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Jacko's Forex House of Pleasure and Pain

  • #2,521
  • Apr 8, 2008 8:55am Apr 8, 2008 8:55am
I couldnt agree with you anymore. Im a buyer at 1.5700: round number, previous s/r, 50%fib from recent low and of course 3rd touch to 4h trendline/channel.
Cut losses, Ride winners, Manage Risk, Stick with it & Master it
  • #2,522
  • Apr 8, 2008 8:57am Apr 8, 2008 8:57am
Eur is struggling for some great momentum here at the moment. lunch time is over but the market is hovering about the 5700 level. I got stopped out and I am going to hold off till tomorrow now. Daily candles for the week are not convincing of any real direction.

Hammer yesterday and possible doji today. Might be time for some capital presevation.

Best of luck all
  • #2,523
  • Edited 1:56pm Apr 8, 2008 10:19am | Edited 1:56pm
It seems that over the past few days we have been resuming a daily trend upward. We touched as low as 5341, and if you longed then your looking good (I was snowboarding )... So are we looking at a resumption in the overall trend?



P.S. Im Long at 5650, based on the low from April 3rd and the high on April 8th. Don't take this as advice, I'm no veteran...


Daily (top chart) & 4h (bottom chart)
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 4h.png Size: 20 KB
Live From Los Angeles
  • #2,524
  • Apr 8, 2008 7:12pm Apr 8, 2008 7:12pm
I am still out as I done feel the support has been seen yet. Now what is a support the will offer another run @ the 1.5900-1.6000 level? I have no solid idea, but 5600-5650 are targets I will look for, but I COULD BE WRONG. On other info sources I am seeing some calling for the 1.5400 level to be seen before anymore serious upside levels. For now I'll stay out, because I am still in doubt.

AceTrader
  • #2,525
  • Apr 8, 2008 7:15pm Apr 8, 2008 7:15pm
Quoting cruze2005
Eur is struggling for some great momentum here at the moment. lunch time is over but the market is hovering about the 5700 level. I got stopped out and I am going to hold off till tomorrow now. Daily candles for the week are not convincing of any real direction.

Hammer yesterday and possible doji today. Might be time for some capital presevation.

Best of luck all
Indeed it is struggling and may continue to be indecisive for a while longer, I shorted last night @ 1.5725 as PA took it...
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  • #2,526
  • Apr 8, 2008 8:40pm Apr 8, 2008 8:40pm
Hi Jacko,
Hope to join you very soon
thankyou
cheers
geoff
  • #2,527
  • Apr 8, 2008 8:47pm Apr 8, 2008 8:47pm
I'm staying out of the market for a while, been out since yesterday.

I'd be interested in what the other traders think of staying out for a while?
  • #2,528
  • Apr 8, 2008 9:14pm Apr 8, 2008 9:14pm
Quoting trader john
I'm staying out of the market for a while, been out since yesterday.

I'd be interested in what the other traders think of staying out for a while?
Nothing wrong with staying out of the market. Staying out is also considered a position.

"When in doubt, stay out"
  • #2,529
  • Apr 8, 2008 11:08pm Apr 8, 2008 11:08pm
I still make money even when standing aside...... My broker pays interest on my balance.. makes it easier to wait for the trade to come to me.
Same Whore .... Different Dress
  • #2,530
  • Apr 8, 2008 11:29pm Apr 8, 2008 11:29pm
I have been reading this thread for a little while. It is a shining example of a very generous trader who is willing to share his expertise and experience.
Did I read it right that he trades 200 lots of EUR/USD at a time...Is that $20 mill? a trade?
  • #2,531
  • Apr 8, 2008 11:39pm Apr 8, 2008 11:39pm
Quoting forexfixer
I have been reading this thread for a little while. It is a shining example of a very generous trader who is willing to share his expertise and experience.
Did I read it right that he trades 200 lots of EUR/USD at a time...Is that $20 mill? a trade?
Not quite $20 Million. A lot is considered to be roughly $10 depending on account type. For Mini Accounts, it is generally around $1 depending on the currency pair. So 200 lots would be around $2000.

It is all relative to your account size and your maximum risk. In this case with a trailing stop at 50 pips.

This forum is by far the best that I have read, and when implemented correctly, your trades can yield good profits. My first week I made 100+ pips off 2 trades,the best I have achieved in over a year. Sad really when this system is by far the easiest to implement. No bollinger bands, ema, stocastics ect. Just plain whole numbers, trends and 50% Fibs.

Best thread and best bunch of traders ive ever stumbled across. Welcome to the family, you may just stick around for the rest of your life lol
  • #2,532
  • Apr 8, 2008 11:40pm Apr 8, 2008 11:40pm
Quoting zoopy
Nothing wrong with staying out of the market. Staying out is also considered a position.

"When in doubt, stay out"
Capital presevation is key at times, and true as, being out is considered to being in a position.

It is better to be out wishing you where in than to be in wishing you where out....
  • #2,533
  • Apr 9, 2008 12:05am Apr 9, 2008 12:05am
Quoting cruze2005
Capital presevation is key at times, and true as, being out is considered to being in a position.

