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Jacko's Forex House of Pleasure and Pain

  • #1,321
  • Dec 14, 2007 2:06pm Dec 14, 2007 2:06pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting pavlov0032
Hello where is Jacko?

last thing he said was to have a buy at 4550, but there was no notifications that the market was tanking.

maybe he has a stockbroker looking after his positions, but for people in US where all action happens during nighttime this is extremely inconvenient.

Jacko! why didn't you sent SMS about NOT TO BUY at 4550?
I expect he would have taken the trade, he dosn't use indicators like some people so most likely would have kept the trade on, makes no difference, Sl hit further 50pip drop and A-H placed, it will get picked up later.

just my view
  • #1,322
  • Dec 14, 2007 2:13pm Dec 14, 2007 2:13pm
Quoting MPP
I expect he would have taken the trade, he dosn't use indicators like some people so most likely would have kept the trade on, makes no difference, Sl hit further 50pip drop and A-H placed, it will get picked up later.

just my view

thats easy to say "will get picked up later"

euro just re-entered its trend from 11/23 which is a downtrend,, it could last for month or year.

I think it should be shorted at 47XX levels since there was way too much resistance on the top and not too much support at the bottom..
  • #1,323
  • Dec 14, 2007 2:31pm Dec 14, 2007 2:31pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting pavlov0032
thats easy to say "will get picked up later"

euro just re-entered its trend from 11/23 which is a downtrend,, it could last for month or year.

I think it should be shorted at 47XX levels since there was way too much resistance on the top and not too much support at the bottom..

ok downtrend not confirmed more like retracement, this could retrace all the way to it's former support area at 1.36XX and still be in a long term bull trend, yes it could sit out there for a month or maybe only a day, we won't know that until the direction changes. i'll give you the short at 1.47xx, my system gave me a signal in november to short, but i don't short strong uptrends and until i feel ready to short this sometime after 1.400ish i'm a bull. were only here because the banks are messing with the markets, in time it will settle and the bulls will win through(just my view).

key thing to remember, if the US is dumping money into the markets, where's it coming from, they already owe trillions to others now they owe more. so in the end the long trend will win through, again just my view. things may change after the ECB releases it's interest rate statement.
  • #1,324
  • Dec 14, 2007 2:54pm Dec 14, 2007 2:54pm
Pavlov, I'm not sure if you mean to but your tone comes across as very abrasive. You also seem like you don't expect to lose any trades?
  • #1,325
  • Dec 14, 2007 3:01pm Dec 14, 2007 3:01pm
Quoting libertao
Pavlov, I'm not sure if you mean to but your tone comes across as very abrasive. You also seem like you don't expect to lose any trades?

Please clarify what "abrasive" means.
  • #1,326
  • Dec 14, 2007 3:06pm Dec 14, 2007 3:06pm
Quoting MPP
ok downtrend not confirmed more like retracement, this could retrace all the way to it's former support area at 1.36XX and still be in a long term bull trend, yes it could sit out there for a month or maybe only a day, we won't know that until the direction changes. i'll give you the short at 1.47xx, my system gave me a signal in november to short, but i don't short strong uptrends and until i feel ready to short this sometime after 1.400ish i'm a bull. were only here because the banks are messing with the markets, in time it will settle and the bulls will win through(just my view).

key thing to remember, if the US is dumping money into the markets, where's it coming from, they already owe trillions to others now they owe more. so in the end the long trend will win through, again just my view. things may change after the ECB releases it's interest rate statement.
Downtrend not confirmed? look on daily graphs since 11/23 doesn't look like downtrend?

well, despite US "dumping trillions" and "too low" of a rate cut MARKET somehow likes dollar more then EURO. cheap dollar means more export for US and expensive Euro not od for europe either..
  • #1,327
  • Dec 14, 2007 3:14pm Dec 14, 2007 3:14pm
Quoting pavlov0032
Downtrend not confirmed? look on daily graphs since 11/23 doesn't look like downtrend?
I believe MPP was referring to the longer-term trends. The monthly trend from 2001 is firmly intact (@ 1.33), as is the weekly trend from Jan 06 (last tested in August at 1.34, now at 1.37).

The market was testing the daily trendline since last week, broke it yesterday during the US session, and with today's 215 pip drop, it's history.
  • #1,328
  • Dec 14, 2007 4:10pm Dec 14, 2007 4:10pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting pavlov0032
Downtrend not confirmed? look on daily graphs since 11/23 doesn't look like downtrend?

well, despite US "dumping trillions" and "too low" of a rate cut MARKET somehow likes dollar more then EURO. cheap dollar means more export for US and expensive Euro not od for europe either..

i agree US export is up, after all at over $2 to the pound and $1.5 to the euro, i've been doing all my xmas shopping online so the current uptrend has been good for the US IMO.

