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Jacko's Forex House of Pleasure and Pain

  • #401
  • Jul 27, 2007 10:13am Jul 27, 2007 10:13am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Hi Jacko

sorry if I offended you, I am learning forex at this time and when something new shows up I try to understand it. I know this subject dosn't fit in with your system, but the opertunity to learn got the better of me.

I liike your thread and the thoery you practice, I hope soon to have sufficient funds to trade as you do, much easier on the stress levels.

thanks for sharing
  • #402
  • Jul 27, 2007 10:17am Jul 27, 2007 10:17am
Quoting MPP
Hi Jacko

sorry if I offended you, I am learning forex at this time and when something new shows up I try to understand it. I know this subject dosn't fit in with your system, but the opertunity to learn got the better of me.

I liike your thread and the thoery you practice, I hope soon to have sufficient funds to trade as you do, much easier on the stress levels.

thanks for sharing

Hi MPP,

1. Just go into your messages and copy and paste them into your PM to Wellspring.

2. Then delete your messages here.

3. Wellspring can then do the same.


Thanks.

PS I am not offended.


.
  • #403
  • Jul 27, 2007 10:24am Jul 27, 2007 10:24am
Quoting jacko
Hi MPP,
PS I am not offended.
.
nice one Jacko. Today i was actually wondering if I got to the right thread, when I saw all the discussion between the 2 guys. Im sure they will understand.

Regarding euro, I have a buy order at 1.3785 (AH strategy) and another 2 waiting at 1.3600 and 1.3550.

I really hope that all this huuge sell off on all the markets will finish soon and the uptrends will resume on most of the pairs. Its frustrating to see how gains which took days to achieve just disappeared in a few days.
We leave no soldier behind.
  • #404
  • Jul 27, 2007 10:38am Jul 27, 2007 10:38am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Could someone please enlighten me, i have a support line around 1.3500 - round number but the 50% is in the 1.3550 area.

in this system which is most important?

or do I buy at 1.3550 and again at 1.3500, concern about the Sl on the 1.3550.

or is this irrelivant and just look at the 50% as my by point
  • #405
  • Jul 27, 2007 10:55am Jul 27, 2007 10:55am
Quoting MPP
Could someone please enlighten me, i have a support line around 1.3500 - round number but the 50% is in the 1.3550 area.

in this system which is most important?

or do I buy at 1.3550 and again at 1.3500, concern about the Sl on the 1.3550.

or is this irrelivant and just look at the 50% as my by point
Hi,
I would buy at 1.3550 and use Anti-hedging. That is if it gets that low - have just bought at 1.3650.

Ian
  • #406
  • Jul 27, 2007 11:07am Jul 27, 2007 11:07am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting ianf0ster
Hi,
I would buy at 1.3550 and use Anti-hedging. That is if it gets that low - have just bought at 1.3650.

Ian
I suppose it makes sense to simple put a buy order in at both points,

1.3550 with SL 1.3490 (slightly more than usual but will allow me to pick up the 1.3550 without much more risk)
1.3500 with sl 1.3450 (standard 50 pips)

only one way to find out.

not to keen on the 1.3650, the number for me has no support, might just be my charts.

this system really is easy to use, think I might be thinking to hard.

happy trading and thanks for the reply.
  • #407
  • Jul 27, 2007 11:09am Jul 27, 2007 11:09am
Quoting MPP
I suppose it makes sense to simple put a buy order in at both points,


not to keen on the 1.3650, the number for me has no support, might just be my charts.

this system really is easy to use, think I might be thinking to hard.

happy trading and thanks for the reply.

He may be referring to Jacko post few days back where he said would retrace to 3650 area, before resuming trend
Trade what you see, not what you think.
  • #408
  • Jul 28, 2007 4:31am Jul 28, 2007 4:31am
Well, I've got my buy orders in at 3800, 3700 and if it reaches 3550 area one at 3600 (and 3500 if it reaches 3450 etc etc - here's hoping), which I think is in the spirit of this simple, yet fantastic "system". Will employ anti-hedging if any of these fail (again a simple, yet fantastic idea!) - and I think that's it! How unstressful can things be!

