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Jacko's Forex House of Pleasure and Pain

  • #2,841
  • Apr 15, 2008 10:05pm Apr 15, 2008 10:05pm
Hello fellow traders,

What are your thoughts at a good entry point right now?
I'm looking at 1.5700 w/ a 100 pip tsl to give it some room to breathe if there is a dive in the 5650 area.

I'd be interested in your thoughts, this looks like a good 50% fib area, yet most of all a good entry price, if it even hits this week.
  • #2,842
  • Apr 15, 2008 10:24pm Apr 15, 2008 10:24pm
Hi Trader John,
1.5700 looks like a tempting entry but that would mean that we are making lower lows and lower highs on the 4hr chart (trending down on the 4hr chart). That might be another clue that Elephants are in the area. This might be a good time to go up to the daily chart to get a bigger picture.
That is just how I see it.
Camptrader
  • #2,843
  • Apr 15, 2008 10:34pm Apr 15, 2008 10:34pm
Quoting camptrader
Hi Trader John,
1.5700 looks like a tempting entry but that would mean that we are making lower lows and lower highs on the 4hr chart (trending down on the 4hr chart). That might be another clue that Elephants are in the area. This might be a good time to go up to the daily chart to get a bigger picture.
That is just how I see it.

Thank you for the heads up! I just looked at the daily charts per your recommendation and notice at the beginning of the month we were below the 1.5600 area.

It would be nice to get in at 1.5550. Im not even going to attempt to try to short this pair right now, I can pretend I'm a Jesse Livermore on a demo account, too much anxiety for me to go short in the real world.
  • #2,844
  • Apr 15, 2008 10:48pm Apr 15, 2008 10:48pm
Frankly I am dieing to get in as well
I missed out from 1.57 where the weekend gap started and feel like kickin myself for not getting in quick enough as it filled as anticipated.don't want to miss out if it really hits 1.6 as the talking heads on CNBC have been going on about for the past two weeks now.


having said that looks like ECB and the bankers are really quite pissed off at the recent bull rally
http://www.bloomberg.com/apps/news?pid=20601087&sid=aAV0_v.yogLk&refer=home

I think if they really intervened.1.55 and 1.53 would be likely
if they really got serious , below 1.5 may be seen ( hopefully not)
A short position with 50 TSL would then be likely

1.5780 is the 50 FIb for me on a 4HR TF.( it touched the 50 FIb a few times on its way down, which proves the validity of Jacko's 50FIb efficiency)
weekly pivot is at 1.5750 ( which is the lowest point for the price for the last 2 days)
price action is bearish.. if it hits 1.57, i think it will more likely go down rather then up.
i have never shorted E/U successfully before thus would be rather lost at how to do that. any insights in how to short the E/U ( counter-trend ) would be appreciated. bless



ps. you read Jesse Livermore as well

Quoting trader john
Hello fellow traders,

What are your thoughts at a good entry point right now?
I'm looking at 1.5700 w/ a 100 pip tsl to give it some room to breathe if there is a dive in the 5650 area.

I'd be interested in your thoughts, this looks like a good 50% fib area, yet most of all a good entry price, if it even hits this week.
  • #2,845
  • Apr 15, 2008 10:58pm Apr 15, 2008 10:58pm
This may help in seeing a clearer picture.

I find that when you're a little "lost" as to where you think price may be headed because of erratic moves, it's time to step back and look at your daily/weekly charts.

Personally, I'm putting my 50.0% fib retracement tool aside for the time being. I have included a line chart because this helps me to see exactly what price is doing without all the candles and bars cluttering up the picture. On the daily, just visually, price seems very high and when I start to get that fear of heights and buying at such a high price, it's time to take a breather and wait for a lower price.

I've indicated two areas of interest (green arrows) because we have a well defined peak and valley. The first peak at 1.5750 area seems high so I'll be looking at the next area down (around 1.5450/1.5400).

If the market skyrockets, I'm most likely just going to take this week off. The last thing I need is to be staring at a bunch of bushes all rustling not knowing whether there's a bear or a bull behind it lol.


zoopy
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  • #2,846
  • Apr 15, 2008 11:13pm Apr 15, 2008 11:13pm
Quoting earret
The question is has it been a profitable experience and will you continue to pay the yearly fee?
I would hope that after a year of hanging with jacko and co that one might be able to go it alone, that is what i am hoping for.

but time will tell,

how about you earret????
  • #2,847
  • Edited Apr 16, 2008 12:49am Apr 15, 2008 11:15pm | Edited Apr 16, 2008 12:49am
http://img170.imageshack.us/img170/5...capturele2.png

Ok, looking at the chart first we have some very strong resistance in the 1.5890-1.5900 region, we have a strong ascending pennant which usually is indicative of a breakout to the up side, countering that chart pattern is the fact that the ECB is getting restless regarding the continued strength of the EUR and are making noise about intervening which would start the EURs decline against the USD, so What the heck to do?
take a chance and set a buy order @ 1.5750 hoping to buy at a discount and that the EUR will climb once again.
OR straddle the current candle with a buy order @ 1.5875 and a sell order @ 1.5752? and either miss a few pips on the way up or lose a few if it drops.........