It's not yet a downtrend, it's a retracement. and if you look at your charts you will see many an occassion just like this, thats why we trade in forex and at time like this we sit back and wait for better entry points - unless you use a different system and trade smaller TF in which case you would have placed your shorts. Jacko's method is longer term and is a way of making the money without spending your life infront of the PC.

I say to you have some patience and watch the charts. or stop trying to trend trade and become a day trader.

please try to not be so sharp in your posts, we are all here to help each other and the fastest way to get shut out is to annoy people. you have valid points, just sit back and read your posts and try to see how others would perceve them.

kind regards

MPP
  • #1,329
  • Dec 14, 2007 4:56pm Dec 14, 2007 4:56pm
Downtrend ??? Who says it's a downtrend ??? zoom out a bit on your charts there !!! I bet Jackos getting pretty excited about getting all his people ready to make a big BUY whenever the correction is over !!! And I am pretty sure he is making lots of pips on the correction too !!!!!

Quoting pavlov0032
Downtrend not confirmed? look on daily graphs since 11/23 doesn't look like downtrend?

well, despite US "dumping trillions" and "too low" of a rate cut MARKET somehow likes dollar more then EURO. cheap dollar means more export for US and expensive Euro not od for europe either..
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  • #1,330
  • Dec 14, 2007 5:32pm Dec 14, 2007 5:32pm
Quoting MPP
key thing to remember, if the US is dumping money into the markets, where's it coming from, they already owe trillions to others now they owe more.
They just keep printing more !!!!!
  • #1,331
  • Dec 14, 2007 7:22pm Dec 14, 2007 7:22pm
Quoting Tiki Trader
Downtrend ??? Who says it's a downtrend ??? zoom out a bit on your charts there !!! I bet Jackos getting pretty excited about getting all his people ready to make a big BUY whenever the correction is over !!! And I am pretty sure he is making lots of pips on the correction too !!!!!
Hi Tiki Trader!

You are right, AH order is already set, and pavlov it was only -45 pips. Thats ok for me because the weekly trend is up like Tiki Trader said.
It is very important that Jacko is trading the longer term trend. Ok if you would trade shorter tf's then you would have a downtrend, but if you look at the weekly, there we are far away from a downtrend.

Regards Erkro
  • #1,332
  • Edited 7:00am Dec 15, 2007 6:47am | Edited 7:00am
Quote
Hello where is Jacko?

last thing he said was to have a buy at 4550, but there was no notifications that the market was tanking.

maybe he has a stockbroker looking after his positions, but for people in US where all action happens during nighttime this is extremely inconvenient.

Jacko! why didn't you sent SMS about NOT TO BUY at 4550?

Hi Pavlov0032

Are you one of Jacko's 'students' ? It appears that you may be because I recall you asking about 1-1 training from Jacko.
Anyway it appears that you are treating it like some kind of signals service and Jacko has made it clear that it is not. He is teaching all of us here a proven method that has brought him much success (look at all his live trades from the past). Losing trades are part of trading and it is obvious you are the type who sing praises when everything is rosy and quick to crticise at the first hurdle when things don't work out your way. Such an attitude is undesirable and shows a disloyal personality. DON'T FORGET JACKO HAS BEEN SHOWING EVERYONE HIS METHOD FOR FREE IN THIS THREAD !
  • #1,333
  • Dec 15, 2007 9:51am Dec 15, 2007 9:51am
Hi all!


I think I'm irritated at myself, as I forgot to put stop loss. As a result the system bought four mini lots and when I woke up it account was down severah hundred pips.. I understand that it microscopical in comparison with your losses..

Being brand new trader Coupled with previous losses (which are bearing more psychological weight then monetary) it kinda threw me off.

And, yes I was under impression that 4560 was a good entry point since it looked like previous entry point after which market rallied 100 points higher..

I apologize for Jacko and other readers, my irritation which should be directed primarily at myself for not putting stop losses cause it looked like a "sure thing"


Alex
  • #1,334
  • Dec 15, 2007 10:30am Dec 15, 2007 10:30am
Quote
pavlov0032Hi all!


I think I'm irritated at myself, as I forgot to put stop loss. As a result the system bought four mini lots and when I woke up it account was down severah hundred pips.. I understand that it microscopical in comparison with your losses..

Being brand new trader Coupled with previous losses (which are bearing more psychological weight then monetary) it kinda threw me off.

And, yes I was under impression that 4560 was a good entry point since it looked like previous entry point after which market rallied 100 points higher..

