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Jacko's Forex House of Pleasure and Pain

  • #2,441
  • Apr 3, 2008 8:53am Apr 3, 2008 8:53am
The Yen is kicking my a** today, and now the Euro is about to join the party.

I will let the Euro trade run its course, but I'm finished for the day.

-Sean
  • #2,442
  • Apr 3, 2008 9:10am Apr 3, 2008 9:10am
Ain't this a b****!

-Sean
  • #2,443
  • Apr 3, 2008 9:13am Apr 3, 2008 9:13am
Quoting seanchicago
Ain't this a b****!

-Sean
we're in the same boat my friend! I had a market order placed while I was sleeping and now i'm stuck with it

p.s. E/U usually picks a trend about 11-12 cst, right now its just ranging all over the place
  • #2,444
  • Apr 3, 2008 9:19am Apr 3, 2008 9:19am
Guys, you should slow down with your trading. This method is not for day trading. I'm sure there are plenty more useful methods for it. The market is fighting with major S/R levels now. I would stay out until some better picture occurs.

Ocean
  • #2,445
  • Apr 3, 2008 9:29am Apr 3, 2008 9:29am
I have to be up front and honest. I have attended seminar, classes ect ect and for about 6-10 months traded, traded and traded what I was taught, Unsuccessfully.

I have seen my account go from $10000 to under 2000 over that period. I just want to say thank you for getting me back on the horse. I have played with this method for a couple of weeks now and I have had some success.

I am currently up to page 24 in reading of this thread and with every persons experience and feedback I feel that I am learning more.

In the world of Forex there are no golden goose to lay golden eggs, no sure fast rule to make money instantly. However in this thread there are the most basic of elements that have been used by successful traders, years over, with a simple, to the point view on how to use them.

Having lost alot of my account ( and shed some tears in the process) I understand that there are going to be some loses on the way. Minimising your losses with a trailing stop and maximising profits by letting the market run for you is fantastic. Not one of my course made much of this. They were all about small stops (20-25 pips maximum, and limits usually set at 1.5 times your risk) The problem there is that you get out without maximising your rewards. You are usually out, only to see the market move a further 50+ pips, then your next 2 trades are bums and your back to square 1.

Guess that is my long winded way of saying cheers. Cheers to Jacko, for sharing his methods and giving support along the way. Most successful traders keep there methods close by sharing very few details. Also thank you to others that have provided added feedback.

I only have about 1000 pages to go, but so far it is very much all worth it,

Happy trading
  • #2,446
  • Apr 3, 2008 9:37am Apr 3, 2008 9:37am
Quoting Ocean
Guys, you should slow down with your trading. This method is not for day trading. I'm sure there are plenty more useful methods for it. The market is fighting with major S/R levels now. I would stay out until some better picture occurs.

Ocean
That is one problem... when to stay out.

Jacko's method works a treat when it's moving upwards for days. When it falters or dives, it is all too easy to give your money back to the market.
The market reveals who we really are...
  • #2,447
  • Edited 10:17am Apr 3, 2008 10:05am | Edited 10:17am
Quoting gagiul
It seems that my Counter Trend strategy faded away with the new setup on 4H Its always good to wait until candle close and not jump in right away.
As i write this, Euro just made a nice doji or PB on 4H on the ascending trendline so this is a good sign to buy IMHO. I just bought now at 5600, stop 100 under the low of the PB. Lets see how this goes.
seems like im the only person in green now?

ok, now moved stop at 5620 the euro jumped incredibly fast after going against me during news. I got worried a bit and closed 1 lot at 2 pips. Now I regret it;I still have to fight with my psychology. That Doji on 4H gave us a good hint where the market is heading in the next few hours.
We leave no soldier behind.
  • #2,448
  • Apr 3, 2008 10:28am Apr 3, 2008 10:28am
Quoting gagiul
seems like im the only person in green now?

ok, now moved stop at 5620 the euro jumped incredibly fast after going against me during news. I got worried a bit and closed 1 lot at 2 pips. Now I regret it;I still have to fight with my psychology. That Doji on 4H gave us a good hint where the market is heading in the next few hours.
I agree with you Gagiul , I did place a long @ 5550 with 100 TSL and now I'm +122 pips
  • #2,449
  • Apr 3, 2008 10:32am Apr 3, 2008 10:32am
Quoting gagiul
seems like im the only person in green now?

ok, now moved stop at 5620 the euro jumped incredibly fast after going against me during news. I got worried a bit and closed 1 lot at 2 pips. Now I regret it;I still have to fight with my psychology. That Doji on 4H gave us a good hint where the market is heading in the next few hours.
Congrats on your well thought out trade! Once I got stopped out and then we dropped I was thinking if this does go back up I should get long at 5625. I didn't because I've pulled my plug for the day.

That's the one thing that has probably made me successful over the years. When nothing is going right I walk away. When I am on my game I really press it.

I am now down in total about 50 pips on all my euro trades. I really don't consider that result terrible. I've made about 6 trades and each one had unlimited potential. This is trading; many small losses with the occasional big win.

I should clarify that when I do shorter term trading I do have profit targets, and I am happy with a win/loss ratio of just better than 50%. Always doing my best to limit the size of my losses.

-Sean
  • #2,450
  • Apr 3, 2008 10:40am Apr 3, 2008 10:40am
Quoting skyline
I agree with you Gagiul , I did place a long @ 5550 with 100 TSL and now I'm +122 pips
Great dude, yours was the best price you could get. I regret for not being more open minded and being blinded by this short term reversal BS.
Go with the trend and you will not lose in the end.
We leave no soldier behind.
  • #2,451
  • Apr 3, 2008 11:17am Apr 3, 2008 11:17am
Quoting seanchicago
Congrats on your well thought out trade! Once I got stopped out and then we dropped I was thinking if this does go back up I should get long at 5625. I didn't because I've pulled my plug for the day.

