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Jacko's Forex House of Pleasure and Pain

  • #1,821
  • Mar 12, 2008 2:30pm Mar 12, 2008 2:30pm
Quoting Saint Stevo
Alternatively 1.5400 looks a good entry point.
Round number
50% fib 1.5282-1.5512

I'm thinking a deeper retracement to 1.5300 might not happen before it takes off north again.

But I also could be wwwrong!
Yes Saint Stevo your idea could also be the right one
  • #1,822
  • Mar 12, 2008 2:35pm Mar 12, 2008 2:35pm
Quoting pavlov0032
Bona cera!

Hey Skyline whats that "jacko helper" EA on your MT4? some kind of indicator?

I agree with 5300 since its a 50% retracement..
Buona sera Pavlov
Oh yes it's a really simple EA that trail the price automatically pip by pip without waiting the price to reach the trail value (as normally metatrader platform do). It also prints some informations about the lot to be used based on risk and stoploss, the realized and unrealized profit based on pips already banked by the trailstop.
  • #1,823
  • Mar 12, 2008 2:42pm Mar 12, 2008 2:42pm
Quoting MPP
Hi Skyline
try to add another TL to your charts to create the channel, from this you will see a potential top, and have a better idea of where the next 50% will be , we have seen 1.5300 a few time now and with patience, this would have made (i got in at 1.5300 on a buy stop order) a great entry area to watch. it's highly unlikely to be seen again unless we see a very large retracement and that is most likely going to take us into the 1.51XX area, so keep you fib following up to the high and track the 50%

other than that your heading in the right direction, wait for the better price, the higher we go in this climate the more volatile the pair will become as the banks try to resolve money issues. so a better buy is just around the corner.
Excellent analysis MPP !

Hope Jacko will post something about too
  • #1,824
  • Mar 12, 2008 3:08pm Mar 12, 2008 3:08pm
Hey ACE, I for one don't want you to limit your posts on this thread. Your willingness to help and share with your wisdom and insight is greatly appreciated. I completely understand what you have said in your posts about people popping in and out and never really giving this method a try because I was one of those people. I managed to take 165 pips last 2 days entering in at 5350 both times, no TP just TSL manually. I have extremely limited access to a PC at my JOB therefore I will be forced to use a broker with auto TSL, much rather do it manually. Imissed reentry on pullback today at 5350-5400 level and it pushed right through. I"m gonna follow this method and learn it well with a clean chart for once. If had jumped on this almost 1yr ago when I read the first page where would I be now? MPP, thanks to you and everyone else for your help and please let's keep this thread alive. I read somewhere some one was complaining about the high cost of a good education. The other person agreed that a good education was expensive, but ignorance was a helluva lot more expensive. Sorry for the long post, I really don,t post that often. TKS
  • #1,825
  • Mar 12, 2008 3:24pm Mar 12, 2008 3:24pm
Argh, its so frustrating watching the Euro take off when you waited too long for a dip! Lesson learned (I hope)...
  • #1,826
  • Edited 4:31pm Mar 12, 2008 4:19pm | Edited 4:31pm
Currently a buyer at 1.5500 with SL set for 1.5450. Nice round number and may now be significant psychological support.......

Unfortunately missed that last move through inexperience. Actually opened a position at 1.5442 as it was going up and then berated myself for impulse buying and as it retraced sold again for 1.5443. 1 pip profit.

I am now going to use a method of once it goes through a 00 number by 20 to 30 points set a buy at the 00 level for the minor re-trace. The A-H will protect me if I'm wrong and get stopped out. I'll then set the buy at the next 00 number below, and so on and so on with A-H buys set in place. I'll be a poor man if it goes to 1 Euro = 1 dollar.

My advantage over everyone else is I do have the mind of a 5 year old. My disadvantage is I am still trying to pretend I have a mind of a 35 year old with a degree in Mathematics. Price is going bottom left to top right of charts and everything that the Fed etc is trying to do is obviously working so well at stopping the slide of the dollar.

