Jacko's Forex House of Pleasure and Pain

Hey Hendrix,

Just wondering why you waited for 1.5550? Looks like you got a very good price if this continues. I got a good price, but not THAT good. Nice entry.

Static

Hi Sean
stick around, reduce your lot size and move your TSL to 100pips, give this method a chance and yourself time to learn it. you'll love it in the end.

in the mean time trade both, this method leaves you with plenty of spare time.

MPP

Hi Static,

here is my reasoning (http://www.forexfactory.com/showpost.php?p=1931992&postcount=2353). I thought it is going down to 1.5525, but today I saw a quick spike down to 1.5532 (on the 15 min chart). The price rebounded quickly so it signaled that it doesn't like those price levels. I've learned not to chase the price, so I believed it will revisit 1.5550 again, since it's a nice number and professionals would like to have their second chance. I've put a buy limit @ 1.5550 and sure enough it was filled a bit later.

My TSL is now set @ 50 pips. Maybe I should leave it @ 100, but... I don't know. I feel like having a 50 pip TSL.

well my first demo trade was stopped out at 1.5550. More patience waiting for price to hit the trendline would have been better. For AHS to work, I'd now have to wait for price to at least 1.5500....before setting my buy stop. Not sure if this is going to happen or not given the 4hr pin that's formed off the fibs, trendline and support. What do you experienced Jacko traders do when price doesn't go past your stop by the full 50 pips and resumes the trend?

If you're not entering through an anti-hedge price, as stated by Jacko, buy in dips: on retraces to support, round numbers and 50% fib.

Nice move! Didn't think about that. Did consider placing one above but not below. Am in from 1.5607.

In long @ 5565 for 2 lots. I see the 5550 level was seen & did offer the bounce. I hope this not seen as bottom picking, but that level did hold as the trader stated. No matter, I'll just try & trade what the market offers. It looks as if 5650 COULD stall the move, but I COULD be wrong.

To everyone who entered @ the 5550 level......that was a good move as you are well into the pips now. If we can get beyond 5650 & 5700 I'll fell better about this move. If 5550 should fail, well that is another situation.

There is NO DOUBT that JACKO had shared a great method, but is it for everyone? NO, because everyone is different & some will just not be able to adapt to these simple rules. For me the being patient part is tough because in the past I used a more shorter term approach except for a period I position traded, so i am still adjusting as it appears some of you are.

When the Richard Dennis Turtle rules became available on the internet & even before then someone is said to have ask Richard was he concerned about the rules being spread about & his comment was something to the effect that if a 100 people had the rules most would never followed the rules as stated as they would try & change them to suit themselves, So no he was not that concerned. Since only a few on the original & second group of the Dennis Turtles become successful that seems to be the truth. The Dennis Turtle Rules are far more complicated than the Jacko Rules. For me the Jacko Method is just fine & even though I am not a member of either group I am most greatful to have discovered this method. Just my views & nothing more. Good trades to ALL.

_______________
AceTrader

My view is that we will see minor pullback before heading back north so I will wait with my entry. I know that some of you use others tools to keep them on track so do I. I use Elliot Wave analysis and I'm pretty good at that. There are times though that the market makes some bizarre correction and there aren't any EW aware traders that know what is going on. After some time one can work the count out. It is my week side to trust my gut feelings and enter the market when no clear EW count is present. Everybody has it's own Achilles heel. We as traders are in the constant process of learning...

Ocean

EDIT:
I have just read another EW analysis by a forex analyst that is bearish instead of mine which is bullish. I guess that makes a lot of controversy about that type of analysis. Anyway I am prepared for both cases now and if my longs fail I will switch sides. This bearish analysis can be found here (http://www.trading-fx.si/fx/sloanaliza.htm).

I'm in long @ 1.5606.

Barely woke up about an hour ago and moved my stop to BE. Blurry eyed it seemed about 60 pips. Was actually about 55 pips. No matter. I scratched the trade. (I keep a small ultraportable laptop, set very dim, as to not wake the wife, on the bed-side table. Does anyone else do this?)

I see the 100 tsl is still holding. As you said, MPP, I guess the wider spread may improve my batting average. I will consider it as my feel for this market blows.

-Sean

Just entered at 1.5614 with stop at 1.5575. Will trail at 60 pips when we reach 1.5635 and beyond. (Or should I say "If we reach.."?)

-Sean

Wow, market spiked to 5645 while I typed the last post!

Maybe I should use the 100 pip TLS from here.

-Sean

FYI I chose the 5575 stop based on where everybody using the 100 pip TSL would also be stopped out.

And I got in because as I do not currently trust my instincts, so I'm riding on Ocean's coattails. Maybe I should say riding on the Ocean's Waves.

-Sean

Be careful I could be wrrrroooong ...

Ocean

If you are, shame on me for trading on a tip. If you are not wrong, then shame on me for trading on a tip (But I will express my undying love for you!).

-Sean

You guys in this thread post way to much trades you did. Just becarefull don´t overtrade.
This year I just did 7 trades so far from january and my account grew 60 %. Thats an verage of 20% per month.

Please, don´t overtrade do somthing else and in the right oportunity just take the money from the corner.

Please, read my post 2300

Regards

Sit on your hands until it reaches the required 50 pips past your stop-loss. To do otherwise would be a direct violation of the rules. If the trend does resume without ever allowing you to set an AH then just forget about it and look for a new trade. If, in the future, the market makes it back there, then set the AH.

The only time that we would forget about a fallen soldier is if there has been a long term trend change.

I see a triangle forming on a 15m chart. I will sit tight and wait for what's next.

Hi Cecmc!

You have my respect for that. Would it be too personal to ask how much you risk per trade? We know that Jacko normally risks 5% of his account, but his trading size is only half of that when the markets are volatile.

I personally use 4% of my account, or when less sure, only 3%.

I have moved my SL @ BE (1.5606). From now on I will trail it with 100 pips TSL.

Ocean