Jacko's Forex House of Pleasure and Pain | Page 438 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #8,741
  • Aug 7, 2009 9:35am Aug 7, 2009 9:35am
Thinking as its a NFP friday, they want to trip this week's stops here:
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If it's too good to be true, it probably is.
  • #8,742
  • Aug 7, 2009 9:39am Aug 7, 2009 9:39am
Quoting dwildes
Stop moved to B/E.
Debating closing at daily support around 1.4280, but since it looks like sellers have come into the market, I want to see what happens in the next 2 hours. So far, not much sign of strength.
My TP was hit at 1.4230 (50% FIB) for +190

Reason for closing: Friday & London session is closing in 30min. If traders close their shorts for profits, could push price up leaving us in a bad range for the rest of the day.

Just a note:
These are types of trades we jacko turtles make.
I looked at my charts around 4 times each day this week, and just let the trade play out. Once you have made the analysis, sit back, accept your risk and stop thinking and messing with it.

I've been quiet on this thread for many months and will go back into hiding after this post. The only reason I did post a few trades on here was because of the proof of trading from the turtles. I done my part. I hope posting these last few trades helped some (especially the ones calling long at around 1.4300. )
  • #8,743
  • Aug 7, 2009 9:39am Aug 7, 2009 9:39am
And there we are Looking to go long Monday at this area. I expect the market to go to sleep very soon. Only the cats and mice will stay awake.
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  • #8,744
  • Aug 7, 2009 9:44am Aug 7, 2009 9:44am
Sweet short! I shorted at 1.4400, SL 4450, TP 4340 which gave 60 pips.

This was a very boring week till now, that's why I closed the short once it got a little bit of movement.

Quoting dwildes
My TP was hit at 1.4230 (50% FIB) for +190

Reason for closing:...
  • #8,745
  • Aug 7, 2009 9:50am Aug 7, 2009 9:50am
I went short from 4350...scaling in a couple of times looking to close at 4180..we'll see...USD may strengthen further but I'm not holding positions over the weekend....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #8,746
  • Aug 7, 2009 9:55am Aug 7, 2009 9:55am
Quoting artov
Sweet short! I shorted at 1.4400, SL 4450, TP 4340 which gave 60 pips.

This was a very boring week till now, that's why I closed the short once it got a little bit of movement.
I could understand that. And be proud of those +60 pips! That's a very good profit. Even though I closed for more, it looks probably that price is still going to go down to around the weekly pivot near 1.4200 (like Simon posted). I'm willing to let those potential profits go in order to lock in what I already have. If it was earlier in the week, I 'may' have let it stay open and just moved my stop down to lock in +100 pips or something.

The reason I did not close earlier was due to the monthly resistance holding around the 1.4430 area.

Also a double-top formed on the H4 on 08/03 and 08/05 with no higher high created. So a double-top on a strong area like a monthly resistance, could you ask for a better short signal confirmation? :-)

Good trading!!
  • #8,747
  • Aug 7, 2009 9:58am Aug 7, 2009 9:58am
Quoting coscorp
I went short from 4350...scaling in a couple of times looking to close at 4180..we'll see...USD may strengthen further but I'm not holding positions over the weekend....
Nice - but just a tip:
It holds more weight if you call it before hand with a bit of reasoning behind it, instead of after the fact.
  • #8,748
  • Aug 7, 2009 10:07am Aug 7, 2009 10:07am
true...but I'm not looking to throw any weight around...


nice trade btw and stick around...


ps: closed at 1.4210...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #8,749
  • Aug 7, 2009 10:10am Aug 7, 2009 10:10am
Dewildes.going long.14200.s/p14100
student
  • #8,750
  • Aug 7, 2009 10:14am Aug 7, 2009 10:14am
I prefer to wait until monday...making predictions right now is a bit risky..market could even go down to 1.4130 area....

we'll see....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #8,751
  • Aug 7, 2009 10:14am Aug 7, 2009 10:14am
This is just a theory, but as it's NFP day, totally plausible.

The weekly stops were taken out as predicted. Maybe the upside stops will be taken out later and 1.4500 level tested.

