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Jacko's Forex House of Pleasure and Pain

  • #1,541
  • Edited 3:57pm Jan 16, 2008 3:00pm | Edited 3:57pm
Quoting Trader KGB
A "slightly wider spread"? An 18 pip spread on eurusd is highway robbery! You shouldn't be paying more than 1 pip on this pair..
That's for Forward quotes. www.igindex.co.uk (http://www.igindex.co.uk). Spot is 2 pip spread plus 3 point spread for guaranteed stop loss.

BTW I do acknowledge it is a big spread but (1) we're swing trading so the extra pips should be absorbed by the move (2) the platform is reliable and quick plus they don't reject many of my trades or suspend trading when things are moving quickly (unlike some spreadbetting companies I've used). I guess it's a price I'm willing to pay. That said, I do like Oanda's system, although for some reason I do lose access and the speed isn't always great, hence I've only used their game system and not traded with real money.
The market reveals who we really are...
  • #1,542
  • Jan 16, 2008 3:21pm Jan 16, 2008 3:21pm
woke up this morning, saw the carnage, and got in long at 1.4654. If I get stopped out at 1.604 I'll wait for it to go even lower and then get back on the uptown bus at 1.4650.
trading naked.......
  • #1,543
  • Edited 4:22pm Jan 16, 2008 4:03pm | Edited 4:22pm
A drop of nearly 270 pips overnight, caused mostly by the comments of ECB official and a finance minister in Euro zone, may suggest that the near-termed sentiment of the market is not that bullish, particularly by the double top failures to go past 1.4920 in the hourly chart. Perhaps lots of stale longs are trying to cash in & looking for an excuse to do so. Most one-day pull backs are in the order of 100-150 pips, so 270 is quite a surprise. The market may be jittery a bit in near term, and go further down by more profit taking. But hey, that plays into Jacko's strategy - pull the trigger when the retracement has run out of steam and the up trend resumes. Look at his 500 pips trade from 1.3300 to 1.3800. Unless the underlying foundamentals change, news are just noise (as Jacko puts it). It will take patience and expert analysis (like Jacko can) to know roughly where the reversal point is, or whether the pair will go in range for a while before some bad news of US drive up the trend again. Remember the trillions in deficit are not going away by the news of a near-term inflation/interest rate speculation. Quoting Jacko, I can be Wwwwrong. My humble 2 cents.
  • #1,544
  • Jan 18, 2008 12:41pm Jan 18, 2008 12:41pm
No posts since the melt-down. Hmmm, wonder if every one is taking a break from the market. Just to keep the thread alive, I will put in my 2 cents on the situation of the pair.The eurusd is consolidating as expected. Let's see if the down spike will hit 1.4589 range and break it to move down further. Bearish sentiment near-term. What do I know? Just a thought in the absence of input from other better traders.
  • #1,545
  • Jan 19, 2008 3:41am Jan 19, 2008 3:41am
Hi All,

Every so often, the ECB, or Fed or BOE or whoever likes to teach forex speculators a lesson, and this is a case in point! They dont like the market dictating to them, putting them under pressure, and screwing up their plans.

Just remember, CB's are NOT our friends, never have been, never will be. But we will have our 1.50, whatever the ECB says.

Good luck next week.

Shaun
Nobody can be told what The Matrix is. You'll have to see it yourself.
  • #1,546
  • Edited 10:32am Jan 19, 2008 9:49am | Edited 10:32am
Here's an interesting take on the pair.
http://www.pfxglobal.com/index.php?option=com_content&task=view&Itemid=188&id=1807

Institutional traders have become More Bullish on the euro over the last week as well.
  • #1,547
  • Jan 19, 2008 6:54pm Jan 19, 2008 6:54pm
This is definitely a shakeout of weak money before a move higher. The Fed has to lower interest rates, the likelyhood of a .75 rate cut is higher than it has ever been. Meanwhile the ECB has to raise rates to fight inflation.

The way to play it is to wait for the bottom, and when it has recovered 150 to 250 pips, choose your entry per Jacko's method. Enter with a partial position and add to the position as the move is confirmed. No need to be bold, limp in and let the market prove itself to you. Jacko's method is all about making the market do the work.
  • #1,548
  • Jan 20, 2008 4:08pm Jan 20, 2008 4:08pm
Shall we flip a coin?.... Heads , go long... Tails go short.

http://img217.imageshack.us/img217/1...apture1se1.png
Same Whore .... Different Dress
  • #1,549
  • Jan 21, 2008 4:58am Jan 21, 2008 4:58am
My first post!
Unfortunately my trade was a failure. I'm posting because we can learn from mistakes even more than successes and hopefully I can look at this post 20 years from now and laugh. Advanced traders may want to skip the rest of this, its a newbie mistake.
The trade was a failure because of me.
I am demo trading Jackos method per IBFX.
On 1/18 I did a long because of a fibo retrace from the 50% level. I set the fibo on the daily level, but went to the hourly chart to confirm price going up. I made 8 pips with the stop loss dropping me out. Profit. Awesome.
IBFX doesnt do weekend charts, so I checked the prices again on late Sunday night. I was still on the hourly chart and saw it was bouncing off the fib line again, so I bought.
The problem here is that it had bounced off the 61.8 level and not the 50 level. I didnt even notice. I just saw a fib line it was bouncing off of.
I got not only stomped, but I have to wait for the rebound for the AH. Now I gotta wait for 1.4506 to get back in. I am dedicated, so I will wait.
I hope this helps all.
Jacko, thank you so much. I will persevere with your method. I believe.
  • #1,550
  • Jan 21, 2008 5:48am Jan 21, 2008 5:48am
Hi Mr. Jacko,

I am very surpised by what I have read in this thread. I find it hard to belive that someone can trade whit huge success in such a simple way as you do.
The A-H system is ¨the tool¨ to recover those red pips. Also you samples an exellent money-managment placing stricts Stop losses and locking in the profits.
Of course the most amazing thing is your willingness to show the way you trade, that tells a lot about the kind of person you must be....

