Jacko's Forex House of Pleasure and Pain | Page 153 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Chicky's House of Pleasure and Pain 11 replies

Carry Backet w/ Jacko's AH 10 replies

Hello Guys is a pleasure to be here. I'm new to MT4 1 reply

Jacko's P&P Trend Trading Method 73 replies

Attachments: Jacko's Forex House of Pleasure and Pain
Exit Attachments

Jacko's Forex House of Pleasure and Pain

  • #3,041
  • Apr 18, 2008 11:59am Apr 18, 2008 11:59am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting raczekfx
now, that I read your post and checked the chart, I'm kind of wonder if that last bar on daily yells at us.... 'please, please buy me'...?

i'm inclined to believe so, the weekly candle is still bullish, higher lows and higher highs + the daily candle is sitting just above the supporting TL (we did bounce through it but if price hold we will close above it)

so for me this point is worth a punt R:R is good.
  • #3,042
  • Apr 18, 2008 12:13pm Apr 18, 2008 12:13pm
Quoting MPP
i'm inclined to believe so, the weekly candle is still bullish, higher lows and higher highs + the daily candle is sitting just above the supporting TL (we did bounce through it but if price hold we will close above it)

so for me this point is worth a punt R:R is good.
The weekly looks like it will be a bearish Pin Bar to me. Now this may be of no consequence if the big downspike was CB action. But if it was just due to the Citibank results (as claimed in the Bloomerg article provided by JohnDoe) then I would treat it more seriously.
Does anybody know, were the Citi resuts announced at 09:00 GMT? that is 05:00 Eastern Time - seems rather early to me.

Edit: just checked the Pound and Aussie - the Pound didn't drop until 12:00 GMT and the Aussie dropped a little , but nothing dramatic until 12:00 GMT. This appears to give weight to the Bloomberg article.
Ian
  • #3,043
  • Apr 18, 2008 12:40pm Apr 18, 2008 12:40pm
Quoting johnedoe
Was the big jump in $ strength due to anything tangible? or is it just another knee jerk reaction.
Also I was stopped out and now have an AH order in place 1.5795


Here they say citigroupe is doing good............
Dollar Rises Versus Euro on Bets Firms to Weather Credit Losses (http://www.bloomberg.com/apps/news?pid=20602081&sid=atBJQB_eaIHM&refer=benchmark_currency_rates)
Here they say citigroup is gonna can a bunch of employees
Citigroup Reports Loss on Writedowns, Credit Costs (http://bloomberg.com/apps/news?pid=20601087&sid=agbm5yVVD8zs&refer=home)

And here the dollar is gonna get it's ass kicked from rising oil prices
Barclays Capital Forecasts Dollar to Drop 2.5% on Oil (http://bloomberg.com/apps/news?pid=20602081&sid=ayuHsNlv.1Fw&refer=benchmark_currency_rates)


God I love the news......... talk about double speak.....
Same Whore .... Different Dress
  • #3,044
  • Apr 18, 2008 12:49pm Apr 18, 2008 12:49pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting ianf0ster
The weekly looks like it will be a bearish Pin Bar to me. Now this may be of no consequence if the big downspike was CB action.
Ian
works for me, just means i get to buy even lower. i love days like this, it hurts at first but then you realise the potential and smile a big smile.
  • #3,045
  • Apr 18, 2008 1:28pm Apr 18, 2008 1:28pm
Hello

I am back on board. Anyone else?

TP
  • #3,046
  • Apr 18, 2008 1:35pm Apr 18, 2008 1:35pm
Quoting takeprofit
Hello

I am back on board. Anyone else?

