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Jacko's Forex House of Pleasure and Pain

  • #3,621
  • Apr 29, 2008 10:56pm Apr 29, 2008 10:56pm
I would like to apologise if I have been guilty of diluting this thread and causing any deviation. I for one hope it continues along its original path.

TP
  • #3,622
  • Apr 30, 2008 12:39am Apr 30, 2008 12:39am
Right,
Come on everyone, lets be adult about this, we have a fantastic thread open to EVERYONE wishing to learn Jacko´s method. I agree with the fellow who suggested we open another thread with alternatives or additions to Jacko´s original method, with this remaining as the core thread . Any questions related to Jackos method should be posted here and I hope that all of Jacko´s members will be as helpful and courteous as always...so much good has come out of this thread and very few others I can think of. I am a bit ashamed of the way everyone bashed SBrickman, its true extra indicators just add an extra element, which really doesnt belong here, but we have to respect his choice and I am sure that he was only hoping to add something useful.
I would like to ask if we could, as some others have said, not talk about specific entry prices or trades, all this I got in at xxx and now Im out at xxx is not helpful to anyone, could we instead discuss areas and why or why not they are interesting. Please John Doe and anyone else who doesnt want to come back, give this another chance...and for the simple sake of not making this thread long and difficult to get through everyone refrain from off topic comments (Im the first one who has to stop with my silly chatter hehe)
Lets make Jacko proud of us, and take an example from the J16 thread where Jim has a great group of posters with no bashing, everyone welcome...
Take care all, Raz
Never say never.
  • #3,623
  • Apr 30, 2008 2:23am Apr 30, 2008 2:23am
Its human nature to try to expand an idea and improve it, which is fine.
The problem is these ideas are coming from people who have not learnt the basic methods. When I have traded Jacko's strategy successfully for over 1 year only then would I consider adding to it but then if its successful and simple why bother.
And to be fair to SBrickman he just posted a chart I believe, it was someone else that kept asking for it that was getting on everyone nerves
  • #3,624
  • Edited 4:44am Apr 30, 2008 2:48am | Edited 4:44am
Yes, I think it's a good idea to start another thread for those that want to "re-invent the wheel"! This is no criticism of those who wish to go through that process of re-discovering a simple method that Jacko has presented here. For some it's just too simple to be true and there are still insecurities trusting such a method that Jacko said works well when you leave your brain by the door ! For others there is a need to continuously seek improvements ! Such is the nature of human beings and there is no right or wrong here.
As the saying goes, "There are many ways to skin a cat !", (please don't take it literally ! I'm a cat lover !). So to those that like to use other indicators, etc., other than those advocated by Jacko (use of trendlines, 50% fib, round numbers, etc) please do open another thread so that you can freely and rightly discuss your modified versions of Jacko's method of trend trading. This way we can respect the wishes of Jacko to keep his thread here sweet and simple as he intended.

Happy trading all!

Bakuli
  • #3,625
  • Apr 30, 2008 4:13am Apr 30, 2008 4:13am
Hi!

I still love this thread, even it`s been mildy polluted the last couple of days.

I trade naked charts, and I`m very very happy with it. It was first when I put my indicators away that I was able to be profitable.

I`m now looking to enter Long, but like many others I have a problem to decide where to put my entry. I`m currently thinking 15500 would be a nice entry point, but I`m not sure it`ll go back down in the near term. I`m quite new to this, and I`m not sure what to do. Any hints or tips from Jacko`s followers?
  • #3,626
  • Apr 30, 2008 4:20am Apr 30, 2008 4:20am
Quoting FXfelix
Hi!

I still love this thread, even it`s been mildy polluted the last couple of days.

I trade naked charts, and I`m very very happy with it. It was first when I put my indicators away that I was able to be profitable.