Well a very big THANKS for your great help to all of us.
Looking forward to continue learning the way you trade.

Fer.
  • #1,551
  • Jan 21, 2008 10:19am Jan 21, 2008 10:19am
Quoting johnedoe
Shall we flip a coin?.... Heads , go long... Tails go short.

http://img217.imageshack.us/img217/1...apture1se1.png
Hmmmmmm.... I guess tails would have been good...

http://img206.imageshack.us/img206/9...apture1vt2.png
Same Whore .... Different Dress
  • #1,552
  • Jan 21, 2008 2:32pm Jan 21, 2008 2:32pm
How is the group doing w/ trades over the past week w/ the unexpected drop of the euro. I know one group member mentioned a loss, have there been any more fallen soldiers or has jacko informed to stay out.

I am still bullish the euro so i will be looking to get back in at 1.4350 and 1.4200 if reached.
Have a fallen soldier at 1.4500 I will be lookin to re-enter at that point using AH strategy
  • #1,553
  • Jan 21, 2008 11:52pm Jan 21, 2008 11:52pm
I wonder how low eurusd will go. With the stock market crash everywhere including Europe & Asia, there is a rush of US & Japan investors selling off their offshore investments to repatriate the profit back to their own currency. What that wound mean to eurusd? It may still go down to the 1.4200 range and let's see if that is a good buying point. My 2 cents.
  • #1,554
  • Jan 21, 2008 11:57pm Jan 21, 2008 11:57pm
Quoting fxbillie
I wonder how low eurusd will go. With the stock market crash everywhere including Europe & Asia, there is a rush of US & Japan investors selling off their offshore investments to repatriate the profit back to their own currency. What that wound mean to eurusd? It may still go down to the 1.4200 range and let's see if that is a good buying point. My 2 cents.


dont be so sure, i did not agree when basically we were on 1.49 cause euro fundamentals were not so strong, but also usa are weak, we are probably seeing a rebalance of risk.

especially concernet how another member of ecb still hinted they could raise rates, how are they going to do it???
not idea, but probably buying from the dips.
No sls. but not risking too much also.

currently 1.4410 long and probably in some hours could be red again, but a probable opportunity to buy from lower. targeting at least 1.47.
  • #1,555
  • Jan 22, 2008 5:51pm Jan 22, 2008 5:51pm
Hello everyone, I'm new to FF and have been demo trading for a few months, hoping to go live soon!

I want to thank Jacko for this great thread that has taught me a lot and has given me a new insight into longer term trading, which I have been shying away from in my demo accounts...

Looking forward to continue reading from all the pros on this site, and one day be able to call myself an experienced trader (it will take some time, I know)...http://forexfactory.com/images/icons/icon10.gif

Thanks again to Jacko and the rest of you, keep up the great work!
http://forexfactory.com/images/icons/icon10.gif
  • #1,556
  • Jan 22, 2008 7:02pm Jan 22, 2008 7:02pm
Quoting gatorpips
Hello everyone, I'm new to FF and have been demo trading for a few months, hoping to go live soon!

I want to thank Jacko for this great thread that has taught me a lot and has given me a new insight into longer term trading, which I have been shying away from in my demo accounts...

Looking forward to continue reading from all the pros on this site, and one day be able to call myself an experienced trader (it will take some time, I know)...http://forexfactory.com/images/icons/icon10.gif

Thanks again to Jacko and the rest of you, keep up the great work!
http://forexfactory.com/images/icons/icon10.gif
Hello Gainesville...

Happy trading,

Dan
  • #1,557
  • Jan 23, 2008 11:03pm Jan 23, 2008 11:03pm
Hi Everyone.

I am currently in the process of joining Jacko's second group of traders. I am curious to hear from any current students about what to expect from his training and how things are going. Thank you in advance for anyone who cares to respond to this post.
  • #1,558
  • Jan 24, 2008 1:14am Jan 24, 2008 1:14am
You will not get any negative comments from anyone in the first group. I think you will find it -very good education.
  • #1,559
  • Jan 24, 2008 3:01am Jan 24, 2008 3:01am
Quoting AzTrader
Hi Everyone.

I am currently in the process of joining Jacko's second group of traders. I am curious to hear from any current students about what to expect from his training and how things are going. Thank you in advance for anyone who cares to respond to this post.

Hi,

Probably one of the best decisions you will make... welcome to the fold.

You will learn a lot of things.. but you will learn something very important on its own, which I will let you find out yourself. He is a great guy, with a great sense of humour (pretty sharp for an old man!).

Best of luck to you, shinny.
Nobody can be told what The Matrix is. You'll have to see it yourself.
  • #1,560
  • Jan 24, 2008 4:07am Jan 24, 2008 4:07am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting shinny
Hi,

Probably one of the best decisions you will make... welcome to the fold.

You will learn a lot of things.. but you will learn something very important on its own, which I will let you find out yourself. He is a great guy, with a great sense of humour (pretty sharp for an old man!).

Best of luck to you, shinny.
comments like that might see you getting a request to visit him for some attitude adjustments.
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