at least 50 pips past your S/L (.3750) before placing your Buy Stop order again at 1.3800.

.
Jacko
Ooops. Sorry, my mistake. Forgot to write down the A-H re-entry price.
  • #8,190
  • Jun 15, 2009 10:43am Jun 15, 2009 10:43am
[email protected] as it wasn't breaking through the fib line...now it's at my initial target area I've moved SL down to 1.3850 and watching how it reacts around this key area, if we have a significant break I'll be adding to my position. I expect there will be some profit taking here and it will rise, I'm watching carefully as dont want to lose pips, but dont want to close a trade too early...
  • #8,191
  • Jun 15, 2009 10:59am Jun 15, 2009 10:59am
Thanks for dropping in Jacko.

I just finished the entire thread. I took about 9 days.

I'm waiting for 1.36 for potential longs, but won't really know til we get there. Might take smaller trades between now and then if they look promising.
  • #8,192
  • Edited 1:58pm Jun 15, 2009 11:05am | Edited 1:58pm
Quoting RickyRudy
JP, I like your entry a lot better than mine. Your number looked good but Geithner was still speaking at the time I monitored it around that number. I wanted to wait until he finished speaking to decide what to do.
Actually, I think I got in after you did...!. Risky trade, though. PA seems to be stuck around .3775 and Jacko is warning about an oversold condition. I better watch this closely...

Edit: 19:50GMT. I have decided to manually close my trade at .3795. PA shows me we may be heading into a retrace after hitting a low of .3755 (missing my T/P by 10 pips) and don't feel like giving back any more pips to the market.
  • #8,193
  • Jun 15, 2009 3:04pm Jun 15, 2009 3:04pm
Well done JP.

Closed my trade at 1.3791 for a profit of 43 pips. I'll be happy with it.

1.3790 also appears to be around the 38% weekly fib. My 50% weekly fib is another 177 pips away around 1.3600. But this thing shot down so fast without any pull back I won't be that brave to risk giving these precious pips back in that fashion.
  • #8,194
  • Jun 15, 2009 4:14pm Jun 15, 2009 4:14pm
What is the general consensus on the current trend? Most people seem to be trading in both directions? Are we short? According to my chart the 4hr trendline (in green) has been broken, price found resistance on the other side of this trendline. And now the daily trendline (in red) has also been broken. So I reckon we should now be trading short.
Attached Image
  • #8,195
  • Jun 15, 2009 4:42pm Jun 15, 2009 4:42pm
Quoting jcalow
What is the general consensus on the current trend? Most people seem to be trading in both directions? Are we short? According to my chart the 4hr trendline (in green) has been broken, price found resistance on the other side of this trendline. And now the daily trendline (in red) has also been broken. So I reckon we should now be trading short.
I think that about sums it up.

Short for the near future, or sit on the sidelines looking for PA that gives uptrend re-entry signals.

my 2 pips.
  • #8,196
  • Jun 15, 2009 5:18pm Jun 15, 2009 5:18pm
Quoting RickyRudy
Well done JP.

Closed my trade at 1.3791 for a profit of 43 pips. I'll be happy with it.

1.3790 also appears to be around the 38% weekly fib. My 50% weekly fib is another 177 pips away around 1.3600. But this thing shot down so fast without any pull back I won't be that brave to risk giving these precious pips back in that fashion.
Hi RickyRudy

Good work. You and Jpnek both walked away with some good pips.


.
Jacko
  • #8,197
  • Jun 15, 2009 7:21pm Jun 15, 2009 7:21pm
Quoting jacko
Hi Pipped

Good trading

.

Jacko
Thanks Jacko! That means a lot
  • #8,198
  • Jun 15, 2009 8:20pm Jun 15, 2009 8:20pm
Quoting RickyRudy
Well done JP.

Closed my trade at 1.3791 for a profit of 43 pips. I'll be happy with it.

1.3790 also appears to be around the 38% weekly fib. My 50% weekly fib is another 177 pips away around 1.3600. But this thing shot down so fast without any pull back I won't be that brave to risk giving these precious pips back in that fashion.
Thanks, Ricky. for you, too.

I closed mine for a profit of 50 pips. Initially, I had set a T/P at .3745 but since PA just bounced back from .3755 I decided not to be greedy and walk away with what the market was offering me. Besides, as I mentioned in my original entry post (http://www.forexfactory.com/showthread.php?p=2803878#post2803878) that was a 'very risky trade because of the really low entry point'.

Looks like we are all waiting for that nice round number (.3600) to go long. I also have confluence of 2 50% fibs around there (http://www.forexfactory.com/showthread.php?p=2799670#post2799670).

Cheers,
  • #8,199
  • Jun 16, 2009 1:30am Jun 16, 2009 1:30am
I went long at 1.3773, based on two notions:

A) I have no idea what price is going to do.

B) It has some likelihood of bouncing off of fibs and resistance.

Stop is tight.
  • #8,200
  • Jun 16, 2009 1:30am Jun 16, 2009 1:30am
Exited my trade @ 1.3805, a little bit annoyed at being a touch greed, should have closed out at 1.3750, but still, 2 decent winning trades yesterday.

Looking at 3H and Daily charts below, can see that it pierced 1st resistance level, went to second level and then closed above 1st level again...this is a key area and could act as support now utill we get some more momentum downwards.

EUR German economic sentiment and CPI releases this morning and US PPI and building permits this afternoon.

Technically expecting a pull back, only realy resistance is the 3H trendline under 1.4000.

Sitting on the sidelines waiting for a position to sell...

http://i41.tinypic.com/tz383.jpg

http://i42.tinypic.com/xghefn.jpg
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