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Jacko's Forex House of Pleasure and Pain

  • #3,681
  • May 6, 2008 1:49pm May 6, 2008 1:49pm
Yeah,
that is weird, Ian, why are your fibs upside down? If you take a fib from the low to the high you should hit the 23 fib first on the drop, not the 61.8...
Fibs are not out of place on this thread btw...I guess we all use them
Never say never.
  • #3,682
  • May 6, 2008 5:26pm May 6, 2008 5:26pm
Quoting camptrader
K8,
I guess the answer to your question as to why I closed the trade is that, I thought 1.5500 might act as a stronger resistance than it did (FEAR) and since we are still trending down in the short term the moves down can be fast. So I thought 75 pips would be a reasonable place to exit. It was a judgement call.
It looks like we might see the downward push now but starting from 1.5600 and not 1.5500 as I thought might happen.
Hey Camptrader,

I know exactly where you're coming from. I had a buy in at 1.5561 (200 pips above lowest price of fall - this is just my way of trading after a fall) and my TSL has now moved to 1.5496 - price around 1.5530. After all the falls recently I have re-visited the FEAR factor in trading. Now that I am finally back in all I can think about is whether it is going to stop out for another loss. Geeze I hate human emotion. But hopefully (for me) it will continue north and I can allow the trade to play itself out. If not there is always the A/H soldier to be added to my arsenal for later....

K8
  • #3,683
  • May 6, 2008 6:08pm May 6, 2008 6:08pm
Quoting cologg
Amish, Buttons, Stone-Age or whatever it's called - people here like what they've got and think it's right.

Zippers, Super cool, all singing and dancing, bells and whistles or whatever it's called - you and many others like what you've got and think it's right.

Both sets of people are happy with what they've got.
There is no right or wrong.
Why can't it be left at that? I.e. a simple difference of opinion.
Why? Because some people just have to mess with others. All I did was post a couple of charts with indicators showing the trend based on Jacko's definition of trend. But that was seen as blasphemy in "Button Land". I meant no harm or disrespect. I wasn't posting code, links, etc. I wasn't offering alternatives to Jacko's method. Some people just saw an indicator and freaked out.
  • #3,684
  • May 6, 2008 6:09pm May 6, 2008 6:09pm
Quoting SeekingLight
Hey Ian,

I do believe that we hit the .382 retrace level of that swing and that your fib is upside down
........
Hi,
Skunny and Bo (and Islander ) Fibs are always drawn high to low. I left the %ages on them, but they are normally labeled High at the 100%, Long (or Resistance or DZ) at the 61.8% Pivot at the 50% and Short ( or Support or DZ ) at the 38.2% and Low at the 0%.
Obviously it is no good drawing your Fib from high to Low and from Low to High if you have them set with those names.

Anyway what about the accuracy of the Hit on the 161%( = T2) target area? Is it just a fluke?
  • #3,685
  • May 6, 2008 6:56pm May 6, 2008 6:56pm
This is quite a simple question, yet I'm curious as to:

"What is special about Fib. retracements?, and why is Fib. used as opposed to something else?" or anything at all besides the traders judgement and analysis?

Thank you everyone in answering this quite simple question
  • #3,686
  • May 6, 2008 7:14pm May 6, 2008 7:14pm
Quoting trader john
This is quite a simple question, yet I'm curious as to:

"What is special about Fib. retracements?, and why is Fib. used as opposed to something else?" or anything at all besides the traders judgement and analysis?

Thank you everyone in answering this quite simple question
John, below are some links for fib's.
http://www.babypips.com/forexpedia/index.php/Fibonacci_Studies
http://en.wikipedia.org/wiki/Fibonacci
http://en.wikipedia.org/wiki/Retracement
http://en.wikipedia.org/wiki/Fibonacci_number

Hope this helps.
  • #3,687
  • May 6, 2008 8:45pm May 6, 2008 8:45pm
I started with the first Jacko group. I jumped in a while back when posts were being made about systems/methods that were off topic for this thread. Things got a little heated and it ended up that the mods just removed the whole conversation. I only trade live using jacko method at this time, I do however demo trade other methods from time to time. Since the thread for 21 century zippers has been started i have checked it out several times. How ever this thread is for the express purpose of those of us trading the original method. Its fine if others want to do something else, free country /world etc. However it gets to be difficult to sort through page after page of un related posts to see what some of the people i like to follow have to say. IMHO it is not the original method traders who are behind the times its the people who have no RESPECT for the original Idea behind starting this thread and then feel like they have the right to force their method/system on others. After all this thread is under the heading of JOURNAL. The new thread has its place and so does this one. How about we show some mutual respect for each other. GB
Quoting dcline
Jacko's Quote...

