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Jacko's Forex House of Pleasure and Pain

  • #10,001
  • Dec 7, 2009 11:12pm Dec 7, 2009 11:12pm
Quoting dart
I too am looking for an answer here from one of the turtles, though I think they are sworn to secrecy...that being said I wouldn't go short yet I'm still looking long. Hoping for some p/a again around 4800 for another ride up. I know I missed the train earlier to 4882 (guessing that was target)
think were all seeing things differently i jumped in yesterday at 14760 at the time thinking this was a cheap price for my long in my imho from the old support 14800 which was broken at last my t/p 14900 14950,depending on p/a at this level seeing to take profit or add so now im in no mans land .thinking do i take my profit now or wait for it to go to my t/p or my b/e ..moved my stop now to 14810 so going to take 50 if it falls from here or more maybe if it move up
student
  • #10,002
  • Dec 8, 2009 12:32am Dec 8, 2009 12:32am
We got a triangle on the 1 hour and the 4 hour showing much more support than resistance, should see a breakout to the upside only very short term, but no activity as of yet.
Whats happening in EUR/USD should be happening to you!
  • #10,003
  • Dec 8, 2009 3:36am Dec 8, 2009 3:36am
Quoting dart
I too am looking for an answer here from one of the turtles, though I think they are sworn to secrecy...that being said I wouldn't go short yet I'm still looking long. Hoping for some p/a again around 4800 for another ride up. I know I missed the train earlier to 4882 (guessing that was target)
Here is my plan:
1. I am buying at around 1.48 and close the position at 1.49 (with a 100 SL).

2. If the price bounces down at 1.49, then i am going to sell a little more and let the trade die with a 100 TSL.

Since i am not really sure about the break of trend, I don't think that trading both way is the right choice thought.
But, i give it a try.
  • #10,004
  • Dec 8, 2009 5:26am Dec 8, 2009 5:26am
well i got stoped out for a 50pip gain but a crappy trade from me ,should have taken the money off the table at 100 pips,looking to buy at 14800 or cheaper see what the yanks do first
student
  • #10,005
  • Dec 8, 2009 6:32am Dec 8, 2009 6:32am
EU on my feed is sitting on the Daily Weekly and monthly TL

I'm sitting on the sidelines till I see what it wants to do...bounce back up to the 14900 level still a possibility...and would be in the direction of the trend so far....

but if it breaks convincingly..... who knows.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #10,006
  • Dec 8, 2009 1:41pm Dec 8, 2009 1:41pm
Quoting Dupont
Here is my plan:
1. I am buying at around 1.48 and close the position at 1.49 (with a 100 SL).

2. If the price bounces down at 1.49, then i am going to sell a little more and let the trade die with a 100 TSL.

Since i am not really sure about the break of trend, I don't think that trading both way is the right choice thought.
But, i give it a try.
Ok


1. just went to a 100 pips loss. Which clearly confirms that EUR/USD is now down (and not marginally broke the support line).

I am now waiting for price to go up to around 1.4900, to sell.
  • #10,007
  • Dec 8, 2009 2:58pm Dec 8, 2009 2:58pm
Sorry to hear that.

The EU is tanking now so now and i missed the SHORT last night at 1.49 as i was on the phone.

Gutted

Quoting Dupont
Ok


1. just went to a 100 pips loss. Which clearly confirms that EUR/USD is now down (and not marginally broke the support line).

I am now waiting for price to go up to around 1.4900, to sell.
" Dont wait for your boat to come in ..... swim out and meet it"
  • #10,008
  • Dec 8, 2009 4:06pm Dec 8, 2009 4:06pm
Quoting speedtrip
Sorry to hear that.

Thanks !

That's no big deal, it took out a very small amount of money. I reduced the risk on that one because this was a countertrend trade.

But the lesson is learned, no more breakout countertrend trade (just by writing it, it seems a really stupid idea).
  • #10,009
  • Dec 8, 2009 5:32pm Dec 8, 2009 5:32pm
Quoting Dupont
Here is my plan:
1. I am buying at around 1.48 and close the position at 1.49 (with a 100 SL).

2. If the price bounces down at 1.49, then i am going to sell a little more and let the trade die with a 100 TSL.

Since i am not really sure about the break of trend, I don't think that trading both way is the right choice thought.
But, i give it a try.
Quoting Dupont
Thanks !

That's no big deal, it took out a very small amount of money. I reduced the risk on that one because this was a countertrend trade.

But the lesson is learned, no more breakout countertrend trade (just by writing it, it seems a really stupid idea).
I might have missed this part of the class... How does a buy with the chart below classify as a counter trend trade?

I think you missed your entry point and I think you were trying to catch a falling knife. A Jacko style entry would have been around 50 fib which would have been around 1.4950 (1.51 - 1.48), now would be around 1.4900 (1.51 - 1.47).


As tempting as 1.4700 is I am waiting because I don't think its quite done yet. Maybe 1.465-1.46 then back to the trend.
But I could be wrooong.

