Jacko's Forex House of Pleasure and Pain | Page 172 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #3,421
  • Apr 25, 2008 1:29am Apr 25, 2008 1:29am
nice chart beatentrader, my question is why didn't yopu strat the trendline from the left of the chart in early february?
  • #3,422
  • Apr 25, 2008 1:31am Apr 25, 2008 1:31am
I am sorry for my bad English... I would like to pay your attention to gold and EUR/GBP.. They have predicted yesterday's falling euro
  • #3,423
  • Apr 25, 2008 1:38am Apr 25, 2008 1:38am
Quoting Forexian1
Has anyone had a problem with the "trailing stops" EA. It works great in my demo account, but for some reason, no matter what i do, it puts a 50 pip trailing stop on my trades and does some other whacky things in my live account. I'm assuming it's because I have a mini account and it uses a different server or something. Anyway - I know that many EA's have been suggested here, but i am looking for one that just trails stops for an MT4 mini account, I dont want it to take trades or anything for me. Someone please tell me what I am doing wrong or give me the name of the EA that works. I trusted it because it worked in my demo, I used it on a trade - woke up thinking i would be up 110 pips and found out it moved my stop too quickly and lost 22 pips. So I am a bit frustrated. HELP!
Hi Forexian,

I had that problem too - finally, I modified it to the parameters I wanted and it worked. After you modify it, remember to compile it, so it sticks;- )
Hope that helps.

mac18
  • #3,424
  • Apr 25, 2008 1:42am Apr 25, 2008 1:42am
Just looking at the 1 hour chart and I see something beginning to form. Any pin bar fans here?

Also I see some support here from 14th March and 2nd + 3rd April.

TP
  • #3,425
  • Apr 25, 2008 1:50am Apr 25, 2008 1:50am
If you want a reason to enter the market, you will always find it if you look hard enaugh. Didn't all of you who are trying to catch a falling dagger since 1.5900 learn anything?

This falling move didnt' even have 100 pip retracment yet, before we have atleast that big of a retracment I would not even try looking at buying this market.
  • #3,426
  • Apr 25, 2008 1:51am Apr 25, 2008 1:51am
i see it too takeprofit, but 1 hr timeframe is a little risky.

on another after the fact note continuing from my previous post, notice in the below chart how indecisive price has been the past few weeks with opens and closes so close together.
Attached Image
  • #3,427
  • Apr 25, 2008 1:56am Apr 25, 2008 1:56am
Quoting eaglestar
I was wondering how profitable this system is in terms of pl ratio and pips/week. i am researching and learning systems and would like some input from senior members. any advice to a newbie please pm me. thanks!
It depends on the trader. And as this isn't day trading, it would be better to measure it in terms of pips per month. Your best route is to start up a demo account and trade this system. Read the first 2-3 pages of the thread a dozen times then trade exactly as Jacko suggests.
The market reveals who we really are...
  • #3,428
  • Apr 25, 2008 2:00am Apr 25, 2008 2:00am
Quoting newbietrader101
your rite about that.
Jacko has said it so many times, and Acetrader and Dopey are really saying the same thing too.

Jacko is a trend follower, that is THE numero uno rule.

He keeps it as simple as possible, but does have to adjust to prevailing circumstances periodically (like any good trader should) after a thorough assessment. That may mean adjustments to TSL and AH, and whether to consider a CT trade or not. We are certainly in more volatile times than most here can remember. Jacko's suggestions work for him, mostly distilled from experience, but even he allows for individual trader variation. Newbietrader, by his own admittance, is a more 'aggressive' trader than Jacko; and that's OK too.
Lets go make money

mac18
  • #3,429
  • Apr 25, 2008 2:56am Apr 25, 2008 2:56am
Quoting kaunasny
If you want a reason to enter the market, you will always find it if you look hard enaugh. Didn't all of you who are trying to catch a falling dagger since 1.5900 learn anything?

This falling move didnt' even have 100 pip retracment yet, before we have atleast that big of a retracment I would not even try looking at buying this market.
Kaunasny

I'm a newbie so could you please explain this please.

If I have an AH in place 50 points or more above the current position and we get back up there do I second guess the AH strategy and not take this trade? How do I as a newbie know the difference between a retrace of a down trend and a return to the uptrend?

Any help much appreciated.

TP
  • #3,430
  • Edited 3:38am Apr 25, 2008 3:35am | Edited 3:38am
Quoting takeprofit
Kaunasny

I'm a newbie so could you please explain this please.

If I have an AH in place 50 points or more above the current position and we get back up there do I second guess the AH strategy and not take this trade? How do I as a newbie know the difference between a retrace of a down trend and a return to the uptrend?

Any help much appreciated.

TP
First of all, you have to be carefull picking trades, and you will have less AH to worrie about. I wrote earlier, that the more you expose yourself to AH, the less it's going to work to get your losses back. You have to wait atleast 50 pips from your stop out place before you set AH buy order.

In this down move, we had so far only 3 retracement higher than 50 pips, 2 of them were 60 to be exact, and you had to be very unfortunate to get yourself in that position so that retracement of 60 pips would triger your AH order.
Now for the third one we already had a 70 pip retracement, that tells me something. Downward movement is getting tired. By saying that I'm not sugesting to jump in the market now. I would wait atleast for a 100 pip retracment to think about buying this market.

