Jacko's Forex House of Pleasure and Pain | Page 73 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Chicky's House of Pleasure and Pain 11 replies

Carry Backet w/ Jacko's AH 10 replies

Hello Guys is a pleasure to be here. I'm new to MT4 1 reply

Jacko's P&P Trend Trading Method 73 replies

Attachments: Jacko's Forex House of Pleasure and Pain
Exit Attachments

Jacko's Forex House of Pleasure and Pain

  • #1,441
  • Jan 6, 2008 3:34pm Jan 6, 2008 3:34pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting ubeee
Every time I read this thread I wonder how genius Jacko is (no sarcasm at all!). Even when strongly trending EURUSD is extremely hard to profit with a trailing stop of only 50 pips and without fixed take profits. Really, I tried for weeks months and months (if not years) of manual back testing of this strategy and was never able to make any profit at all. You must have a near perfect instinct of market timing to get in exactly when a trailing stop of 50 pips will not put you out even before getting to break even, let alone to get some profit.
My most sincere congratulations goes to Jacko and all the people who have mastered this system. You have perfect market timing.

Hi Ubeee
sorry to hear you are having issues, there is an EA for jacko's method for MT4, i back tested this and found it to be very profitable indeed.

purhaps your problem is entry points.

I would suggest that you clean a chart of and start a fresh page - add the fibs for the last 3 major moves and 2 trend lines, then sit back and take a look at the big picture.

this method works and it's real easy too.

patcience is the key, one trade a week and you doing well to start with.

post your problems, i'm sure others will be glad to help you understand this method of trading.

regards

MPP
  • #1,442
  • Jan 6, 2008 4:12pm Jan 6, 2008 4:12pm
Quoting MPP
Hi Ubeee
sorry to hear you are having issues, ...
MPP thank your for your replay, I strongly appreciate it.
I'm really not in this thread to master Jacko's system. I've already tried it for a lot of time and concluded that even if I could master it, it does not fit my trading style. I don't like to trade only one pair and only in the main trend direction. I follow this thread because I think Jacko is really an extraordinary trader and I think one can learn from a good trader a lot of things even if not interested specifically in his system.
Anyway thank you again, your suggestion about the fresh page, the 3 moves, the fibs and the trend lines is very good.
.Ubeee.
  • #1,443
  • Jan 6, 2008 6:42pm Jan 6, 2008 6:42pm
Thanks for the responses.
  • #1,444
  • Jan 6, 2008 7:28pm Jan 6, 2008 7:28pm
Quoting MPP
Hi Ubeee
sorry to hear you are having issues, there is an EA for jacko's method for MT4, i back tested this and found it to be very profitable indeed.

purhaps your problem is entry points.

I would suggest that you clean a chart of and start a fresh page - add the fibs for the last 3 major moves and 2 trend lines, then sit back and take a look at the big picture.

this method works and it's real easy too.

patcience is the key, one trade a week and you doing well to start with.

post your problems, i'm sure others will be glad to help you understand this method of trading.

regards

MPP
Hi MPP,

Could you please a share where is such EA for MT4?

Regards
IPipDetective
  • #1,445
  • Jan 6, 2008 7:58pm Jan 6, 2008 7:58pm
Quoting Saint Stevo
..........
I'm sure we have all seen a trade produce a large number of pips, retrace slightly then find new legs and reach significantly higher highs after (the recent highly successful AH trade being an example).
Conversely that same trade could have gone south and we could have ended up with less profit.

Seems to me that if one has a cast-iron mechanical exit strategy one ALWAYS sticks to, the discretionary emotional rollercoaster is taken out.

There will be no regrets, recriminations, beating oneself up about what one should have done, could have done, nearly did and so on because you can tell yourself that THIS IS THE WAY I TRADE, come what may.

This approach also has the benefit of freeing you from your computer screen - no need to watch it all the time because what will be will be.

As I said, sometimes you will gain and sometimes you will lose what you maybe would have got using a more discretionary approach but I bet in the long run it will work out about even.

I'm sure that is basically what Jacko is trying to get across to us (if I'm wrong Jacko please put me right).

Good trading to all in 2008

Steve
Hi Steve,

A very good description !!!!

A 50 pip trailing stop makes you a much calmer and more rational trader.

The alternative is to make decisions about when and where to get out when you are in the emotional turmoil of being in a trade. (Definitely NOT recommended !!)

.
  • #1,446
  • Jan 6, 2008 8:11pm Jan 6, 2008 8:11pm
See below

Quoting ubeee
Every time I read this thread I wonder how genius Jacko is (no sarcasm at all!). Someone much wiser than me once said that "Sarcasm is the lowest form of wit".

Even when strongly trending EURUSD is extremely hard to profit with a trailing stop of only 50 pips and without fixed take profits. Really?? I find it really simple and easy.

