DislikedIf Bessie eats the blue one first and the market then goes south, is it ok to place an apple in Bessie's mouth and place Bessie in the oven?Ignored
The market reveals who we really are...
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
DislikedIf Bessie eats the blue one first and the market then goes south, is it ok to place an apple in Bessie's mouth and place Bessie in the oven?Ignored
Disliked'Reminiscences of a Stock Operator' by Edwin Lefevre. BUT it's not a recent book, sorry. However, there are elements that resemble a striking similarity to Jacko-style trading.
Another non-recent book but still a classic is 'Secrets To Profiting In Bull And Bear Markets' by Stan Weinstein. It's written in basic terms with lots of charts on how to identify trends and how to trade over the long term.Ignored
DislikedHi SeekingLight,
I draw trend lines for weekly, daily and 4hr. I use the lows.
For those of you who like trend lines as a major indicator, I have just found this on another site....regarding support and resistance lines...thought that it was interesting...(I am still to refining my skills on these lines...)
Quote:
Trading these lines can be very profitable, and you can do away with indicators if you follow a few simple rules...
1. The steeper the line the shorter it lasts, keep your stops tight if it moves away quickly. Keep your stops just above (resistance) or below (support) the line.
2. The price will always move back towards the support or resistance to test it, if there’s been a sizeable move, wait for the consolidation to bring it back to the line, then trade.
2. You need at least three touches (or points in a line) to confirm that it is a support or resistance level. Two is not enough. If the price action moves away fast from the line connected by these points it’s probably the dying gasp, but don’t trade until you hit that line again.
3. A good way to choose an entry is to look for an established line and follow it up with sell orders a few pips below (support) or buy orders above the line (resistance) in the opposite direction.
4. If a “trend” is older and you're not sure if it's going to break or not, wait till you're on the line and then straddle it, that way you can get into an older move. I wouldn’t recommend this though; rather wait for a change in direction. Once you’re into the rhythm you’ll almost always have an open position.
5. If you’re not sure phase in your trades, add to your position every ten or twenty pips.
6. Breaks off support and resistance are generally confirmed by big bars or a big bar, so if you see one on a line you know the “trend” has probably changed.
7. Price does not like support or resistance levels. It mostly tests them and then moves away quickly. You’ll rarely find much price action in the vicinity of the line. If price is hanging around a support or resistance level, it’s likely to break in the opposite direction.
8. If the market is moving up you only trade the support line, if down you only trade the resistance line...
The above is valuable for determining entry points.
.Ignored
Dislikedhttp://i27.tinypic.com/qxkpyv.gif
Jacko's idea is to identify and trade with the trend. You can see the trend by looking at a chart... even a 5 y/o can do it. But if a 5 y/o can do it then a computer should be able to do it, right? So what's wrong with having the computer do it for you if that is all it is doing?Ignored
DislikedIf you really want to clog your charts up with all these indicators that's fine but you might end up not being able to see the wood for the trees.
Ask yourself this - if indicators work, why are there so many of them?
Surely the one that works would kill off the ones that don't.
Its got nothing to do with being Amish - there are hundreds of indicators available for free but still 95% FX traders lose - I bet most of them use loads of indicators.
Its simple - none of them can predict the future, but they all try!Ignored
DislikedAsk yourself this - if indicators work, why are there so many of them?
BECAUSE PEOPLE TRY TO BUILD A BETTER MOUSETRAP. THERE ARE MANY DIFFERENT COMPUTERS, CARS, CLOTHES, ETC... DON'T THEY ALL WORK? DON'T SOME WORK BETTER THAN OTHERS DEPENDING ON THE SITUATION?
Surely the one that works would kill off the ones that don't.
Its got nothing to do with being Amish - there are hundreds of indicators available for free but still 95% FX traders lose - I bet most of them use loads of indicators.
Its simple - none of them can predict the future, but they all try!
IT'S NOT ABOUT PREDICTING THE FUTURE. IT'S ABOUT MANAGING THE TRADE ONCE YOU ARE IN.
I don't see what the problem is with having the computer tell me what the trend is based on what Jacko has published. But if you prefer buttons, so be it.
Ignored
QuoteDislikedOriginally Posted by jacko http://www.forexfactory.com/images/buttons/viewpost.gif (http://www.forexfactory.com/showthread.php?p=1429868#post1429868)
Hi SeekingLight,
I draw trend lines for weekly, daily and 4hr. I use the lows.
For those of you who like trend lines as a major indicator, I have just found this on another site....regarding support and resistance lines...thought that it was interesting...(I am still to refining my skills on these lines...)
Quote:
Trading these lines can be very profitable, and you can do away with indicators if you follow a few simple rules...
1. The steeper the line the shorter it lasts, keep your stops tight if it moves away quickly. Keep your stops just above (resistance) or below (support) the line.
2. The price will always move back towards the support or resistance to test it, if there’s been a sizeable move, wait for the consolidation to bring it back to the line, then trade.
2. You need at least three touches (or points in a line) to confirm that it is a support or resistance level. Two is not enough. If the price action moves away fast from the line connected by these points it’s probably the dying gasp, but don’t trade until you hit that line again.
3. A good way to choose an entry is to look for an established line and follow it up with sell orders a few pips below (support) or buy orders above the line (resistance) in the opposite direction.
4. If a “trend” is older and you're not sure if it's going to break or not, wait till you're on the line and then straddle it, that way you can get into an older move. I wouldn’t recommend this though; rather wait for a change in direction. Once you’re into the rhythm you’ll almost always have an open position.
5. If you’re not sure phase in your trades, add to your position every ten or twenty pips.
6. Breaks off support and resistance are generally confirmed by big bars or a big bar, so if you see one on a line you know the “trend” has probably changed.
7. Price does not like support or resistance levels. It mostly tests them and then moves away quickly. You’ll rarely find much price action in the vicinity of the line. If price is hanging around a support or resistance level, it’s likely to break in the opposite direction.
8. If the market is moving up you only trade the support line, if down you only trade the resistance line...
The above is valuable for determining entry points.
DislikedFine.
If someone would like to start a thread where OPEN MINDED people can participate in an OPEN discussion of Jacko's methods, then please post a link.
"Minds are like parachutes... they work best when OPEN."Ignored
DislikedWell I'm outta here.... This thread has degenerated to the point it has NO useful purpose any longer..... so have fun with your little pissing matches.
Cya.........
In fact I'm pretty much done with the whole damn deal of reading anything on these sites...... most of which is just mental masturbation, useless speculation and crystal ball gazers, The sooner you guys learn you can't predict the future the further ahead your gonna be.
So dream on dreamers.Ignored
DislikedIn fact I'm pretty much done with the whole damn deal of reading anything on these sites...... most of which is just mental masturbation, useless speculation and crystal ball gazers, .Ignored
DislikedHi everyone.
...Cmon open minded guys, go there, create your thread and do ur stuff!!! No need for hard feelings....Doing so you will even help us to keep our thread faithfull to its original meaning. Its a win win situation as far as I can see.
Sincerelly wishing success to ALL of us.
DuduIgnored