The information below was extracted from Jacko's Trading Blog
MESSAGE FROM JACKO 5
Hi all,
It is 1.15 pm Sunday Nov 11 2007 New York time and the markets are closed (at 1.4670)
Well, we finally got on the scoreboard.
The market dropped through 1.4650 setting off the triggers for buying at a discount. We saw the quick spike to 1.4630 and started buying at 1.4640 and at 1.4650 for an average price of 1.4644. This spike was like most "exhaustion" spikes; it was quick, and as a result we didn't get every one of our contracts but we did get most of them. A number of you have notified me that you are in at around the same figure.
The market has since risen to 1.4688 so our trailing SL has been adjusted to 1.4638 (that is, 1.4688 - 50 = 1.4638).
So at the present time,
1. we are 26 pips in profit. (1.4670 - 1.4644 = 26 )
2. our maximum loss can be 6 pips plus expenses. (1.4644 - 1.4638 = 6).
3. our upside is unlimited.
We are up and running !!
On the negative side, we have found a couple of glitches in our messaging systems.
The first is that when I try to send an SMS from Hong Kong (where I live) using the phone that I tested in Singapore (where I am spending more of my time lately) I quickly found that my SMSes were not being transferred between the telephony companies.
This is similar to what we found when two of the group (one in Austria and one in USA) contacted us to say that they weren't getting their test SMSes. We then found out that they had transferred their phone number to another service provider and the initial service providers weren't forwarding any messages.
However, I have resolved this problem because I have since bought another phone and copied all the data from the Sing phone so that I can SMS from Hong Kong as well. There should be no SMS problems from this end again. I can now send instant data on market trades from whichever country I am in.
The second is that, as I was waiting for the drop through 1.4650 I was happily sending return emails to a number of the group who had emailed me during the previous couple of hours including one or two where we were sending emails back and forward. Then when I tried to send a bulk email to all of you (there are 21 in the group), I received a message from Yahoo advising me that as an anti spam measure, emails are limited to 25 messages an hour.
I also noticed that when I added the word "Disclaimer..." to the bottom of Message 2 I had about 8 return emails from Hotmail and gmail etc saying that the email was not sent as it had aspects of spam so I had to send each of them again individually.
However, we have resolved this problem by setting up an alternative to emailing. I have set up a blog !!!!
For a techno-moron like me, this is a huge achievement...though I must thank the 14 year old neighbour who actually set it up for me (blush).
The address is http://www.waynejackson888.blogspot.com/
In this blog, I have copied the major posts regarding my methods from FF and each of the messages to date.
This allows anyone to quickly find the answers to most questions they should need regarding the basics of what I do.
It also has each of the Messages to date and I will now be updating, hopefully, every couple of days rather than just once a week.
If you have any questions and queries please continue to send me emails at the waynejackson888 at yahoo.com address and I will try to respond within a couple of hours.
If an issue is asked that applies across the group, I will post the issue and response in the blog. Hopefully, I will post the issue and response in the blog. Hopefully, I will have posted everything I know within a short period so that you each become more confident in your own trading.
Please note: I don't do any work from 4pm Friday New York time till about 10 pm Sunday New York time.
(I also suggest that if you are trading you should also take time to "switch off" when the markets are closed).
As time goes on, we will improve all things as they arise. I am still considering a private forum back at ForexFactory. However, I have been watching diffferent forums which are saying that they are using my (Jacko) methods. However usually within a couple of posts, the thread degenerates into discussions of my method
(a) on all types of currency pairs,
(b) going against the trend,
(c) adding different filters
(d) generally just trading in a totally undisciplined manner and
(e) the thread becomes filled with irrelevancies, making it difficult to stay on track.
So at this stage, I want to keep the communication just directly between me to each of the group until we have a few winning trades.
Slowing people in the group down, and getting them away from a "sell any twitch in the market" are my first priorities. (Too many wanted to go short early last week because they "felt that it it just couldn't go any higher"....then it did !!!)
Also, I am concerned that if the group can talk together on a forum, it will quickly resemble all the other
forums and they all start hyping themselves up into poor trades...and then I will be blamed and criticised.
So for the present time, I would like to keep it the way it is. That is,
1. a continually updated blog, including all trades and reasons
2. emails for your individual questions
3. instant SMSes of all trades.
