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Jacko's Forex House of Pleasure and Pain

  • #10,441
  • Feb 9, 2010 9:13am Feb 9, 2010 9:13am
Would anyone consider a short at 1.3850?
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Dance with the market .. I have two left feet
  • #10,442
  • Feb 9, 2010 9:25am Feb 9, 2010 9:25am
Quoting camptrader
Is anybody else looking to sell around 1.4200?
That is the round number closest to my daily trendline.
The 50% retracement of this move from 1.5141 to 1.3585 would put the price at 1.4350, We could see that level but I think it is less likely since the E/U seems to be picking up momentum to the downside.
My plan is to sell at 1.4200 (if it gets there) with 2% at risk with a 50 pip stop and then again at 1.4350 if needed and I will use the antihedge strategy if the first trade is stopped out.
If anyone else would like to post comments about their...
I am looking to go short with a firm break of 1.3700 which is a support level.
  • #10,443
  • Feb 9, 2010 9:32am Feb 9, 2010 9:32am
Quoting narberth
Would anyone consider a short at 1.3850?
Yes I am personally.

I dont trade Jackos method exactly but i do trend trade...

Depends which timeframe you base your trades on.

If you look at the daily and trade the daily then 1.3850 IMHO isnt wise since you are very far away from the dailies trendline and fib 50. The correction isnt deep enough at all.

HOWEVER, if your on 4h then yes, 1.3850 is a good area with strong confluence in your favour. Also to point out the trendline on the 4h chart is just a strong impulse wave on the dailies...

Hope that helps

Pip
  • #10,444
  • Feb 9, 2010 9:50am Feb 9, 2010 9:50am
Quoting Pipalicious
Yes I am personally.

I dont trade Jackos method exactly but i do trend trade...

Depends which timeframe you base your trades on.

If you look at the daily and trade the daily then 1.3850 IMHO isnt wise since you are very far away from the dailies trendline and fib 50. The correction isnt deep enough at all.

HOWEVER, if your on 4h then yes, 1.3850 is a good area with strong confluence in your favour. Also to point out the trendline on the 4h chart is just a strong impulse wave on the dailies...

Hope that helps

Pip
Good advice thank you
Dance with the market .. I have two left feet
  • #10,445
  • Feb 9, 2010 10:30am Feb 9, 2010 10:30am
Quoting lawgirl21
I am looking to go short with a firm break of 1.3700 which is a support level.

My short at 1.3700 was just triggered. I am in for a ride down.
  • #10,446
  • Feb 9, 2010 10:38am Feb 9, 2010 10:38am
Quoting lawgirl21
My short at 1.3700 was just triggered. I am in for a ride down.

Wow! I almost got taken out with that spike up a min ago.
  • #10,447
  • Feb 9, 2010 10:51am Feb 9, 2010 10:51am
I'm with you lawgirl, short @ 1.373 and really hoping not to get stuffed by the (temporarily) rising market
  • #10,448
  • Feb 9, 2010 11:10am Feb 9, 2010 11:10am
There are nattering nabobs of negativity on every thread on every subject. As long as most of us stay on task we're good.
My thinking is aligned with Mitchoz #863 post on Danuk's thread and Babe fx #10438 on Jackos site. So, I know me. I like to be in. I'm in the A/$ trade and if I'm wrong on the trade but right with the trend the AH will bail me out. Also if I'm wrong with the trade it's a better chance of getting E/$ at the higher price. It's a matter of whether this is another small grinding retrace on the 4H or a larger multi day retrace since these are both $ based. IF I am right on the current trend I should be ok. I could be wrong, we'll see.
  • #10,449
  • Feb 9, 2010 11:12am Feb 9, 2010 11:12am
Quoting jonpoler
I'm with you lawgirl, short @ 1.373 and really hoping not to get stuffed by the (temporarily) rising market
What was the idea behind selling a that price?

You are in the direction of the trend (at least that's what i think), but not anywhere near S&R lines (well, i don't see which one).
That's what Jacko's strategy is about:
- The direction of the trade is the direction of the trend.
- The trade has to be opened near the support/resistance.
- A reasonable stop loss has to be set.
- But, above all, when the price is not near a support/resistance line, i keep the f***ing buy/sell button away, especially when the market moving like that.

I still hope that it will turn in some profit for you.
But i think that you opened a position in the no man land, when the artillery was firing,

I hope for you that i am wrong.
  • #10,450
  • Feb 9, 2010 11:35am Feb 9, 2010 11:35am
It was aggressive entry w/ 1/2 of the position I'd normally take initially. I've gotten short looking at the 50% retrace @ 1.3087 on the 60m, and secondarily the descending downtrend at 1.3845 to be the spot where it'd max out if the upside continued. I've got a 1.395 (225 pip stop) on and was, and still am looking for the EUR to go through the recent lows adding to the position along the way targeting 1.325.