I've seen big moves happen post London on a friday before, so it's possible.
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If it's too good to be true, it probably is.
  • #8,752
  • Aug 7, 2009 10:15am Aug 7, 2009 10:15am
Quoting dwildes
No offense - but it sounds like you are trying to catch it already?
100% Jacko style would have waited for a pullback to around 1.4230'ish for the 50% FIB on this latest move.

That's why all these calls of long @ 1.4300 were confusing to me.
No offense taken. Obviously, it didn't work out, so I guess I get to apply the AH.

In my review of this thread, though, it was apparent that Jacko does not always wait for the 50% retrace. There are three items. The 1.4300 area was a fairly obvious S/R level on the Daily chart. My understanding of not catching a falling knife is that placing a limit order at 1.4300 without waiting to see what happens on that area is too risky. I put a plan in place to monitor that area, and laid it out. I asked for advice on whether or not it seemed reasonable. Dan provided some input, and nobody came forward and said it broke the rules or was too risky or anything like that. Well, except for now, after it didn't work out...

I'll now wait to see where price settles in. 50% retrace is in an area with no other noticeable S/R, but that can be found a little lower at around 1.4200 (in round numbers) and 1.4150 adds additional TL support.
  • #8,753
  • Aug 7, 2009 10:36am Aug 7, 2009 10:36am
I posted here few times before, but this is my first time posting as a turtle yay!

I been learning since May... I think ...
well anyways

just want to get some encouragement from all of you, I had a really bad week with a loss -350 pips, and its because I had a trade open on the weekend and when july 31 was over my stops and limits were removed cuz of the new rule, and thats when the market reversed on me >.<

I looked at Jackos targets saw what they were, tried to add additional trade at 1.4400 level placed my stop at 1.4446 (thinking that if it breaks up i dont want to have more risk then I already have!) , market took out both of my short positions by 1 pip!!!

Then opening a position last night around 1.4350 hoping to recover at least some of my loss. then this morning stoped out by once again a very small amount of pips.


I found that i really had no patience this entire week, and that was the cause of my loss. Im really feeling discouraged and agrivated because i cant clear my head and feel revengefull at the market (oh-oh)

Reading all your guys results is increadible, i will be paying more attn to this thread.

hey do turtles have a private forum where you discuss trading by any chance???
  • #8,754
  • Aug 7, 2009 10:57am Aug 7, 2009 10:57am
Go take your frustrations out hit some golf balls, go play some pool and have some beers. This happens to all traders if you could be perfect then everyone would do it. When i first started trading I blew 25% on a friday with NFP, thinking I knew what I was doing. I watched NFP for 4 months playing them on demo and I nailed 3 out of 4 of them for huge gains on demo. So I jumped on good news and with a late bad revision I saw +20 or so on euro and pound go to -60 in seconds then thinking what happened watched as it hit my stop luckily and closed saw it just tank and tank. You just have to move on I know its easy to say Ive been there. If it is still on your mind dont trade live get it out. It took me a long time to get over it but in the end it taught me a lesson that I couldnt have learned with out doing it.
  • #8,755
  • Edited 11:17am Aug 7, 2009 11:03am | Edited 11:17am
Dammit I hate being right....argh...


oh well....I'll just get ready for the next train back up...

for Iliam...I know the feeling...I only hope your MM was within the 2%risk...as a suggestion I would step away from trading (weekend helps) and come back with a fresh outlook next week...

also..not to enter a trade..is always better than getting into a bad one....so don't be afraid not to get into a trade if you don't feel 100% sure of it (and if it does go your way so much the better - your analysis was correct)...I would also scale back on your positioning and reduce risk to below 1% until you feel steady on your feet a little bit more...


and if that doesn't help...to my knowledge some of the best traders have lower than a 40% win rate..it's HOW they win that counts...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #8,756
  • Aug 7, 2009 12:09pm Aug 7, 2009 12:09pm
yah i will get away from it this weekend, do some wild things.

I think i already figured out my next move.

Paticence is very important, this is a lesson well lerned.


Hey btw does any one trade with FXCM and trasfered to UK ???

I applied for it cuz i really dont like this FIFO rule, i cant trade long term and short term because of it.