I think and I could be REALLY WRONG but that 1.60 is still a carrot dangling before these guys and they REALLY want to hit it...... after that let the ECB do what they want.... at that time guys and gals we get to ride a sustained down trend for a year or two..........

well like I said just some idle ramblings .... buy the way that little blue box is a buy order at 1.5775.............

I have removed the buy order at 1.5775... I have decided the market is just too tightly wound with too much uncertainty and will wait for less volatility.
Same Whore .... Different Dress
  • #2,848
  • Apr 16, 2008 12:36am Apr 16, 2008 12:36am
Thanks zoppy and john for sharing your insights
  • #2,849
  • Apr 16, 2008 12:48am Apr 16, 2008 12:48am
Quoting earret
The question is has it been a profitable experience and will you continue to pay the yearly fee?
Yes I have lerned a heap of things that I woud never have lerned from anybody else. how often can you have the chance to watch a real trader who trades 200+ stanard lots of the euro before brekfast and see how he trades and thinks. the 500$ is chicken shit to him. he does the group becos he likes people. why else woud he go out of his way to help traders get a job at a big brokerege company. becos he likes to help people. if he decides to keep mentoring the groups in the future, I will gladly pay the money again. he has become a friend as well as a mentor,even tho I dont see him as much anymore. but i can always email him with a qestion and get an anser.
  • #2,850
  • Apr 16, 2008 1:18am Apr 16, 2008 1:18am
Quoting earret
The question is has it been a profitable experience and will you continue to pay the yearly fee?
has it been a profitable experience? ABSOLUTELY

will you continue to pay the yearly fee? ABSOLUTELY

Jacko's group costs $500 for a whole year. I have looked at other training programs for $10,000 that weren't anywhere near as good. They were all theoretical and had disclaimers all over them.

Jacko has shown the basics of how he trades here on FF and before that at DailyFX. How generous is that? There is no hidden traps with Jacko. I have found that when I have asked any question, he has been totally honest and forthright to me.

Am I profitable? Yes, absolutely. and I have learnt to trade in a totally different mindset which is worth more than money.

Will I continue to pay the fee? If Jacko is prepared to put up with me, I would certainly continue with him.

I agree with Newbie, "where else can you have the opportunity to see a successful, BIG, professional trader trade and have him explain how and why he is making that decision."
Jacko must be one of the biggest traders here. How many others trade in the sizes he does? But more importantly, how many traders that big would even consider mentoring a group of traders. And you can see him gradually guiding some into prop trading positions and others into becoming full time traders.

The information in yesterdays blog about "how and why he grew his trading volumes" is priceless. That blog alone was worth the price of the joining fee.
I have been wanting to "grow my business" but was uncertain as to how to do it. Jacko showed us all how a succeessful business person does it.

Jacko is the real deal
  • #2,851
  • Apr 16, 2008 1:21am Apr 16, 2008 1:21am
According to a Bloomberg report, "European Central Bank Governing Council members Juergen Stark and Miguel Angel Fernandez Ordonez said price pressures in the single currency area are fueling concern among policy makers that interest rates may not be high enough to contain inflation."

Not high enough? Wow. Everyone has been anticipating a rate cut from the European Central Bank, and now some are starting to wonder if a rate hike will be neccesary to curb inflation. The EUR/USD is on the verge of a breakout to the upside. We could very easily see the EUR/USD at 1.6000 this week.
  • #2,852
  • Apr 16, 2008 2:00am Apr 16, 2008 2:00am
Quoting earret
The question is has it been a profitable experience and will you continue to pay the yearly fee?
earret, I am a relatively new member of Jacko's group and $500 is nothing in the scheme of things.

The key to success with anything in life is learning from people who are 'truly' successful in what you wish to learn. Sport, business, art, music ...anything. Trading is no different. Only a few excel at anything in life, because most people simply don't do what it takes. At the most basic level, you learn to imitate what the successful do. Being around them, listening to them, learning from them, understanding them, thinking like them, all helps you do that.

Similarly Jacko has taken the time to learn about some of the greatest traders of all time like Jesse Livermore, William O'Neil, Gerald Loeb, etc, because he too aspires to achieve some of their success.

FF and others sites are good, but there are too many financially unsuccessful people dishing out advice and that is dangerous. There are many blind leading the blind.

With Jacko, you know who you're listening to and you know that he has achieved in trading what many traders aspire to achieve. He takes the time to promptly answer all my questions and I am learning a lot from the guy.