I apologize for Jacko and other readers, my irritation which should be directed primarily at myself for not putting stop losses cause it looked like a "sure thing"


Alex

Hi Alex,

Apology accepted. Jacko's a good trader and have a lot to offer. There are no "sure thing" in this game and not having a stop loss is opening yourself up to very high risks as you found out! It just proved that there are no dead certs in this game. Good money management along with a good trading method like Jacko's is imperative to survival in this business.

Best regards,

Bakuli
  • #1,335
  • Dec 15, 2007 10:40am Dec 15, 2007 10:40am
Humans have to fight hope fear and greed to be successful traders, that requires patience.

Patience to stall your fear of loss and hold on to your winners as long as they run.

Patience to ignore your hope that the price will come back to break even, and accept the losing step back and cut the bleeding off immediately. (This may seem counterintuitive, but the immediate action of taking a loss is actually an exercise in patience, as you are no longer hoping for an immediate reversal in your favor and are taking a longer view of how best to get back to even.)

Patience to ignore your greed telling you to jump in the market before you miss a move, when the only move you would have missed was the 200 pip move against your position.

Patience to stick to a reasonable risk level such as 1% of risk capital, instead of plunging in with 5% or 10% and taking a bath when the market stutters against you.

Patience to learn yourself and how you react to market moves, and build a trading methodology based on that, instead of trying to use a market guru or signal service to feed you successful trades.
  • #1,336
  • Dec 15, 2007 11:09am Dec 15, 2007 11:09am
Quoting pavlov0032
Hi all!


I think I'm irritated at myself, as I forgot to put stop loss. As a result the system bought four mini lots and when I woke up it account was down severah hundred pips.. I understand that it microscopical in comparison with your losses..

Being brand new trader Coupled with previous losses (which are bearing more psychological weight then monetary) it kinda threw me off.

And, yes I was under impression that 4560 was a good entry point since it looked like previous entry point after which market rallied 100 points higher..

I apologize for Jacko and other readers, my irritation which should be directed primarily at myself for not putting stop losses cause it looked like a "sure thing"


Alex
I think your post highlights to everyone the importance of setting a stop loss as the first action to taking a trade along with following a set risk % regardless of the strength of the setup.

I am relatively new at trading as well and I know how after a loss ( i call it an expense ) you may want to throw money management out the window to mitigate the hit you took. I hope you don't do that.

Finally, kudos for owning up and taking full responsibility for the hit you took. I have always personally felt that people who place blame everywhere else but themselves generally never rise above where they presently are.
  • #1,337
  • Dec 16, 2007 4:32am Dec 16, 2007 4:32am
Quoting pavlov0032
Please clarify what "abrasive" means.
Hi,

Im one of Jacko's group and I have been reading some of these comments with interest. Some people ought to start from the beginning and re read, and more importantly, chill out a bit.

No matter what method you trade, you ALWAYS put on a stop, if you dont your going to get wiped out. Plus there is NEVER a "sure thing" in forex, if you really believe that you may as well give your money away. Also, jacko/this thread isnt a signal service (and neither is his 1-1 training), and all trades/ideas are discretionary. Finally, a bit of courtesy always goes a long way. Jacko and his group are all doing fine, and hopefully we will all be able to pass on his knowledge etc to people who arent rude, blame-evryone-else people you often find on other forums, but who are starting to creep onto this forum. So please, lets all just chill out a bit, comprende??
Nobody can be told what The Matrix is. You'll have to see it yourself.
  • #1,338
  • Dec 16, 2007 8:04am Dec 16, 2007 8:04am
Quoting pavlov0032
Hello where is Jacko?

last thing he said was to have a buy at 4550, but there was no notifications that the market was tanking.

maybe he has a stockbroker looking after his positions, but for people in US where all action happens during nighttime this is extremely inconvenient.

Jacko! why didn't you sent SMS about NOT TO BUY at 4550?
I think you forgot about some of the fundamental rules:
- 50 pip S/L
- use the A-H at the last S/L provided the market moves and recovers after more than 50 pips past your S/L position.
  • #1,339
  • Dec 16, 2007 12:09pm Dec 16, 2007 12:09pm
Quoting pavlov0032
Hi all!


I think I'm irritated at myself, as I forgot to put stop loss. As a result the system bought four mini lots and when I woke up it account was down severah hundred pips.. I understand that it microscopical in comparison with your losses..

Being brand new trader Coupled with previous losses (which are bearing more psychological weight then monetary) it kinda threw me off.

And, yes I was under impression that 4560 was a good entry point since it

Alex
You forgot to put a stop loss.
Then you didn't have a trailing stop either!
Otherwise you would've lost 44 pips only regardless of forgotten stop loss.
How do you exit a trade?
What kind of the strategy is that? Jacko's not.

Jas
  • #1,340
  • Dec 16, 2007 8:52pm Dec 16, 2007 8:52pm
I'm sure it has been beaten to death, but how does one partake in Jacko's group?
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