Really, I tried for weeks months and months (if not years) of manual back testing of this strategy and was never able to make any profit at all. Really ?? Maybe you should go here:
http://www.forexfactory.com/showpost.php?p=1786038&postcount=1413[/url]

You must have a near perfect instinct of market timing to get in exactly when a trailing stop of 50 pips will not put you out even before getting to break even, let alone to get some profit.
No, not at all. Maybe you should go here
http://www.forexfactory.com/showpost.php?p=1786038&postcount=1413 (http://www.forexfactory.com/showpost.php?p=1786038&postcount=1413)

My most sincere congratulations goes to Jacko and all the people who have mastered this system. You have perfect market timing. (Now that sounds like sarcasm!!!....LOL) Maybe you should go here
[url]http://www.forexfactory.com/showpost.php?p=1786038&postcount=1413
  • #1,447
  • Jan 6, 2008 8:36pm Jan 6, 2008 8:36pm
As i assumed, Jasdel was just giving Seekinglight the business, if that makes you feel justified, so be it, personally I prefer making pips to winning forum arguments, but that is just me.

Jacko's system is extremely elegant. you can definitely argue that it is not optimized, but you cannot argue that it is profitable, and that is the key, for me at least.
  • #1,448
  • Jan 6, 2008 9:45pm Jan 6, 2008 9:45pm
Quoting MPP
Hi Ubeee
sorry to hear you are having issues, there is an EA for jacko's method for MT4, i back tested this and found it to be very profitable indeed.

purhaps your problem is entry points.

I would suggest that you clean a chart of and start a fresh page - add the fibs for the last 3 major moves and 2 trend lines, then sit back and take a look at the big picture.

this method works and it's real easy too.

patcience is the key, one trade a week and you doing well to start with.

post your problems, i'm sure others will be glad to help you understand this method of trading.

regards

MPP
Hi MPP,

I understand the overall concept of Jacko's method and I understand the stop loss and trailing stop loss along with the anti-hedge technique. My problem is I am not sure how to get the initial entry point for each trade.

Can you post a chart showing what you mean with 3 fibs and 2 trend lines and how this is used to get entry point?

If Jacko would also like to answer how to decide entry point then I would be most gratefull.

Thank you all.
  • #1,449
  • Jan 6, 2008 10:06pm Jan 6, 2008 10:06pm
Quoting jacko
Even when strongly trending EURUSD is extremely hard to profit with a trailing stop of only 50 pips and without fixed take profits. Really?? I find it really simple and easy.
Jacko, I know it's easy for you, but for me it's not at all. Most of the time when I enter I get stopped out at a loss. Combine this with the AH strategy and I would blow out my account in little time. In fact if on 3 trades I get stopped out for a loss 2 times, next time the price rises I have to enter with two positions. This creates a sort of Martingala
and the more I lose the more it worsens. I've tried it, really. Two weeks on demo account, and a lot of months on manual back testing. I concluded that the only way to get success with your strategy is to have a perfect instinct with entries. Unfortunately I miss this. On the other side it is a proven fact that good entries is exactly your best strength. I remember very well your past calls. They've always been very impressive for me. You always said that you could be totally wwwrong, but you was never not even marginally wwwrong!
Thanks for your replay.
.Ubeee.
  • #1,450
  • Jan 7, 2008 1:35am Jan 7, 2008 1:35am
Quoting jacko
See below

Quote
Originally Posted by ubeee http://www.forexfactory.com/images/buttons/viewpost.gif (http://www.forexfactory.com/showthread.php?p=1786776#post1786776)
Every time I read this thread I wonder how genius Jacko is (no sarcasm at all!). Someone much wiser than me once said that "Sarcasm is the lowest form of wit".

Even when strongly trending EURUSD is extremely hard to profit with a trailing stop of only 50 pips and without fixed take profits. Really?? I find it really simple and easy.

Really, I tried for weeks months and months (if not years) of manual back testing of this strategy and was never able to make any profit at all. Really ?? Maybe you should go here:
http://www.forexfactory.com/showpost...postcount=1413 (http://www.forexfactory.com/showpost.php?p=1786038&postcount=1413)

You must have a near perfect instinct of market timing to get in exactly when a trailing stop of 50 pips will not put you out even before getting to break even, let alone to get some profit.
No, not at all. Maybe you should go here
http://www.forexfactory.com/showpost...postcount=1413 (http://www.forexfactory.com/showpost.php?p=1786038&postcount=1413)

My most sincere congratulations goes to Jacko and all the people who have mastered this system. You have perfect market timing. (Now that sounds like sarcasm!!!....LOL) Maybe you should go here
http://www.forexfactory.com/showpost...postcount=1413 (http://www.forexfactory.com/showpost.php?p=1786038&postcount=1413)
Jacko, you crack me up. ROFLMAO. every time a new troll comes along, you quietly put them away. Maybe I should go here http://www.forexfactory.com/showpost...postcount=1413 (http://www.forexfactory.com/showpost.php?p=1786038&postcount=1413)
  • #1,451
  • Jan 7, 2008 1:52am Jan 7, 2008 1:52am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting IPipDetective
Hi MPP,

Could you please a share where is such EA for MT4?

