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Jacko's Forex House of Pleasure and Pain

  • #1,841
  • Mar 13, 2008 10:42am Mar 13, 2008 10:42am
Hi all, I am in MT, I see how to select the fibo tool, and I know how to make the fibo lines show up on the chart, I just don't know where the proper place to make them is... Pls. Help me out...

Thank You...
Live From Los Angeles
  • #1,842
  • Mar 13, 2008 11:21am Mar 13, 2008 11:21am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting panhandler
Hi all, I am in MT, I see how to select the fibo tool, and I know how to make the fibo lines show up on the chart, I just don't know where the proper place to make them is... Pls. Help me out...

Thank You...
Hi Panhandler

Practice is key to this, you need to look for high points and low points in the swings, mainly on the 4h and daily, but it also pays to look at the weekly from time to time.

http://www.forexfactory.com/showthread.php?p=1790427#post1790427

try this link to some charts i posted, it will give you some idea of were to look for the highs and lows.
  • #1,843
  • Mar 13, 2008 11:52am Mar 13, 2008 11:52am
Quoting MPP
Hi Panhandler

Practice is key to this, you need to look for high points and low points in the swings, mainly on the 4h and daily, but it also pays to look at the weekly from time to time.

http://www.forexfactory.com/showthread.php?p=1790427#post1790427

try this link to some charts i posted, it will give you some idea of were to look for the highs and lows.
MPP, Thanks a bunch,
OK, this is what I came up with, please let me know if it is on the right track...
http://img398.imageshack.us/img398/8162/picture2qy4.png

P.S. Sorry for Hi-JAcking the thread guys...
Live From Los Angeles
  • #1,844
  • Mar 13, 2008 11:53am Mar 13, 2008 11:53am
I took profits on the long E/$ from 5515...out @ 5575. This trade closed for two reasons, #1. Will be out most of the day on Friday & #2 At this level just not willing to hold over the weekend. There COULD be a retrace in the wind in the near term, so I would keep the stops in place as you go.

This has been an outstanding week for me & I hope it has for each & everyone of you. I look forward to next week & what trading opportunities it might bring. Maybe JACKO will join in over the weekend & give us his most respected views on the week ahead. Tks again to each of you as I have learned from each post you have made. HAVE A GREAT WEEKEND.


AceTrader
  • #1,845
  • Mar 13, 2008 12:38pm Mar 13, 2008 12:38pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting panhandler
MPP, Thanks a bunch,
OK, this is what I came up with, please let me know if it is on the right track...
http://img398.imageshack.us/img398/8162/picture2qy4.png

P.S. Sorry for Hi-JAcking the thread guys...
Yep, thats a swing and a good placement, if you double click the fib line and then right click on it you can open the propertise, from there you can remove unwanted fib lines (23% 38% etc) to help clean up the chart, Mt4 will remember the last settings you used each time you apply a new fib - try it out. plus try the charts propertise also, you can remove the grid etc if you don't want it.

OK so we can see where a good potential entry is at the 50% and also we can see that the area around 1.5380 is likely to provide strong support, it needed 12 candles to break through it, so watch the area below the 50% for better entries, plus you should schroll out and apply the TL to the chart and we find that 1.5450 looks to be a strong entry point - lots to choose from and it has a lot to do with how agressive you wish to trade - play with the charts and things will become clearer very quickly.

as an added feature, while in the fib properties, %$ to the discription line (ie 50% %$) this will then show the price on the fib line.

with regards hijacking this thread, providing you are trying to learn Jacko's method and discussing this only, it's all good - just don't bring other plans, ideas and methods here, if you trade a different way start a new thread or find one thats suits your trading methods and personnality.

so you are welcome to stay and learn.

regards

MPP
  • #1,846
  • Mar 13, 2008 3:19pm Mar 13, 2008 3:19pm
I was wondering what time jacko uses when he's calculating his daily pivot points for this pair. I hear a lot of people use 4pm est-4pm est... but I also see a lot of people who use other markers for 24 hour pivot points.
thanks

last time i saw a bull run this big i was on the streets of spain!
  • #1,847
  • Mar 13, 2008 3:32pm Mar 13, 2008 3:32pm
If your referring to the uptrend reversing to a short term down trend or correction, then he does not really calculates pivot points, while back some guy on old forum asked him about pivot point calculator, his response was -"I don't know what pivot point calculator is"

He just sets a stop loss and moves it as the price goes up, lets say you bought at 5500 with a stop loss of 5450, then when it hits 5570 he would manually move stop loss to 5500 and so on until the trade "plays itself out" or you get stopped out ..

I think it is much more profitable then taking 50 pips and close it out.

Quoting strautsbros
I was wondering what time jacko uses when he's calculating his daily pivot points for this pair. I hear a lot of people use 4pm est-4pm est... but I also see a lot of people who use other markers for 24 hour pivot points.
thanks

last time i saw a bull run this big i was on the streets of spain!
  • #1,848
  • Mar 13, 2008 3:36pm Mar 13, 2008 3:36pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting strautsbros
I was wondering what time jacko uses when he's calculating his daily pivot points for this pair. I hear a lot of people use 4pm est-4pm est... but I also see a lot of people who use other markers for 24 hour pivot points.
thanks

last time i saw a bull run this big i was on the streets of spain!
Ask him and i think his answer would be something like.

