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Jacko's Forex House of Pleasure and Pain

  • #1,861
  • Edited 1:35pm Mar 14, 2008 1:30pm | Edited 1:35pm
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.
OK, this was just confirmed on the evening news and now it is also on-line (this is a shorter version than the TV version).
EU urges banks to stabilise markets (http://news.yahoo.com/s/afp/20080314/bs_afp/eusummiteconomymarketsregulate)

And what Jacko has been saying has happened:
Weak dollar costs U.S. economy its world No. 1 spot (http://news.yahoo.com/s/nm/20080314/ts_nm/economy_world_biggest_dc).
  • #1,862
  • Mar 14, 2008 3:40pm Mar 14, 2008 3:40pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Crazy friday, nearly all pairs did the normal give it back friday moves except EU, it drop a little and then went high again - we can all be wrong sometimes.

I guess that the traders feel confident enough to ride the weekend out and just keep hold EU till the end.

Have a good weekend all, catch you next week.
  • #1,863
  • Mar 14, 2008 5:03pm Mar 14, 2008 5:03pm
I'd be interested in what Jacko thinks about the current EURUSD environment?

To me it is currently experiencing a volatility that goes against the general premise of trading only the EURUSD.

While the daily chart still appears as a low volatility uptrend there is a lot of noise in the shorter time frame charts that is causing stops being hit before further gains. For me I know the problem is inexperience leading to over-trading due to envy at posts where others are robbing the bank of pips day after day.

Obviously the uptrend is still in place but posts are becoming more prevalent about whether or not it has topped out and about to do a significant re-trace.

Please don't take this as a whinge or a post that needs a reply about sticking to the rules etc. I am a believer in method just at the moment having trouble with entries.

My other problem is that the step that has been quoted as most important (being the A-H) has been useless for me so far as I am getting stopped out for a loss before the market is taking off again without it going 50 pips+ below my stop. My soldiers are currently POWs. I need a way to break them out of Stalag 13. See he's waving for someone to come break him out.

K8
  • #1,864
  • Mar 14, 2008 7:02pm Mar 14, 2008 7:02pm
Hello everyone!

I've read the whole thread and got a lot of respect for Jacko and his method. Actually I've joined Jacko's second group and I'm happy about it. I have some problems with entries but trying to work it out. My game plan is to trade 3% of the account and get the confidence and market money to increase my contract size to 5%. You guys and gals are adding much value to this thread and thanks for that. This strategy is robust cause is simple and Jacko is extraordinary trader and generous man. I'm glad I found this thread.

Ocean

PS. Waiting for the next entry. Patience is a virtue.
  • #1,865
  • Mar 15, 2008 4:57pm Mar 15, 2008 4:57pm
Hi everyone,
I have started reading this thread yesterday, it will me some time to finish it all.
Just asking Ocean, what do you mean that you have joined Jaco's second group? Does he provide training/mentoring? If yes, how can one join?
Thanks
Khan
  • #1,866
  • Mar 15, 2008 6:03pm Mar 15, 2008 6:03pm
Quoting khanma
Hi everyone,
I have started reading this thread yesterday, it will me some time to finish it all.
Just asking Ocean, what do you mean that you have joined Jaco's second group? Does he provide training/mentoring? If yes, how can one join?
Thanks
Khan
Hi Khan,

I send you PM about this in order to keep this thread clean.

Ocean
  • #1,867
  • Mar 16, 2008 10:08am Mar 16, 2008 10:08am
Quoting MPP
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) Jacko is very sure USD is very very weak fundamentally, so he is assuming a supertrend... the charts are just confirmation. Why i ask ? i thought you guys should learn how to identify. if this pair trend ended how ? It does not
mean it will reverse perfectly ?? ...eg it can whip up down.. range trade etc..
Look at USD CAD and you should know ...

2) I find his superb method too easy, you guys should start to ask yourself some more questions.improving to suit your need, improve to increase profits etc
i am not inducing you guys to trade other pairs... increase your bet is the correct way.

