MESSAGE FROM JACKO 456

It is 1.00am NY time Thursday October 1 and the market is at 1.4615

My SELL at 1.4650 is still in play. I have a 100pip fixed SL which I intend to reduce reasonably quickly to reduce my risk
At the present time, my initial target is the 50% Fib at 1.4445. (If you didn't read yesterday's emails, then you should quickly read them..)
I am letting the trade play itself out...

Edit 2.50 am NY time (A bit early today...I am off to a meeting for an hour) Market is at 1.4560 so we are curently 90 pips in profit. I am still letting this trade play itself out. (Some of you adventurous traders may want to take profits here and get back in if there is a rebound later)

Edit 7.50am NY time Market is at 1.4541 We have had a nice run down from our 1.4650 where we sold and we are about to move into a new US session (which may cause a short term reversal of the down move).. Also we have an Unemployment Claims news event coming up at 8.30am NY time. So I am going to lock in some profits and get back in after the market rebounds from the news event.
I am looking to close my 1.4650 shorts at 1.4550 or less

Edit 7.55am NY time Market is at 1.4545. I have just closed my shorts at 1.4545 for a 105 pip profit

Edit 10.55 am NY time Market is at 1.4565 I have now readjusted the Resistance line on my 4H chart to allow for the new high of 1.4668 set yesterday on Sept 30, and the new Resistance level is approx 1.4650 again. The reason I have done that is because it gives me an idea of where any retracement upwards MAY go in the next day or two. I am still bearish and believe that this market is heading down but I will wait until the market gets back up closer to that new Resistance line. I will be a SELLER again between 1.4600 and 1.4650.
Now, of course, the market may be very weak and continue to drop from its current levels But the risk of loss from jumping back in at these levels (and getting hit by the retracement) makes that option too risky for me

Edit 11.30am NY time Market is at 1.4540 Please excuse the erratic times of posting today. I will be back to the standard 1.00am, 3.00am, 8.00am and 12.15pm (all NY time) tomorrow


Emails

Email 1
I have been working through the blog. One question. I see again and again in the FF website and today's blog, that you don't want to catch a falling knife. How do you avoid that? I just watch it go through the designated target...Anything after that is a bonus , so don't try to squeeze too hard after that...and so then all you are looking for is a "reasonable" sign of a turn. Remember, you have already decided to buy or sell at the designated price...and any extra pips are just a bonus.... It is NOT the time to get all squeamish and wonder if you are wrong because it has gone marginally beyond your designated buy or sell position

Email 2
As you have said, you have tweaked your SL and TP levels. Is there anything else that has changed? Do you still look at the weekly chart, then the daily, then the 4 hour, with the occasional look at the 1 hour, OR is it all on the 4hour chart with the 300 bar history? In the last six months I have ONLY looked at the 4H chart.
Having said that, I was only saying today to Mark that the market is now feeling like it was before the Financial Crisis. This latest trade is much less "worrying" than they have been over the last 12 months.. I am feeling much more relaxed about it and I am comfortable with taking a longer view of it (in the past 12 months the market has been much more volatile and erratic).
I think that we have finally shrugged off the effects of the Financial Crisis and I may start reverting back to my older original strategies of looking at the other time frames and working inwards