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Jacko's Forex House of Pleasure and Pain

  • #3,601
  • Apr 29, 2008 8:46am Apr 29, 2008 8:46am
Quoting Trumpcard
If 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?
I have an apple in full view by the oven so she knows to choose very carefully. Some call this abuse. I call this business. The financial markets are tough... it's a man-eat-pig world out there and she knows it.
The market reveals who we really are...
  • #3,602
  • Apr 29, 2008 8:47am Apr 29, 2008 8:47am
Quoting Trumpcard
'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.
The Market Wizards series by Schwager are very good for general reading.
The market reveals who we really are...
  • #3,603
  • Apr 29, 2008 8:49am Apr 29, 2008 8:49am
over past 5 days price has recoverd, then fallen now somewhat recovered and could be a double bottom in the making, confirmed IF price breaks and stays above 1.5700 (1.5692)
  • #3,604
  • Apr 29, 2008 9:11am Apr 29, 2008 9:11am
There is only one trend.

Direction may change for a few thousand pips, and eventually the trend, but there is only one trend.

Having 10 timeframes say conflicting things is just highly silly.

Without wanting to speak for him, but IMHO Jack would say "too complicated" and that's that.
Jacko is the embodiment of KISS.
Trust price. Know yourself.
  • #3,605
  • Apr 29, 2008 10:51am Apr 29, 2008 10:51am
SBrickman,

The point that I feel needs to be made is about Time Frames. The chart below (Daily) shows a long trend dating back for years. Has it looked like a short trend a few times? Yes, especially in shorter time frames (1-4 Hour) but has continued long.

Is the elephant done sitting or is it taking a break before continuing? I don't know.

Yes a computer can tell you the trend, but as they say "Garbage in, garbage out", I can create any kind of a trend with different time frames, but where is it really going?

Below is from post 72 I believe.

Quoting jacko
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.
.
Attached Image
  • #3,606
  • Apr 29, 2008 11:19am Apr 29, 2008 11:19am
Quoting SBrickman
http://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?
Because it doesn't do it - it just shows short term noise

Jacko's idea is to identify and trade with the MAIN trend.

The MAIN trend hasn't changed for years - and its not about to just yet.
At the moment EURUSD is retracing but the main trend is still intact.We are waiting for a resumption of the trend when there will be buying opportunities.

If you want to scalp, trade off a one minute chart where to "trend" changes every 10 minutes - but its got nothing to do with this thread.

If 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!
  • #3,607
  • Apr 29, 2008 11:25am Apr 29, 2008 11:25am
Quoting Saint Stevo
If 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!
Well said Stevo
  • #3,608
  • Apr 29, 2008 1:02pm Apr 29, 2008 1:02pm
AH Trade to recover from Entry of 1.5658
AH Entry 1.5567
TSL - 50
  • #3,609
  • Apr 29, 2008 1:17pm Apr 29, 2008 1:17pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting sini
AH Trade to recover from Entry of 1.5658
AH Entry 1.5567
TSL - 50
Could you please explain the entry price, it looks to me like you may have put your AH in too soon as we have not fallen by more than 50pips fom you SL position on the original trade.

to me it looks like you entered at 1.5658, got stopped out for a full 100pips (this sometimes happens) and have already placed the buy/stop order for the AH, if this is the case price needed to go to at least 1.5517.

Be carefull in this current area, we have been here before and price failed to break lower, but this time it came from high above and we may still see lower price's.
  • #3,610
  • Apr 29, 2008 2:17pm Apr 29, 2008 2:17pm
Ask 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.
  • #3,611
  • Apr 29, 2008 2:55pm Apr 29, 2008 2:55pm
Quoting SBrickman
Ask 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.

If you want to use indicators, so be it. To each his own. I guess you could argue that trendlines and Fibs are indicators, to an extent. But this thread is dedicated to Jacko's methods. Jacko has had incredible success trading without indicators, and he is trying to share his methods with us. By clouding the thread with examples of many different indicators, as many (not just you SBrickman) have tried to do over the life of this thread, it is just detracting from what many of us are trying to accomplish - learning how to trade without indicators. If that makes me Amish, or living in the stone ages, or against evolution, or whatever, then so be it.

Nothing against you SBrickman, but if you want to talk about how you trade with indicators, whichever ones they are, maybe you would like to start another thread. If I find it interesting, I may stop in for a look. But when I'm on this thread, I don't come here to see indicators. They seem to have a way of clouding my mind.

I think I speak for most on this thread when I ask that you please leave the talk about your indicators to another thread, and let's just focus on the basics of Jacko's method here.

Thanks.

-Brian
  • #3,612
  • Apr 29, 2008 4:46pm Apr 29, 2008 4:46pm
there has been a lot of talk of trends in this forum in the past day. At the end of the day it is the long term trends that tend to hold true. If you look at your weekly charts you can see 3 trend lines, of which the closest is still quite some pips away. We had a pretty good surge up from Feb with 5 straight weeks of gains and in that time we have moved from that trend line. We may see price action come back quite aways to retest it. I also have a 50% Fib retrace which hits 5118 or there abouts which is also roughly where the chart looks like intersecting that trendline as well.