Good trading to all
Jacko
MESSAGE FROM JACKO 6
Hi all,
It is 9.00pm Sunday Nov 11 2007 New York time and the markets are open in Asia (currently at 1.4647)
I like this blog thing. It reminds me of my earlier live trading journal on DailyFX (but without the concern of any rowdies coming in and disrupting things). Please send any questions you have to the waynejackson888 at yahoo.com email address
I intend to make this a live trading journal so that you can see what strategies are in play for each trade. (Also, sending the 21 emails to the group was starting to be painful due to bouncebacks from hotmail etc... I think the word "Disclaimer" is a trigger for identifying spam...so I had to then send them again individually).
OK....Lets get down to business.
My first trade was closed out in early Asian trade by 50 pip trailing stop at 1.4638 for a minimal 6 pip loss.
I have been asked whether I always let it go to the 50 pip trailing loss. The answer is that yes, most of the time, I do. Previously, I would sometimes make a decision to take a profit, only to see the market resume the upward trend and I would miss further, bigger profits.
I am now out of the market and looking for a new entry point. However I am feeling as though all the initial setting up of all this technology for the group (which has been really painful) is over and that I am now back into the swing of trading.
Now that first trade is out of the way I am feeling confident. Let's make some money.
Jacko
MESSAGE FROM JACKO 7
1. The market is in a correction phase. We are waiting for correction phase to complete before getting back into the market.
2. It is US Veterans Day so there will be reduced trading activity during todays NY session.
3. There was no email number 6 so don't be concerned that you "missed" it. This blog is intended to replace the emails.
4. An SMS was sent to each of you at 10.30 am NY time. Although I will be outlining my trades in advance (here on this blog) ,this is how I will communicate the time of placing my trades by SMS. However, I also have to sleep and have a life so if the trade is a standing order or being taken care of by Mark, then there may not be an SMS.
5. Now I am not a day trader or scalper, I am a medium to long term trader so if I don't make a trade recommendation every five minutes, then you know why. I like to be selective in my trades.
6. At the present time I am out of the market. I have an A-H stopbuy order at 1.4638 (when my fallen soldier will be picked up, rise again and return me the 6 pips that I lost in the first trade and then go on to make me more profits).
7. I also have a stopbuy order at 1.4500. SL is 50 pips
8. In relation to the upcoming trade:
YOUR thought process should be: "I am looking to buy at 1.4500. However... I will be patient to see if I can get it at a lower price. Anything lower increases my chances of not getting stopped out and increases my profit.
I will NOT get overly excited. I will NOT panic. I will NOT be greedy.
I will think calmly and rationally.
At the worst, I will buy at 1.4500...at best an even lower price....because this market is a bull market and WILL go higher. (This market has NOT reached its final peak !!!!)"
This process is the major part of the learning process for the group. As traders you need to learn the patience and calmness of trading. (Remember, if you miss a trade there is another just around the corner...but the learning is what this is all about... otherwise it is just a signal service).
I will say it again....Remember, if you miss a trade there is another just around the corner.
Jacko
MESSAGE FROM JACKO 8
It is 10.25pm NY time and the market is at 1.4654
As outlined in the previous message, I had an A-H stopbuy order at 1.4638 (when my fallen soldier will be
picked up, rise again and return me the 6 pips that I lost in the first trade and then go on to make me more
profits).
I am now waiting for the A-H trade to play out.
The details of this trade are:
Bought at 1.4638
Trailing stop loss of 50 pips (from the highest price reached as the trade progresses).
I also had a stopbuy order at 1.4500. SL is 50 pips. This bargain price was not hit so it has now been cancelled.
MESSAGE FROM JACKO 9
It is 12.50 pm NY time Wednesday Nov 14 and the market is at 1.4668
My beloved fallen soldier rose again at 1.4638. The market rose to a high of 1.4725 and then declined to hit the
50 pip trailing stop loss at 1.4675. Thus we made 37 pips.
However he owed me me 6 pips incurred before he fell ignomiously in the Battle of the Forex Bulls and Bears.
So our net profit was only 31 pips. Not much....BUT very conservative and very safe profits.
As the A-H trade is now completed, we are free to start another trade at any price we want. We are NOT
constrained by any limits. We start fresh again
Any trade that does not need an A-H is, by definition, a profitable trade.
The percentage win rate using a standard trade supported by a A-H trade is high.
Consequently, my total win rate in trades is very high.
We have started our journey that will hopefully last you a lifetime. Remember, we are in this for the long run.
My next potential buy price is the 1.4625 price. The rationales are:
1.4625 is the 50% Fib (1.4725 - 1.4520)
1.4600 is a strong round number so is an insurance that it won't drop easily.
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