Coastalfx Journal (I love the Jacko method)

Hello everyone,

A brief introduction... I have been reading this forum and others as well as studying forex off and on for about 2 years. I have not blown up an account yet but it is significantly decreased that is for sure.

I have 3 main interest that are second only to my wife. My first interest is my business. I have a very lucrative home based business that I have run for the past 5+ years. It some ways I am very blessed to be able to work at home and enjoy a good lifestyle.

The second interest that I have is Online Poker. I am a micro stakes poker that can hold my own at that $10 tables (LOL).

The third interest is investing in anything that can legitimately generate a high return. This is what has lead me to the forex market. I believe as many people do that the most possible upside is here in the forex market. So this is a beast that I want to learn to tame.

I am starting this Journal to follow my next strategy I am implementing into my forex education. That is to use attempt to use Jacko's method in my trading. I will be trading EUR/USD and other pairs that seem to trend well such as NZD/USD.

In some ways I am still a total newbie when it comes to forex. I still don't understand plenty of things related to technical analysis as you will find out. So feel free to follow along and comment if you would like as I start making trades and updating the results.

Here we go:

I currently have one open trade:

NZD/USD Bought at 0.7150 Stop/Loss 0.7100 currently open +32 pips

EUR/USD Buy Stop 1.4700 with stop/losss at 1.4600

I often prefer a 50 pip stoploss except in the case of the EUR/USD and the way it has acted the past 3 days ranging down more than 50 pips from my buy order. Hoping the 100 pip stoploss will keep me out of that range.

Thanks for following,
Coastalfx

EUR/USD buystop has not went into effect yet. NZD/USD still open +10 pips in profit. We will see what happens overnight!

Adjusted BuyStop on EUR/USD 1.4605 and stoploss at 1.4555. I am hoping to take advantage of a bounce if it takes place at 1.4605.

Stay tuned,
Coastalfx

NZD/USD -- in profit by 50+ move stoploss up to breakeven

EUR/USD -- in profit by 20+ pips

Happy Pippin,
Coastalfx

Ok so I woke up excited to open up MT4 but quickly got disappointed. My NZD/USD was stopped out at break even. My EUR/USD was stopped out at the 50 pip stoploss.

The Euro is on a retrace so I am planning to watch it over the next couple of days. I will be getting back in if I notice a daily bar pointing higher for now I will casually wait.

This appears to be a similar situation with the Kiwi but since it was a breakeven trade for me I just placed a new trade at 0.7155 with a 0.7100 stoploss. If the kiwi continues to retrace then I will wait for a better entry point. If my order is triggered and I get stopped out I will be on the sidelines as with the Euro. However, if the retracement is short then my order will go into effect and I will be in profit. So far my account is down $5.00 from the Euro loss.
Current balance of my account is just over $125.00

Kiwi is 8 pips in profit. Been an uneventful day for the most part. Will check again before I got to bed will probably move my stoploss up some if I get any more gains. Not to worried about it only on 8 pips.

Euro is still sitting on the sideline for now. I want to see a positive daily bar at least get started before jumping in again.

Thanks for reading,
Coastalfx

My NZD/USD trade was stopped out with a +24 pip gain. Place a Buystop at 0.7205 with a 50 pip stoploss.

Still watching the EUR/USD which is still retracing right now.

Current Acct. Balance:
$128.15

In profit and I moved my stoploss up 30 pips. Have trailing stop at 50 pips as well but my profit has to move at least 50 pips I think before my trailing goes into effect???

Not sure about that but that is my understanding with IBFX.

Coastalfx

Yes that's right - you also need to stay connected to IBFX throughout the trade for the trailing stop to stay active.

Kind Regards
Steve

Thanks for the confirmation Stevie, your journal has been incredible inspiration here at the factory... thanks a ton!

No changes since adjusting my last stoploss on NZD/USD currently up 22+ pips. However stoploss is still in the negative so looking for bigger gains.

Just opened Buy stop order EUR/USD 1.4705 with 50 pip stoploss 1.4655

Keep pipping,
Coastalfx

NZD/USD was stopped out for -25 pips. I wouild have entered an antihedge trade had I been up but the trade hit my stop and moved back into positive territory while I was asleep. you got to hate that.

I cancelled my Buystop order on EUR/USD since it has continued to retrace. Both of the currencies have really appeared to be moving sideways. I am going to sit out and wait for more confirmation that the upward trend is resumed. I wanted to be in the market as that upward move started however most likely I will just be an observer today.

I have also been toying with the thought of putting my stoploss at 100 pips instead of 50 pips. I am try that on the next trades.

Happy trading,
Coastalfx

I opened two trades on Friday and currently they are both in profit.

EUR/USD opened at 1.4550 stoploss 1.4450 currently +20 pips
NZD/USD opened at 0.7151 stoploss 0.7050 currently +4 pips

lets see how next week goes...

Till then,
Coastalfx

I have the EUR/USD and NZD/USD positions from previous post still open

EUR/USD at +91 pips has a 100 pip trailing stop
NZD/USD at +100 pips has a 100 pip trailing stop also

Two new Buystop positions opened last night and they have both now been triggered.

EUR/USD at 0.04 lots with 100 pips stop and 50 pip trailing stop opened at 1.4650 currently -16 pips

NZD/USD at 0.04 lots with 100 pips stop and 50 pip trailing stop opened at 0.7250 currently +8 pips.

I am hoping is headed up and we will just ride it as far as we can. I am going to start attempting to post my buystop orders alittle sooner from now own. I will give it my best anyway.

Prosperously,
Coastalfx

Setting a new Buystop on NZD/USD at 0.7350 .04 lots with 100 pip stop.

May be getting ahead of myself but also set another Buystop order on EUR/USD at 1.4750 .04 lots with 100 pip stop

Days like today make every other day worth it. If all stops were hit right now I would be at nearly 10% profit on this one day.

Keep pippin,
Coastalfx

As I work to determine a very simple way to trade. I am looking for simple entries. Since it was my first good entry since starting this journal I dont' want to get cocky and think I did such a great job. However, being on this current run up is very nice.

To recap: I have placed two main trades on the EUR/USD and the NZD/USD and increased my position size by adding 40% of the original trade size at various increments of profit.

Currently my two main trades are

EUR/USD +177 pips
NZD/USD + 207 pips

both have 100 pip trailing stops

Lets see where we go from here,
Coastalfx

One of my small trades was stopped out

EUR/USD .04 mini lot opened at 1.4650 got stopped out at 1.4694 for a +44 pip profit which translated to a $1.92 profit.

However on the larger trades are still open and going higher... This is fun!

Coastalfx

nice, I'll keep an eye on this, go for the pips, :-)

what is Jacko method btw?

one of my NZD/USD was stopped


NZD/USD open 0.4 minilots opened at 0.7250 stopped out at 0.736 +76 pips for a $3.04 increase in my account balance. It appears that all positions may get stopped out but we will wait and see. If it does that will be good I will be simply wait for a new set up and a new entry.

Coastalfx

Thanks for the encouragement. I like Jacko's method or at least how the primise behind it. I can't say that I use it strictly but the primise is this...

only trade with the long term trend...

Keep trades simple... (no fancy indicators)

Use round number and fib. levels to deterimine trades

That is the very very basics of it. Jacko has changed his method quite a bit over the past several months I believe. You can get all the details if you search the thread "Jacko's House of Pleasure and Pain"

I so have a couple more rules I am starting to implement myself

1. only buy on retracements once they have continued back with the direction of the larger trend.

2. Also looking to strongly buy in areas of support infact will attempt to wait for these areas from now on.

Coastalfx