TP
long from 5750 based on the 50% from the 3rd April to the high on the 17th. Not sure yet whether I will leave it open over the weekend.
  • #3,047
  • Apr 18, 2008 1:40pm Apr 18, 2008 1:40pm
Quoting lesterthecat
long from 5750 based on the 50% from the 3rd April to the high on the 17th. Not sure yet whether I will leave it open over the weekend.
Well I'm a complete newbie so dont know how weeekends usually play out. I closed last week prior to the weekend so did not get hit my the big gap down. And then I got on board early monday morning for the recovery. Are these weekend gaps common?
  • #3,048
  • Apr 18, 2008 1:40pm Apr 18, 2008 1:40pm
Quoting takeprofit
Hello again

OK so a quick update:

I set my limit order at 5955 to give me 90 points profit. It was just touched and my position was closed out for me. I'm happy with that.

No real science applied to choose the exit.

Good luck to everyone else. I'm hoping for a large move down now to get back on board.
I"m a little behind, but congrats on this excellent exit.

-Sean
  • #3,049
  • Edited 2:08pm Apr 18, 2008 1:40pm | Edited 2:08pm
perfect entry. Im in from 5750 too, already moved stop to BE, and my fallen soldiers wait for me on the way up. Even if euro will continue to drop, I am safe now. However, I bear in mind that this was a fall which started after the US open, so it might be just a typical american bluff, and next week we will continue the move up.

One more thing to add: the lowest value of the fall is the weekly Pivot Point, 1.5711.
We leave no soldier behind.
  • #3,050
  • Apr 18, 2008 1:44pm Apr 18, 2008 1:44pm
Quoting seanchicago
I"m a little behind, but congrats on this excellent exit.

-Sean
OK thanks

I gave it all back on the way back down as I had a position open from 5880.

I've took some profit now on the way back up so am about even unless we head a long way back down again.

TP
  • #3,051
  • Apr 18, 2008 2:39pm Apr 18, 2008 2:39pm
Hi all,
Im in from 1.5750, added an AH at 1.5795 and may soon be in with another AH a bit farther up...A bit of advice for those starting out with this strat..its important to keep in mind that when you have fallen soldiers and AH´s you can easily wind up with a very large position on your hands when things start going back up...it takes a bit of getting used to and you have to watch your money management when you do take on new trades for this reason...you must think about not only will your account handle the load? but can you personally handle watching such a large position without fretting...just something (more) to consider before taking new trades on when you have already got one or more fallen soldiers hanging about...good luck to all and have a great weekend...Raz
Never say never.
  • #3,052
  • Apr 18, 2008 2:42pm Apr 18, 2008 2:42pm
Good point Raz........
Same Whore .... Different Dress
  • #3,053
  • Apr 18, 2008 2:50pm Apr 18, 2008 2:50pm
hey guys what do you thin will be market opening on Sunday?

lower or higher then today closing?
  • #3,054
  • Apr 18, 2008 2:51pm Apr 18, 2008 2:51pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting razldazl
Hi all,
Im in from 1.5750, added an AH at 1.5795 and may soon be in with another AH a bit farther up...A bit of advice for those starting out with this strat..its important to keep in mind that when you have fallen soldiers and AH´s you can easily wind up with a very large position on your hands when things start going back up...it takes a bit of getting used to and you have to watch your money management when you do take on new trades for this reason...you must think about not only will your account handle the load? but can you personally handle watching such a large position without fretting...just something (more) to consider before taking new trades on when you have already got one or more fallen soldiers hanging about...good luck to all and have a great weekend...Raz
Hi Raz

did you find who then - must have as your in play, me too same price. enjoy the weekend all, i'm outta here.

MPP
  • #3,055
  • Apr 18, 2008 2:52pm Apr 18, 2008 2:52pm
Quoting johnedoe
Good point Raz........
lol COCKTAIL HOUR folks...its all well and good while it keeps going up.....
Never say never.
  • #3,056
  • Apr 18, 2008 3:00pm Apr 18, 2008 3:00pm
Quoting takeprofit
OK thanks

I gave it all back on the way back down as I had a position open from 5880.

I've took some profit now on the way back up so am about even unless we head a long way back down again.

