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Jacko's Forex House of Pleasure and Pain

  • #10,981
  • May 25, 2010 1:29pm May 25, 2010 1:29pm
I think pyramiding in, i.e. successively smaller sizes works best when you have some arbitrary position-adding point - like if you decide to add to your trade every 50 pips - so that the arbitrary add-on doesn't wipe out all the gains from the intial position if it goes against you. However if you treat each entry as a single trade, only adding to your position at a point when you would have made that trade anyway if you weren't in the market, then size shouldn't matter - you just do whatever size you would normally risk for that trade.
  • #10,982
  • May 25, 2010 1:58pm May 25, 2010 1:58pm
Quoting eurotrash
...However if you treat each entry as a single trade, only adding to your position at a point when you would have made that trade anyway if you weren't in the market, then size shouldn't matter - you just do whatever size you would normally risk for that trade.
That's how I have always done it. I just read recently about the pyramiding (they didn't use the term but it fits well) in method.
  • #10,983
  • May 25, 2010 2:07pm May 25, 2010 2:07pm
Quoting eurotrash
I think pyramiding in, i.e. successively smaller sizes works best when you have some arbitrary position-adding point - like if you decide to add to your trade every 50 pips - so that the arbitrary add-on doesn't wipe out all the gains from the intial position if it goes against you. However if you treat each entry as a single trade, only adding to your position at a point when you would have made that trade anyway if you weren't in the market, then size shouldn't matter - you just do whatever size you would normally risk for that trade.
Yes, I'm with you on that.
Position trader - Anything intraweek is just noise...
  • #10,984
  • May 25, 2010 2:23pm May 25, 2010 2:23pm
Quoting Trankuility
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?
1) The SL was changed when the volatility increased because of the GFC. No regard as to S/R lines on stops.

2) Yes, always using an SL. Same 100 pip SL on an AH trade. No AH on an AH. Just take the loss.
  • #10,985
  • May 25, 2010 3:08pm May 25, 2010 3:08pm
Cool, appreciate the reply.
  • #10,986
  • May 26, 2010 5:19am May 26, 2010 5:19am
Quoting Trankuility
Cool, appreciate the reply.
Anytime
  • #10,987
  • May 26, 2010 6:09am May 26, 2010 6:09am
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!!!!!!
Quoting captmilkdud
Bait's on the other hook
Swallowed hook, line and sinker.
  • #10,988
  • May 26, 2010 1:35pm May 26, 2010 1:35pm
''China reviews eurozone bond holdings

China, which boasts the world’s largest foreign exchange reserves, is reviewing its holdings of eurozone debt in the wake of the crisis that has swept through the region’s bond markets.

Representatives of China’s State Administration of Foreign Exchange, or Safe, which manages the reserves under the country’s central bank, has been meeting with foreign bankers in Beijing in recent days to discuss the issue.

Safe, which holds an estimated $630bn of eurozone bonds in its reserves, has expressed concern about its exposure to the five so-called peripheral eurozone markets of Greece, Ireland, Italy, Portugal and Spain...""

if that proves to be real->heavy supply->falling prices->higher interest rates
  • #10,989
  • May 26, 2010 2:06pm May 26, 2010 2:06pm
Quoting Arfer Daily
It could well be on the way down now. I'm short eurnzd :-)
Any updates?
  • #10,990
  • May 27, 2010 1:23am May 27, 2010 1:23am
Hey Milkdud,

Do you and the other Jacko traders only trade dips on the big round numbers, i.e. 1.6000, 1.4000, etc.? What about the medium round numbers like 1.6100, 1.4700, etc.?

Also, which markets do you trade?
  • #10,991
  • May 27, 2010 1:49am May 27, 2010 1:49am
Quoting captmilkdud
1) The SL was changed when the volatility increased because of the GFC. No regard as to S/R lines on stops.