"I started trading Forex about a year ago. Have traded futures for much longer (15+ years?).

Started a trading journal at DailyFX in Feb 2006.(ONLY FOR PEOPLE IN LIVE TRADES-Jacko's Pleasure and Pain conversations).

http://www.learncurrencytrading.com/...ead.php?t=2373 (http://www.learncurrencytrading.com/fxforum/showthread.php?t=2373)

Lost interest there when a lot of young aggressive newbies came in.

This seems a more rational forum."



Well, it sure looks like history has repeted itself...

What an absolute shame!

Dan
  • #3,688
  • Edited 3:17am May 7, 2008 3:02am | Edited 3:17am
Quoting SBrickman
All I did was post a couple of charts with indicators showing the trend based on Jacko's definition of trend.
No, you posted something jacko neither uses nor cares about, both the indicator itself as well as smaller timeframe directions.

Quote
But that was seen as blasphemy in "Button Land". I meant no harm or disrespect.
Ironic to have a sentence calling people buttons right before one saying you mean no disrespect.

Parallel to this you not only started a thread with a clear "the other morons don't want me" tone in it and then go on to STILL molest the original thread continually with your indicator charts which are still oversized at 800x800, residing with an external picture host.

Quote
I wasn't offering alternatives to Jacko's method.
Yes you were, you started introducing more than one trend.
Otherwise there'd be only one arrow, green, saying long.
That you put jacko's name on the indicator is even more of a twist as once more all he says one needs to do is look at a chart and if your eyes see left bottom => right top, then you're done.
Saying there's something like a "jacko trend" sounds like it requires something more than that or an indicator; it does not.

I am going to start reporting this stuff as it's just incredibly annoying and it seems you just do NOT want to let it go. This to me is intentionally disruptive behavior.

Quote
Some people just saw an indicator and freaked out.
Yes, as it is OFF TOPIC.

================

To anyone who(inadvertently mostly I expect as external pictures get auto-quoted as opposed to properly uploaded ones) quoted his posts with the giant charts, PLEASE if you still can go back and edit those quotes, click on the chart and press delete so that you don't quote the chart as well. It saves a LOT of thread space.
Trust price. Know yourself.
  • #3,689
  • May 7, 2008 3:34am May 7, 2008 3:34am
Quoting SeekingLight
No, you posted something jacko neither uses nor cares about, both the indicator itself as well as smaller timeframe directions.

Ironic to have a sentence calling people buttons right before one saying you mean no disrespect.

Parallel to this you not only started a thread with a clear "the other morons don't want me" tone in it and then go on to STILL molest the original thread continually with your indicator charts which are still oversized at 800x800, residing with an external picture host.

Yes you were, you started introducing more than one trend.
Otherwise there'd be only one arrow, green, saying long.
That you put jacko's name on the indicator is even more of a twist as once more all he says one needs to do is look at a chart and if your eyes see left bottom => right top, then you're done.
Saying there's something like a "jacko trend" sounds like it requires something more than that or an indicator; it does not.

I am going to start reporting this stuff as it's just incredibly annoying and it seems you just do NOT want to let it go. This to me is intentionally disruptive behavior.

Yes, as it is OFF TOPIC.

================

To anyone who(inadvertently mostly I expect as external pictures get auto-quoted as opposed to properly uploaded ones) quoted his posts with the giant charts, PLEASE if you still can go back and edit those quotes, click on the chart and press delete so that you don't quote the chart as well. It saves a LOT of thread space.
Thank you, SeekingLight

Nail. On. Head.
  • #3,690
  • May 7, 2008 3:41am May 7, 2008 3:41am
Thank you SL , because of that invador Brick`s we got off course..lol
all we need right now is get back to trend trading ,no more no less ,and
thouse charts of G/J dont really help...
  • #3,691
  • May 7, 2008 4:29am May 7, 2008 4:29am
Quoting George B.
RESPECT
That is what it is about. For the record, I use other indicators in combination with Jacko's method (hence my current short position) but don't talk about it on this journal because it isn't relevant.
The market reveals who we really are...
  • #3,692
  • May 7, 2008 8:52am May 7, 2008 8:52am
Quoting trader john
This is quite a simple question, yet I'm curious as to:

"What is special about Fib. retracements?, and why is Fib. used as opposed to something else?" or anything at all besides the traders judgement and analysis?

