Jacko's Forex House of Pleasure and Pain | Page 412 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #8,221
  • Jun 16, 2009 3:42pm Jun 16, 2009 3:42pm
Quoting Low
Thx Ricky,it appears fate even smiles upon the handicapped every now and again.
I wouldn't call you handicap. Far from it. Your analysis of the market has been excellent the past couple weeks I've noticed your posts. It seems like it's just the timing of your entries or lack thereof that may need some work. Often times that is the trickiest part of this business. I made a post last week where just about everyone entered a trade that I wanted to enter. I couldn't enter the same time everyone else entered because I was traveling. I got an opportunity to enter later than everyone and most people who entered before me got stopped out whereas I caught the move at the right time for some gains. The point is, we all had the same analysis but sometimes it's where and when you enter. A trader like Jacko seems to have the uncanny ability to both read the market and know exactly when to pull the trigger. Sometimes though, it seems like dumb luck - like in my case last week, LOL! And of course luck goes both ways.
  • #8,222
  • Jun 16, 2009 4:55pm Jun 16, 2009 4:55pm
Quoting RickyRudy
I wouldn't call you handicap. Far from it. Your analysis of the market has been excellent the past couple weeks I've noticed your posts. It seems like it's just the timing of your entries or lack thereof that may need some work. Often times that is the trickiest part of this business. I made a post last week where just about everyone entered a trade that I wanted to enter. I couldn't enter the same time everyone else entered because I was traveling. I got an opportunity to enter later than everyone and most people who entered before me got stopped...
I agree with you RR about the timing. My entry last week let my AH trade stay in the game where Jacko got stopped out twice. I bagged 173 pips after losing 94.
I have a counter trend trade going from 3810 trying to ride up to my sell limit of 4000 where that resistance line is waiting.
I have learned so much since joining Jacko's second group.
  • #8,223
  • Edited Jun 17, 2009 12:27pm Jun 16, 2009 7:12pm | Edited Jun 17, 2009 12:27pm
Quoting Low
Closed trade for 94 pips @ 1.3868...
Congrats on the 94 pips, Low.

Seems like everyone who went long yesterday came back with a bag full of pips. I'm (im)patiently waiting for my short
  • #8,224
  • Jun 17, 2009 1:26am Jun 17, 2009 1:26am
I've entered half a position short at 1.3920 and will look to enter the other half at a higher price if I am around and the price goes higher. 100pip hard stop.

Yesterday's high is a minor resistance level on the 4H chart (can be seen more clearly on the 1H chart) and the falling trendline is just under 1.4000 at present.

Bias is strongly downwards towards the 1.3730 area resistance area again and I don't want to miss a falling knife by not being around to get the best price.

IF it breaks this area, then hopefully the H&S pattern will play itself out and we will see some nice trending action over the next few weeks.
  • #8,225
  • Jun 17, 2009 3:45am Jun 17, 2009 3:45am
My buy trade from 1.3850 was stopped out with a +19 pips.
I had a TSL50 on it.

Bye, AT
  • #8,226
  • Jun 17, 2009 8:03am Jun 17, 2009 8:03am
Exited out of trade at +54 pips as looked as though trade was heading back up (can't watch screen that often so have to make some not ideal decisions at times).

Placed order to re-enter short at 1.3920 again - full position this time with 100pipSL and 50pip TSL.
  • #8,227
  • Jun 17, 2009 9:46am Jun 17, 2009 9:46am
1522dad's comment, made me rethink my short at 1.3868, and I closed it for 23 pips. Then opened a limit buy above the 4H pin formed at the beginning of yesterdays Asian session.

Then I thought, WTF am I doing? Jacko scalping?

Cancelled limit order. Will remain flat until an opportunity presents itself.

Sometimes winning makes me do dumb things. I caught myself this time.

Happy trading, and good job to all who paid themselves.
  • #8,228
  • Jun 17, 2009 11:16am Jun 17, 2009 11:16am
This thing seems to be in love with triangle ranges of late.
  • #8,229
  • Jun 17, 2009 1:31pm Jun 17, 2009 1:31pm
1.40 ahoy!
Lock & Load.
  • #8,230
  • Edited 1:44pm Jun 17, 2009 1:32pm | Edited 1:44pm
Hang on to your hats boys and girls, we are on a climb to our resistance level of 1.4000. Looks like we are going to get filled today.

Maybe......but I could be wrong...
  • #8,231
  • Jun 17, 2009 1:38pm Jun 17, 2009 1:38pm
I just got back to my computer to see we shot out of that triangle and got as high as 1.3985. It's at 1.3963 now. PLEASE - FOR THE LOVE OF GOD, muster up some energy to get to my target.
  • #8,232
  • Jun 17, 2009 2:06pm Jun 17, 2009 2:06pm
Quoting RickyRudy
I just got back to my computer to see we shot out of that triangle and got as high as 1.3985. It's at 1.3963 now. PLEASE - FOR THE LOVE OF GOD, muster up some energy to get to my target.
Patience their Grasshopper and your proficy will be fulfilled.