Cheers,

K8
  • #1,827
  • Mar 12, 2008 4:33pm Mar 12, 2008 4:33pm
Thanks you all for replies regarding market entry!

interesting news on bloomberg.. pretty much summarizes what Jacko said before about USD

http://www.bloomberg.com/apps/news?pid=20601087&sid=aNIl25nWqa3o&refer=home


I bought this morning as it broke 5500 level and currently 31 and 44 pips in profit. also moved my stops to the entry price points.. and let the trade "play out" will move stop loss 50 pips every time price moves up hopefully




Dollar Trades at Record Low Versus Euro as Fed Plan Disappoints
By Ye Xie
March 13 (Bloomberg) -- The dollar traded at a record low against the euro as firms from Citigroup Inc. to Goldman Sachs Group Inc. said the Federal Reserve's plan to inject $200 billion into the banking system may fail to break the freeze in money-market lending.
The U.S. currency plunged yesterday against the euro, yen and Swiss franc, erasing a rally from March 11 when the Fed said it would lend Treasuries to financial institutions and take mortgage debt as collateral. Traders bet the Fed will cut rates by as much as three quarters of a percentage point next week to avert a recession, while the European Central Bank keeps borrowing costs unchanged at 4 percent.
Attached Image
  • #1,828
  • Mar 12, 2008 4:43pm Mar 12, 2008 4:43pm
Hello Everyone,

First thanks for the kind words & I am glad to see all those that have jumped in today giving their views & comments. That is how we all learn & that is what helps me to want to keep digging deeper into this method. I had to be away this afternoon, but am catching up with the E/$ moves for today.

As of now E/$ standing @ 5550, but it seems to have a downside bias for now, but if 5550 gives next COULD be 5600 or higher. For me 5500 would be a good entry level, but I would enter on a clear break above 5550. At these levels I'm expecting a nice retace COULD BE SEEN AT ANYTIME. For now I'm on the side waiting for the next move to define itself.

Again, it is good to see the participation from everyone today & I have learned from each post. There are some GREAT TRADERS ON THIS THREAD
& WE CAN ALL BENEFIT FROM EACH OTHER. THANK YOU JACKO.

"A Truely Wise Man Always Has More Questions Than Answers"
____________________________________________________

AceTrader
  • #1,829
  • Mar 12, 2008 6:08pm Mar 12, 2008 6:08pm
Pavlov0032

Nice Bloomberg article & that is all the more reason to stay short $. Tks for the info & sharing your results. It now appears we just MIGHT see the
5500 again. If so, & it holds I'll get onboard again. We'll see what happens.

AceTrader
  • #1,830
  • Mar 12, 2008 6:24pm Mar 12, 2008 6:24pm
http://www.bloomberg.com/apps/news?pid=20601087&sid=aa.bqwxJGDoM&refer=home (http://www.bloomberg.com/apps/news?pid=20601087&sid=aa.bqwxJGDoM&refer=home)

Treasuries Rise on Concern Fed Measures Won't Revive Lending

By Sandra Hernandez and Deborah Finestone
March 12 (Bloomberg) -- Treasuries rose, wiping out more than half of yesterday's decline in the two-year note, on speculation the Federal Reserve's plan to revive bank lending and stem losses in credit markets may fail.

``It's a retracement of yesterday's euphoria,'' said Lawrence Dyer (http://search.bloomberg.com/search?q=Lawrence+Dyer&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:S:d1), an interest-rate strategist in New York at HSBC Securities USA Inc., one of the 20 primary dealers required to bid at Treasury auctions. ``When you look into the financial plumbing of the Fed plan, it's helpful, but when you look at what your real problem is, it's not helpful enough.''