Regards
IPipDetective
http://www.forexfactory.com/showthread.php?t=44285

there you go. it can be used in 2 ways either as a set and forget EA or as a way of managing the trailing stops on entries you've made. i only used it for back testing as i trade through FXCM and not through an MT4 broker.
  • #1,452
  • Jan 7, 2008 5:15am Jan 7, 2008 5:15am
Quoting riveria
Hi MPP,

I understand the overall concept of Jacko's method and I understand the stop loss and trailing stop loss along with the anti-hedge technique. My problem is I am not sure how to get the initial entry point for each trade.

Can you post a chart showing what you mean with 3 fibs and 2 trend lines and how this is used to get entry point?

If Jacko would also like to answer how to decide entry point then I would be most gratefull.

Thank you all.
Not sure if they would see this as revealing too much info, but I would also find an example entry point chart very useful. I've done a lot of reading, and have a pretty good grasp of Jacko's system, however the entry point still remains mystifying.... it seems like the most subjective component of his system. This presents some trouble for me, because after just a 2 weeks of demoing, how can I have "feel" for the markets???? Haha, anyways, keep up the good work all.
  • #1,453
  • Jan 7, 2008 5:48am Jan 7, 2008 5:48am
Quoting jacko
Hi Charlinks,

By my calculations, $13594 balance is equal to 35.94% return in only 47 days.

Tdion,
The answer that you want is here:
http://www.forexfactory.com/showpost...4&postcount=85

The group has a private website that is for our little group only. If you wish to join us (as you have indicated that you do), you may wish to send me an email.



.
Hi Tdion,

I am sorry but I have just noticed that the link above is broken (or I have done something wrong when copying it in the post). The link should be:

http://www.forexfactory.com/showpost.php?p=1431044&postcount=85

Sorry.

Jacko
  • #1,454
  • Jan 7, 2008 5:53am Jan 7, 2008 5:53am
Quoting newbietrader101
Jacko, you crack me up. ROFLMAO. every time a new troll comes along, you quietly put them away.
So I am a troll.
Well, am I a troll because I don't have a good instinct about entries, or because I said that it is necessary to have a good instinct about entries to have success with this strategy?
Please let me know, if you can.

In the meantime I cannot avoid to let you note that the vast majority of those who are not getting success with this strategy ask for help exactly on entries. Or complain that with their entries a 50 pips trailing stop gets them out of the market at a loss. You can find at least two of them just 2-3 posts around here.

Ah, sure, we are all trolls!
.Ubeee.
  • #1,455
  • Jan 7, 2008 8:29am Jan 7, 2008 8:29am
Quoting ubeee
So I am a troll.
Well, am I a troll because I don't have a good instinct about entries, or because I said that it is necessary to have a good instinct about entries to have success with this strategy?
Please let me know, if you can.

In the meantime I cannot avoid to let you note that the vast majority of those who are not getting success with this strategy ask for help exactly on entries. Or complain that with their entries a 50 pips trailing stop gets them out of the market at a loss. You can find at least two of them just 2-3 posts around here.

Ah, sure, we are all trolls!
On the other hand, Jacko does note that the Anti-Hedging strategy is far more important than entry point.... so maybe we shouldn't stress so much about entry itself.
  • #1,456
  • Jan 7, 2008 9:25am Jan 7, 2008 9:25am
Quoting ubeee
MPP thank your for your replay, I strongly appreciate it.
I'm really not in this thread to master Jacko's system. I've already tried it for a lot of time and concluded that even if I could master it, it does not fit my trading style. I don't like to trade only one pair and only in the main trend direction. I follow this thread because I think Jacko is really an extraordinary trader and I think one can learn from a good trader a lot of things even if not interested specifically in his system.
Anyway thank you again, your suggestion about the fresh page, the 3 moves, the fibs and the trend lines is very good.

ubeee,

Just in case you haven't had time to do as MPP suggested, take a look at my humble attempt to show a Weekly example of how I think Jacko trades.

The highlighted areas are possible buy zones (nothing is guaranteed).

I Hope this helps.


