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Jacko's Forex House of Pleasure and Pain

  • #2,141
  • Mar 26, 2008 8:39pm Mar 26, 2008 8:39pm
Quoting hernik
Being a complete newbie to forex, I've tried to find a strategy that is simple to grasp, and found this thread to be treasure. Thank you Jacko for this thread.

After reading the tread, I've decided to trade on a practice account for at least a month or 2 before starting with real money.

First trade I set was stopped out almost immediately at 1.5400, but I applied the AH and was in again at 1.5400, and has ridden this latest wave to a current 440 pip increase!

I just can't believe this can be so easy :-).

Does someone keep track of average PIPs won for trades using this method?

/Henrik
Hi Henrik

It is very hard to average out, mainly because Jacko lets the market dictate when to get out, with the trailing stop. Its not a set amount of pips.
Mono
  • #2,142
  • Mar 26, 2008 9:27pm Mar 26, 2008 9:27pm
Quoting hernik
Being a complete newbie to forex, I've tried to find a strategy that is simple to grasp, and found this thread to be treasure. Thank you Jacko for this thread.

After reading the tread, I've decided to trade on a practice account for at least a month or 2 before starting with real money.

First trade I set was stopped out almost immediately at 1.5400, but I applied the AH and was in again at 1.5400, and has ridden this latest wave to a current 440 pip increase!

I just can't believe this can be so easy :-).

Does someone keep track of average PIPs won for trades using this method?

/Henrik
You haven't been following Jacko's Method if you are still long from 1.5400. Congratulations on your good fortune, but you aren't really following the method described in this thread. At least at my broker we now had 4 pullbacks greater than 50 pips.

>High of 1.5659 then a drop to 1.5608, a 51 pip drop.
>High of 1.5658 then a drop to 1.5584, a 74 pip drop.
>High of 1.5757 then a drop to 1.5707, exactly 50 pips (this may not have stopped you out?)
>And just now the high of 1.5859 was taken out by the drop to 1.5802, a 57 pip drop.

I feel like I am the only one mentioning the elephant in the room, but I am wondering how people are claiming that they have been long since 1.5350, 1.5400, etc... and still following the method. It is either exaggeration or breaking the rules.

-Sean
  • #2,143
  • Mar 26, 2008 9:36pm Mar 26, 2008 9:36pm
I've moved my SL manually 4-5 times, and I guess I've been lucky my SL hasn't been triggered by the draw downs you've listed.

My platform (oanda) don't support automated trailing stops, and I think that the method has room for some discretion as to when and where to move the SL.
  • #2,144
  • Mar 26, 2008 9:40pm Mar 26, 2008 9:40pm
Sean, you are correct that you would have been stopped out already, IF you were using a 50 pip stop. My guess is that the people stating that they have been long since 1.5350 are using larger trails.

I know I start with a larger trail then tighten it in much the same way that acetrader does when the price starts "breaking new ground". I've just been stopped out at 1.5807 after tightening my stop, but I'm not as comfortable as Jacko in giving back pips Then again I'm newer to this than a lot of people (young and inexperienced ) so I may end up learning to leave them at a set point, the hard way!

But yes you're right, if you were trading the Jacko method as detailed in this thread explicitly then you would be out of the market already.
Leonardo Follower
  • #2,145
  • Mar 26, 2008 9:58pm Mar 26, 2008 9:58pm
I'm with Oanda also so you have had the same prices I recorded. So it was "good fortune". Thanks for the reply. I was beginning to think everyone was making up their results (not a strong endorsement for the method if no one is actually following it.)

That said I think you could be following Jacko's method from 1.5400 and still be in nearly the same good boat. Let's say you bought at 1.5400 and apparently many did (or nearly there). Then got stopped out at the first pullback to 1.5609. I probably would have gottened back in at 1.5665; a few pips higher than the double top at 1.5659 and 1.5658. Then missed the stop at 1.5706 as it was an exact 50 pip retracement, perhaps you fudge a little for the spread.

Finally you would now have just exited at 1.5809. You're total pips taken would be 1.5803 (current price) - 1.5400 = 403, if you never got out. Or 1.5809 - 1.5665 + 1.5609 - 1.5400 = 353, if you really follow the AH method.