Some members of this forum that have a good grasp of this market have predicted prices of 1.5200 , we could very well get there, so you have to be carefull. Moves up now could be just retracements of this move down, meaning we're in a short time frame down trend and buying against it, is just the same as going against the trend. Well here is the tricky part, we don't know if the next move up is going back up to 1.6000 or is it retracing to lets say 1.5850 and going back down to 1.5200. So you have to play safe.

And people, this week I made 2 trades. I bought at 1.5990 and closed my position at BE once i saw no big move up is comming. 2nd trade I made was buy at 1.5850 wich i had a drawdown of 30 pips with AH set now at 1.5820 . No more trades for me this week. So if you had more than 3 trades this week, you overtrading Jackos system, meaning your doing something wrong, meaning your probably wont get same results. So think about this. Are you here to play, or are you here to make money? This will get a very expensive game in a long run, because losing 10$ is not going to give you a rush that it did a month ago.

Sorry for the long post.
Good trading everyone.
  • #3,431
  • Apr 25, 2008 3:52am Apr 25, 2008 3:52am
If I would have had AH picked up by the market, and market would drop causing me drawdowns I would not place anymore trades, therefore there would not be new AH orders waiting and therefore I would not lose anymore money, untill market has settled down.
  • #3,432
  • Apr 25, 2008 3:55am Apr 25, 2008 3:55am
Quoting Trumpcard
At the moment there's not a single reason to go long whatsoever

He said it, not me
Trust price. Know yourself.
  • #3,433
  • Apr 25, 2008 3:59am Apr 25, 2008 3:59am
lol, thanks SL but I'm not sure if you're agreeing with me!
  • #3,434
  • Apr 25, 2008 4:01am Apr 25, 2008 4:01am
If you ask me, these 2 are the visible valid weekly trendlines.

There might be more hiding somewhere, but on this one I for one can't see them.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_080425_weekly_tl.gif Size: 19 KB
Trust price. Know yourself.
  • #3,435
  • Apr 25, 2008 4:06am Apr 25, 2008 4:06am
Quoting Trumpcard
lol, thanks SL but I'm not sure if you're agreeing with me!
Well I've already revealed how I feel about the EURUSD all over the place by now, but given that this thread is running rampant with people itching to trade(or so it appears at least) I'm trying not to say anything that could even remotely be interpreted as trading advice. Being overzealous and overeager to trade just gets you killed.
Still one of the main causes of my drawdowns, personally, at least.

I just really don't like to see people constantly eager to push their money into the market's maw, only to see it disappear...for it is a hungry beast.
Trust price. Know yourself.
  • #3,436
  • Apr 25, 2008 4:16am Apr 25, 2008 4:16am
Quoting SeekingLight
Being overzealous and overeager to trade just gets you killed.
Still one of the main causes of my drawdowns, personally, at least.
tell me about it! glad I got the same weekly trendlines on my charts. About the best decision I've made this week is to go out in a few hours and help a friend finish off the many beers in their fridge! (probably the most suitable activity in this market anyway)
  • #3,437
  • Apr 25, 2008 6:40am Apr 25, 2008 6:40am
Quoting Trumpcard
tell me about it! glad I got the same weekly trendlines on my charts. About the best decision I've made this week is to go out in a few hours and help a friend finish off the many beers in their fridge! (probably the most suitable activity in this market anyway)
Just dont come home and trade after a big one. Every thing looks like a good trade
  • #3,438
  • Apr 25, 2008 7:22am Apr 25, 2008 7:22am
Quoting cruze2005
Just dont come home and trade after a big one. Every thing looks like a good trade
http://www.jonrb.com/emoticons/drunk2.gif



http://www.jonrb.com/emoticons/bawling.gif
The market reveals who we really are...
  • #3,439
  • Apr 25, 2008 7:51am Apr 25, 2008 7:51am
Hello traders,

I was revising my daily chart and came up with a quite reliable EW count of the daily timeframe. I have drawn 3 price zones where the major 4th wave may end. I have also 3 possible time targets. I like this EW thing but as anyone knows it is hard to apply this in real time trading. EW theory supports what Jacko says that the bull is not dead yet but is due for a large correction. After 4th wave is complete we will have a great 5th wave that my weekly calculations bring an area around 1.7000 to be completed so save your bullets guys. We will need them in few weeks or months.

After the last 5th wave will be complete we will start a great bear trend but it is hard to believe providing the fundamentals would not change. But I am sure we will see something like nowadays - the ECB started 4th wave plus a fundamental change.

I think I will stand aside for the whole 4th wave cause correction are so difficult to predict. I will save my bullets for later. I believe that the big picture is the most important for successful trading.

Ocean

EDIT: I forgot to tell that I could be wrooong

PS. Sorry for my english.
Attached Image (click to enlarge)
Click to Enlarge Name: 4th wave.gif Size: 160 KB
  • #3,440
  • Apr 25, 2008 7:57am Apr 25, 2008 7:57am
wow ocean..that IS brilliant..thank you SO much for this...
make money up or down...whatever ! :
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