Jacko's Forex House of Pleasure and Pain | Page 159 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #3,161
  • Apr 22, 2008 4:43am Apr 22, 2008 4:43am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
you could argue that it was a 4h 50ma bounce!!

the point with Ma's is the higher the TF the stronger there use, if you look to the EU on a 4h we find that at times when the 100 is close to the TL it provides hugh strength - so which is it the TL or the 100?

some traders play the 200ema for entries into the trend, whats my point, well they work just as well as the 50% fib does, the reason they hold is because traders trade off them, from them and through them.

in the case of the 1h, we could have been very successfull buying each time the price fell through and then returned back through the 200ema, it's just not our way.

Each to there own - but yes valid point, it's not part of this thread so enough said.
  • #3,162
  • Apr 22, 2008 5:35am Apr 22, 2008 5:35am
Quoting acetrader
Hello Everyone,

I see the trend is finally on track again & 1.6000 is getting closer. I'm still long from 5815 for 2 lots & gains are locked in. Will the 1.6000 be printed this time? I have no idea, but it looks as though it will. No tp target @ this time, but anything just under or over the 1.6000 level would be good. If 5950 holds as support & 1.6000 is printed we will see some retrace before another run up is seen. Just my views & nothing more.

BTW: It is starting to look as though more & more traders are understanding this method & are finally making some gains with it. This is a very simple way to trade, but it take patience & following the rules. One to two trades a week is about the limit for me with this method & one will do if I'm correct on the entry. Again, just my views & nothing more. To each his own.

______________
AceTrader
1.6000+ let's hopes so...
  • #3,163
  • Apr 22, 2008 5:47am Apr 22, 2008 5:47am
Quoting acetrader
Hello Everyone,

I see the trend is finally on track again & 1.6000 is getting closer. I'm still long from 5815 for 2 lots & gains are locked in. Will the 1.6000 be printed this time? I have no idea, but it looks as though it will. No tp target @ this time, but anything just under or over the 1.6000 level would be good. If 5950 holds as support & 1.6000 is printed we will see some retrace before another run up is seen. Just my views & nothing more.

BTW: It is starting to look as though more & more traders are understanding this method & are finally making some gains with it. This is a very simple way to trade, but it take patience & following the rules. One to two trades a week is about the limit for me with this method & one will do if I'm correct on the entry. Again, just my views & nothing more. To each his own.

______________
AceTrader
Gosh you must have had a huge stop loss on if youre still long from 5815..I guess everyone is making their own rules up about exits...
Never say never.
  • #3,164
  • Apr 22, 2008 7:44am Apr 22, 2008 7:44am
I missed my entry of 1.5825 by 9 pips. (based on the 50% fib level on the most recent high/low on the 4H. It looks like the bull is back in control... lets hope we can get another dip and hit 1.6000 soon!
  • #3,165
  • Apr 22, 2008 8:28am Apr 22, 2008 8:28am
Quoting Jarret
I think he is just joking about the 200ma bounce...right?
actually i wasnt, but ok, my mistake from bringing it up here. However, the thing is that even a TL and a Fib 50 is an indicator in my opinion, i.e. a tool to measure the price.

Anyways, subject is closed.
We leave no soldier behind.
  • #3,166
  • Apr 22, 2008 8:52am Apr 22, 2008 8:52am
Quoting panhandler
Thats my entry also, based on the 50% fib, just wait for it, definitely don't scrap it, unless of course we see a lower low or higher high... Let the market come to you lol...
I took the advice, readjusted the fib based on todays new high. 50% came out at a pip or 2 away from 5900 (a nice round number) so adjusted the order based on this confluence. Order was triggered a little while ago.