Sure you would have made 50 less pips strictly following the method, but had any of the retracements continued to the much discussed 1.5150 level, Jacko would have saved you. 50 pips is a small price to pay to reduce the risk.

Again thanks for the reply,

-Sean
  • #2,146
  • Mar 26, 2008 10:07pm Mar 26, 2008 10:07pm
My position is still open with a SL at 1.57572.
  • #2,147
  • Mar 26, 2008 10:15pm Mar 26, 2008 10:15pm
Quoting shodd
Sean, you are correct that you would have been stopped out already, IF you were using a 50 pip stop. My guess is that the people stating that they have been long since 1.5350 are using larger trails.

I know I start with a larger trail then tighten it in much the same way that acetrader does when the price starts "breaking new ground". I've just been stopped out at 1.5807 after tightening my stop, but I'm not as comfortable as Jacko in giving back pips Then again I'm newer to this than a lot of people (young and inexperienced ) so I may end up learning to leave them at a set point, the hard way!

But yes you're right, if you were trading the Jacko method as detailed in this thread explicitly then you would be out of the market already.
Thanks Shodd, but I must disagree with part of you your explanation. If you got in at 1.5350 and keep reducing your trailing stop as the price breaks new ground, by the time you reach 1.5650 or 300 pips in the money, I would think your stop would be less than the original 50 pips, not more.

So to post that you are still in from those low levels because you use a tighter stop to lock in your gains as the trade matures, does not pass the smell test. This has been an incredible run and the only way to take it all in one trade would be to use wider, not tighter, stops.

I just think people should post their trades as they trade, to have real credibility, (Henrik this is not aimed at you). Recall earlier in the thread when Jacko wanted people to confirm his trades in real time? He wanted to prevent the skeptics from doubting. I think he was right to do so. When people keep changing the exit rules for themselves and always seem to get out near tops, I just laugh at their posts.

-The Skeptic Sean
  • #2,148
  • Mar 26, 2008 10:20pm Mar 26, 2008 10:20pm
Quoting hernik
My position is still open with a SL at 1.57572.
Sorry Hernik, I called you Henrik in my last post.

So you are using a 100 pip stop? I think that is wise during this wild move. But be careful, as few moves are this large.

Good luck,

Sean
  • #2,149
  • Mar 26, 2008 11:03pm Mar 26, 2008 11:03pm
Hi Sean, I normally don't like detailing my exact circumstances too often but to allay your scepticism I will go through my latest trade -

I didn't get in at the bottom (approx 1.5350), rather an older AH fallen soldier that got picked up on the way through (1.5511). I initially had a 100 point trailing stop that I adjusted to 50 pips once the price passed 1.5800. So out at 1.5807 (after the peak at 1.5857) for a 296 pip profit.

I just don't think that the market will keep going higher without another dip (I could be wwwrong!) and I don't like giving back too many pips in this circumstance so I used some discretion.

As you can see my circumstances don't really mirror the context of your original question, but you asked before how others were still in from the bottom so I gave you my best guess
Leonardo Follower
  • #2,150
  • Mar 26, 2008 11:04pm Mar 26, 2008 11:04pm
I'm in at 1.5800, this level represents a 58 pip pullback from today's high and a good place to get back in (IMHO). The lowest pair the pair got on the retrace (as of this writing) was 1.5788, only 12 pips lower than my entry. So far so good...
  • #2,151
  • Mar 26, 2008 11:18pm Mar 26, 2008 11:18pm
Quoting shodd
Hi Sean, I normally don't like detailing my exact circumstances too often but to allay your scepticism I will go through my latest trade -

I didn't get in at the bottom (approx 1.5350), rather an older AH fallen soldier that got picked up on the way through (1.5511). I initially had a 100 point trailing stop that I adjusted to 50 pips once the price passed 1.5800. So out at 1.5807 (after the peak at 1.5857) for a 296 pip profit.

I just don't think that the market will keep going higher without another dip (I could be wwwrong!) and I don't like giving back too many pips in this circumstance so I used some discretion.

As you can see my circumstances don't really mirror the context of your original question, but you asked before how others were still in from the bottom so I gave you my best guess
If you started with a 100 pip stop and reduced it, that makes sense. I thought you were starting with the 50 pip and reduced it from there. I do think a 100 pip stop is rather risky, as I don't know that Jacko and his turtles tested it.