Rob
  • #2,853
  • Apr 16, 2008 3:18am Apr 16, 2008 3:18am
Quoting newbietrader101
Yes I have lerned a heap of things that I woud never have lerned from anybody else. how often can you have the chance to watch a real trader who trades 200+ stanard lots of the euro before brekfast and see how he trades and thinks. the 500$ is chicken shit to him. he does the group becos he likes people. why else woud he go out of his way to help traders get a job at a big brokerege company. becos he likes to help people. if he decides to keep mentoring the groups in the future, I will gladly pay the money again. he has become a friend as well as a mentor,even tho I dont see him as much anymore. but i can always email him with a qestion and get an anser.
hey Newbietrader, aside of your continous praise for Jacko, which we all know already really well, maybe you can give us some insights about your market view of the Euro. What do you think?
We leave no soldier behind.
  • #2,854
  • Apr 16, 2008 3:26am Apr 16, 2008 3:26am
Quoting pavlov0032
According to a Bloomberg report, "European Central Bank Governing Council members Juergen Stark and Miguel Angel Fernandez Ordonez said price pressures in the single currency area are fueling concern among policy makers that interest rates may not be high enough to contain inflation."

Not high enough? Wow. Everyone has been anticipating a rate cut from the European Central Bank, and now some are starting to wonder if a rate hike will be neccesary to curb inflation. The EUR/USD is on the verge of a breakout to the upside. We could very easily see the EUR/USD at 1.6000 this week.
look back at the Carter years and what he did then. Interest rates were in the teens but it served its purpose and brought inflation under control and the economy back to heatlh. Of course Reagen got all the credit but the point is rate hikes were not popular but worked. I bought my first house at 18% and was happy. Can you imagine that now days? America has its head up its own a$$ and is about to pay the pipper for thinking we are so high and almighty..and the printing presses run 24/7
Don't chase the market, Let the market come to you
  • #2,855
  • Apr 16, 2008 3:29am Apr 16, 2008 3:29am
Quoting gagiul
hey Newbietrader, aside of your continous praise for Jacko, which we all know already really well, maybe you can give us some insights about your market view of the Euro. What do you think?
I second that ! Yes, how about you telling us how you approach the market now as a full time trader. I am very interested in how you look for your set-ups using Jacko's method and would appreciate your market views as well. It would be great if we get some input from you from those aspects ! Looking forward to your postings.

Happy trading !

Bakuli
  • #2,856
  • Apr 16, 2008 4:10am Apr 16, 2008 4:10am
newbietrader, I believe you entered short around 1.5860, what led you to enter at this level? what did you see on the charts? was your entry before or after Jacko's warning of possible ECB intervention? Could you post a chart explaining your analysis?
thanks!
  • #2,857
  • Apr 16, 2008 4:44am Apr 16, 2008 4:44am
Went long at 5780 based on 50% fib of 5913 on 4-10 and low of 5674 on 4-8, now at 5946 with 164 pip profit Thanks Jacko
Live From Los Angeles
  • #2,858
  • Apr 16, 2008 4:44am Apr 16, 2008 4:44am
Buy order @ 5855 hit overnight for 2 lots. If 5950 is seen this time & does not form a resistance then 1.6000-1.6100 COULD be next. It appears the UPSIDE pressure has returned, but anything can happen. When I set the buy order before sleep time I never really thought it would be hit since 5800 kept resisting the move. Using a 50 sl @ this time, but keeping a close watch as there is so much uncertainty @ this time. This COULD be the move that brings us to the 1.6000 & above level. I am sure some of you did enter @ the better level of 5800 & if so GOOD JOB, but I was just too unsure & missed the better entry. Oh well, I COULD had done worse. Best trades to all.

_________________
AceTrader
  • #2,859
  • Apr 16, 2008 5:03am Apr 16, 2008 5:03am
Quoting panhandler
Went long at 5780 based on 50% fib of 5913 on 4-10 and low of 5674 on 4-8, now at 5946 with 164 pip profit Thanks Jacko

congratulations but i'm not sure i understand your trade. why the high and low from these dates? the low of 1.567? was actually on the 14th. how did you use the 50% fib in this case? just wait for price to move back up 50% then enter long?
  • #2,860
  • Apr 16, 2008 5:04am Apr 16, 2008 5:04am
Quoting gagiul
higher tops and higher lows, except the damn gap the euro stayed above the 2 trendlines so probably we will be knocking again soon at 5900's door.
Another good lesson today: never try to estimate the market. After all this long talk about Euro fall, we have a new high. Isn't it ironic? The pressure to the upside was enormous I think, it is very visible on Daily and 4H. Lows were really short lived and euro was continously pushing up.

Im still in from 5830 and bought another lot at 5800 and 5900 Trail stop 50 pips in place, so may whatever come, all my positions are in profit or BE, so even Trichet cant kick me now

Dancing with the elephants
We leave no soldier behind.
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