Jacko's Forex House of Pleasure and Pain | Page 132 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #2,621
  • Apr 10, 2008 6:35am Apr 10, 2008 6:35am
Quoting shadowninja
But is that how the trading platform works? The market drops to 1.5550 and the order gets opened. Then it drops another 100 pips and he's handed over 50 pips.

Actually, I have a question for the OPer... how the hell did he get the order in and it didnt get picked up already?? According to the rules, you set AH when it's 50pips below the level it got stopped out. It is above 1.5550 therefore if the rules were followed, he should be in.
Well he wont place an order until its dropped 50+ below...never say never , Raz
Never say never.
  • #2,622
  • Apr 10, 2008 7:51am Apr 10, 2008 7:51am
Since I started trading the Jacko method, around March 24th, I barely had any losses. I just checked my account today to see the history, after my last buy order reached 5900 this morning and I couldnt believe it. Following the trend, trailing stops and using AH is the best strategy you can apply.

I am a newbie, and I dont intend to brag, just to show to all these new guys coming here and trying this very unusual method , that it works, and even a newbie like me, who couldnt believe before that you can trade with naked charts, can be profitable on Forex. Hanging around this thread and learning as much as you can every day can be a good start.

Thank you again Jacko.
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We leave no soldier behind.
  • #2,623
  • Apr 10, 2008 7:51am Apr 10, 2008 7:51am
Quoting MPP

TC will place the AH when price falls 50pips past apply the exit point. RTFQ people, KISS it
thanks MPP, that's right! no order has actually been placed yet. I would need price to fall to at least 1.5500 and then resume the uptrend.
  • #2,624
  • Apr 10, 2008 8:03am Apr 10, 2008 8:03am
Quoting razldazl
Well he wont place an order until its dropped 50+ below...never say never , Raz
I assumed by calling it a dead soldier that he had placed the order above the stop-out price. I hope this is not the case.
The market reveals who we really are...
  • #2,625
  • Apr 10, 2008 8:38am Apr 10, 2008 8:38am
Well I am in for my 2nd and hopefully last trade for the week. Got in at 5850 with a 30 pip stop loss. Would normally run a 30 but have decided Ill run an extra lot instead so that I am not too far outside my Capital. Mixed bag from US news and now it looks to run up. Hopefully Bernanke delivers some crud later today and drives the Eur up further. However here in Aussie land its pretty late, so I hitting the hay for some rest.

Best of luck all and heres to higher highs
  • #2,626
  • Apr 10, 2008 9:00am Apr 10, 2008 9:00am
Quoting cruze2005
Well I am in for my 2nd and hopefully last trade for the week. Got in at 5850 with a 30 pip stop loss. Would normally run a 30 but have decided Ill run an extra lot instead so that I am not too far outside my Capital. Mixed bag from US news and now it looks to run up. Hopefully Bernanke delivers some crud later today and drives the Eur up further. However here in Aussie land its pretty late, so I hitting the hay for some rest.

Best of luck all and heres to higher highs
hi cruze, what was your technical reasoning for entering this trade? 4 hourly trendline support to me is around 1.5750
  • #2,627
  • Apr 10, 2008 9:31am Apr 10, 2008 9:31am
Quoting gagiul
Since I started trading the Jacko method, around March 24th, I barely had any losses. I just checked my account today to see the history, after my last buy order reached 5900 this morning and I couldnt believe it. Following the trend, trailing stops and using AH is the best strategy you can apply.

I am a newbie, and I dont intend to brag, just to show to all these new guys coming here and trying this very unusual method , that it works, and even a newbie like me, who couldnt believe before that you can trade with naked charts, can be profitable on Forex. Hanging around this thread and learning as much as you can every day can be a good start.

Thank you again Jacko.
gagiul,

It's good to see that you are making profit with the system. I'm reading this thread right now and while the system looks interesting, one thing I haven't really figured out is how you determine entries. Can you please share some of your insight on that?
  • #2,628
  • Apr 10, 2008 9:34am Apr 10, 2008 9:34am
Put my order in at around 5850 based on catching the retest of support at 5811. If it bounced of that again and headed up it will take me in. 5811 has been support for a touch yesterday and today, so if it touch and came back it may run up. Only time will tell I guess.

Night all
  • #2,629
  • Apr 10, 2008 10:08am Apr 10, 2008 10:08am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
50% fib for the hi to low of this week is 1.5770, tl support at 1.5740.

Lets see what holds.
  • #2,630
  • Apr 10, 2008 10:51am Apr 10, 2008 10:51am
Quoting MPP
50% fib for the hi to low of this week is 1.5770, tl support at 1.5740.

Lets see what holds.

mmmmm maybe neither will had thought it would retrace some....but not this far but then again this is forex
Don't chase the market, Let the market come to you
  • #2,631
  • Apr 10, 2008 10:51am Apr 10, 2008 10:51am
I'm in long at 1.5750 tsl 100 pips , let's see...
  • #2,632
  • Apr 10, 2008 11:00am Apr 10, 2008 11:00am
Quoting skyline
I'm in long at 1.5750 tsl 100 pips , let's see...

