Jacko's Forex House of Pleasure and Pain | Page 160 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #3,181
  • Apr 22, 2008 12:24pm Apr 22, 2008 12:24pm
Quoting shadowninja
As above, don't know why you're setting a TP.
Hello ninja,

I set a 50 pip TP to collect my trade,which gives me a 1:1R.How are you guys doing it?Do you set your trade to break even when you are 50 pips up,then set it to +50 pips when you are 100 pips up?(same as a 50 pip trailing stop)Or no?
  • #3,182
  • Apr 22, 2008 12:32pm Apr 22, 2008 12:32pm
Quoting razldazl
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...
I'd like to say something here, . . . but I won't.

-Sean
  • #3,183
  • Apr 22, 2008 12:58pm Apr 22, 2008 12:58pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting jlmac27
Hello ninja,

I set a 50 pip TP to collect my trade,which gives me a 1:1R.How are you guys doing it?Do you set your trade to break even when you are 50 pips up,then set it to +50 pips when you are 100 pips up?(same as a 50 pip trailing stop)Or no?

with this system you don't set a TP, you trail the price to it's highest point and then let it drop down to take you out, yes sometimes this will be less than your 50pips, but look at today the price moved 185 pips so we could have collected much more than 50pips.

some will trail pip by pip, others will check in every so often and adjust the position manually - it's really down to how much time you have and if you can access the trade to move it.
  • #3,184
  • Apr 22, 2008 1:10pm Apr 22, 2008 1:10pm
mpp,
Yes I understand that.I find myself closing the trade after 50 pips if I am going to be at work or sleeping.I really wish Oanda had a trailing stop..but O'well I will trade with what I have.I am really impressed by everyones success on this thread..keep it up.I was wondering if any of you guys trading with jacko can give me the average time he is working with you guys?Between getting up for work at 4 am and working all day,my free time is few and far between.Thanks again!
  • #3,185
  • Apr 22, 2008 1:18pm Apr 22, 2008 1:18pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting jlmac27
mpp,
Yes I understand that.I find myself closing the trade after 50 pips if I am going to be at work or sleeping.I really wish Oanda had a trailing stop..but O'well I will trade with what I have.I am really impressed by everyones success on this thread..keep it up.I was wondering if any of you guys trading with jacko can give me the average time he is working with you guys?Between getting up for work at 4 am and working all day,my free time is few and far between.Thanks again!
1. change broker if it's not working for you, or make use of there telephone service to check and adjust price manually thats how jacko works - he don't trust computers (techno phobe).

2. Jacko is not about all day chatting to us, we email him questions and he answer them at the earliest time he can, however, when something important is going on he sends us a text with either a short message or telling us to read the blog. the thing to remeber is this is about a long term goal, not a panic trade system so there plenty of time to learn new things.

jsu to finish - if at this time you need to tp at 50pips to feel happy about trading then do it, it's you that needs to feel good about trading in order to develope the long term game, maybe you should start of TP 90% of the trade and let the rest run, and control it by phone or web, as this starts to workout leave more on the table.
  • #3,186
  • Apr 22, 2008 1:36pm Apr 22, 2008 1:36pm
Quoting jlmac27
Hello ninja,

I set a 50 pip TP to collect my trade,which gives me a 1:1R.How are you guys doing it?Do you set your trade to break even when you are 50 pips up,then set it to +50 pips when you are 100 pips up?(same as a 50 pip trailing stop)Or no?
There shouldn't be a TP (perhaps you could set one where you see heavy resistance eg last week just below 15950) but move it up to be 50 less than the current price whenever you can.

The problem with setting 50 pips TP is that when you have an AH order, you will just essentially be breaking even. And generally you will miss out on some amazing moves. Try it out without a TP and see what happens. If you had stuck to Jacko's rules today, this morning's move could have given you about 80 pips profit. Then the second move would be in about 70 pips profit still.

The thing is, reading the latter part of this thread it would seem like Jacko's method is a scalping system. In reality, you're supposed to hold for a couple of days eg on Friday I opened a position mid-afternoon and it closed Monday late afternoon when it touched my 55pip stop.