Thank you everyone in answering this quite simple question
Trader John,
Jacko has stated that he uses the 50% retracement level because that is what the other big traders use. Simple as that.
Camptrader
  • #3,693
  • May 7, 2008 10:12am May 7, 2008 10:12am
Hi all ,
just new in this business and just found this thread.Really interesting sharing from Mr Jacko.Hope i can learn forex from experienced traders like u all in this thread.
tq
  • #3,694
  • May 7, 2008 11:30am May 7, 2008 11:30am
Big Thanks to everyone answering my Fib question., and thanks for the links.

Thanks a million.

still trying to get patient enough to wait this thing out

I had a fallen soldier at 5548 a week ago so 5498 would be my AH buy, and in times like these I'm just learning to sit and wait for the shop to offer me a wholesale price

This proves to me that placing an autimatic AH buy is not always in our best interest and that useing the 50% fib. is very safe in this situation.

still amazed that oil is at a record high and the euro and gold isn't going into the stratosphere, the fundies make as much sense as the tech analysis.

i guess all we can really do at the end of the day is watch prices.
  • #3,695
  • May 7, 2008 1:57pm May 7, 2008 1:57pm
Quoting trader john
Big Thanks to everyone answering my Fib question., and thanks for the links.

Thanks a million.

still trying to get patient enough to wait this thing out

I had a fallen soldier at 5548 a week ago so 5498 would be my AH buy, and in times like these I'm just learning to sit and wait for the shop to offer me a wholesale price

This proves to me that placing an autimatic AH buy is not always in our best interest and that useing the 50% fib. is very safe in this situation.

still amazed that oil is at a record high and the euro and gold isn't going into the stratosphere, the fundies make as much sense as the tech analysis.

i guess all we can really do at the end of the day is watch prices.
Is automatic...thats Jackos strat...otherwise you arent trading Jackos strat. Jacko takes the emotion out by immediately placing the AH once you run 50+ beyond your stop. Order in emotion out, cest ca...take care, Raz
Never say never.
  • #3,696
  • May 7, 2008 2:05pm May 7, 2008 2:05pm
Quoting trader john
...still amazed that oil is at a record high and the euro and gold isn't going into the stratosphere, the fundies make as much sense as the tech analysis.

i guess all we can really do at the end of the day is watch prices.
Oil is a different animal. It has supply and demand motivations that have nothing to do with currencies. So while currency fluctuations are part of oil price movement it is not the only part. That said since oil is priced in USD the movement of the USD versus all other currencies is in the oil pricing.

So when you see the USD gaining strength yet oil prices are also rising realize that oil prices would be even higher had the dollar remain level or weakened!

-Sean
  • #3,697
  • May 7, 2008 3:03pm May 7, 2008 3:03pm
Quoting trader john
.......................................................................................................
......................I had a fallen soldier at 5548 a week ago so 5498 would be my AH buy, and in times like these I'm just learning to sit and wait for the shop to offer me a wholesale price......................................................

.
Hi Trader John

I need to point out that you've got the A-H strategy wrong or maybe it was a typo. If you have a fallen soldier at 5548, you will place an order to buy at the same price ie 5548 after price has fallen by at least 50 pips to 5498. So your AH buy should be 5548 and not 5498.

Happy trading!

Bakuli
  • #3,698
  • May 7, 2008 9:23pm May 7, 2008 9:23pm
Thanks i must have it wrong.

I thought we place our buy at the stop loss price after it goes 50 pips below the original stop loss?

This is incorrect?
  • #3,699
  • May 7, 2008 9:27pm May 7, 2008 9:27pm
Ah,

I see now, sorry about that.

i place my order to buy at the original stop loss after it goes below 50 more pips.
  • #3,700
  • May 7, 2008 10:01pm May 7, 2008 10:01pm
Approaching the big 1.5164 (50% Fib Line)!

Do you buy at:

a) 1.5200 when touched?
b) 1.5150 if touched?
c) 1.5200 on the way back up, from a bounce off of 1.5164?
d) None of Above?

I'm thinking "c" is the answer, but am open to any other interpretations.

Anyone? Anyone?

-Sean
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