That's the one thing that has probably made me successful over the years. When nothing is going right I walk away. When I am on my game I really press it.

I am now down in total about 50 pips on all my euro trades. I really don't consider that result terrible. I've made about 6 trades and each one had unlimited potential. This is trading; many small losses with the occasional big win.

I should clarify that when I do shorter term trading I do have profit targets, and I am happy with a win/loss ratio of just better than 50%. Always doing my best to limit the size of my losses.

-Sean
50 pips loss in total is nothing, I would say, its equal to 1 trade loss. So cheer up and wait for a good price to enter back long.

I think, as someone said here before, that we overtraded this method these days and its not good. This method is for medium term trading. trying to catch the fall on 4H is not a good idea and I made a mistake by bringing my view about it here.

I state again: Going long on euro is the best strategy you can have.
We leave no soldier behind.
  • #2,452
  • Apr 3, 2008 12:28pm Apr 3, 2008 12:28pm
Quoting gagiul
50 pips loss in total is nothing, I would say, its equal to 1 trade loss. So cheer up and wait for a good price to enter back long.

This reminds me of a story I heard (the numbers are probably incorrect but the idea is the same). A guy goes to Vegas with £1k, plays for a couple of hours, manages to win maybe £15k, plays some more, gives it all back and a bit more, leaves with £950. When asked how he did, he just says he lost £50.

No meaning. Just found the story funny.
The market reveals who we really are...
  • #2,453
  • Apr 3, 2008 1:39pm Apr 3, 2008 1:39pm
We are definitely looking at a correction in this market (why else would we considering shorting), But do you guys think this correction will take place due to a temporary strengthening of the dollar or a temporary weakening of the euro?
Live From Los Angeles
  • #2,454
  • Apr 3, 2008 1:49pm Apr 3, 2008 1:49pm
Quoting panhandler
We are definitely looking at a correction in this market (why else would we considering shorting), But do you guys think this correction will take place due to a temporary strengthening of the dollar or a temporary weakening of the euro?
I see it as a bit of both. There appears to be bearish news coming our of the Eurozone. In addition, even though I can't see the government bailout of Wall Street and Banks' bad mortgage holdings being even close to dollar bullish, the prevailing sentiment appears to be a sigh of relief and some, in my opinion too soon, belief that the credit crunch and write-offs are over.

I can see both the dollar strengthening on sentiment, with the Euro weakening on sentiment as well. From what I can see, though, the reality does look to me like much more weakening of the dollar with Euro still relatively strong as sales to Asia pick up.

My $0.02, though I may be wrooooong[TM]!

Kourosh

I'm short now from 1.5670 with a 100 pip trailing stop (crossing fingers and toes)

[TM] Trade mark Wayne "Jacko" Jackson, original date unknown
  • #2,455
  • Apr 3, 2008 4:11pm Apr 3, 2008 4:11pm
Yeah, I too am wondering what awaits us now. Bearish new from US and bearish news from EU. I guess I'll be switching to trading Magic The Gathering collectible cards instead...


That's a joke. I'm off to bed.
  • #2,456
  • Apr 3, 2008 5:32pm Apr 3, 2008 5:32pm
Grabbed another fast 75 pip on the countertrend last night.....
I'm out now till next week, let the NFP do what it is going to do and kick back and enjoy the beach.......
Same Whore .... Different Dress
  • #2,457
  • Apr 3, 2008 8:56pm Apr 3, 2008 8:56pm
Hello Traders,

I really enjoy reading your posts and learning Jacko's strategy.

I would like to know how to best implement this strategy shorting instead of going long. Is it the same strategy as going long? useing the AH 50 pip trail stop?

I think shorting will be the future for all these currencies.

Thank you,
John
  • #2,458
  • Apr 4, 2008 3:09am Apr 4, 2008 3:09am
Hello John,
If you read Jacko's rules carefully, you will see that they are meant to be used with the trend. So i dont think they work if used in a counter trend approach. Even if you expect that the Euro will start falling soon, as you can see now, its still going up, and many yesterday got burned trying to sell it. Why not just buying the euro instead of trying to short it - its like you are trying to stop an express train with your body

If you want to learn a counter trend strategy for euro, you should join Jackos group of turtles, I think he teaches them there.

Cheers,

Quoting trader john
Hello Traders,

I really enjoy reading your posts and learning Jacko's strategy.

I would like to know how to best implement this strategy shorting instead of going long. Is it the same strategy as going long? useing the AH 50 pip trail stop?

I think shorting will be the future for all these currencies.

Thank you,
John
We leave no soldier behind.
  • #2,459
  • Apr 4, 2008 3:22am Apr 4, 2008 3:22am
I'm currently long at 1.5680 but I'm not expecting a big move yet...
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  • #2,460
  • Apr 4, 2008 3:29am Apr 4, 2008 3:29am
Quoting trader john
I would like to know how to best implement this strategy shorting instead of going long. Is it the same strategy as going long? useing the AH 50 pip trail stop?

I think shorting will be the future for all these currencies.
If you have strong reason to believe the main trend is downwards then use Jacko's strategy exactly as described in the first few pages of this thread.

I understand the counter-trend strategy is a bit more risky.
The market reveals who we really are...
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