Like so many others I have spent time looking at indicator based systems etc and I keep thinking about one of Jacko's early posts where he says "Stop thinking that "it can't be that easy".......it is!!!"
  • #3,167
  • Apr 22, 2008 9:01am Apr 22, 2008 9:01am
I'm currently up 45 pips based on an entry at the 50% retracement from the 1 hour chart. lets hope the economic data helps!
  • #3,168
  • Apr 22, 2008 9:20am Apr 22, 2008 9:20am
Somehow my 50% on my fib is not the same as those mentioned above. Would any of you care to share with this newbie how your 4H fib screen looks like? Maybe my bottom and top point is different. Thanks and this is a very good threat. Keep up all the good work everyone.
  • #3,169
  • Apr 22, 2008 9:29am Apr 22, 2008 9:29am
i believe we just hit a new high
  • #3,170
  • Apr 22, 2008 9:32am Apr 22, 2008 9:32am
getting so close to 1.6000!!!..... currently up 84 pips.
  • #3,171
  • Apr 22, 2008 9:49am Apr 22, 2008 9:49am
getting ready to open the champagne. I hope Jacko is with us this is a historical moment, euro for the first time at 1.6000 !!!!!
We leave no soldier behind.
  • #3,172
  • Apr 22, 2008 10:02am Apr 22, 2008 10:02am
now that 1.6000 is history... will there a be a big retracement? using the new high on the 1 hour chart, the new 50% fib level is right around 1.5920..... however, I may stay on the sidelines to get in at a better price.. definitely don't want to over trade.
  • #3,173
  • Apr 22, 2008 10:02am Apr 22, 2008 10:02am
Quoting gagiul
getting ready to open the champagne. I hope Jacko is with us this is a historical moment, euro for the first time at 1.6000 !!!!!
I got 1.6002 on GFT,YYYYEEEEEHHHHHHAAAAAWWWWWWW
  • #3,174
  • Apr 22, 2008 11:45am Apr 22, 2008 11:45am
Hello

Just thought I'd say a quick well done to everyone here who was long when we hit 1.6. I was out and therefore decided to leave the house to avoid over trading. Back now to see I missed all the action.

So back to business. Where do we look for entries now?

TP
  • #3,175
  • Apr 22, 2008 11:46am Apr 22, 2008 11:46am
Quoting takeprofit
So back to business. Where do we look for entries now?

Now we give all our profit back picking bottoms during the correction because we like to scalp while pretending we're trading Jacko's method.
The market reveals who we really are...
  • #3,176
  • Apr 22, 2008 11:53am Apr 22, 2008 11:53am
Quoting takeprofit
Hello


So back to business. Where do we look for entries now?

TP
I am looking for a bounce at 1.5950.
  • #3,177
  • Apr 22, 2008 12:11pm Apr 22, 2008 12:11pm
Hello
Been too busy and stressed at work to get involved with this great day on the E/U.
Yes back to business. I have drawn 3 fibs from different starting points to the high of today.
1st) the low of the 3 April
2nd) the low of the 18 April
3rd) the low from today
All 3 have a fib level at 15903 to 15905, no 50% fibs though, seems like a good target or do we focus on 50% fibs only/mainly.

James
  • #3,178
  • Apr 22, 2008 1:01pm Apr 22, 2008 1:01pm
Quoting Hired Goon
All 3 have a fib level at 15903 to 15905, no 50% fibs though, seems like a good target or do we focus on 50% fibs only/mainly.

Jacko says 50% only in the start of this thread.
The market reveals who we really are...
  • #3,179
  • Apr 22, 2008 1:12pm Apr 22, 2008 1:12pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Hired Goon
Hello
Been too busy and stressed at work to get involved with this great day on the E/U.
Yes back to business. I have drawn 3 fibs from different starting points to the high of today.
1st) the low of the 3 April
2nd) the low of the 18 April
3rd) the low from today
All 3 have a fib level at 15903 to 15905, no 50% fibs though, seems like a good target or do we focus on 50% fibs only/mainly.

James
Jacko's post
1. buy/ sell ONLY in the direction of the major trend and
2. buy/sell on dips.(Use support lines to guide you as to price...also "round" numbers ... I also use the 50% Fib ratio..)
3. bank your profits

were looking for areas of support, with nice rounds numbers and 50%fib - in an ideal world.

so add your Trendlines, then your fibs, then look at areas of support finally pick the nice rounds number with the closest number of support features from the above list. simple really!!!!

it takes time but after a while you'll start to see/feel which areas are good ones, not all will get hit and some will become fallen soldiers. but like PH said earlier - it's just a pre-paid good entry point.
  • #3,180
  • Edited 1:23pm Apr 22, 2008 1:22pm | Edited 1:23pm
Thanks MPP and shadow
I'll do some visual backtesting to get a feel for it.
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