But as the master (Jacko) says, I could be wrong....
  • #8,233
  • Jun 17, 2009 2:31pm Jun 17, 2009 2:31pm
Anyone else notice this thing is hangin' on to the 4H 50% fib from 1.4171 to 1.3748? As I would say when price seems to love a line I've drawn on a chart ... I believe it's "self aware"

I'm still looking for a long around 1.3600, but am I crazy for considering a short at 1.3900? Seems to be a lot of semi-countertrend trading going on here lately.....

Thoughts?
  • #8,234
  • Jun 17, 2009 2:43pm Jun 17, 2009 2:43pm
Call me a plunger, but I took the short @ 1.3950. I may tighten the stop, but 100 pips seems like enough to prove this right or wrong.

The chart is freakin' scary.

http://i42.tinypic.com/2zdqi3b.png
  • #8,235
  • Jun 17, 2009 3:52pm Jun 17, 2009 3:52pm
I have the same chart and took the same trade...
got stopped out of my second trade of the day when I re-entered my earlier short at 13920 but had a 50pip TSL so lost 45 pips.

Now have 100pip TSL in place.
  • #8,236
  • Jun 17, 2009 3:56pm Jun 17, 2009 3:56pm
Quoting Low
Call me a plunger, but I took the short @ 1.3950. I may tighten the stop, but 100 pips seems like enough to prove this right or wrong.
My bet is that will be a good trade, but I want to see more price action indicating it's still headed down in the short/mid term. Hopefully I'll be in shortly and you'll be 50p in the black ;-) good luck and happy hunting

Moose
  • #8,237
  • Jun 17, 2009 4:34pm Jun 17, 2009 4:34pm
Quoting c49ermoose
My bet is that will be a good trade, but I want to see more price action indicating it's still headed down in the short/mid term.
I wanted to come back and post before opening my charts again just to keep myself honest.

I immediately regretted just "jumping in". If south is the direction, 1.3950 is a fine entry, and if I see a bit of drawdown first, it's still OK.... But picking a top?

Man I feel foolish and impulsive sometimes, and foolish impulsive people are the liquidity in this market.

As soon as I made the trade, and regretted it, I figured I could close it and bank the small loss, or just let it go. I know that there will be opportunities in the future that represent the perfect set-up, and will still somehow fail, because the market doesn't care what we want, and will do whatever it wants to, so I closed the charts, and went out to split some firewood, to force myself to accept the outcome, and accept the risk.

I really do appreciate all the support and respect from everybody, but sometimes don't feel worthy of it when I can't even demonstrate the discipline that I know is necessary to succeed at this endeavor.

Anyways....I'll go check my charts now and see if I'm lucky and dumb, or just dumb.

Happy trading.
  • #8,238
  • Jun 17, 2009 5:37pm Jun 17, 2009 5:37pm
Low, don't beat yourself up. Your entry seems fine as long as you used a 100 pip SL. Of course the ideal entry is still closer to 1.4000 resistance line but nobody knows for sure that it'll get there. At least your entry is in a 50% fib area and still within 50 pips of the resistance line. Assuming you used a 100 pip SL you still have roughly a 50-pip breathing room from that resistance line. This isn't an exact science. Those of us still waiting could end up out in the cold.

Good luck.
  • #8,239
  • Jun 17, 2009 6:48pm Jun 17, 2009 6:48pm
Quoting RickyRudy
Low, don't beat yourself up. Your entry seems fine as long as you used a 100 pip SL. Of course the ideal entry is still closer to 1.4000 resistance line but nobody knows for sure that it'll get there. At least your entry is in a 50% fib area and still within 50 pips of the resistance line. Assuming you used a 100 pip SL you still have roughly a 50-pip breathing room from that resistance line. This isn't an exact science. Those of us still waiting could end up out in the cold.

Good luck.
Those of you looking for 1.4000, are you basing that off the upper trendline? My upper trendline is at 1.3993, and I don't like to put entry orders at 1.4000 without watching price action ... so are you guys just setting entry orders or are you planning to watch the price move past 1.4000 and catch it on the way back down?

Moose
  • #8,240
  • Jun 17, 2009 7:43pm Jun 17, 2009 7:43pm
Quoting Low
I wanted to come back and post before opening my charts again just to keep myself honest.

I immediately regretted just "jumping in". If south is the direction, 1.3950 is a fine entry, and if I see a bit of drawdown first, it's still OK.... But picking a top?

Man I feel foolish and impulsive sometimes, and foolish impulsive people are the liquidity in this market.

As soon as I made the trade, and regretted it, I figured I could close it and bank the small loss, or just let it go. I know that there will be opportunities in the future that...
Hey Low,

You know me, I'm the '1 pip matters guy'. I feel however, that .3950 is a fine entry and not as bad as you are making it look. Some of us are waiting in hope (and I've been waiting for a couple of days) for PA to reach our entry target, but ultimately, we all know that PA does whatever it wants to do and not what we expect it to do. It's your trade an as long as you feel comfortable in it, you shouldn't be having second thoughts.

As for your 'top picking' comment... that's how I'm feeling now. My entry target is a bit higher (.4020) but I've been wondering whether I should be more flexible and just enter at a lower price as I may miss this move for being too greedy...

My 0.02 pips.

Cheers,
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