3) some guys here are under capitalised. it is perfectly OK. You should know that i met a trader who trade from 5K to million.It just how long you take,

3) I am a trend trader myself.. different version of course, and definitely not in currency, because i got no luck. His methods will have setbacks... and you need to know it.

just some friendly contributions... for free time pondering....
  • #1,868
  • Mar 16, 2008 11:10am Mar 16, 2008 11:10am
Hi,

With regards to looking for a re-entry position around the 50% fib level - how far back should the swing low be drawn from. The daily chart has been in a very strong uptrend recently. The most recent major swing low I see on the daily c harts is 7th feb 08 - which would gives a possible entry level around 1.500.

Is this be correct or should I go into lower time frame for a more recent major swing low.

Thanks in advance for the advice

Mike
  • #1,869
  • Mar 16, 2008 12:08pm Mar 16, 2008 12:08pm
Quoting FXblader
1) Jacko is very sure USD is very very weak fundamentally, so he is assuming a supertrend... the charts are just confirmation. Why i ask ? i thought you guys should learn how to identify. if this pair trend ended how ? It does not
mean it will reverse perfectly ?? ...eg it can whip up down.. range trade etc..
Look at USD CAD and you should know ...

2) I find his superb method too easy, you guys should start to ask yourself some more questions.improving to suit your need, improve to increase profits etc
i am not inducing you guys to trade other pairs... increase your bet is the correct way.

3) some guys here are under capitalised. it is perfectly OK. You should know that i met a trader who trade from 5K to million.It just how long you take,

3) I am a trend trader myself.. different version of course, and definitely not in currency, because i got no luck. His methods will have setbacks... and you need to know it.

just some friendly contributions... for free time pondering....
Just my 2 cents...
I my opinion people tend to make simple things complex. That makes them feel more secure. Why change something that works?

Ocean
  • #1,870
  • Mar 16, 2008 1:49pm Mar 16, 2008 1:49pm
Quoting FXblader
His methods will have setbacks... and you need to know it.

just some friendly contributions... for free time pondering....
Every single method on this planet has a few setbacks, you said nothing new. But while those setbacks are less frequent than winnings and while profits are larger than losses, you've got a winning strategy.
Or in Jacko's words: different strokes for different folks...

So, everyone should choose what they think and feel is right and stick to that. I for myself know, that I've never seen anything better in my life, than this.
  • #1,871
  • Mar 16, 2008 3:09pm Mar 16, 2008 3:09pm
I totally agree
  • #1,872
  • Mar 16, 2008 7:26pm Mar 16, 2008 7:26pm
Acetrader,thanks for the help

Gerard
  • #1,873
  • Mar 16, 2008 7:43pm Mar 16, 2008 7:43pm
Hello EveryOn,

First off let me just say that I think JACKO has given everyone a GREAT method to follow, so what is so hard to understand about this method???

FXblader.......you say JACKO's METHODS is too easy, well just add some lagging indicators & that should make it better for you. Too easy, Thats unreal.

michealbyrne,

Reference the 50% retrace.....Look for the low to the high & after the high is hit find the 50% level retrace betweem the two & that is it.......very simple approach. Reverse for high to low.

OCEAN.......You are correct.....everyone is seeking something that is difficult & will reject the simple & that is why JACKO'S method is in question by so many traders as it is missing the many LAGGING INDICATORS. That is a ashame.


THIS IS A SIMPLE INDICATOR FREE METHOD & NOTHING COMPLICATED, SO IF YOU ARE SEEKING A MORE COMLICATED METHOD LOOK ELSE WHERE.

THESE ARE JUST MY VIEWS & NOTHING MORE.

AceTrader
  • #1,874
  • Mar 16, 2008 8:00pm Mar 16, 2008 8:00pm
I would like to hear from JACKO as this is his thread & I'm sure many more are awaiting his appearence as well. I have tired to convey my results with this method, I am only one trader that needs the help of the founder of this thread or the input from others that are trading this mehtod. There are many positives to trading this method, but there are many that have questions that I had rather the founder give the answers.

