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Chicky's House of Pleasure and Pain 11 replies

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

With oil at 117.00/barrel, Gold and the Euro should be sky rocketing on a fundie basis.

How can the US stock market have these huge rallies when we are in recession and going deeper?

Throw the charts outta da window.
I repeat my post:

This is taken directly from Jacko's House of Pleasure and Pain thread:

"I start with weekly, then move closer in using daily then 4 hour to help me make a decision."
There is no signal on the Daily - no signal means no trade

A signal on the Daily would be confirming the swing low with the next Daily bar having a higher low.

Jacko's method is all about trading the Daily time frame, nothing less
These are my next areas of interest.

1.5400 (daily support) based on my line chart
1.5150 (weekly 50.0% fib retracement and possible trendline touch)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd_weekly_trend50.gif Size: 9 KB
Click to Enlarge Name: eurusd_daily_linechart.gif Size: 8 KB
Quoting SeekingLight
My guess would be he's sold rather than bought the EUR given that warning, contrary to many

Would be interesting to see where jacko sees possible boundaries for a move lower.

//
Nice to see you're still around as well
Are ya combining the powers of PA with the patience of the turtle now Raz?
You may find the answer in last Jacko's posts.
It’s just emotions & money
I think we will have some amazing shorting opportunities when the market bounces up. It is the major 4th correction in EW terms I think.

Ocean
Quoting Ocean
I think we will have some amazing shorting opportunities when the market bounces up. It is the major 4th correction in EW terms I think.

Ocean
Wait to go long. Remember if you go short and the long term trend is still bullish, you can't apply the AH.
The Daily is now at major support, 1.5700 or thereabouts. The H4 has taken out the prior swing low (which is normally bearish), the Euro politicians are feeling better and Jacko's elephants are getting restless.

The Weekly looks like the lid is being nailed on.

I'm glad I'm just watching from the sidelines! Right or wrong, I'm not losing anything.
Wow we have had a pretty far ride down since yesterday.1.5700 offers a S&R area...but this down fall along with the fundies lately has me setting aside right now.What are your guys take on this?
I will be sitting aside for a bit ..... let this sort itself out.... plus I have AH in place.
Same Whore .... Different Dress
Quoting acetrader
Seekinglight & Tonyo524,

I agree with you both. There are more variations to the Jacko Method than you can count.
____________
AceTrader
I disagree. They aren't variations per se, it's just a bunch of people who can't read properly, or if they can, don't pay attention.
Quoting johnedoe
I will be sitting aside for a bit ..... let this sort itself out.... plus I have AH in place.
Hey John, where is your AH placed currently?
1.5772
Same Whore .... Different Dress
The overall trend is still long and in Jacko's original strategy only long trades are allowed then.

Jacko himself also seems to engage in counter-trend-trades. So he only recommends this for experienced traders.

I believe due to this reason I was not able to find distinct explanations from him how exactly to run such counter-trend-trades within his strategy.

However, today I read a lot of you guys talking about going short.

Can anybody please explain Jacko's rules behind counter-trend-trades or are you all considering skipping Jacko's method at the moment?

P.S. Thanks Archer for answering my questions yesterday!
Hi Jacko,

I have been lurking here for quite a while now, and decided it was time for me to speak up.

I have been struggling with trading for about 10 years now - first it was tech stocks, IPOs and options, then futures, and starting about 3 years ago, forex.

I have been following your thread for quite a while, and started actively trading a demo account using your guidance in January. I took it live on a very small account in March.

In the meantime, though, I continued to trade my regular (also small) live account using several variations of grids and carry strategies.

It finally occurred to me about a week ago that I was being a complete idiot.

Why would I continue to experiment and frankly, do nothing but lose money, in my regular account when I had the Jacko account in which I have done very very well?!? What was I thinking?

Obviously I was not.

I have remedied that.

I do hope to join you in your private group in the future. I am not very good at picking entries yet, and even so I still have managed astonishing results with your methods.

In short, I humbly thank you for sharing your methodology on this board. It has opened my eyes and greatly simplified my trading life.

Namaste,
Karin
Quoting trader79
The overall trend is still long and in Jacko's original strategy only long trades are allowed then.

Jacko himself also seems to engage in counter-trend-trades. So he only recommends this for experienced traders.

I believe due to this reason I was not able to find distinct explanations from him how exactly to run such counter-trend-trades within his strategy.

However, today I read a lot of you guys talking about going short.

Can anybody please explain Jacko's rules behind counter-trend-trades or are you all considering skipping Jacko's method at the moment?

P.S. Thanks Archer for answering my questions yesterday!
I have no idea why some of them are going short. The market is still up over the long term therefore they should be waiting and planning out when to go long again. It really amazes me how everyone wants to short when the market starts dropping. The market moves in waves, it never goes straight up or down.

I mentioned in an earlier post about round numbers and levels but I did by no means say to short (or to go long for that matter). It was more to get traders to observe what price does at those levels and understand why Jacko uses round numbers. It also helps in understanding the rhythm of the market.

As for the counter trend strategy, it's not mentioned here and is only mentioned in his private blog to his group members.
Wow, I wake up to see two soldiers got picked up only to be killed... This is crazy, so I am out until it calms down... Since I'm not trading today, I guess this means I have an off day!!! Meet me at Venice Beach everyone!!!
Live From Los Angeles
Quoting zoopy
As for the counter trend strategy, it's not mentioned here and is only mentioned in his private blog to his group members.
Ah okay, I was wondering about Jacko's blog cause Archer yesterday refers to it. I was looking at the blog linked to in Jacko's signature and there was only redundant information to this thread.

Now I understand there seems to be a closed-group blog and I assume this is what Archer was referring to yesterday. Unfortunately, I cannot read it...
Jacko is not recommending shorting this market. He, as well as many of us believe that the bull is not done. He did call the correction. A week or so early(Even that close is impressive to me and it is also better than calling it a week late). That may be why some here went short.

The counter-trend strategy still has too many bugs to work out. If folks like Jacko and Mark can get their ass handed to them by shorting, I suggest we just trend trade. This correction will bring huge buying opportunities.

Don't get greedy though. Use money management as your primary tool. I am really looking forward to seeing my 1.5600 soldier soon.

trader79, forget you ever heard the words "counter-trend trade". Blog closed students only. Just ask Jacko if he has room for you. I frankly don't know how he finds the time to respond to us all individually but, he does. He is one of the most generous people I have ever had the privelidge of meeting.
Ah okay, thank you Archer.
Okay, I seem to have quite a good grasp of the method to start testing it now.

Just another question so far:

We go long with trend and are stopped out. Then we wait about 50 pips and set the AH.

What if the AH is stopped out again or after our initial stop out the trend continous without correcting the other 50 pips so that we do not set a AH.

Then we are totally out of the market, what to do?
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