``This is like a Band-Aid and hasn't necessarily solved the problem,'' said Don Alexander (http://search.bloomberg.com/search?q=Don+Alexander&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:S:d1), director of fixed income in New York at Citigroup Global Wealth Management, which oversees about $1.3 trillion in assets. ``When they had the chance to stop the financial crisis, they didn't do it. Now it has spilled over into the real economy.''
  • #1,831
  • Mar 12, 2008 6:31pm Mar 12, 2008 6:31pm
Quoting libertao
Argh, its so frustrating watching the Euro take off when you waited too long for a dip! Lesson learned (I hope)...
Don't worry, be patient and watch for your entry. It will come. It's a pity I set the stop a tad too tight for the second position but there will probably be an entry point tomorrow or Friday.

The market reveals who we really are...
  • #1,832
  • Mar 12, 2008 6:54pm Mar 12, 2008 6:54pm
Quoting skyline
Buona sera Pavlov
Oh yes it's a really simple EA that trail the price automatically pip by pip without waiting the price to reach the trail value (as normally metatrader platform do). It also prints some informations about the lot to be used based on risk and stoploss, the realized and unrealized profit based on pips already banked by the trailstop.

Hi Skyline and everyone.

Is it possible that we can have that EA posted here? (if it doesnt offend the forum rules).

Thanks a lot,
''I am too sexy for my pips, too sexy for my pips, too sexy yeahhh...''
  • #1,833
  • Mar 12, 2008 7:12pm Mar 12, 2008 7:12pm
Quoting Dudu 73
Hi Skyline and everyone.

Is it possible that we can have that EA posted here? (if it doesnt offend the forum rules).

Thanks a lot,


Should be a the bottom of every page of this thread
  • #1,834
  • Mar 12, 2008 10:30pm Mar 12, 2008 10:30pm
Federal Reserve Chairman Ben Bernanke should resign and the Fed should be abolished as a way to boost the falling dollar and speed up the recovery of the U.S. economy, investor Jim Rogers, CEO of Rogers Holdings, told CNBC Europe Wednesday.


video in the article,

He says everything perfectly, agree with 100% of what he says,

He says it will cost you more to prevent a recession then to actually have one, he says recessions are good.....he says there will be a worse recession in the end trying to prevent it.



http://www.cnbc.com/id/23588079
  • #1,835
  • Mar 13, 2008 4:40am Mar 13, 2008 4:40am
Quoting Dudu 73
Hi Skyline and everyone.

Is it possible that we can have that EA posted here? (if it doesnt offend the forum rules).

Thanks a lot,
Yes of course !

Happy pips !
Attached File(s)
File Type: ex4 Jacko Helper EA v1.ex4   5 KB | 1,078 downloads
  • #1,836
  • Mar 13, 2008 4:40am Mar 13, 2008 4:40am
Quoting libertao
Should be a the bottom of every page of this thread
No it's not the same, this is something that I coded yesterday
  • #1,837
  • Mar 13, 2008 5:13am Mar 13, 2008 5:13am
Good Morning EveryOne,

Overnight the E/$ did cross the 5500 level & is now postioned just under the 5600 level & from the news articles that is being posted here we can see 5600 might not be the end, but @ these lofty levels I am starting to wonder when the retrace will start. Thank you Pavlov0032 for those informative articles. Jim Rogers makes a good point, to little too late.

Overnight my buy order was triggered @ 5515, stop @ 5465 with the tp still open & using a trailing stop. This is has been a GREAT WEEK for me using the JACKO METHOD & with the exception of 2 trades using my method, I have traded the JACKO METHOD all week & will do so next week as I am trying to bridge myself over completely, but this could take some more time. I have to get myself out of the mindset of short term taking my profits each day trading & that will not be easy. In the end I might have to trade the JACKO METHOD as well as my current method, but I would rather focus on JACKO's method & become really proficient in that method. We'll see what happens.

