Jacko's Forex House of Pleasure and Pain | Page 467 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Chicky's House of Pleasure and Pain 11 replies

Carry Backet w/ Jacko's AH 10 replies

Hello Guys is a pleasure to be here. I'm new to MT4 1 reply

Jacko's P&P Trend Trading Method 73 replies

Attachments: Jacko's Forex House of Pleasure and Pain
Exit Attachments

Jacko's Forex House of Pleasure and Pain

  • #9,321
  • Sep 11, 2009 3:05am Sep 11, 2009 3:05am
Quoting bluehorizon
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...
Perfectly put BH!!

The upward move definitely seems to be showing weakness now.

Do you play the other side of the trades? Will you short it down to the long entry?
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,322
  • Sep 11, 2009 3:30am Sep 11, 2009 3:30am
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.
The problem is, one man's downward bias is another man's upward bias.
If in doubt, ask the 5 year old to come into the room with a felt tip.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd4hr.gif Size: 23 KB
  • #9,323
  • Sep 11, 2009 3:36am Sep 11, 2009 3:36am
Quoting Interceptor
The problem is, one man's downward bias is another man's upward bias.
If in doubt, ask the 5 year old to come into the room with a felt tip.
I don't know man, looks like an uptrend to me.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #9,324
  • Sep 11, 2009 3:48am Sep 11, 2009 3:48am
Quoting madpommie
Perfectly put BH!!

The upward move definitely seems to be showing weakness now.

Do you play the other side of the trades? Will you short it down to the long entry?

thanks madpommie..

I was trading both sides while it was range bound (pretty much the last 3 months!), but now that its broken out I will be more cautious. To go short now is not a high probability trade IMO.... and its a friday......and the sun is shining....and the hell with it, I'm going to the beach

have a good one!
  • #9,325
  • Sep 11, 2009 4:58am Sep 11, 2009 4:58am
Quoting LasVahGoose
I don't know man, looks like an uptrend to me.
Absolutely!
The problem occurs if one allows a fundamental belief structure to overcome the clear technical evidence.
Jacko made his fortune by playing the euro bull run a few years back. If he had held a contradictory fundamental view (ie, 'believing' that the market was going to go down), then he would have been nowhere near as successful.
I think the lesson is: if you start 'thinking' or 'believing', then get the 5 year old in the room.
Quick!
  • #9,326
  • Sep 11, 2009 7:54am Sep 11, 2009 7:54am
A potpourri of central banks selling EUR/USD in 1.4610/20 area

By Jamie Coleman (http://www.forexlive.com/author/jamie/) || September 11, 2009 at 12:35 GMT
|| 0 comments || Add comment (http://www.forexlive.com/49985/all/a-potporri-of-central-banks-selling-eurusd-in-1-461020-area#comments)
Central banks are sitting on the offer in the 1.4610/20 area this morning, traders say. Similarly, probes above 1.67 in cable have brought out seller this morning. Each subsequent probe has come with a lower high.
1.4570/80 is decent support on pullbacks in EUR/USD near-term.
Just crossing the wires are comments from Bundesbank president Weber who says that the phase of economic freefall is over but that recovery will take a while, a view the market has heard before.
  • #9,327
  • Sep 11, 2009 8:40am Sep 11, 2009 8:40am
Quoting Interceptor
Absolutely!
The problem occurs if one allows a fundamental belief structure to overcome the clear technical evidence.
Jacko made his fortune by playing the euro bull run a few years back. If he had held a contradictory fundamental view (ie, 'believing' that the market was going to go down), then he would have been nowhere near as successful.
I think the lesson is: if you start 'thinking' or 'believing', then get the 5 year old in the room.
Quick!
*hahah* Right on Interceptor!
  • #9,328
  • Sep 11, 2009 10:41am Sep 11, 2009 10:41am
how true - I'm aware of one group - who is very well versed in the fundamentals and strongly believes in them (their results in past years were very comforting)- that made in all 2009 - less than 100 pips on EU....


getting married to an idea or conviction can have disastrous consequences.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,329
  • Sep 11, 2009 10:59am Sep 11, 2009 10:59am
Shorted at 1.4620 for a short profit to 1.4560. I hope it hits before the weekend ends.
  • #9,330
  • Sep 11, 2009 11:18am Sep 11, 2009 11:18am
Quoting coscorp
how true - I'm aware of one group - who is very well versed in the fundamentals and strongly believes in them (their results in past years were very comforting)- that made in all 2009 - less than 100 pips on EU....


getting married to an idea or conviction can have disastrous consequences.
You couldn't have told me this before I got married? (10 Yrs next week)

All kidding aside, this has also been my own downfall in the past and hard to break but it can be done. My trades have been few and sometimes far apart but have only lost on 1-2 trades this year, a few good runs and a lot of BE+ a few.
  • #9,331
  • Sep 11, 2009 11:37am Sep 11, 2009 11:37am
Quoting Xenaga03
Shorted at 1.4620 for a short profit to 1.4560. I hope it hits before the weekend ends.
Profit target hit!
  • #9,332
  • Sep 11, 2009 12:11pm Sep 11, 2009 12:11pm
Quoting Xenaga03
Profit target hit!
What was your reasoning behind this trade?
  • #9,333
  • Sep 11, 2009 3:21pm Sep 11, 2009 3:21pm
Quoting DanUK
What was your reasoning behind this trade?
First it stopped at 1.4600, then a minor retracement, then stopped again at 1.4612, so there was a ceiling there. Then when it hit 1.4620 it was like hitting resistance so I shorted.

Besides today is a Friday, and there are usually traders closing there trades because they dont want to hold for the weekend and I rarely see any rallies on Friday.

Or it could of just been a fluke lol.
  • #9,334
  • Sep 11, 2009 4:14pm Sep 11, 2009 4:14pm
Interesting to note the fib retracement level we are currently sat on top of, using the pre-crash market high to the credit crunch market low.
  • #9,335
  • Sep 12, 2009 5:44am Sep 12, 2009 5:44am
Quoting Interceptor
Interesting to note the fib retracement level we are currently sat on top of, using the pre-crash market high to the credit crunch market low.
Yep, exactly the 61.8 fib.
Wonder if we'll push down now to re-test the trendline we broke out of this week.
Attached Image (click to enlarge)
Click to Enlarge Name: euro.gif Size: 38 KB
If it's too good to be true, it probably is.
  • #9,336
  • Sep 13, 2009 6:46pm Sep 13, 2009 6:46pm
Just sold Euro at 1.4577, looking for a quick trace back to 1.4530-1.4500
  • #9,337
  • Sep 13, 2009 6:51pm Sep 13, 2009 6:51pm
Quoting Xenaga03
Just sold Euro at 1.4577, looking for a quick trace back to 1.4530-1.4500
what is your SL?
  • #9,338
  • Sep 13, 2009 6:54pm Sep 13, 2009 6:54pm
Quoting truckjrt
what is your SL?
My SL is 1.4631 and I have an order setup for 1.4635 so if it breaks that I am long.
  • #9,339
  • Sep 13, 2009 7:02pm Sep 13, 2009 7:02pm
Quoting Xenaga03
My SL is 1.4631 and I have an order setup for 1.4635 so if it breaks that I am long.
Makes sense... My money is the short order for now.
  • #9,340
  • Sep 13, 2009 7:32pm Sep 13, 2009 7:32pm
Quoting Xenaga03
My SL is 1.4631 and I have an order setup for 1.4635 so if it breaks that I am long.
currently at 1.4540. Just 40 more pips to go before t/p...

BTW my last trade was based off of jacko's Strat as well
5 traders viewing now