Might be worth waiting a while, see if it holds at 5750 then catching the trend from underneath.
  • #2,633
  • Apr 10, 2008 11:06am Apr 10, 2008 11:06am
Quoting skyline
I'm in long at 1.5750 tsl 100 pips , let's see...
I have the same setup

Ocean
  • #2,634
  • Apr 10, 2008 11:08am Apr 10, 2008 11:08am
Well Ive got a limit buy @ 1.5760. I figure when this rebounds and touches that point we will be on the right side of the trade. Seeing as how we are in an overall uptrend, we can expect this to bounce, especially after such a hard, fast fall.
This is the best way for me to play this, if i try and pick the bottom, thats almost a guarenteed loss. Ill just place a buy order far enough above the current price that will give this fall time to hit bottom, recover, than resume the trend and pick me up on the way. At the time of writing price is bouncing around the 4hr TL, 61.8fib, and 1.750 level but it hasnt been bouncing long enough to decide if this is resistance.

I may even considerd pulling my limit buy down as the price goes down, just as long as its far enough about not to get hit by whipsaws. Its almost like a trailing limit buy...
All I ask for is a chance to prove that money cannot make me happy.
  • #2,635
  • Apr 10, 2008 11:10am Apr 10, 2008 11:10am
Hello

My First Post here...

I am in at 732.

TP
  • #2,636
  • Apr 10, 2008 11:46am Apr 10, 2008 11:46am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Tmac
mmmmm maybe neither will had thought it would retrace some....but not this far but then again this is forex
Next support 1.5711 - coming up

and which floor would sir like to get of at.

edit: strongest support sits at 1.5650
  • #2,637
  • Apr 10, 2008 11:55am Apr 10, 2008 11:55am
Quoting MPP
Next support 1.5711 - coming up

and which floor would sir like to get of at.

EUR/USD right at the base of the 4 hr ascending channel/trendline.
Mr. Fed to speak in 5 minutes.....
It would be a very good buy if he would throw the dollar down over to the basement.....
C'mon Ben, you can do it !!!! lol

Dudu
''I am too sexy for my pips, too sexy for my pips, too sexy yeahhh...''
  • #2,638
  • Apr 10, 2008 12:03pm Apr 10, 2008 12:03pm
Quoting pipsalot
gagiul,

It's good to see that you are making profit with the system. I'm reading this thread right now and while the system looks interesting, one thing I haven't really figured out is how you determine entries. Can you please share some of your insight on that?
Sure, pipsalot. But please keep in mind that im just a newbie and I might just have been lucky these days. However, Im trying to apply the simple rules that Jacko taught us.
1. always go with the trend, so with euro dont try to sell while on Daily you see mainly an upward movement.
2. dont get greedy. wait until the price drops to half of the previous move up. that is usually a good place to buy. Remember that we always have to buy at a "bargain" price I usually put buy orders at 50% fib levels, after an up move seems to lose steam and retrace a little. Sometimes I put buy orders at 50% fib on a 4H chart, because on Daily they would be too far away from the current price. For example, the 50% on daily is at 5200, so if you waited for that to get filled, you would have lost many other opportunities.
3. Have a hard stop in place, which should be either 50 or 100, depending on the market conditions. For example, a stop of 50 pips in a serious uptrend move should be safe, because the price will not whipsaw much before resuming the up move. However, in the last few days euro ranged most of the time, so a stop of 100 would have kept you out of whipsaw more often than only 50 pips.
4. also use a trailing stop to make sure you bank profits because, as you saw today, euro ran until 1.5900 and now its at 1.5750. Without a TP to important levels, such as 1.5900, in my case, or at least a trailing stop, you would have seen your profits evaporate like gasolin and you dont want that to happen.
5. Dont forget about AH. Every time you lose, put the buy order at the price where your transaction was closed. Dont get upset for losing, if you trade with the trend, the price will always return and put you back in the market.

I hope I was of help. Ask me anything else you want, but my advice is to stick around this thread because you will learn good stuff sooner than you think
We leave no soldier behind.
  • #2,639
  • Apr 10, 2008 12:04pm Apr 10, 2008 12:04pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Dudu 73
EUR/USD right at the base of the 4 hr ascending channel/trendline.
Mr. Fed to speak in 5 minutes.....
It would be a very good buy if he would throw the dollar down over to the basement.....
C'mon Ben, you can do it !!!! lol

Dudu
the news will decide if we buy now or at 1.5200 i think.
  • #2,640
  • Apr 10, 2008 12:08pm Apr 10, 2008 12:08pm
Quoting MPP

edit: strongest support sits at 1.5650
I agree. I find it too risky to enter now. 5650 should be a good entrance, and if broken, 5500 and 5200 are next.
We leave no soldier behind.
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