Read page 1 - again and again, your making this to complicated

in this system there are no pivots, no Ma, No MACD or anything else that's not posted in the first few pages.

so the answer to the question is, No pivot points in this sytem.

trust the first few pages clear your charts and just add the 50% fib and TL then look for the round numbers, you'll soon start to see it nice and clear.

regards

MPP
  • #1,849
  • Mar 13, 2008 4:02pm Mar 13, 2008 4:02pm
MPP

Post #1848 outstanding answer & I'm sure JACKO would agree. I see indicators are starting to drift into this thread as they always do.

AceTrader
  • #1,850
  • Mar 13, 2008 9:39pm Mar 13, 2008 9:39pm
Acetrader,

I am one of Jacko's group and happy with the results. Could I however ask you a question: I have been waiting for pullbacks which means I have been missing several opportunities whereas you on the other hand have been making what appear to be market entries (Correct me if I am wrong) Could you please clarify what criterion (thinking) you apply when making these entries. I would appreciate your help.

Thanks and Regards,
Gerard
  • #1,851
  • Mar 13, 2008 11:48pm Mar 13, 2008 11:48pm
Gerard,

funny thing happened to me with entries that appears to make me the absolute expert at entries and setting stop losses, except by one pip. Yesterday (Oz time) I set a buy in at 1.5550 and around 8.00am the price pulled back to 1.5551 before rebounding up through 1.5600. On the pullback I purchased at 1.5600 with a SL set at 1.5550. At 12.30am the market pulled back and my stop was hit at exactly 1.5550 and then exactly there re-bounded up, not even a pip lower. Even if i had left the original buy in it wouldn't have been hit due to the spread. Consequently -50 pips for the last up-move. Now to test A-H startegy for the first time if it retreats enough to set it in place.

So as can be seen once I get 1 pip better in predicting entry points for reversals I will be rich beyond my wildest dreams. AHHHH

K8
  • #1,852
  • Mar 14, 2008 1:35am Mar 14, 2008 1:35am
G,day looking to buy at 15450, nice round number and 50% fib.
  • #1,853
  • Mar 14, 2008 2:01am Mar 14, 2008 2:01am
Quoting Khornate8
SL set at 1.5550.
Not a smart place to put a stop, really. I say this through experience.

An equally daft move would be to have a buy stop at 15596 in an upwardly trending market.
The market reveals who we really are...
  • #1,854
  • Mar 14, 2008 3:50am Mar 14, 2008 3:50am
Gerard212,

The pullbacks are important as a reentry point & what I do is wait for one of the Logical Levels (00), (50) or the 50% FIB. At the moment I am seeing the 5550 level is close by, so I'll wait for it to hold, then if PRICE bounces up say 10-15 pips then enter. If the trend has been strong & theres no news to turn it around it will bounce & continue up. There are times that PRICE will make a small bounce then drive on thru the LOGICAL LEVEL & then will continue up. You can never be 100% certain what will happen & that is why if I enter a trade & it gives me 15-20 pips gains early on I lock it in & trail it all the way to the BANK.

Since I started using the JACKO METHOD the Anti-Hedge has gotten me back in once, so it works. Once is all that I have needed it so far. I don't like using this term, but sometimes GUT FEELINGS will come into play for me & I go with it, if the METHOD SUPPORTS those feelings.

You will eventually overcome this as time goes on, so keep to the rules as JACKO has given us a great method that is sound in design & works because it is TREND driven.

I am no great trader by any means, but I have survived for 20 yrs now & during that time I have seen many METHODS, SYSTEMS & MODELS with most 95% consisting of indicators that for the most part just gave the chart alittle color & provided no real value. Now along comes JACKO & he has a method that will work once it is read & understood. First, we as traders need to clean our charts, apply JACKO'S METHOD & give it a try. The search for the HOLY GRAIL OF TRADING IS A NEVER ENDING SEARCH THAT WILL NEVER PRODUCE THE GRAIL, BUT WHAT JACKO HAS LAID OUT IS AS CLOES AS I'VE SEEN. I have had one of the most productive weeks (GAINS) with LITTLE to NO STRESS TRADING THIS METHOD.

LOOK @ THE 5550 LEVEL NOW......IS IT GOING TO HOLD????

Sorry for the rambling on, but I hope it helps. I'll be out for today, but will be back next week. Have a great weekend everyone.