Although you really don't need to feel you have to explain it to me, I do appreciate your response.

Good luck and be careful,
Sean
  • #2,152
  • Mar 26, 2008 11:30pm Mar 26, 2008 11:30pm
Quoting seanchicago
Sorry Hernik, I called you Henrik in my last post.

So you are using a 100 pip stop? I think that is wise during this wild move. But be careful, as few moves are this large.

Good luck,

Sean
This is my second trade I'm watching so can't really say I know what I'm doing ;-). I'll just try to follow the rules as best as I can. I'm om IST time so I slept during the 1.5859 peak. I might have been stopped out if I moved my stop during that period.
  • #2,153
  • Mar 27, 2008 1:37am Mar 27, 2008 1:37am
I think 5600 is a good level to get in since it's a 50% fib and a round number..




Quoting ocelot
I'm in at 1.5800, this level represents a 58 pip pullback from today's high and a good place to get back in (IMHO). The lowest pair the pair got on the retrace (as of this writing) was 1.5788, only 12 pips lower than my entry. So far so good...
  • #2,154
  • Mar 27, 2008 2:19am Mar 27, 2008 2:19am
Quoting pavlov0032
I think 5600 is a good level to get in since it's a 50% fib and a round number..

Remember this retracment of 3/26 on H4 chart ? This retracement we have now looks a lot like it. I'm waiting for small time frame trend to reverse back to the upside and I'm taking a long position again. I could be wrong, but I'd rather be in the market with the trend, than not. If I'm wrong, AH should get me out anyway.

I think alot of forum members including myself are hesitant to posting their live trades, because they are not sure that they are going to work out and they don't want to be wrong in forum members eyes, so they post after the fact.
  • #2,155
  • Mar 27, 2008 2:44am Mar 27, 2008 2:44am
Quoting ocelot
I'm in at 1.5800, this level represents a 58 pip pullback from today's high and a good place to get back in (IMHO). The lowest pair the pair got on the retrace (as of this writing) was 1.5788, only 12 pips lower than my entry. So far so good...
Please, my friend. What's the reason for getting in at the moment?

It's at the historical resistance area and one should wait for a significant pullback before getting long again, if you are stopped out.

Jacko is trading on 4HR chart. 58 pips pullback in 4HR is really insignificant. Let's be patient and sit tight and wait for out next opportunity.
  • #2,156
  • Mar 27, 2008 3:12am Mar 27, 2008 3:12am
I was looking at the hourly and now I'm stopped out. I took this trade because the exact same setup worked yesterday at the 1.5700 level. On the sidelines for now. I'm using a demo account so don't worry, I didn't lose any real money. =)
  • #2,157
  • Mar 27, 2008 3:46am Mar 27, 2008 3:46am
Just entered long at 1.5750. Had set the trade up 100pips below the top thinking it was a good sized dip. Will have to see. Today marks the first trade using solely jacko's methods after re-reading all the thread and joining the second group last week. So hopefully first trade wont be a fallen soldier.

K8
  • #2,158
  • Mar 27, 2008 4:00am Mar 27, 2008 4:00am
Quoting Khornate8
Just entered long at 1.5750. Had set the trade up 100pips below the top thinking it was a good sized dip. Will have to see. Today marks the first trade using solely jacko's methods after re-reading all the thread and joining the second group last week. So hopefully first trade wont be a fallen soldier.

K8
I have burned too many times buying on the down moves. Now I'm waiting for short term trend to change up before I enter. Maybe I'll enter at 1.5900 , that was my s/l from previous day.
  • #2,159
  • Mar 27, 2008 4:02am Mar 27, 2008 4:02am
I got stopped out and am now looking for a new entry, but I'll try to heed Jacko's advice and not be in a hurry... I want to see the retractment reverse at least on the hourly or 3-hourly chart before placing a new order.
  • #2,160
  • Mar 27, 2008 4:05am Mar 27, 2008 4:05am
Quoting kaunasny
I have burned too many times buying on the down moves. Now I'm waiting for short term trend to change up before I enter. Maybe I'll enter at 1.5900 , that was my s/l from previous day.
Kaunasny,

Yeah. Hopefully wont continue on done past my TSL. If it does then there's a A-H to set in place. I'm trying to completely take emotion out of the trades I make.

Have to wait and see

K8
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