2) Yes, always using an SL. Same 100 pip SL on an AH trade. No AH on an AH. Just take the loss.
What is GFC ?
  • #10,992
  • May 27, 2010 2:30am May 27, 2010 2:30am
Quoting luqmanz
What is GFC ?
Global Financial Crisis.
  • #10,993
  • May 27, 2010 4:18am May 27, 2010 4:18am
Quoting captmilkdud
Any updates?
One question. Are u using 100 pips SL for all pairs you are trading (Fiber,Cable and AUD).?
  • #10,994
  • Edited 6:36am May 27, 2010 6:05am | Edited 6:36am
Quoting Trankuility
Hey Milkdud,

Do you and the other Jacko traders only trade dips on the big round numbers, i.e. 1.6000, 1.4000, etc.? What about the medium round numbers like 1.6100, 1.4700, etc.?

Also, which markets do you trade?
Yes we look for the others, even the .0050's sometimes.

Jacko only trades EUR/USD. I trade others though.
  • #10,995
  • Edited 6:19am May 27, 2010 6:07am | Edited 6:19am
Quoting luqmanz
One question. Are u using 100 pips SL for all pairs you are trading (Fiber,Cable and AUD).?
Jacko's system is using 100 pip SL's at this time but used to be 50 before the volatility increased with the financial crises.


Interesting term for the Euro (Fiber). I haven't heard that before so I did some digging and came across this on FF.

"Why the Euro is nicknamed Fiber
Origination of the nickname fiber or fibre is as follows:
Fiber: EURO
The "paper" used for Euro banknotes is in fact 100% pure cotton "fibre",
which improves their durability as well as imparting a distinctive feel."
-----------------------------------------------------------------------------

"The REAL reason Euro is nicknamed Fiber
Sources of fiber are usually divided according to whether they are water-soluble or not. Insoluble fiber possesses passive water-attracting properties that help to increase bulk, soften stool and shorten transit time through the intestinal tract. Soluble fiber undergoes metabolic processing via fermentation, yielding end-products with broad, significant health effects.

Some sources of soluble fiber are peas, beans, oats, apples and carrots. Sources of insoluble fiber include whole wheat, corn bran, and Euros.

So eat a bowl of Euros for breakfast every day. They'll keep you regular.
-------------------------------------------------------------------------------------
  • #10,996
  • May 27, 2010 6:43am May 27, 2010 6:43am
Quoting captmilkdud
Any updates?
The red dotted line is the stop loss for all trades. Most with profit, the last one a small loss.
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd 4hour 27 05 2010.gif Size: 31 KB
Position trader - Anything intraweek is just noise...
  • #10,997
  • May 28, 2010 7:29am May 28, 2010 7:29am
Quoting captmilkdud
1) The SL was changed when the volatility increased because of the GFC. No regard as to S/R lines on stops.

2) Yes, always using an SL. Same 100 pip SL on an AH trade. No AH on an AH. Just take the loss.
A quick question on the AH. The order goes at the point where the S/L was triggered and not where the trade was originally placed, correct?

Thanks
  • #10,998
  • May 28, 2010 8:26am May 28, 2010 8:26am
Quoting boz5
A quick question on the AH. The order goes at the point where the S/L was triggered and not where the trade was originally placed, correct?

Thanks
That's correct but I would be careful with support and resistance levels. If you've put your stop loss behind a strong s/r level and you get stopped out do you really want to be reentering the trade just about to hit s/r?
Position trader - Anything intraweek is just noise...
  • #10,999
  • May 28, 2010 10:02am May 28, 2010 10:02am
Quoting Arfer Daily
That's correct but I would be careful with support and resistance levels. If you've put your stop loss behind a strong s/r level and you get stopped out do you really want to be reentering the trade just about to hit s/r?

Thanks.

Not necessarily, but isn't the main of the AH point to get back in when the trend resumes (assuming you are right about the LT trend), regardless of the S/R levels?
  • #11,000
  • May 28, 2010 1:11pm May 28, 2010 1:11pm
Quoting boz5
Thanks.

Not necessarily, but isn't the main of the AH point to get back in when the trend resumes (assuming you are right about the LT trend), regardless of the S/R levels?
Yes it is. If you're using 100 pip stops and trading AT s/r then I suppose you'd have room for your trade to work out. My point was just that it's not a good idea to trade directly into s/r which is what the AH strategy would sometimes suggest. Notice Jacko's other method for dealing with a loss... clear your head and enter a better trade next time.
Position trader - Anything intraweek is just noise...
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