I`m now looking to enter Long, but like many others I have a problem to decide where to put my entry. I`m currently thinking 15500 would be a nice entry point, but I`m not sure it`ll go back down in the near term. I`m quite new to this, and I`m not sure what to do. Any hints or tips from Jacko`s followers?
I'd take a look at the calender page first before making any trades this week. Could be a choppy ride!!
  • #3,627
  • Apr 30, 2008 5:07am Apr 30, 2008 5:07am
I have a fallen solder at 1.58 and in reading the AH (Several times) I have a question that still remains unanswered. Since we are several hundred pips below my FS and while long time line trend is long, if a clear signal to go long shows before (I.E. bottoms out at 1.51 and heads upwards over a week or two) would a buy before my 1.58 FS, say 1.55 and pick up the FS as we go past, assuming it does be logical?
  • #3,628
  • Apr 30, 2008 5:18am Apr 30, 2008 5:18am
Quoting Fx_Genius
I have a fallen solder at 1.58 and in reading the AH (Several times) I have a question that still remains unanswered. Since we are several hundred pips below my FS and while long time line trend is long, if a clear signal to go long shows before (I.E. bottoms out at 1.51 and heads upwards over a week or two) would a buy before my 1.58 FS, say 1.55 and pick up the FS as we go past, assuming it does be logical?
Never say never.
  • #3,629
  • Apr 30, 2008 5:28am Apr 30, 2008 5:28am
Quoting FXfelix
Hi!

I still love this thread, even it`s been mildy polluted the last couple of days.

I trade naked charts, and I`m very very happy with it. It was first when I put my indicators away that I was able to be profitable.

I`m now looking to enter Long, but like many others I have a problem to decide where to put my entry. I`m currently thinking 15500 would be a nice entry point, but I`m not sure it`ll go back down in the near term. I`m quite new to this, and I`m not sure what to do. Any hints or tips from Jacko`s followers?
Hi Felix,

Personally I'd wait and try not to catch the bottom. There may be more downside to the euro but I could be wrong. I'd rather wait and watch the price actions to give some indication of a return back to the main trend.
Of course one can never be 100% sure where the market will bounce back and we will all have our different analyses and opinions.
So when looking for entries, it depends on how often you want to trade and what time frames you use. Use the framework of this method to form your own opinion, as you have done with your 5500 potential entry. Now wait for the market to come to you. When it does, trade your plan and if you get it wrong, then you have the A-H to bail you out most of the time. The hardest bit is actually waiting for the market to come to you without getting itchy fingers!

Happy trading !
Bakuli
  • #3,630
  • Apr 30, 2008 5:32am Apr 30, 2008 5:32am
Quoting razldazl
Thanks
  • #3,631
  • Apr 30, 2008 5:55am Apr 30, 2008 5:55am
It`s tempting to try and pick bottoms, but I know that keeping out of the market and jump on a trend once established can be much more safe.

Thanx for a good answer Bakuli!

Wish you all good trading!
  • #3,632
  • Apr 30, 2008 5:56am Apr 30, 2008 5:56am
Im cool as with those that want to head to a different thread that is co labelled to be along side Jackos main thread, so long as there is no ill words towards this system.

i think there are a few who have hit the nail on the head by mentioning some newer traders who are trying to introduce foreign methods to a method that has obviously been highly successful for so long, without actually trading Jackos way first.

My only regret personally was not discovering these threads until now. I have had FF running for near on a year, but only for the calender releases. I was happy as larry when I finally sat down and browsed into this site more, and was even happier to discover this thread.

So far, apart from a few posts, this thread has been nothing but supportive of people ideology of when and where the Eur is going. It has all been in good taste and debate is what makes the world go round (among other things)

So if there is another post, with some indicators attached to the general system I wish all those good luck in there journeys. I hope you trades are positive and your bankrolls prosper each week. I take my hat off to those who venture and try new things. Who knows, perhaps I will try some of my own ideas when I finally discover them lol

Take care all. Im here for the long haul

Max
  • #3,633
  • Apr 30, 2008 6:45am Apr 30, 2008 6:45am
One of the group members asked Jacko why he would share his method so freely. The concern was that if everyone used the method it would not be as effective. Jacko replied (I am paraphrasing) Most traders will not follow the method. They will add a bunch of indicators and trade shorter time-frames, trade against the trend and in the end their system will not reflect the core of the method he is teaching. Therefore, he had no concern sharing the method. He knew most traders would lack the discipline to follow it over the long term.