BabeFX.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd wkly010708.gif Size: 23 KB
  • #1,457
  • Jan 7, 2008 11:19am Jan 7, 2008 11:19am
One of the lessons that Jacko teach people here is learning to be patient and to get rich slowly (not to trade everything that moves!). He has also stated that he does not trade every day. He advises trading with the trend and buying on dips. So if you follow the advise of waiting patiently for a high probability set-up, based on his method and then enter into a trade into the direction of the main trend, you should have a high probability entry. And if you still got the entry wrong, because then market has got its own mind, not to worry because you have the A-H strategy to bail you out, as long as the main trend is still intact.
Hope that helps.
  • #1,458
  • Jan 7, 2008 11:53am Jan 7, 2008 11:53am
Quoting niner49
On the other hand, Jacko does note that the Anti-Hedging strategy is far more important than entry point.... so maybe we shouldn't stress so much about entry itself.
Pretty much key, if you enter your boat heading downstream, you might flip on a little back current, but eventually you will continue heading in your original intended direction. Just make sure you have the same cooler/lots with you!
  • #1,459
  • Jan 7, 2008 1:13pm Jan 7, 2008 1:13pm
Quoting BabeFX
ubeee,

Just in case you haven't had time to do as MPP suggested, take a look at my humble attempt to show a Weekly example of how I think Jacko trades.

The highlighted areas are possible buy zones (nothing is guaranteed).

I Hope this helps.
BabeFX.
BabeFX, you are very kind, but no, it does not help. How can you study an entry that will have a 50 pip trailing stop loss on a weekly chart? A weekly bar is of about 300 pips on average for EURUSD! You need to look at least to 1H TF if not smaller for a 50 pip trailing stop loss entry.

Quoting Bakuli
... So if you follow the advise of waiting patiently for a high probability set-up, based on his method and then enter into a trade into the direction of the main trend, you should have a high probability entry.
Sorry Bakuli, I really don't want to offend anyone, especially people like you that are kindly trying to help, but you are substantially saying: "if you wait patiently for a high probability set-up ...you should have a high probability entry". Well, that seems very obvious to me, but what is a "high probability set-up"?
You know, patient to wait for something is a great virtue if your are able to recognize what that something you are waiting for looks like, otherwise it's just a waste of time.

Quoting niner49
On the other hand, Jacko does note that the Anti-Hedging strategy is far more important than entry point.... so maybe we shouldn't stress so much about entry itself.
For the sake of God, and if not on entries on what would you stress in order to master Jacko's strategy?
Let's have a look together.
Jacko's strategy is basically this:

1) Trade EURUSD
So nothing to stress here, or not???

2) Determine long term trend for EURUSD
Should we stress on this? Jacko very well explained how to determine this long term trend. It's very easy, and in the end if you still didn't get it then, well, Jacko clearly said it for us all: HE IS LONG EURUSD!
Nothing to stress here.

3) Always use trailing stop losses of 50 pips.
Well this seems very easy to me to master. If you don't know how to set up a trailing stop, then this is a problem of knowledge of your trading platform, not surely a strategy issue!
So, again, nothing to stress here, just put on that trailing stop and you have done!

4) AH strategy. Well, as I saw months ago reading some posts of this thread some people got some time to understand the whole working of this part of the strategy, but in the end I would say that this is very clear and also easy. If you get stopped out you wait for the price to fall another 50 pips, then you place a buy stop order at the same price you were stopped out. That's it. Again, if you are not able to do this then this is a problem of knowledge of your trading platform, not surely a strategy issue! So, again, nothing to stress here too.

5) Sizing.
Nothing to stress here. Jacko has clearly said a lot about sizing. He is prudent, he never bet his house on any single trade, he does not trade under capitalized. On the other side he also said that when he get a big win he increases his exposure better compounding the earned money. Nothing extraordinary hard to master here, nothing to stress, and in the end if you are really more risk adverse than he, you simply bet a fixed ratio of your capital (say 1%-3%) and that's it.

And then there is the last point: ... TADA ...

6) ... ENTRIES!
Well, this is the only single part of Jacko's strategy that is totally discretionary. It is not a case that all the other parts of his strategy are so easy, clear, and simple (and even elegant and very well conceived, I would add) to implement that a successful EA for all of them has already been created and works very well, provided that the entries are made by a good trader! Otherwise, I can assure you, that EA loses a lot of money.

So, in the end, entries are the only part of Jacko's strategy hard to master, they are the only things we can stress!
Sorry Niner, you did not convince me.
.Ubeee.
  • #1,460
  • Jan 7, 2008 1:27pm Jan 7, 2008 1:27pm
Hi!


I found this indicator in the other thread, it basically draws all the "round numbers" Jacko uses in the MT4 screen.
It is very useful - gives you visual reference.
Attached File(s)
File Type: mq4 SDX-SweetSpots.mq4   3 KB | 689 downloads
2 traders viewing now