It is better to be out wishing you where in than to be in wishing you where out....
Hi guys,

I agree completely with u.
Why do we need to be in this market right now ???
You dont even need to know price action, just read the last 20 posts...... Some are going short, others are going long. No one really knows where the market is heading. Everyone now is just guessing....
If even during strong trending markets we shoudl remember ourselves not to guess the market but to follow it.....what about now??? This market is going nowhere...... and Im going to watch soccer on TV !!!!
This market is ranging since NFP. Until it makes its mind clearly, in my opinion, any position will be just casino !!!!!
Hope no one takes it as offensive, its not my intention.... But we are trend traders, arent we? And I just dont see any trend in the short term....
May be some of the very experienced traders on the group can look at the market in a diferent way and thats what makes this thread so valuable. But for me, Im just trying to trade what I see, and right now I see nothing.....so Im out !!!!

More important than making money in the short term (and believe me, I LOVE MONEY), the learning process in this thread is beyond words.
Thanks so much each of you....

Dudu

........But I could be wroooonggggg.....lol (I allways wanted to use this phrase....hehehe....and yes, may be we are in a strong trend right now and I cant see it, who knows? Anything can happen.........lol)
''I am too sexy for my pips, too sexy for my pips, too sexy yeahhh...''
  • #2,534
  • Apr 9, 2008 12:38am Apr 9, 2008 12:38am
Quoting Trumpcard
newb, with the amount of times you've said you're now a professional trader and making tonnes of money, you might have to consider changing your avatar name! speaking of Jacko, where is he these days?
I miht change my name to something like ForexStud, but Mark would call me a dickhead. Jacko is busy ansering emails and writing his blog for his group every time I speak to him. He had a major virus in his computer in first April, someone sent him the April Fools virus so he went out and bought a brand new computerr system. Him and Mark have been re-formatting his four tradeing platforms and that took them about 2 days.
  • #2,535
  • Apr 9, 2008 12:49am Apr 9, 2008 12:49am
Quoting Fxtrader
How long did it take you to be a professional trader, is there pressure of making money everyday if you become a full time trader?
No pressue at all. This is the best lifestile. And I am making more money than I have ever made before. however I do get a bad case of the greeds every so often.
I trade more often than Jacko but i am not as rich as him so I need to work harder to cach up, but he is ALWAYS ther to help me if I need to ask ANYTHING.
him and Mrs Jacko are the esiest going people you will meet. nothing is a hassle. and Mark takes no prisoners when it comes to deeling with a broker if they try to pull a swifty. he is ferocios. he melted a phone the other night when one of ther brokers tryed to widen the spread on ther trade during NFP.
  • #2,536
  • Apr 9, 2008 12:58am Apr 9, 2008 12:58am
Hey newbie, i am in consultation with wayne at the moment about becoming part of a group, i cant wait.
cheers
geoff

Quoting newbietrader101
No pressue at all. This is the best lifestile. And I am making more money than I have ever made before. however I do get a bad case of the greeds every so often.
I trade more often than Jacko but i am not as rich as him so I need to work harder to cach up, but he is ALWAYS ther to help me if I need to ask ANYTHING.
him and Mrs Jacko are the esiest going people you will meet. nothing is a hassle. and Mark takes no prisoners when it comes to deeling with a broker if they try to pull a swifty. he is ferocios. he melted a phone the other night when one of ther brokers tryed to widen the spread on ther trade during NFP.
  • #2,537
  • Apr 9, 2008 1:05am Apr 9, 2008 1:05am
Quoting geoffrod
Hey newbie, i am in consultation with wayne at the moment about becoming part of a group, i cant wait.
cheers
geoff
it is the best desision you will ever make. he is the best here. And Mark says that he is a freakish trader, he says in all his time as a senior broker and manager of whole teams of brokers, no one has been as good as Jacko. he was always looking for the most sucesful traders so that he could copy them. he now works with Jacko.
  • #2,538
  • Apr 9, 2008 1:14am Apr 9, 2008 1:14am
I have followed jacko before he offered to help his first group, i wasn't in a position to do so then, but have taken steps to be in a position now, i look forward to his teachings and hope i can become a better trader with his help.
cheers
geoff

Quoting newbietrader101
it is the best desision you will ever make. he is the best here. And Mark says that he is a freakish trader, he says in all his time as a senior broker and manager of whole teams of brokers, no one has been as good as Jacko. he was always looking for the most sucesful traders so that he could copy them. he now works with Jacko.
  • #2,539
  • Apr 9, 2008 1:18am Apr 9, 2008 1:18am
Quoting cruze2005
Not quite $20 Million. A lot is considered to be roughly $10 depending on account type. For Mini Accounts, it is generally around $1 depending on the currency pair. So 200 lots would be around $2000.

It is all relative to your account size and your maximum risk. In this case with a trailing stop at 50 pips.

This forum is by far the best that I have read, and when implemented correctly, your trades can yield good profits. My first week I made 100+ pips off 2 trades,the best I have achieved in over a year. Sad really when this system is by far the easiest to implement. No bollinger bands, ema, stocastics ect. Just plain whole numbers, trends and 50% Fibs.

Best thread and best bunch of traders ive ever stumbled across. Welcome to the family, you may just stick around for the rest of your life lol
A secret. Jacko does NOT trade mini accounts. He woudn't know what they are, i am sure. He trades BIG. It sure impresed me when I saw him trade. Amazingly cool and poker. Have a look at the thred below.
  • #2,540
  • Apr 9, 2008 3:07am Apr 9, 2008 3:07am
so newbie, what would be a good amount in your opinion to start off with? $10,000 enough? what is the difference risking 2% of $10,000 (50 pip stop) therefore trading 4 mini lots versus 0.4 standard lots? A mini account will overcome the disadvantage of assymetrical leverage (up to a certain point). Surely a mini account is better for smaller account sizes until one builds up their pot of gold.
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