Jacko's Forex House of Pleasure and Pain | Page 142 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #2,821
  • Apr 15, 2008 6:40am Apr 15, 2008 6:40am
OK

I see 50 Fib based on yesterday's high low at 15780 level which we have bounced off already. If that does not hold then I see:

A support line around 15727.

And a 50 Fib around 15712 based on Apr 3rd low to 10 Apr high.

No idea where we go next.

15780 seems to be holding for now...
  • #2,822
  • Apr 15, 2008 6:50am Apr 15, 2008 6:50am
Quoting acetrader
Jacko

Thanks for the headsup & the added humor is great as well. There was a saying some years ago "When E. F. Hutton Speaks Everybody Listens"
or something along those lines....Now we can say "When Jacko Speaks,
Everybody Should Listen". For those too young to remember E. F. Hutton,
just give Google a go for the info. Best trades to all.

_______________
AceTrader
Hi Acetrader


When Mrs Jacko speaks ...EVERYONE listens...

AND DOES WHAT SHE SAYS !!







.
  • #2,823
  • Apr 15, 2008 6:59am Apr 15, 2008 6:59am
Jacko,

I know what you mean as I'm in the same camp with you. Thats the only way to stay happy. Thanks for all you do for the members of this forum.

AceTrader
  • #2,824
  • Apr 15, 2008 7:04am Apr 15, 2008 7:04am
Quoting acetrader
Jacko,

I know what you mean as I'm in the same camp with you. Thats the only way to stay happy. Thanks for all you do for the members of this forum.

AceTrader
Hi Acetrader

Thanks for your kind words


.
  • #2,825
  • Apr 15, 2008 7:08am Apr 15, 2008 7:08am
Now comes the hardest thing to learn. Sit back and wait. I am getting much better at that too. Thanks to Jacko.
  • #2,826
  • Apr 15, 2008 7:10am Apr 15, 2008 7:10am
Quoting jacko
Don't stand still when the elephants start dancing.
Quoting jacko
When elephants get tired they sit down.!!!!!

Don't stand still when the elephants start sitting down.

If we develop a phobia of elephants, it's all your fault.
The market reveals who we really are...
  • #2,827
  • Apr 15, 2008 7:12am Apr 15, 2008 7:12am
I've been out since yesterday afternoon, after taking about 100 pips profit from around 15750. IMO it looked way too high to be opening another position so I'm waiting for a correction, and then we can all pile in again to grab some profit.
The market reveals who we really are...
  • #2,828
  • Apr 15, 2008 7:16am Apr 15, 2008 7:16am
The waiting is a big problem for me as well since I have traded short term & even some scalping along the way, but I'm trying to sit still & wait for those golden opportunities. Even thought PRICE IS TACKLING THE 5800 AGAIN,
I'm taking a break for now. Even after the 50 pips loss I'm still far ahead for a month, so timeout is in order for now.

I will still monitor the action & will trade accordingly.

AceTrader
  • #2,829
  • Apr 15, 2008 7:39am Apr 15, 2008 7:39am
Got most of the move yesterday and my buy limit got picked up at 1.5782 so hope she holds.
"Whether you think you can or can't, you're right." Henry Ford
  • #2,830
  • Apr 15, 2008 7:54am Apr 15, 2008 7:54am
Quoting shadowninja
I've been out since yesterday afternoon, after taking about 100 pips profit from around 15750. IMO it looked way too high to be opening another position so I'm waiting for a correction, and then we can all pile in again to grab some profit.
If I understand what i have read in these forums is that we are waiting for a DIP on price action or searching for the bargain trades in other words, then I am holding out for a retest or substantial dip in price action. The market has been testing, retesting testing ect ect the 5800 to close to 5900 but there has been very very small retracements ( apart from the gap on mondays trade) that make trading 'comfortable'.

If we are entering and exiting trades daily, then my understanding is that this system is not being used to its truest form. I read somewhere that Jacko and others look for bargains or areas where the market will retest and give you an entry where there are larger profits to be made. It seems all to risky for me at the moment to be entering and exitting around 5800-5900 as there is no real indicators that the market is going to run too and beyond 6000.

Just my 2c worth. Feel free to correct me, I take all feedback as constructive whilst I am learning. I just want to make sure that I am making the best descisions on my trades.

PS shadowninja FYI I was agreeing with your quote before you think I was disagreeing
  • #2,831
  • Apr 15, 2008 9:22am Apr 15, 2008 9:22am
With Jacko's method we are bargin hunting to give us a higher probability of a profitable trade. Jacko looks to the longer term charts to guide his entries. He usually uses the daily and 4hr charts for this purpose. When it comes to actually pulling the trigger he may use the 1hr chart to fine tune his entry if he happens to be at his computer at the time. The result of this chart reading means that he often has his entries set many days in advance. Right now the daily charts are hard for me to look at and determine and entry because it would take a significaqnt retrace to get to the safety of the 50% Fib on that chart. So, I am looking at the 4hr chart and hoping to see a moderate retrace to 1.5700 which is just below my charted 50% Fib (4/3 to 4/10) of 1.5711.