In retrospect, my 1st entry was waaaayy too aggressive for the market condition and I am glad to have put on 1/2 of my normal entry position. I am, of course, hoping to profit from this trade. If not, it'll be a lesson I've paid the market to teach me, and will look to use the anti-hedge to get back in coming back in the direction of the trend.
  • #10,451
  • Feb 9, 2010 11:44am Feb 9, 2010 11:44am
OOOPPS,

what happened now to EURUSD ?
  • #10,452
  • Feb 9, 2010 12:17pm Feb 9, 2010 12:17pm
Quoting Famulus
OOOPPS,

what happened now to EURUSD ?
EU Summit Focuses on Greek Triage (http://online.wsj.com/article/SB10001424052748704182004575055292744721172.html)

Greek Bonds Surge as EU’s Rehn Offers ‘Support in Broad Sense’ (http://www.bloomberg.com/apps/news?pid=20601085&sid=aEzo5M2fjQKY)
  • #10,453
  • Feb 10, 2010 1:09pm Feb 10, 2010 1:09pm
Quoting Dupont
What was the idea behind selling a that price?

You are in the direction of the trend (at least that's what i think), but not anywhere near S&R lines (well, i don't see which one).
That's what Jacko's strategy is about:
- The direction of the trade is the direction of the trend.
- The trade has to be opened near the support/resistance.
- A reasonable stop loss has to be set.
- But, above all, when the price is not near a support/resistance line, i keep the f***ing buy/sell button away, especially when the market moving like that.

I still hope...
Upon reconsidering the trade and having the opportunity, I've covered at 1.371 for a small profit. Currently offering at 1 unit @ 1.38 with a 50pip stop. This is where the descending trend line falls, and a psychological resistance. Most recent swing high candles 1.3812 and 1.3839 on the 240m & 60m

I am much more comfortable with this entry. We'll see if and how this trade plays out.
  • #10,454
  • Feb 10, 2010 5:56pm Feb 10, 2010 5:56pm
Quoting BabeFX
Hi Camptrader,

I would personally be calculating my retracement from 1.4577 down to 1.3586 & would then look for a sell between 1.4083 & 1.4200 I will wait patiently then for price action to show me the way.

I would add that this might not be strictly "Jacko" style.

Regards,

BabeFX.
I see where you are coming from BabeFX and that very well may turn out to be spot on but I have observed that sometimes after the second leg of a move you will see a larger retracement close to the bottom of the consolidation after the first leg. This should be interesting, price often seems to go to where you expect it but it often takes a path you don't expect.
Camptrader
  • #10,455
  • Feb 10, 2010 6:04pm Feb 10, 2010 6:04pm
Quoting Dupont
I am also looking to sell at the resistance, currently at 1.4150-1.4200 (even though the price won't reach it today). But the resistance is getting down every day...
I think you are right on track, just be sure to have your stop in place because sometimes the daily trendline is pierced on the third touch and it makes it look like the daily trend is reversing, then it heads right back down. I think that is why Jacko will sometimes wait and look at the price action before entering.
Camptrader
  • #10,456
  • Feb 10, 2010 6:07pm Feb 10, 2010 6:07pm
Quoting lawgirl21
I am looking to go short with a firm break of 1.3700 which is a support level.
That is also an excellent option, it just isn't a Jacko style entry.
It makes a great add on point if you get a higher entry
Camptrader
  • #10,457
  • Feb 10, 2010 8:01pm Feb 10, 2010 8:01pm
Quoting camptrader
That is also an excellent option, it just isn't a Jacko style entry.
It makes a great add on point if you get a higher entry
What is Jacko doing during this strange market?
  • #10,458
  • Feb 10, 2010 9:15pm Feb 10, 2010 9:15pm
Practicing patience...an excellent skill to have, and one I am trying to get the hang of
  • #10,459
  • Feb 11, 2010 3:05am Feb 11, 2010 3:05am
Quoting jonpoler
Upon reconsidering the trade and having the opportunity, I've covered at 1.371 for a small profit. Currently offering at 1 unit @ 1.38 with a 50pip stop. This is where the descending trend line falls, and a psychological resistance. Most recent swing high candles 1.3812 and 1.3839 on the 240m & 60m

I am much more comfortable with this entry. We'll see if and how this trade plays out.
Yes, at the 1.3800-1.3850 mark there is the 4h resistance line. I am not using that one, but i think that a good idea to sell there.

Anyway, let's be careful the EU Economic Summit could bring the euro up (and i need that in order to sell around 1.4150-200).
  • #10,460
  • Feb 11, 2010 3:10am Feb 11, 2010 3:10am
Quoting camptrader
I think you are right on track, just be sure to have your stop in place because sometimes the daily trendline is pierced on the third touch and it makes it look like the daily trend is reversing, then it heads right back down. I think that is why Jacko will sometimes wait and look at the price action before entering.
If i remember well, he is looking at a little "exhaustion" spike at the resistance/support, to confirm the reversal.
If he is wrong with that reversal, his position is closed by its stop loss, then he uses the AH to recover the trade.
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