Who knows of a good broker who does not use FIFO and has stops limits and trailing stops ???
  • #8,757
  • Aug 7, 2009 12:41pm Aug 7, 2009 12:41pm
do you guys think a down move past 1.4100 is realistic???? thats below the support on the 4h chart.
  • #8,758
  • Aug 7, 2009 1:17pm Aug 7, 2009 1:17pm
Quoting Joe T
In my review of this thread, though, it was apparent that Jacko does not always wait for the 50% retrace.
Have you mastered the basics yet? Why would you look for the exceptions instead of follow the rules?
Quoting Joe T
There are three items. The 1.4300 area was a fairly obvious S/R level on the Daily chart.
Once you trade this method awhile it'll get easier, but you are half-right here. The 1.4300 area was a fairly obvious 'Resistance' level. It had not confirmed as support, which is what I subtly hinted to at Low the other day.
Quoting Joe T
My understanding of not catching a falling knife is that placing a limit order at 1.4300 without waiting to see what happens on that area is too risky.
So is not waiting for confirmation as support.
Quoting Joe T
I put a plan in place to monitor that area, and laid it out. I asked for advice on whether or not it seemed reasonable. Dan provided some input, and nobody came forward and said it broke the rules or was too risky or anything like that. Well, except for now, after it didn't work out...
I think you were here to defend your thinking and not looking for advice. You had already made up your mind as I saw in one of your comments #8732 (http://www.forexfactory.com/showpost.php?p=2935419&postcount=8732) that you would just see how it does.

Basically for me it boils down to: Why are you trying to do something different and then call foul? The rules of the jacko-style are very clear on the first page of this thread. Once you can trade it EXACTLY by the rules for 6+ months, maybe then you can try a few different things here & there and you would understand the changes without even needing to ask.

But why take the rules and immediately try to alter them? What do you gain by making a few tweaks to an already proven system for 3+ years - even though this hard trading environment?
  • #8,759
  • Aug 7, 2009 1:20pm Aug 7, 2009 1:20pm
Quoting IliaM
yah i will get away from it this weekend, do some wild things.
I think i already figured out my next move.
Paticence is very important, this is a lesson well lerned.
Hi IliaM,

I'm attaching a copy of my desktop. Why? I read my desktop every single morning before I begin my trading day...

Before you even figure out your next move, I would sincerely recommend you to relax over the weekend and start fresh, with a clear head on Monday. In the meantime, take a look at this (http://www.bkforexadvisors.com/fx-weekly-reports/forex-weekly-revenge-will-kill-you/).

Good luck

PS. I'll remove this post on Monday as I do not wish to clog the thread with non-related posts.
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  • #8,760
  • Aug 7, 2009 1:24pm Aug 7, 2009 1:24pm
Quoting IliaM
just want to get some encouragement from all of you, I had a really bad week with a loss -350 pips, and its because I had a trade open on the weekend and when july 31 was over my stops and limits were removed cuz of the new rule, and thats when the market reversed on me >.<
If you are just starting out - why did you leave this trade open through the weekend?

Quoting IliaM
I looked at Jackos targets saw what they were, tried to add additional trade at 1.4400 level placed my stop at 1.4446 (thinking that if it breaks up i dont want to have more risk then I already have!) , market took out both of my short positions by 1 pip!!!
Why was it not 100pip stop?

Quoting IliaM
Then opening a position last night around 1.4350 hoping to recover at least some of my loss. then this morning stoped out by once again a very small amount of pips.
Why was it not 100pip stop - and why were you opening a position at this level?

Quoting IliaM
I found that i really had no patience this entire week, and that was the cause of my loss. Im really feeling discouraged and agrivated because i cant clear my head and feel revengefull at the market (oh-oh)

Reading all your guys results is increadible, i will be paying more attn to this thread.
You 'will' lose some trades - no doubt about it. But you can never throw your strategy out the window and just go into the market guns blazing. You will get killed.

It sounds like you are very anxious to make money in the market. What if I told you were not going to make one penny for the next 3 months - but you'll gain a great education that would pave the way to making money?

Change your mindset.
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