TBH I think we need to have a second thread to discuss non-strict Jacko entries and position management methods to include MAs, 100 pip stops, etc. Oh, and discussing the EUR/USD movement... there's a specific thread for that!
The market reveals who we really are...
  • #3,187
  • Apr 22, 2008 1:37pm Apr 22, 2008 1:37pm
MPP - I'm just starting with Jacko's group. Do you guys have your own private forum?
  • #3,188
  • Apr 22, 2008 1:48pm Apr 22, 2008 1:48pm
Thanks for the feedback.I deffinitly see forex in general, as longterm.You get what you put in.I have been demoing since august of last year,none stop reading (3-4 hours a day) as well.Went live in january.I am about 8% down on my account.So not to bad when taking into consideration most people blow there first accounts in no time.I have looked at a ton of systems,indicator this indicator that.But for some reason I keep coming back to raw price action.That is all you need I think,and a sound money management plan.Jacko has done great for himself and looks as if he is turning others trading around for them in the right direction.I await the day I am profitable consistently.
  • #3,189
  • Apr 22, 2008 2:10pm Apr 22, 2008 2:10pm
Thanks shadowninja for your reply also.I see what you guys are doing.I read the first 30 pages of Jacko's thread,then thought I would skip towards the end,and here I am!There are alot of good moves well beyond 50 pips.I naver thought about using the phone to check and modify my trades good idea mpp.The AHS is a very simple but very affective way to trade.For one IT MAKES YOU MONEY!For two it relaxes the jumpy trigger finger.Leaving you more comfortable letting your trade play out,because you know you are going to get your pips back.All you have to be right about is the primary trend, as Jacko has mentioned.
  • #3,190
  • Apr 22, 2008 3:44pm Apr 22, 2008 3:44pm
Seanchicago

Ref 3182....If you do say something it really doesn't matter as comments from an obvious losers matters not. If you would just trade & not worry about what I do, you MIGHT finally learn the JACKO METHOD. For a former pit trader???? You are a slow learner it seems. Don't take offense as I didn't with your comments to me days ago, but I'm just stating what is becoming obvious, but I could be wrong. Best trades to you.

AceTrader
  • #3,191
  • Apr 22, 2008 3:55pm Apr 22, 2008 3:55pm
Quoting acetrader
Seanchicago

Ref 3182....If you do say something it really doesn't matter as comments from an obvious losers matters not. If you would just trade & not worry about what I do, you MIGHT finally learn the JACKO METHOD. For a former pit trader???? You are a slow learner it seems. Don't take offense as I didn't with your comments to me days ago, but I'm just stating what is becoming obvious, but I could be wrong. Best trades to you.

AceTrader

You seem a bit touchy. Perhaps you should try decaf.

-Sean
  • #3,192
  • Apr 22, 2008 4:02pm Apr 22, 2008 4:02pm
Quoting seanchicago
You seem a bit touchy. Perhaps you should try decaf.

-Sean
before this gets out of hand there is another forum famous for this kind of stuff but please not here...there is PM if you dont like something both of ya
Don't chase the market, Let the market come to you
  • #3,193
  • Apr 22, 2008 4:06pm Apr 22, 2008 4:06pm
See a pattern in these different trendlines?Price likes trendlines
Attached Image (click to enlarge)
Click to Enlarge Name: the chart.gif Size: 16 KB
  • #3,194
  • Apr 22, 2008 4:09pm Apr 22, 2008 4:09pm
Quoting Tmac
before this gets out of hand there is another forum famous for this kind of stuff but please not here...there is PM if you dont like something both of ya
What did I say?!?

-Sean
  • #3,195
  • Apr 22, 2008 4:14pm Apr 22, 2008 4:14pm
Rising triple-top. It is futile to call a top on this baby.

-Sean
Attached Image
  • #3,196
  • Apr 22, 2008 4:21pm Apr 22, 2008 4:21pm
One chart more for your enjoyment...

-Sean
Attached Image
  • #3,197
  • Apr 22, 2008 4:23pm Apr 22, 2008 4:23pm
Quoting seanchicago
What did I say?!?

-Sean
nothin wrong but the other party may not see it that way and I saw enough of this at the other place for a,lifetime.........nothing personal I assure you just trying to avoid something/anything
Don't chase the market, Let the market come to you
  • #3,198
  • Apr 22, 2008 4:32pm Apr 22, 2008 4:32pm
Quoting Tmac
nothin wrong but the other party may not see it that way and I saw enough of this at the other place for a,lifetime.........nothing personal I assure you just trying to avoid something/anything
You are absolutely cool. Some posts are so funny I just can't control my sarcasm; sorry.

-Sean
  • #3,199
  • Apr 22, 2008 5:01pm Apr 22, 2008 5:01pm
One more point & figure chart with 25 pip boxes. This shorter time-frame is also looking quite bullish.

-Sean
Attached Image
  • #3,200
  • Apr 22, 2008 5:06pm Apr 22, 2008 5:06pm
Lurker that finally made an account and had the courage to post.

Today was in at 5903 out by 5996.. I couldnt sit there for the 4 pips; took too long.. 93 pips can't complain.

Just looking for a good entry point for London market opening.
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