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Jacko's Forex House of Pleasure and Pain

  • #41
  • Apr 27, 2007 5:03pm Apr 27, 2007 5:03pm
Quoting jacko

Lost interest there when a lot of young aggressive newbies came in.

This seems a more rational forum.
Ah, so you haven't been here long then?

Just kidding.

Hi again

Very happy to see you are finally condensing all the info into one thread and journal, people will be very happy to see this.

On this note - people, TRY and let jacko post HIS stuff in HIS thread....what I mean is that if for every one of his posts there are 10 others posting, the point of the whole thing gets a bit lost...seen this many times before, things turn into a Q&A before the thread originator can even get a word in edgewise (and even though jacko is there to help, I would assume he's quite a busy bee, too *g*)

Questions are cool and well, but a lot of those above mentioned
"newbies" don't even bother spending 2 minutes reading the other threads, posts and summaries and then start bombardment with the same 10 things the thread creator probably wrote just 30 posts ago..

No criticism against the people here, just a general remark on this, would be a shame if it happened =)

Btw jacko, if you need any help posting charts or anything, just ask =)
Already read that your PC skills are not quite up to par with your trading skills, but if you want to put something up chartwise, I, and I am sure others, will be glad to help.

Congratulations on your very own journal here at FF and welcome =)
Will be interesting to see a part of your journey.

I would also like to thank you for being so helpful towards others and taking them under your wing personally. This is a rare, valuable and very recommendable trait and you have my respect for it.

Take care and my best regards,

SeekingLight
Trust price. Know yourself.
  • #42
  • Edited Apr 30, 2007 6:22pm Apr 27, 2007 5:11pm | Edited Apr 30, 2007 6:22pm
Quoting winterwhite
`
Jacko:

I began Forex trading in December. I now have
approximately $5,000 in my account. I really
do not know how to apply your methods
using this small amount.

Hi Winterwhite...

I'm not jacko, but how are the two related? You can trade any method with as low as 200-500$ - in that case just make sure you are on a micro account.

Micro means you can use as little as say 7 cent per pip on EUR/USD.

You should NEVER risk more than 2% of your current account balance on any position.

I recommend that you read Diallist's money management thread in the beginner section and other stuff on MM before even starting to put real money on the line on a live account.

Given jacko's approach with 50 pips stop and assuming $5000 in your account, 1% would boil down to 5000 / 100 => 50$ = 1% risk.

So 50$ for 50 pips means 1$ for each pip to be moved. You would choose a lot size that means 1$ is moved for each pip moved.

1% - that should be your maximum risk when starting out, better less if you ask me...

Note that it will always be 1% of whichever sum is in your current account, so if you have 5k and lose 50$, then the next 1% is of 4950$ -> 49.50$ -> 49.50 divided by the amount of pips used for your stop, and so forth.

Please look into this before putting your money on the line.
If you do not control and limit your risk, you account will swiftly disappear into nothingness with a few trades.


To borrow from jacko's quote - just trying to help.

Take care,

SeekingLight

P.S. Sorry for doing exactly what I rambled about in my last post, clogging this thread lol....just don't want to see people flush their money away due to lack of experience and trying to prevent some of the mistakes that can happen..
Trust price. Know yourself.
  • #43
  • Edited 3:31pm Apr 28, 2007 10:31am | Edited 3:31pm
Jacko.... Thanks for sharing, which broker are you using, and what is the tradeing platform, I trade currently at Oanda and they don't have trailing stops available.
Thanks for you time and help.

PS.... would you consider doing some live trading here as you did in the other forum for a couple months?
Same Whore .... Different Dress
  • #44
  • Apr 28, 2007 6:37pm Apr 28, 2007 6:37pm
Quoting jacko
libertao,

Wrong....I was happy to buy in at 1.3600. (I consider "round" numbers, most important)

The resistance is 1.3666, but I consider that the "long" trend is far from over.

I see no reason at the moment to believe that the bull market trend from January 2002 (that is over 5 years or 1800 days) is about to finish TODAY.


.
So then you would recommend simply having a Buy Stop order at 1.3700 right now with a 50 pip trailing stop, correct?
  • #45
  • Edited 11:36am Apr 29, 2007 10:23am | Edited 11:36am
Jacko just curious what you think about the continuation of the EUR/USD trend, here is a couple images first is weekly, second is monthly...
do you think it is going to meet some resistance here or will the trend break through and continue to the next resistance around 1.40 and the next around 1.45.......
http://img235.imageshack.us/img235/3...enshot2ns4.png

http://img68.imageshack.us/img68/985...enshot3vp4.png
Same Whore .... Different Dress
  • #46
  • Edited 2:21pm Apr 29, 2007 12:13pm | Edited 2:21pm
Johnedoe, if I may drop my 2 cents in, judging by the length of the previous two upward waves on the weekly chart (the first one from 1.1830ish to 1.2980ish and the second one from 1.2480ish to 1.3360ish) and the high of 30 December 2004, I think were're heading for a resistance around now (1.3670) and a possible retracement there, at the end of the present third upward wave (or a 5th wave in the entire upward impulse). Based on the EW theory I'd then expect a retracement of the move which started on 12 Jan 2007. Were it a 50% retracement, we'd land around 1.3260 (also see Westie's post #19, Skyline's post #24) at which point the upward trend should resume. This is just a theory though - no one knows for sure what's going to happen. Therefore I think we should pay attention to what Jacko says in post #34 "Go and REALLY try to fully understand the anti hedging process.".