I have no desire to start A THREAD OR KEEP THIS THREAD GOING. I WOULD LIKE FOR JACKO TO REJOIN THIS THREAD AS HE IS THE ONE WITH THE EXPERIENCE TO BETTER ANSWER THE QUESTIONS & CONCERNES OF THE FOLLOWERS. I understand this method & am trading it with no concerns or fears.


NOT to brag....but my results for this week is a +512 pips for the week on the E/$ pair. Just trying to help as I see this is as a very good method.


AceTrader
  • #1,875
  • Mar 16, 2008 8:13pm Mar 16, 2008 8:13pm
Gerard212,

I am glad I can be of help to you or any anyone that is trying to learn this business. My patience is thin with those that seem to not understnad this method as it is so simple. Not many rules & chart clean, what more do we need.

My question is.....what has happen to the GURU? JACKO.....that is the one I would like to hear from on what is next for the E/$. For me I think I know, but for those that are wanting to hear from JACKO....let him speak.

THESE ARE JUST MY VIEWS & NOT TRYING TO BE UNREASONABLE.

AceTrader
  • #1,876
  • Mar 16, 2008 8:19pm Mar 16, 2008 8:19pm
Quoting acetrader
Gerard212,
what has happen to the GURU? JACKO
I believe he is away for at least a few more days.
  • #1,877
  • Mar 16, 2008 8:51pm Mar 16, 2008 8:51pm
I understand your position and would like to say that I appreciate your contributions as well. I agree with you that we all would like to hear from JACKO, but who knows. I know it seems the burden of this thread and trading system has fallen upon your shoulders, but pleeeeeze don't you or MPP abandon those like me who have come in at the tail end of this change. In the end I guess it's all about our own personal perception of the way we trade, in other words we find what works for us. It's like the bicycle with no training wheels, the mother bird who pushes the young aloft, we must find our way. I am trying my best to make this work for me as others are too I'm sure, so let's keep working together, no pressure directly on you or Mpp, but I can understand you feel it. THANKS
  • #1,878
  • Mar 16, 2008 8:54pm Mar 16, 2008 8:54pm
NOT being desrespectful, but with the technology avail today I can't understand a lack of communications for any length of time. I run a realestate investment business with 10 associtates & I stay in touch each day with each & manage to post on this forum not to mention trading two methods as well.

Just trade the rules & that is all that matters as they work & work well. This is a trend following method pure & simple. I think I will start to limit my post on this thread, but if anyone has any questions that I might be of help with please send me a PM so as not to clog this thread.

Read & reread the rules & you will see how simple & concise this method is. Trade small lots & even a MINI account until you see for yourself the validity of this method. I bid you all GREAT TRADES. JUST TRYING TO HELP.


"Those That Say It Cannot Be Done Should Not Interupt The Person Doing It"
________________________________________________________________

Regards,

AceTrader
  • #1,879
  • Mar 16, 2008 9:12pm Mar 16, 2008 9:12pm
LastChance,

I hear you MY FRIEND & I don't mean to sound ill, but it is just unreal that the founder of this great method cannot join in for over a week with all the technolgy we have today. Last week I was in 3 states & still posted & I am just an everyday JOE trader. I have even posted from another country. In the past I have made most of my profits from the realestates game, but have started to scale that back in favor of Forex and I am always able to follow the Forex & Stock Market no matter where I might be.

Keep following the rules & you will do well. Read articles on the mental side of trading & your will do well. Check out www.brentsteenbarger (http://www.brentsteenbarger).

Regards.

AceTrader
  • #1,880
  • Mar 16, 2008 9:32pm Mar 16, 2008 9:32pm
E/$ is approaching the 5900 ZONE & who knows whats next. The 5900 level COULD hold the upside, but there has been NO CHANGE IN THE FUNDIES FOR THE $, SO HIGHER COULD BE SEEN. NO MATTER, there has got to be a RETRACE of some degree @ SOME POINT, SO BE CAREFUL. THESE ARE JUST MY HUMBLE VIEWS, BUT I COULD BE WRONG.

AceTrader
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