Thanks for a great thread Jacko (and everyone else in here), having just stumbled across it recently - it has caused another "lighbulb" moment!
  • #409
  • Jul 28, 2007 5:34am Jul 28, 2007 5:34am
May see the 3475 area based on trendline / bottom of channel?
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  • #410
  • Jul 28, 2007 6:54am Jul 28, 2007 6:54am
The last two cycles have come down to the 50% retracement level, sit back relaxe and wait for it again instead of cluttering up your charts with wishfull thinking and unfounded speculation. The hardest part of jackos' system is the waiting, remember 50% fibs and round numbers.
Happy trading all

http://img409.imageshack.us/img409/3...enshot1mj8.png
Same Whore .... Different Dress
  • #411
  • Jul 28, 2007 10:32am Jul 28, 2007 10:32am
I am with johndoe, when/if Euro moves back we will all know it. Either 50% Fib or round numbers should be in play. All that crazy guessing killed me in the past. Thats why I follow this thread. We are looking for a trend to begin, we do not need to be in at the moment it moves. If this comes back it could be a long trend. Jump in whenever your comfortable.

I never thought that jacko was focusing on anti-hedging as a system, I thought it was a way to recover what we lost? Maybe I am confused?? I for one am going to keep it simple!!

good luck to all,
generalz



Quoting johnedoe
The last two cycles have come down to the 50% retracement level, sit back relaxe and wait for it again instead of cluttering up your charts with wishfull thinking and unfounded speculation. The hardest part of jackos' system is the waiting, remember 50% fibs and round numbers.
Happy trading all

http://img409.imageshack.us/img409/3...enshot1mj8.png
  • #412
  • Jul 28, 2007 3:06pm Jul 28, 2007 3:06pm
I have read most of jacko`s replies to everyone and there is still one thing I am not clear on.I hope I don`t come off too stupid.
I realize that the idea is to trade the major trend and re-enter when it comes back.(brilliant in it`s simplicity) ...but what does one do when the market goes the other way for a whole 2 month period like it did during may and june ,seems to me that that is a long time to sit on the sidelines?
(please see the time period in question outlined in the eur/usd chart below).

Also Jacko are you mostly only trading the eur/usd still?
http://www.forexfactory.com/[IMG...7/eubo4.th.gif (http://img213.imageshack.us/my.php?image=eubo4.gif)[/IMG]
  • #413
  • Jul 28, 2007 8:33pm Jul 28, 2007 8:33pm
Quoting randomlight
I have read most of jacko`s replies to everyone and there is still one thing I am not clear on.I hope I don`t come off too stupid.
I realize that the idea is to trade the major trend and re-enter when it comes back.(brilliant in it`s simplicity) ...but what does one do when the market goes the other way for a whole 2 month period like it did during may and june ,seems to me that that is a long time to sit on the sidelines?
(please see the time period in question outlined in the eur/usd chart below).

Also Jacko are you mostly only trading the eur/usd still?
http://www.forexfactory.com/[IMG...7/eubo4.th.gif (http://img213.imageshack.us/my.php?image=eubo4.gif)[/IMG]
You can just do nothing ... or do 1-2 shorts when if you have confidence.
  • #414
  • Jul 29, 2007 6:32am Jul 29, 2007 6:32am
Quoting newbietrader101
I am sorry dudes but I have been trying to talk Jacko round to posting his trades here live like he did on dailyFX but am hitting a brick wall, because he says that he has been there and done that and that his trading is now much less often and that it would be boring, especially at the moment when the euro is doing nothing but sitting like a pig in mud at 1.3450 so I will keep trying. he has been overseas for a while but told me the other day that he is setting up some serious long term short positions against the dow and nasdaq and is now just waiting for China market to come down with a big bump.