To the new traders joining or visiting this thread, read the info in this thread @ least twice as it will be well worth your time. If I had this great information JACKO has shared 20 years ago I would most likely be semi retired if not completely by now........well maybe not as I like trading too much, but you know what I mean. My charts are clearner than they have been in 20 years & I can really tell if I am using candles or bars now. My wife has even ask, WHAT HAPPEND TO ALL THE COLOR ON THE CHARTS.

Again, I thank each & everyone that shares their comments, views & trades as they are all an inspiration to us all & not to mention the value in each. I wish the BEST OF TRADES TO EACH OF YOU & NOW LETS SEE IF 1.5700 WILL BE SEEN.

AceTrader
  • #1,838
  • Mar 13, 2008 9:54am Mar 13, 2008 9:54am
Hi guys, like to a ask question. When this super trend ended.... what is next ?
Do you guys have the fundamentals to forsee another super trend in some other currencies ?
This is so important, because your basic assumption is this pair must supertrend.
Sorry i am not a currecny guy and i really have no luck in it.
jacko interpetation of economy is his " intelligence" ,any others have it ?


Jacko is really wonder.. i spent some time looking though and i thanks god we had such a nice and professional trader around.

Beside what he mentioned,
there are alot of methods that can be incorporate into it like James 16 thread, 4Hr MACD thread etc etc... to look for trend continuation, correction phase, reversal .. etc...
Trading is a jobs with endless discover.
cheers, lets prey that this currency trend will last.
  • #1,839
  • Mar 13, 2008 10:10am Mar 13, 2008 10:10am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting jackolee
Hi guys, like to a ask question. When this super trend ended.... what is next ?
Do you guys have the fundamentals to forsee another super trend in some other currencies ?
This is so important, because your basic assumption is this pair must supertrend.
Sorry i am not a currecny guy and i really have no luck in it.
jacko interpetation of economy is his " intelligence" ,any others have it ?


Jacko is really wonder.. i spent some time looking though and i thanks god we had such a nice and professional trader around.

Beside what he mentioned,
there are alot of methods that can be incorporate into it like James 16 thread, 4Hr MACD thread etc etc... to look for trend continuation, correction phase, reversal .. etc...
Trading is a jobs with endless discover.
cheers, lets prey that this currency trend will last.
This method is not about finding supertrends, it's about finding a pair that is trending strongly and trading with a simple method using the cleanest charts possible and finding the best entry possible with a sound backup plan. if you try to study all these various addon's you will lose yourself, J16 PA is a good thread as it teaches you about candle patterns etc and that is a very good add on to this - it's part of the basics for trading - reading the market

now when the US eventually finds it's feet again, we will all be sellers as the bear run will be huge, prior to being a bull Jacko was a bear.

Now when you understand this method and have spent the time to learn it on a good trending pair (EU currently) you could if you feel the need try other pairs, but why not simply increase your trade size and get really good at uderstanding one pair - it's way easier and much less stressfull.

regards

MPP
  • #1,840
  • Mar 13, 2008 10:41am Mar 13, 2008 10:41am
Jackolee

Good question about the trend & no I don't see it going on @ this pace from now on & when it does change we'll put everything in reverse by shorting the E/$, or @ least thats my game plan. There are many different ways you could add to JACKO'S METHOD, such as throwing on those lag indicators along with some EMA's & SMA's, but that will not help to define the trend.
The trend is self defining as in higher highs & lower lows etc. I have traded as JACKO'S RULES state for several days now & I just don't see a need for anything more. Learning about candlestick patterns would be the only other addon that comes to mind as being worthy of use.

There is no need for supertrends, just a nice steady trend will do. Other pairs can also be traded & the $/Y would be a good example from taking alook @ a chart.


You are certainly right..... JACKO IS A WONDER, as I have found NO trader that has shared information that will top what he is sharing. This is a concise, chart clean & well designed model that is easy for a first year novice trader to get a grip on & trade their way to profits.

THESE ARE JUST MY VIEWS, BUT I COULD BE WRONG.
_____________________________________________

AceTrader
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