That said, it may be awhile since 1.5800 is proving to be fairly strong support. On the flip side if the ECB tinkers with the market like they did January a 100 pip down move could happen in 20 minutes. Time will tell.

Hope this helps.
  • #2,832
  • Apr 15, 2008 10:42am Apr 15, 2008 10:42am
Exactly correct.

Everyone take note of this. To make money in this game, you need to trade less, not more. You need no indicators. Not one. You need price, and that is all. Pay attention to price, how it moves, where it stops and stalls and you will quickly see where good entry points are. Now you just set up your limits/stop orders and sit back. Go play golf - anything.

Life is good when lived.

You can do that - if you pay attention to the more important things.

Quoting Bakuli
Hi Takeprofit,

A word of advice regarding your chart and looking for your set-ups. For his method, Jacko would not use the 30 mins chart to look for entries. It's important to point out that for this method to be effective, the higher timeframes of the weekly, daily and 4 hourly should be used to look for set-ups. Anything below that is just "noise". Obviously by using those bigger timeframes, the set-ups will be less frequent but it will help you to identify the bigger dips. By buying from the bigger dips (or selling from the bigger rallies), you are minimising the risk of a big drawdown and also buying/selling at better prices (bargain prices). Once you have identified your set-ups from those higher timeframes, then you can go lower down to the smaller ones (if you want to) to "finetune your entry if you're by the screen watching the market.

Hope that helps.

Bakuli
I'm pretty much done with all this ...
  • #2,833
  • Apr 15, 2008 11:31am Apr 15, 2008 11:31am
Quoting cruze2005
PS shadowninja FYI I was agreeing with your quote before you think I was disagreeing

Hehe amusing that you wrote this bit. I was about to reply with, "I agree!" But you are wise to put it as sometimes things can get misunderstood on the internet and good intentions start unnecessary arguments!
The market reveals who we really are...
  • #2,834
  • Apr 15, 2008 12:44pm Apr 15, 2008 12:44pm
As the day progresses on, it is now apparent that 5800 could very well become resistance. Less trading is really the best & that down time could be used to plot the next best entry level & after that has been decided, take the time away from the screen & relax or do whatever you enjoy. I am staying out for now.

AceTrader
  • #2,835
  • Apr 15, 2008 1:02pm Apr 15, 2008 1:02pm
This was on the wire feed from my broker(GFT).

(IGM)[EUR/USD] has fallen through 1.5800 despite attempts from CB's to hold ...

[EUR/USD] has fallen through 1.5800 despite attempts from CB's to hold up trade around the figure. A flurry of firmer than f/c US data has been the main cause behind the sell-off, whilst recent comments from Garganas that the ECB is against large volatility in FX rates (when asked about the Euro strength) could also behaving weighing effect. A minor technical support level lurks lower down at 1.5772. Some technical signals elsewhere are drawing market attention, with a US prime name suggesting that the three failures at 1.5905 sees a potential for 5 big figure fall in 5 days, similar to price action in early Feb. Note, Trichet and Weber speak later at 15.00gmt.

Who, when, and why? Which central bank wanted to hold support at 1.5800? When where they in this market ?
Why would they want to support that price?

I call Bravo Sierra (B.S.) on this one. The only CB that could want this is the U.S.(to support exports). But, I don't think you could go to the G meeting and say you support a strong dollar and then try to undermine that 4 days later. Of course, there is a village in Texas missing it's idiot.

Thoughts anyone?
  • #2,836
  • Apr 15, 2008 1:06pm Apr 15, 2008 1:06pm
FYI I was stopped out this morning at 5786 (100 TSL) for a 76 pip profit. I will have to sit back and look over the charts before I determine my next entry.

-Sean
  • #2,837
  • Apr 15, 2008 2:15pm Apr 15, 2008 2:15pm
for those complaining that have to sit and wait, dont worry, the euro is really compressed like a balloon, so it should explode soon, one way or another.
For Price Action lovers, On 4 H chart the last candle is a bullish PB, so we might get another leg up. Lets see.
We leave no soldier behind.
  • #2,838
  • Apr 15, 2008 3:18pm Apr 15, 2008 3:18pm
Quoting seanchicago
FYI I was stopped out this morning at 5786 (100 TSL) for a 76 pip profit. I will have to sit back and look over the charts before I determine my next entry.

-Sean
Fantastic result m8. Well done
  • #2,839
  • Apr 15, 2008 3:25pm Apr 15, 2008 3:25pm
Hi all,

Seems like the EUR/USD will have no choice but to break either the 4hr trendline or the Historicall High very soon !!! Its really getting compressed by these two!!!

Chart attached!

Good trades to you all,

Cheers,

Dudu
Attached Image (click to enlarge)
Click to Enlarge Name: dudu_eurusd.gif Size: 18 KB
''I am too sexy for my pips, too sexy for my pips, too sexy yeahhh...''
  • #2,840
  • Apr 15, 2008 5:24pm Apr 15, 2008 5:24pm
Quoting Jarret
Mid Nov 2007, has been very good learning.

The question is has it been a profitable experience and will you continue to pay the yearly fee?
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