If it continues to drop you still have the AH.
1.4685 as I am finishing, 35 to go for AH.
Attached Image (click to enlarge)
Click to Enlarge Name: E$Trend.jpg Size: 84 KB
  • #10,010
  • Dec 9, 2009 1:18am Dec 9, 2009 1:18am
I was sleeping and missed the short at 1.49 too. I think this downside movement still has potential, at least untill around 1.4620 or so. Im short to 1.4640 from 1.4700 with a pretty tight stop, then probably long unless price breaks support again at 1.4620, in which case im on the sidelines for a few days to see what happens. Anyone else notice how much the london open has been driving the market this week?
  • #10,011
  • Dec 9, 2009 2:51am Dec 9, 2009 2:51am
Quoting Fx_Genius
I might have missed this part of the class... How does a buy with the chart below classify as a counter trend trade?
I posted this chart here: http://www.forexfactory.com/showpost.php?p=3287604&postcount=10000
http://cdn.forexfactory.com/attachme...1&d=1260215611
So, it seems to me that the support line has been broken. But maybe i am misreading the chart, or my support line is wrong.
If the price went marginally below the support line, i would say, that yes, the trend is still up. But it doesn't look like a marginal break to me.
  • #10,012
  • Dec 9, 2009 7:01am Dec 9, 2009 7:01am
Quoting Dupont
I posted this chart here: http://www.forexfactory.com/showpost.php?p=3287604&postcount=10000

So, it seems to me that the support line has been broken. But maybe i am misreading the chart, or my support line is wrong.
If the price went marginally below the support line, i would say, that yes, the trend is still up. But it doesn't look like a marginal break to me.
You read the chart correctly and the trend line (Trend and support are two different things) was broken. This has significance and is something to pay attention to. If we are going into a ranging trend (Same highs to lows for a period) then it will break trend lines everytime but the support/resistance areas will be very close to the range.

Picture below seems to have the beginning of a range forming (Blue lines). It may need to hit highs & lows again to be confirmed as a range.

Hope this helps.
Attached Image (click to enlarge)
Click to Enlarge Name: E$_Range.jpg Size: 75 KB
  • #10,013
  • Dec 9, 2009 1:35pm Dec 9, 2009 1:35pm
anyone got this on the radar
Attached Image (click to enlarge)
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  • #10,014
  • Dec 9, 2009 2:16pm Dec 9, 2009 2:16pm
Quoting kodflakes
anyone got this on the radar
i do now, thank you...

bulls
Whats happening in EUR/USD should be happening to you!
  • #10,015
  • Dec 10, 2009 1:34pm Dec 10, 2009 1:34pm
Long 1.4700
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-12-10_1331.jpg Size: 120 KB
  • #10,016
  • Dec 10, 2009 6:47pm Dec 10, 2009 6:47pm
I read through the first page or so of this thread shortly after joining FF. Is there a condensed version with entries and exits based on Jacko's trading stile?

By the way ----- my view is sell the red line and buy the green.

Attached Image (click to enlarge)
Click to Enlarge Name: Picture 125.png Size: 28 KB
  • #10,017
  • Dec 10, 2009 9:02pm Dec 10, 2009 9:02pm
Quoting knuckledrag
I read through the first page or so of this thread shortly after joining FF. Is there a condensed version with entries and exits based on Jacko's trading stile?

By the way ----- my view is sell the red line and buy the green.

Attachment
I would recommend reading the file below (PDF). Barry did a great job on it.

(http://www.forexfactory.com/attachment.php?attachmentid=245334&d=May%2012,%202009%205:09am)

I would read and rethink the buy/sell with the red/green.
  • #10,018
  • Dec 11, 2009 3:04am Dec 11, 2009 3:04am
Quoting Fx_Genius
I would recommend reading the file below (PDF). Barry did a great job on it.

http://www.forexfactory.com/attachment.php?attachmentid=245334&d=May%2012,%202009%205:09am

I would read and rethink the buy/sell with the red/green.


Thanks.
  • #10,019
  • Dec 11, 2009 3:57am Dec 11, 2009 3:57am
Quoting Fx_Genius
I would recommend reading the file below (PDF). Barry did a great job on it.

http://www.forexfactory.com/attachment.php?attachmentid=245334&d=May%2012,%202009%205:09am

I would read and rethink the buy/sell with the red/green.

I'm not really trying to get anyone to follow this trade logic. I'm speculating on what may happen between now and sometime in January. Oil has broken to the down side (end of year profits?) and gold is doing the same. If both of these find resistance when they retest the support they may keep going south until the second half of January. Buying in late January looks like a good idea, (big if) if the market continues to sell off and the money on the sidelines comes back in January.

Thanks again for the pdf.

Attached Image (click to enlarge)
Click to Enlarge Name: Picture 126.png Size: 64 KB


Attached Image (click to enlarge)
Click to Enlarge Name: Picture 127.png Size: 25 KB
  • #10,020
  • Dec 11, 2009 5:46am Dec 11, 2009 5:46am
Quoting knuckledrag
I'm not really trying to get anyone to follow this trade logic. I'm speculating on what may happen between now and sometime in January. Oil has broken to the down side (end of year profits?) and gold is doing the same. If both of these find resistance when they retest the support they may keep going south until the second half of January. Buying in late January looks like a good idea, (big if) if the market continues to sell off and the money on the sidelines comes back in January....
We could go south, I agree. This could be discovered on EUR/USD weekly and daily chart for me. However one weekly closes under trend line means nothing, we need at least one more closing under it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu_daily.jpg Size: 67 KB
Click to Enlarge Name: eu_weekly.jpg Size: 63 KB
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