Regarding the monthly chart, I don't think we should expect any major downward move just yet. The third wave of the upward impulse has only "just" begun (meaning December 2005) and IMHO it should carry on for a while. I guess Jacko's advice on that would be the same as the one in bold above

Jacko, like others I too would like to thank you for your words of wisdom. Having investigated a lot of indicator based systems over the past 9 months, I got so sick and tired of them that a few weeks ago I've started testing a simple trend following method, extremely similar to yours The difference is that I trade 10 currency pairs (I like looking at the correlations a lot), which produces really a great number of trade possibilities, and I don't trade spot FX anymore, only currency options (no need to set stop losses - the maximum loss is the option premium, plus I don't have to care about the deep market swings anymore, which takes a lot of stress away). All else is like in your strategy. The preliminary results were very promising, so I've finally went live last week. I am now so glad to see that I'm placing my trades based on rules, which such an experienced trader as yourself has implemented for months with enormous success That's really uplifting Thank you again for your contribution and giving all of us renewed hope!

Like other guys, I think it would be great to see you post some of your trades as you do them - if only that's okay with you.

Best wishes
Money is merely a by-product of one's skills as a trader - M. Douglas
  • #47
  • Apr 30, 2007 1:14am Apr 30, 2007 1:14am
Quoting johnedoe
Jacko.... Thanks for sharing, which broker are you using, and what is the tradeing platform, I trade currently at Oanda and they don't have trailing stops available.
Thanks for you time and help.

PS.... would you consider doing some live trading here as you did in the other forum for a couple months?

Hi johnedoe

Sorry, but I don't want to be seen to be recommending any broker. Do your research on all the major ones.

.
  • #48
  • Apr 30, 2007 1:16am Apr 30, 2007 1:16am
Quoting libertao
So then you would recommend simply having a Buy Stop order at 1.3700 right now with a 50 pip trailing stop, correct?

1.3700 ??? I will place an order at 1.3600 (again).


.
  • #49
  • Edited 2:11pm Apr 30, 2007 1:19am | Edited 2:11pm
Quoting johnedoe
Jacko just curious what you think about the continuation of the EUR/USD trend, here is a couple images first is weekly, second is monthly...
do you think it is going to meet some resistance here or will the trend break through and continue to the next resistance around 1.40 and the next around 1.45.......
Hi johnedoe

I have modified your statement above. I think it should have read:

I think it is going to meet some resistance here... (and then) the trend (will) break through and continue to the next resistance around 1.40 and the next around 1.45.......

That is closer to what I think.




.
  • #50
  • Apr 30, 2007 8:31am Apr 30, 2007 8:31am
Quoting jacko
1.3700 ??? I will place an order at 1.3600 (again).


.
Am in at 1.3600.
  • #51
  • Apr 30, 2007 8:47am Apr 30, 2007 8:47am
Quoting jacko
Hi johnedoe

I have modified your statement above. I think it should have read:

I think it is going to meet some resistance here... (and then) the trend (will) break through and continue to the next resistance around 1.40 and the next around 1.45.......

That is closer to what I think.
.
Thank you for the clailification....that makes alot more sense...

I'm in at 1.3629. I gotta move to a new time zone or quit the day job
Same Whore .... Different Dress
  • #52
  • Apr 30, 2007 8:51am Apr 30, 2007 8:51am
Hi Jacko,

First thanks for sharing your knowlege and wisdom with us here. It is greatly appreciated. I am new and still learning. My question to you is when do you apply your trailing stop? Do you wait until you are so many pips in profit? What I learned (at least with my broker) is a trailing stop only triggers once you are so many pips in profit. For example, I am long at 1.3600 with a T/S of 50 pips. It does not actually become an active stop until price hits 1.3651. So in affect I really have no Stop if the move goes against me from the initial order. I may be completely wrong here, just want to get it clear in my head. Thanks for your time!

Chris
  • #53
  • Apr 30, 2007 9:18am Apr 30, 2007 9:18am
Hi Cmartin,

I will answer this one (hope you don't mind Jacko). Yes you are correct about the trailing stop issue. This is one of the reasons why you MUST have a hard stop in place. Your initial entry should have a hard stop of 50 pips. With MT4 you can apply a trailing stop of 50 right away that will activate and start moving once it hits the appropriate profit levels.

The other reason to have a hard stop in place (if you are with MT4): Trailing stops are handled by your MT4 client platform, not by your broker. So if you lose power or connection, your trailing stop will not update.

I hope this helps!!

And Jacko, just another quick post to thank you for taking your time to help novice traders out. In my opinion this speaks volumes about your personal character. I will be watching this thread with great interest!