AceTrader
  • #1,855
  • Mar 14, 2008 4:21am Mar 14, 2008 4:21am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Give it back friday syndrome is in play, good highs create profit taking, which then drops price to hit Stops and down it runs.

i expect to see the 50% area today @ 1.5465 (the fib position fits both the daily and 4h swings (1.5281 - 1.5650), so looking to long at 1.5450, this area also provided resistance on the way up so should be good support on the way down.

watch your stops and apply the AH, we close for the markets today which will most likely end with the drop from the US session, but the drive higher will come from the Asian open on Sunday night (UK time)
  • #1,856
  • Mar 14, 2008 5:20am Mar 14, 2008 5:20am
Hi,

I haven't yet noticed this news on-line, but on my way home, I've listened to the radio and it was said, that the EU politicians and economists will hold "I-don't-know-what-kind" of extraordinary meeting, because the weak $ and strong € are starting to cause some serious trouble. BMW (the car maker) alone will have to lay of several thousand people just because of this and at least a dozen other "blue-chip" type of companies will be having mass layoffs (also in thousands) too. These companies are paying for raw material and production in € and when exporting to US, they get a weak $ for the products exported.

Well, I just thought this would be interesting to share with you.
  • #1,857
  • Mar 14, 2008 6:30am Mar 14, 2008 6:30am
Quoting hendrix
Hi,

I haven't yet noticed this news on-line, but on my way home, I've listened to the radio and it was said, that the EU politicians and economists will hold "I-don't-know-what-kind" of extraordinary meeting, because the weak $ and strong € are starting to cause some serious trouble. BMW (the car maker) alone will have to lay of several thousand people just because of this and at least a dozen other "blue-chip" type of companies will be having mass layoffs (also in thousands) too. These companies are paying for raw material and production in € and when exporting to US, they get a weak $ for the products exported.

Well, I just thought this would be interesting to share with you.
hendrix.

Yes this would appear to be a real problem for the Euro zone, time will tell what the next move will be.

Trouble is Trichet's MO is to keep inflation in check not stimulate the economy as Bernaucke is trying to do so I don't think we will see a lowering of Eur interest rate in the immediate future.


Take care, the C.B's are busy working something out, preserve your capital, trade smaller lot size & use larger stops.

Regards,


BabeFX.


I am wrong until the market proves me right ( POP Phantom of the Pits).
  • #1,858
  • Mar 14, 2008 7:05am Mar 14, 2008 7:05am
Quoting BabeFX
preserve your capital, trade smaller lot size & use larger stops.
that is what Jacko advised us too + as he says: I keep an eye on the fundamentals.... but I trade off the charts.
  • #1,859
  • Mar 14, 2008 7:23am Mar 14, 2008 7:23am
Quoting MPP
Give it back friday syndrome is in play, good highs create profit taking, which then drops price to hit Stops and down it runs.

i expect to see the 50% area today @ 1.5465 (the fib position fits both the daily and 4h swings (1.5281 - 1.5650), so looking to long at 1.5450, this area also provided resistance on the way up so should be good support on the way down.

watch your stops and apply the AH, we close for the markets today which will most likely end with the drop from the US session, but the drive higher will come from the Asian open on Sunday night (UK time)

Hi everyone,

I was also expecting (hoping also) for a retracment to 5450. Dolar was allready in a nice 100 pip move down, 5450 is a nice round number, 50% fib.... but then US Consumer Sentiment came kicking euro 100 pips up again.... Will this bull ever get tired ?????

I also have that same problem mentioned in the other post above. Keep waiting for pullbacks so that I can get in but they seem to never come and everyone else gets in the market somewhere else....... ( Today I saw the 100 pip dip but decided to stay off the markets because of those so many news in the same day.) Im still confused to see people saying they got in at such and such prices, making tons of pips profit and when I check that out on the chart I see no pullback on that level.

Think I might be missing something, any suggestions highlly apreciated.

Have a nice weekend you all.

Dudu
''I am too sexy for my pips, too sexy for my pips, too sexy yeahhh...''
  • #1,860
  • Mar 14, 2008 7:31am Mar 14, 2008 7:31am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Dudu 73
Hi everyone,

I was also expecting (hoping also) for a retracment to 5450. Dolar was allready in a nice 100 pip move down, 5450 is a nice round number, 50% fib.... but then US Consumer Sentiment came kicking euro 100 pips up again.... Will this bull ever get tired ?????

I also have that same problem mentioned in the other post above. Keep waiting for pullbacks so that I can get in but they seem to never come and everyone else gets in the market somewhere else....... ( Today I saw the 100 pip dip but decided to stay off the markets because of those so many news in the same day.) Im still confused to see people saying they got in at such and such prices, making tons of pips profit and when I check that out on the chart I see no pullback on that level.

Think I might be missing something, any suggestions highlly apreciated.

Have a nice weekend you all.

Dudu

Patience - london close will give us our entries, there's going to be some large numbers TP this thing later today, they won't want to risk US intervention later into the us trading day, and there are already rumours of the banks talking, so the take it and run thoughts will come rolling in at some point - but thats just my view.

as an example of this on monday i entered a position at 1.5300 after others were calling for 1.5350 as the low, patience held and i got mine. the bull market is not going anywhere for a long time so you could also trade more agressively as others here are and look for the round numbers in different areas using 1h and 4h TL, just be prepaired to get stopped out more often.

so for now sit back chill and enjoy the weekend, monday is the start of new buying after the sell of today.

Just my view and my plan, but you need to trade your way to learn and understand - one day the rest of us might be retired.
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