Turns out he is not only generous with his time and talent reading the market. He also reads people pretty well.

Trade the plan and you will do just fine. Thanks for your help Jacko.

Archer
  • #3,634
  • Apr 30, 2008 7:46am Apr 30, 2008 7:46am
Well folks some of you are acting like a bunch of Girl's Blouses.

We all have our own opinions of how best to trade "Jackos method" with very few of us trading exactly the same way as Jacko.

I see nothing wrong with a body offering a trend indicator, you can either take it or leave it without entering into childish tirade.

Regards,

BabeFX.
  • #3,635
  • Apr 30, 2008 8:01am Apr 30, 2008 8:01am
Quoting BabeFX
Well folks some of you are acting like a bunch of Girl's Blouses.

We all have our own opinions of how best to trade "Jackos method" with very few of us trading exactly the same way as Jacko.

I see nothing wrong with a body offering a trend indicator, you can either take it or leave it without entering into childish tirade.

Regards,

BabeFX.
"i think there are a few who have hit the nail on the head by mentioning some newer traders who are trying to introduce foreign methods to a method that has obviously been highly successful for so long, without actually trading Jackos way first."

I wasn't my intention to introduce a "foreign method". All I did was post charts that had the TREND displayed as arrows for each time frame as opposed to numerous charts with trendlines. But I guess I committed BLASPHEMY by using a computer program.
  • #3,636
  • Apr 30, 2008 8:38am Apr 30, 2008 8:38am
Since it is now our mission to decide on the next entry point. Looking at the daily chart I see the first possible area of support as 1.5400 from the second week in march. I try to consider; Trendlines, 50% retrace, Round numbers, Prior areas of major resistance, Buying on dips.

Pros;This would be a round number,
this would be buying on a dip,
we always have the AH

cons;this would not be a 50% retrace
this is trying to pick a bottom
this would not be a touch of the weekly trend line

I am thinking that we might see a bounce up from this area for at least a short while before the attempt is made at the weekly trend line.

This is based on my own analysis of the charts and please be advised I am no "Jacko" (but I am making an extreme effort to trade like he would).
So if anyone is interested in a novel idea, discussing this method, please add your feedback.

I think it might be worth a try with a small position because I have missed so many opportunities, but I am concerned that I may be forcing a trade.

What do you more experienced traders think?
Camptrader
  • #3,637
  • Apr 30, 2008 8:46am Apr 30, 2008 8:46am
I also forgot to mention that the 1.5400 area was also support around 3/21
Camptrader
  • #3,638
  • Apr 30, 2008 8:49am Apr 30, 2008 8:49am
This obviously is a trend following system. At the moment, well for the last few days, we are moving against the trend. The discussions recently seems to be a case of trying pick the bottom which is the most difficult thing to do.

Shouldn't this system be waiting for the trend to resume (which it hasn't done yet) and then try to get entries?
  • #3,639
  • Apr 30, 2008 8:59am Apr 30, 2008 8:59am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting camptrader
I also forgot to mention that the 1.5400 area was also support around 3/21

If we take a fib from the low of 26 feb to the highest price, we find that the 1.5400 area has a 50% fib, why would we consider this a potential fib low - well this was the first drop when price broke away from the weekly TL and chased the high price with some mean aggression.

we also find that the S&R is good - true S&R can be found by multiple touches of the same area, along with a the candle formation supporting the reasoning ie we have 2 bull candles and 2 bear candles with long wicks, this shows that this area is a good foundation for either support or resistance.

So looks good to me - watch the PA before trading to see if it holds.
  • #3,640
  • Apr 30, 2008 9:09am Apr 30, 2008 9:09am
Vantage, thanks for your input, I know that most successful traders "wait for conformation" and this is probably a wize thing to do, but I have to respectfully disagree, this method does have a bit of "picking the bottom" involved and I think it is a reasonable thing to try, but only because we have the Jacko invented tool of the AH. I am trading with the trend on the larger charts.

MPP, thanks for the input.
Camptrader
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