Damm, Jacko is good. USA and Europe down like a bitch. Shangai stock market still staying up, but for how much longer? How much will he make? Lots and Lots. I wish i had followed him on thios trades. He told me in late June that this was coming.
  • #415
  • Jul 30, 2007 9:09am Jul 30, 2007 9:09am
i've to admit after reading so much on this thread, i've learn a little from this strategy but seems to be a little lost now.

can anyone using this system with a degree of success maybe give another summary of the strategy's main points ?

especially the entry and exit points which are so hard to determine.

thanks in advance.
  • #416
  • Jul 30, 2007 11:32am Jul 30, 2007 11:32am
Quoting findcount
i've to admit after reading so much on this thread, i've learn a little from this strategy but seems to be a little lost now.

can anyone using this system with a degree of success maybe give another summary of the strategy's main points ?

especially the entry and exit points which are so hard to determine.

thanks in advance.

I can't claim any great success, but the system is very simple IMHO:
1. Trade only very trending markets i.e. EURUSD
2. Trade only with the long term trend. About 300 days, or use weekly/monthly chart.
3. Use no Indicators - they just confuse.
3. Use only the following for initial entry:
Round numbers (i.e. 1.xx00)
50% retracement level of last Major swing - (note that 50 is not a Fib number but a lot of people use it as such).
4. Use a trailing stop loss of 50pips (for EURUSD).
5. Use the Anti-hedging strategy to get back in with the trend afdter being stopped out. (that is unless you get a more major retracement, in which case you can also use the rules as for an initial entry.) Anti-hegding gets you back in at the price you were stopped out, after the price has gone at least 50 pips beyond the price at which it stopped you out, then resumed the trend and come back to where it stopped you out. Simple, but effective.

There are some slight nuances - here is my take on those:

1. Jacko appears to take note of trend lines, but apart from the major trend line, they appear to have little importance.

2. Don't enter on an initial touch of the level you are using (for initial entry) - wait for a retrace back from at least 30 pips beyond (maybe 50 pips even).

3. The 50% (so called Fib retracement) takes precedence over the Round numbers.

4. Best way to see long term trend change is on weekly chart.

The really hard part, is all the waiting you have to do for the price to come to you. But as Seeking Light said:

It's not about trading EVERY day, it's about trading that ONE RIGHT DAY......You make money by waiting, not by trading. Sounds so silly nobody wants to believe it, but it's true. - SeekingLight

Just my 2 cents worth,
Ian
  • #417
  • Jul 30, 2007 7:51pm Jul 30, 2007 7:51pm
Quoting ianf0ster
2. Don't enter on an initial touch of the level you are using (for initial entry) - wait for a retrace back from at least 30 pips beyond (maybe 50 pips even).
Sorry, can you say this another way? I don't understand...?
  • #418
  • Jul 30, 2007 11:28pm Jul 30, 2007 11:28pm
Quoting JoshDance
Sorry, can you say this another way? I don't understand...?
Say you plan to enter the market at the 50% retracement level, which for this example we will say is at 1.3700. The market is bullish. What Josh is saying is dont enter the market exactly when price hits 1.3700, wait for it to hit/come close to that level then bounce up 30-50pips before entering so even though the 50% retracement level is at 1.3700 you will enter at 1.3730-50 after it bounces off/comes close to 1.3700

Its sort of like making sure the 50% line was effective, its worth missing out on those 30-50pips instead of entering exactly at 1.3700 just to watch price not respond to the 50% retrace line
.. because this is a trend following strategy volatility is important, its what separates swing trading to trend trading and in my opinion which most would agree with on this thread.. swing trading is for gamblers not investors.. trying to predict a top/bottom is like trying to bang a supermodel, its great if it works out but chances are, its not gonna happen
  • #419
  • Jul 30, 2007 11:51pm Jul 30, 2007 11:51pm
2 questions:

1) Does Jacko really use 50pip trailing stops? That seems too small to make big profits if your waiting weeks-months for a setup.

2) This is about the anti-hedging system: Can you apply the anti-hedging system to a trade that has broken even due to a trailing stop or is it strictly for when you are stopped out for negative pips? and do you use this when you trade against the trend?
  • #420
  • Jul 31, 2007 1:27am Jul 31, 2007 1:27am
thanks brxxt, you answered my question.
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