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Jacko's Forex House of Pleasure and Pain

  • #9,301
  • Sep 10, 2009 8:00am Sep 10, 2009 8:00am
Hey guys,

Don't know about you all but just when market retraces to close to low 1.45,it bounces back again.(credit goes to BOE).

Getting annoying!LOL.

This is when "patience" comes into play for those waiting for the market to come down to the "retest area".(please correct me if I am wrong)

"Hold your Horses" people!
  • #9,302
  • Sep 10, 2009 8:09am Sep 10, 2009 8:09am
patience is the biggest factor now...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,303
  • Sep 10, 2009 10:24am Sep 10, 2009 10:24am
Hello,
Why would'nt you give as much wieght to the trendline we are at now?It seemed to have tested it?
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  • #9,304
  • Sep 10, 2009 11:42am Sep 10, 2009 11:42am
Quoting jlmac27
Hello,
Why would'nt you give as much wieght to the trendline we are at now?It seemed to have tested it?
Are you asking why we wouldn't go long at around 1.4500?
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,305
  • Sep 10, 2009 12:15pm Sep 10, 2009 12:15pm
Quoting madpommie
Are you asking why we wouldn't go long at around 1.4500?
Yes basically,
That trendline seemed to have some merit.The only reason I guess for waiting for the other one is the deeper retracement aspect,along with the 50% fib.
  • #9,306
  • Sep 10, 2009 12:34pm Sep 10, 2009 12:34pm
Quoting jlmac27
Yes basically,
That trendline seemed to have some merit.The only reason I guess for waiting for the other one is the deeper retracement aspect,along with the 50% fib.
Wayne only uses 300 period 4H chart so the extra line, whilst valid is not on his chart.

More importantly we have seen an upward move of just over 400 points which makes the probability of a pullback a lot more probaby right now.

So, we wait patiently for that to happen and this is the real secret to Waynes success. He waits patiently for the trades that hold the highest probability of success.

Hope that helps
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,307
  • Sep 10, 2009 2:57pm Sep 10, 2009 2:57pm
Hi all, been reading quietly for awhile and practicing too. It takes a little time getting used to trading this way but i can see the rational behind it. I hope to enjoy the success along with everyone else. Just want to say thanks to Jacko/Wayne for the awesome thread!!
MY GRID. Markets are NOT random.
  • #9,308
  • Sep 10, 2009 5:32pm Sep 10, 2009 5:32pm
Quoting jlmac27
Yes basically,
That trendline seemed to have some merit.The only reason I guess for waiting for the other one is the deeper retracement aspect,along with the 50% fib.
The pair has been sideways and the bias on the 4hr chart was down (right or wrong) that's what it was. Now that we have break out of the sideways action we are looking for confirmation of the uptrend.

I've only been here since the sideways action, so I have not seen the method when the trend is in play, but I'm pretty sure if the trend bias was up the entire time, the 1.45 / the round numbers would be a valid buys.

Don't quote me on any of this, I'm still learning.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #9,309
  • Sep 10, 2009 7:44pm Sep 10, 2009 7:44pm
Quoting LasVahGoose
The pair has been sideways and the bias on the 4hr chart was down (right or wrong) that's what it was. Now that we have break out of the sideways action we are looking for confirmation of the uptrend.

I've only been here since the sideways action, so I have not seen the method when the trend is in play, but I'm pretty sure if the trend bias was up the entire time, the 1.45 / the round numbers would be a valid buys.

Don't quote me on any of this, I'm still learning.
Thanks for the reply,
That sheds a little more light on the situation.And again what madpommie says also with a 400 pip move I would think a good retrace is in store.
  • #9,310
  • Sep 10, 2009 7:57pm Sep 10, 2009 7:57pm
Quoting jlmac27
Thanks for the reply,
That sheds a little more light on the situation.And again what madpommie says also with a 400 pip move I would think a good retrace is in store.
I agree, but at the same time we should keep an open mind and understand it can shoot up another few hundred pips. I think that is why we are on the sidelines until the direction is clear and there is confirmation.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #9,311
  • Sep 10, 2009 8:25pm Sep 10, 2009 8:25pm
Quoting LasVahGoose
I agree, but at the same time we should keep an open mind and understand it can shoot up another few hundred pips. I think that is why we are on the sidelines until the direction is clear and there is confirmation.
Nicely put,just what I was thinking also.It does happen,just control your risk on testing the waters,so to speak
  • #9,312
  • Sep 10, 2009 9:23pm Sep 10, 2009 9:23pm
im staying out at the moment ! as jacko said, "patience!"

i believe it will hit 1.47 soon after retrace
Trading Forever !!!
  • #9,313
  • Sep 10, 2009 10:07pm Sep 10, 2009 10:07pm
waiting for a retest of 1.4500 - 1.4450 before I buy again. If it gets as low as 1.4450 we might see some price action and a bounce off that level.
Since tomorrow is friday I dont think it will hit before next week.
  • #9,314
  • Sep 11, 2009 12:40am Sep 11, 2009 12:40am
i guess we need to wait next week
Trading Forever !!!
  • #9,315
  • Sep 11, 2009 1:20am Sep 11, 2009 1:20am
jlmac27....my 2 cents on that upward sloping resistance line... currently around 1.45

Jacko prefers to see a downward sloping resistance line (ie. pointing to bottom right corner).. in fact, he says he gets worried if he sees an upward sloping line. So his chart would have the downward sloping resistance line that was broken at 1.4380

cheers
  • #9,316
  • Sep 11, 2009 1:39am Sep 11, 2009 1:39am
Quoting bluehorizon
jlmac27....my 2 cents on that upward sloping resistance line... currently around 1.45

Jacko prefers to see a downward sloping resistance line (ie. pointing to bottom right corner).. in fact, he says he gets worried if he sees an upward sloping line. So his chart would have the downward sloping resistance line that was broken at 1.4380

cheers
Hi BH

The downward sloping resistance line is when we are waiting to go short.

We now have a long bias so upward sloping support lines are what we are after and we are waiting for a decent pullback.
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,317
  • Sep 11, 2009 2:00am Sep 11, 2009 2:00am
With all that news eg. interest rates,gold price.Alot of things seem to have change.

It seems the market is showing that Eurusd is going into a bull run with all these factors in place.

However initially we were looking that the market go down since Usd gets stronger with the chinese in the game.

Do you guys think that fundamentally,this rally to 1.46 is a start of the bull run and we will probably see a weakening of the usd over the months or this is just temporary due to news?

I know we can't tell for sure till the market shows us but just wondering what are the views of you guys.

p.s can someone tell me whats that green card beside my user name when i post please?
  • #9,318
  • Sep 11, 2009 2:10am Sep 11, 2009 2:10am
Hi madpommie

I agree....that downward sloping resistance is what we were looking to(did) go short off...

what I was trying to say is that that 1.4380 (downward sloping) resistance line is the more significant one that was broken and hence, it is this one that we are waiting to be re-tested if the long trend is to be confirmed. Looking for a retest of the upward sloping resistance line, that was also broken at 1.45 may be valid, but is not what jacko is looking for.

If the long trend is confirmed, then we will look to find the strongest upward sloping support line for the next series of trades

cheers
  • #9,319
  • Sep 11, 2009 2:19am Sep 11, 2009 2:19am
noobis - simply that you are online.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,320
  • Sep 11, 2009 2:23am Sep 11, 2009 2:23am
Quoting coscorp
noobis - simply that you are online.
Oh thanks bro.

That explains my nick LOL
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