TP
As I posted earlier I was a buyer at 5830. This cost me 100 pips. Fortunately my gut (and the fib analysis I posted earlier) told me this was going to be a bad trade and I only placed a minimum trade. So no major damage was done.

As I stated before I am a very short-term trader in the yen and typically just trade from higher-highs with higher-lows, or the opposite; with a healthy amount of gut and experience mixed in. So for me to learn this new skill (Jacko's method) I am doing my best to ignore my instincts and just follow the rules.

I must tell you that I'm beginning to think that ignoring my experience is costly. I am beginning to believe I need to incorporate the best of Jacko's system with my instincts. As such use Jacko's method for entries and to limit the number of trades I am typically involved in. And use my experience to take profits occasionally and know when to ignore some entries.

This will be a struggle as I believe the best part of this thread's method is never guessing on how high is high, and just letting your trades run their course. So where does the system stop and the instincts takeover? And if I do this, am I still following the system at all?

I see many traders on this thread breaking with the rules and entering too frequently (as I was doing in the past) and taking profits without their trailing stop losses taking them out of their trades. As this is the case, traders liberally breaking the rules when their instincts (or emotions) are flashing warning signals, I wonder over the longer term whether this system is viable.

By that I mean is this system really a "system" at all? Or is it a reflection of Jacko's own skill. It could be that Jacko's instincts are telling him where to place a trade and then he uses the system (sub-consciously) to justify his entry. For example when he recently came back on this thread (just a bit prematurely) to warn of the "elephants" changing direction, this is pure instinct and perhaps solidly derived from reading and studying the fundamentals, but the system has no rules regarding this.

Now do not get me wrong thinking I am bashing Jacko or this thread; I think this is the most beneficial thread I have ever seen. I think all new traders will benefit from reading it and participating in trades based on its rules.

So perhaps this is not so much "Jacko's System", but "Jacko's Classroom"! A thread where students learn the art of trade management, of careful selection of entries (not punting), the benefits of patience, the profit in being aware of the long term trends, and that taking controlled loses is okay. And in the end a place where you will learn to control your impulses but not totally snuff them out.

-Sean
  • #3,057
  • Apr 18, 2008 3:01pm Apr 18, 2008 3:01pm
Quoting MPP
Hi Raz

did you find who then - must have as your in play, me too same price. enjoy the weekend all, i'm outta here.

MPP
http://www.forexfactory.com/showpost.php?p=1944928&postcount=2602
didnt you see my message about Who?
Never say never.
  • #3,058
  • Apr 18, 2008 3:02pm Apr 18, 2008 3:02pm
Hey guys and gals, I got a nice position, SL is at BE, Should I leave it open over the weekend? What do you all think? Last weekend my profitable trade sank and i incurred losses past my SL, and FXDD said, "We don't guarantee trades over the weekend." But its so tempting...
Live From Los Angeles
  • #3,059
  • Apr 18, 2008 3:58pm Apr 18, 2008 3:58pm
Hi Friends,

please, would it be possible to give short and simple explanation how to use the 50% Fibonacci as posted at the beginning of this thread?

I am relative new to this stuff and would need some help here.

thanks a lot

Cyborg
  • #3,060
  • Apr 18, 2008 4:07pm Apr 18, 2008 4:07pm
Quoting seanchicago
As I posted earlier I was a buyer at 5830. This cost me 100 pips. Fortunately my gut (and the fib analysis I posted earlier) told me this was going to be a bad trade and I only placed a minimum trade. So no major damage was done.

-Sean
I believe it is a system. Although it is not a mechanical system since you yourself have to make entry points and system does not tell you when and where to enter. Other then that everything is clear. You have a set of rules to follow. So it's just a system, but it depends on your entry points.


Well it's too late now but I wouldn't have left a position open over the weekend.

Happy to hear others taking a trade after that drop and having positions at BE . I just left my trading for another week after that drop.

Good weekend everyone
3 traders viewing now