The big picture is going to be bullish for quite sometime. If we break through that trendline there are still 2 stronger trend lines to break.

Ill post my weekly chart but as I am unsure of how to add attachments, if its done wrong then please give me some hints
  • #3,613
  • Apr 29, 2008 5:00pm Apr 29, 2008 5:00pm
Quote
Originally 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.

thanks Fx_Genius for posting this here...

this is a very good reminder ( to me ) & simple advise ..i like it..
scary..its almost always true...:
make money up or down...whatever ! :
  • #3,614
  • Apr 29, 2008 5:08pm Apr 29, 2008 5:08pm
GOOD POST!
  • #3,615
  • Apr 29, 2008 5:39pm Apr 29, 2008 5:39pm
Quoting SBrickman
Fine.

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."
Just go below if you like scalping/trading daily on short term trends. Jacko trades the (daily/weekly) major long term trend and indicators need not apply, so it seems like you are in the wrong thread...

Please go to the EURUSD thread where you will fit right in - http://www.forexfactory.com/showthread.php?goto=newpost&t=10372
  • #3,616
  • Edited 6:00pm Apr 29, 2008 5:49pm | Edited 6:00pm
Well 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.
Same Whore .... Different Dress
  • #3,617
  • Apr 29, 2008 6:39pm Apr 29, 2008 6:39pm
Quoting johnedoe
Well 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.
I have posted several times the way Jacko analyses his trades going from Weekly to Daily and only if there is a signal on the Daily, going to H4 to fine tune the entry.

Nobody reads or listens and still want to buy every burp and fart of the market - Why can't they remember that Jacko said he only trades about twice a week - his LAST trade was on April 23 and he is OUT OF THE MARKET waiting for resolution.

My last trade was on the open of April 21 from the signal on the Daily telling me that the swing bottom on 4/18 was confirmed. If I had Jacko's or Newbietrader's profits to play with, I would have gone short on the open of 4/24 when the Daily swing high on 4/22 was confirmed.

I'm joining you and Jacko and leaving this lot to have at it and blow their accounts.

JohneDoe - see you in Jacko's Millionaire's Club!
  • #3,618
  • Apr 29, 2008 7:00pm Apr 29, 2008 7:00pm
Well good luck to both of you in your future ventures...
  • #3,619
  • Apr 29, 2008 9:28pm Apr 29, 2008 9:28pm
Quoting johnedoe
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, .
Hi everyone.

Well, I agree in part with what has been said. This thread seems to be loosing its initial pourpose. It just seems unavoidable that from time to time some people come in with new ideias. I think its part of nature. Also people fighting for those ideas is nothing new.
Still, maturity means one can realize the apropriate place to do the above things and respect eachother spaces. Since the begining of this thread its quite clear to everyone that the intention here is to keep it totally faithfull to the original method. Eventhought its normal that people have new ideas, its still in the right of the people who created this thread to keep it as they wish and that just HAS to be respected.
Well, since this thread has been very much important to me and I really want to see it going on on a healthy way, I would like to make a suggestion. It seems we have clearly 2 teams here. Team 1 owns the thread and they want to keep it KISS. Team 2 wants to add new stuff and open their minds still using Jacko's method as the basis.
Well, to me having 2 teams do NOT mean friends become enemies. I would just suggest to make the space division clear. Why not some of the 'new minded' people open a new thread like "Jacko's based House of the New Mind" stuff ??? Its so easy. Why not ??
That way this thread keeps its KISS style and the new thread has all its space and legitimate its existence in a much healthier way than fighting the right of those who created the first thread. Im sure many people would join in. Eventhough I do prefer the KISS thing I would have a look once in a while too. Its just a matter of respecting eachother and each thing having its own space.
Im not saying it in a cinic way. I really mean it. If every once in a while people pop in with indicators and new ideas to implement on to Jacko's method, it means the new thread will soon have lots of members. This is a free forum, you guys have the right to have your own space to discuss the new mind stuff, its just that this space is not here. Everyone who have interest on it will join in there.
We are all grown up people and this is bussiness. This thread has been wonderful. Lets get back to it. Its that easy !!!
I also think the oppening of the new thread will help this here to focus on what its meant to. The two threads can be frendly to eachother. Whenever someone wants to post something out of context but related to Jacko, post it there. And here will be a purelly KISS Jacko method.
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.

Dudu
''I am too sexy for my pips, too sexy for my pips, too sexy yeahhh...''
  • #3,620
  • Apr 29, 2008 9:49pm Apr 29, 2008 9:49pm
Quoting Dudu 73
Hi 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.

Dudu
Well said. Henceforth you will be known as the knighted, Sir Dudu!

-Sean
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