Thanks,

Derek
  • #54
  • Apr 30, 2007 9:50am Apr 30, 2007 9:50am
Jacko,

Firstly, your success is an inspiration. Secondly, thank you for posting your methodology in one place like this. I've always heard mention of you around the forum but hadn't ever seen any of your posts(through no fault but my own for being too lazy to search ) You have simplified my charts immensely!

Anyway, I have been using your 5-year-old technique for about a week now on various pairs combined with an entry technique I have found elsewhere on the forums and have managed to snag some great results between last week and today. I've had no need for the "anti-hedging" technique(yet), but that is a GREAT idea. Just thought I'd show my results here and tell you thanks again.

Regards,

Kevin
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_28.jpg Size: 37 KB
  • #55
  • Apr 30, 2007 1:50pm Apr 30, 2007 1:50pm
Quoting jacko
1.3700 ??? I will place an order at 1.3600 (again).

Sorry, when I posted that the Euro was at 1.3646

I still need a bit of clarification though if you don't mind (I don't know how I do with such a K.I.S.S. system ):

You said you were stopped out at 1.613. So if price had reached 1.563 you would have entered again at 1.613 according to your anti-hedging method, but since it did not reach that far down, you entered again at the round number, 1.600. Is that correct?

Thanks Jacko!
  • #56
  • Edited Aug 12, 2007 2:34pm Apr 30, 2007 2:24pm | Edited Aug 12, 2007 2:34pm
jacko - is this live trades journal again? - i'm demoing the 4h euro (only trade daily live).

Quoting johnedoe
Thank you for the clailification....that makes alot more sense...

I'm in at 1.3629. I gotta move to a new time zone or quit the day job
  • #57
  • Apr 30, 2007 3:09pm Apr 30, 2007 3:09pm
Quoting libertao
Sorry, when I posted that the Euro was at 1.3646

I still need a bit of clarification though if you don't mind (I don't know how I do with such a K.I.S.S. system ):

You said you were stopped out at 1.613. So if price had reached 1.563 you would have entered again at 1.613 according to your anti-hedging method, but since it did not reach that far down, you entered again at the round number, 1.600. Is that correct?

Thanks Jacko!
Hi libertao
Below is the previous trade from jacko, you have your numbers wrong there,
Just stopped out at 1.3631 (1.3681 minus 50 pips = 1.3631)


you notice he was stopped out for a profit, so that trade is done with, no
anti hedging is applied to it, then he looked for a new trade, which was retrace back to a 00 number, and he entered at 3600 for another run up,
and now he is either stopped out for 30 pips profit, or still in the trade.

hope that helps.
  • #58
  • Apr 30, 2007 4:17pm Apr 30, 2007 4:17pm
Jacko, thank you.

How do u decide if a trend has ended?
Is it by the break of the trendline? But sometimes even if a trendline has been broken (meaning price has closed underneath it) the general trend is still the same (using your bottom left to top right method).

Thank you and please continue helping us.

Regards.
  • #59
  • Apr 30, 2007 5:05pm Apr 30, 2007 5:05pm
Quoting Westie
Hi libertao
Below is the previous trade from jacko, you have your numbers wrong there,
Just stopped out at 1.3631 (1.3681 minus 50 pips = 1.3631)
You are absolutely right I mixed up the 3 and the 1, my apologies!

Quote
you notice he was stopped out for a profit, so that trade is done with, no
anti hedging is applied to it, then he looked for a new trade, which was retrace back to a 00 number, and he entered at 3600 for another run up,
and now he is either stopped out for 30 pips profit, or still in the trade.

hope that helps.
Ah, okay, so the using the anti-hedging method is not about the trailing SL being hit, it's about whether the trade closed for a loss or profit.

If you don't mind, I have a hypothetical: if he entered at 3600, price went up 25 pips and then back down, hitting a trailing stoploss at, say, 3575, if it then went 50 pips more beyond that to 3525 a buy order would be placed if/when price returned to 3575. BUT if price did NOT go 50 pips more beyond the 3575 trailing stoploss, then he would wait for a round number (or 50% fib or trendline dip) before entering again.

Is that right now?

Thanks Westie!
  • #60
  • Apr 30, 2007 5:55pm Apr 30, 2007 5:55pm
Quoting libertao
You are absolutely right I mixed up the 3 and the 1, my apologies!

Ah, okay, so the using the anti-hedging method is not about the trailing SL being hit, it's about whether the trade closed for a loss or profit.

If you don't mind, I have a hypothetical: if he entered at 3600, price went up 25 pips and then back down, hitting a trailing stoploss at, say, 3575, if it then went 50 pips more beyond that to 3525 a buy order would be placed if/when price returned to 3575. BUT if price did NOT go 50 pips more beyond the 3575 trailing stoploss, then he would wait for a round number (or 50% fib or trendline dip) before entering again.

Is that right now?

Thanks Westie!
From what I understand you have it right,
occaisionly a loss will get hit, and the anti hedge will not kick in because
of a factor like you said, I know jacko said sometimes, he just takes the loss and moves on and looks for another setup.

westie
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