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Jacko's Forex House of Pleasure and Pain

  • #10,961
  • May 20, 2010 6:36pm May 20, 2010 6:36pm
It' been a while since I visited FF and this thread was one of the best but it has certainly degenerated into a complete waste of space.I thought it was all about trading the EUR/USD "Jacko" style not a slanging match between "Garrye" and who ever takes his/her bait!!!!!!
  • #10,962
  • May 21, 2010 12:53am May 21, 2010 12:53am
Quoting Danku
Hey Captmilkdud,......am still trying to understand why the EURAUD (over 800 Pips) & EURCAD (over 400 Pips) shot up the way they did but EURUSD did not do likewise.................today should be an interesting day for the EUR..........................

On update, am short EURUSD from 1.2376, so am currently down. Am tempted to place another Sell Limit at 1.2500...........as Jacko says, the EUR is in serious trouble...........problem is where to make any entry. From a technical point of view...nothing is working...................Fundamentals seem...
My 2 cents: It is all about supply and demant, but it is always easier to bid the price up/down in a lower volume market or in FX in lower volume pairs. E/U is the biggest chunk of it so it takes much much more money to manipulate it, especially if the move is against the trend, it meets too much resistance along the way.
  • #10,963
  • May 21, 2010 5:34am May 21, 2010 5:34am
Quoting edge540
It' been a while since I visited FF and this thread was one of the best but it has certainly degenerated into a complete waste of space.I thought it was all about trading the EUR/USD "Jacko" style not a slanging match between "Garrye" and who ever takes his/her bait!!!!!!
Bait's on the other hook
  • #10,964
  • May 21, 2010 3:42pm May 21, 2010 3:42pm
So has anybody got an opinion on what eurusd is doing at the moment?

I'm thinking it may be about to head back down but todays candle is not exactly a signal. Maybe on Monday things will be clearer?
Position trader - Anything intraweek is just noise...
  • #10,965
  • May 22, 2010 9:29am May 22, 2010 9:29am
I'm thinking a gap up on market open (might be a big one) so I opened a very small CT position a few minutes before the market closed with a tight stop just for kicks and giggles.

We'll see.
  • #10,966
  • May 22, 2010 1:54pm May 22, 2010 1:54pm
Quoting captmilkdud
I'm thinking a gap up on market open (might be a big one) so I opened a very small CT position a few minutes before the market closed with a tight stop just for kicks and giggles.

We'll see.
Well I hope that's a guaranteed stop because if it gaps down a long way you're trade will be closed at the opening price and not your stop price.
Position trader - Anything intraweek is just noise...
  • #10,967
  • May 22, 2010 2:13pm May 22, 2010 2:13pm
no such thing as a guaranteed stop for gaps.. brokers arent dumb.
  • #10,968
  • May 22, 2010 2:57pm May 22, 2010 2:57pm
well i'm with ig's actual brokerage, forex.com, who don't

igindex aren't brokers, if that's who u mean

and if your SL gets filled, think about it, you can enter on market close with a tiny SL and on days when gaps go in your favour you are earning much more money than your losses...

hence, they aren't that stupid
  • #10,969
  • May 23, 2010 12:52am May 23, 2010 12:52am
Quoting Arfer Daily
Well I hope that's a guaranteed stop because if it gaps down a long way you're trade will be closed at the opening price and not your stop price.
Thanks for the advice.

At 50 cents a pip, I'm not too concerned. It's more of a live test than trying to make a profit.
  • #10,970
  • May 23, 2010 1:15am May 23, 2010 1:15am
Quoting captmilkdud
Thanks for the advice.

At 50 cents a pip, I'm not too concerned. It's more of a live test than trying to make a profit.
Fair enough. Anyway, why are you expecting a large gap up?
Position trader - Anything intraweek is just noise...
  • #10,971
  • May 24, 2010 12:29am May 24, 2010 12:29am
Not much of a gap on the open. The next few days should give us a clue.
Position trader - Anything intraweek is just noise...
  • #10,972
  • May 24, 2010 5:00am May 24, 2010 5:00am
Quoting Arfer Daily
Not much of a gap on the open. The next few days should give us a clue.
Yes. Very small gap. Watching it with Oanda prior to open and then after open with MB Trading and Ikon was educational. The trade was stopped out at the SL for a loss of $10.00 after bouncing around and through it for the first 20 minutes after market open before it got filled.
  • #10,973
  • May 24, 2010 7:58am May 24, 2010 7:58am
It could well be on the way down now. I'm short eurnzd :-)
Position trader - Anything intraweek is just noise...
  • #10,974
  • May 25, 2010 7:42am May 25, 2010 7:42am
Quoting Arfer Daily
It could well be on the way down now. I'm short eurnzd :-)
How is your trade doing? Are you still in it?
  • #10,975
  • May 25, 2010 9:25am May 25, 2010 9:25am
Quoting captmilkdud
How is your trade doing? Are you still in it?
Yep, added on too
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd hourly 25 05 2010 2.gif Size: 36 KB
Position trader - Anything intraweek is just noise...
  • #10,976
  • May 25, 2010 10:55am May 25, 2010 10:55am
Quoting Arfer Daily
Yep, added on too
You sure compounded the heck out of that one.
Nice going!!

Are your additional entries the same size as your original?
  • #10,977
  • May 25, 2010 10:59am May 25, 2010 10:59am
Quoting captmilkdud
You sure compounded the heck out of that one.
Nice going!!
Yes, the trend feels good. I've got profit locked in on the higher ones and at breakeven on the others, there's only one 'at risk' and the loss on that will be covered by the others with some to spare so I'm pleased with the result so far. That's trading with the trend for you.

Yes, all small positions (we're talking a couple of microlots, nothing big here) but it adds up quick.
Position trader - Anything intraweek is just noise...
  • #10,978
  • May 25, 2010 12:20pm May 25, 2010 12:20pm
Quoting Arfer Daily
Yes, all small positions (we're talking a couple of microlots, nothing big here) but it adds up quick.
What percentage of your original entry are each of your compound entries?

I've read half of the original entry for the first compound entry is good. Then going down in size from there on ones added after the first additional entry.
  • #10,979
  • May 25, 2010 12:57pm May 25, 2010 12:57pm
Quoting captmilkdud
What percentage of your original entry are each of your compound entries?

I've read half of the original entry for the first compound entry is good. Then going down in size from there on ones added after the first additional entry.
No, just the same size. I always bring the stop loss in on the existing trades so that any loss incurred on the added trade is made up by the profit on the existing trades.

There are lots of different ways to add on but I feel most comfortable with this way. I'm not sure pyramiding in or out has any advantage?
Position trader - Anything intraweek is just noise...
  • #10,980
  • May 25, 2010 1:18pm May 25, 2010 1:18pm
The Jacko method really intrigues me. Some questions for all you Jacko traders.

1) Earlier in this thread I saw 50pips being the standard stop size then later that was changed to 100pips. Which amount do you use, or do you adjust based on Support/Resistance?

2) Do you use the AH strategy and if so, do you place a stop on the AH entry? Same stop size as the initial entry or different? If your AH entry gets stopped out do you place another AH entry or just take the loss?
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