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Jacko's Forex House of Pleasure and Pain

  • #3,701
  • May 7, 2008 10:03pm May 7, 2008 10:03pm
Sean, I too am looking for 1.5200 (been looking for it all week). I like the idea of getting in after a bounce from a lower point also. Will be monitoring it a lot closer over the next day.
Leonardo Follower
  • #3,702
  • May 7, 2008 10:06pm May 7, 2008 10:06pm
Quoting seanchicago
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?
-Sean
You can check out my journal if you ever want to know what I'm up to in terms of entries.

It is here --> http://www.forexfactory.com/showthread.php?t=73681&page=8

I favour 1.5150.
  • #3,703
  • May 7, 2008 10:12pm May 7, 2008 10:12pm
Quoting seanchicago
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
I'll go with D he he, I haven't traded this sucker since April 17th since I'm not sure that we are near the bottom just yet...
  • #3,704
  • May 7, 2008 10:59pm May 7, 2008 10:59pm
Quoting static
You can check out my journal if you ever want to know what I'm up to in terms of entries.

It is here --> http://www.forexfactory.com/showthread.php?t=73681&page=8

I favour 1.5150.
Yes, your journal really covers this entry point very thoroughly. Thanks for the link to your journal.

-Sean
  • #3,705
  • May 8, 2008 3:41am May 8, 2008 3:41am
Hi traders!

I was talking with a friend of mine last night. We were discussing Jacko method. His point of view was basically that Jacko method is good and simple but that Anti Hedge should not be executed automatically after a further drop of 50 pips. Then he stated that a trader should use his gut feelings and his knowledge to choose a new entry price.

I told him that such action will make this approach much more discretionary and emotional and one have no guarantee that his prediction is gonna to happen. I could not convince him that AH works best according to the rules. He always could find a historical example that AH made a loss even bigger disregarding examples where AH was huge profitable.

Then I realized something really important.
He is a quite experienced trader but with poor track record. He is trading many methods and still seeking a Holy Grail. He is afraid of loosing but still dreaming of becoming a millionaire over a night or so.

What is important in this story:
You can trade whatever strategy you want but without consistency you are doomed to failure.

Most traders loose money because they don't care about the plan they want to make profit. They don't care how much they risking because they are sure this time will be a huge winner.

I guess realizing that we are responsible for our outcomes not the market is the Holy Grail.

Hope this helps.

Ocean
  • #3,706
  • May 8, 2008 5:24am May 8, 2008 5:24am
Quoting Ocean
He is a quite experienced trader but with poor track record. He is trading many methods and still seeking a Holy Grail. He is afraid of loosing but still dreaming of becoming a millionaire over a night or so.
Reminds me of http://forexfactory.com/showpost.php?p=1986909&postcount=36

Also, compare him to Jacko: one pair, one approach, no worries in his entry(trend and AH take care of him, he knows why, has his own logic and reasons for his trades).

System hopping(and the ill craving to constantly "optimize" - just leads to the opposite most of the time) and fear are highly detrimental, as is "rushing it".
Trust price. Know yourself.
  • #3,707
  • May 8, 2008 5:54am May 8, 2008 5:54am
Quoting SeekingLight
Reminds me of http://forexfactory.com/showpost.php?p=1986909&postcount=36

Also, compare him to Jacko: one pair, one approach, no worries in his entry(trend and AH take care of him, he knows why, has his own logic and reasons for his trades).

System hopping(and the ill craving to constantly "optimize" - just leads to the opposite most of the time) and fear are highly detrimental, as is "rushing it".
You got it right

Ocean
  • #3,708
  • Edited 12:00pm May 8, 2008 9:37am | Edited 12:00pm
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.

If memory serves me correctly, Jacko uses W1, D1 and H4. So that's more than one trend, is it not?

I don't see using Buttons as disrespectful. Buttons means clinging to the old ways and refusing to consider anything else except the gospel as written EVEN when evidence is presented to show that the zipper may be useful. In recent news, a child died because the parents refused doctors and medicine because they believed in buttons.

"Jacko's Trend" is just using Jacko's definition of trend. And for the record, the indicator has an input for the text displayed on the chart and I entered "Jacko Trend".

You are the one not letting it go, otherwise I would not be replying.



(As one can see from the W1 chart, the EURUSD peaked and is heading back to the weekly trendline. Over the last 30 days, the price is down 424 pips and up 119 pips over the last 3 H4 periods. Perhaps someone may find that knowledge useful.)
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  • #3,709
  • May 8, 2008 10:11am May 8, 2008 10:11am
Hi all,

One of my group just sent me this and I really like it:

"I thought you might get a kick out of it as it says it is one of the original ads he placed looking for turtles:

http://www.turtletrader.com/richard_dennis_turtle_want_ad.html (http://www.turtletrader.com/richard_dennis_turtle_want_ad.html)"


It is a little bit different from mine

http://waynejacksonfx.blogspot.com (http://waynejacksonfx.blogspot.com)



.
  • #3,710
  • May 8, 2008 12:15pm May 8, 2008 12:15pm
Great trader , i feel lucky to know a person like you from your posts here,
thanks for giving traders like us hope and ideal form of big trader to follow his steps .
you are the real.
  • #3,711
  • May 8, 2008 12:26pm May 8, 2008 12:26pm
Quoting jacko
http://www.turtletrader.com/richard_dennis_turtle_want_ad.html (http://www.turtletrader.com/richard_dennis_turtle_want_ad.html)"
.

In one sentence. Well, grammar and punctuation are my friends so I'm sure I could manage an in-depth application in just one sentence.
The market reveals who we really are...
  • #3,712
  • May 8, 2008 1:23pm May 8, 2008 1:23pm
So now I put my AH in at 1.5400 I posted a couple of days a go that I wanted to buy 1.5400, and I did, only to lose my 50 pips stop. Now that it`s back up again, I`m long at 1.5400. Not sure if the trend has resumed yet, but I`m trying to follow rules

Sorry for bad english...
  • #3,713
  • Edited 2:54pm May 8, 2008 2:08pm | Edited 2:54pm
Quoting FXfelix
So now I put my AH in at 1.5400 I posted a couple of days a go that I wanted to buy 1.5400, and I did, only to lose my 50 pips stop. Now that it`s back up again, I`m long at 1.5400. Not sure if the trend has resumed yet, but I`m trying to follow rules

Sorry for bad english...
Here is a key point a lot of people may be missing... once an A-H trade loses it's dead.

When I first started I thought you would raise the wounded soldiers all the time.

So remember - if a solider is shot twice - he's dead, not wounded.
Take a break and look for a new opportunity.

EDIT: I have removed my chart in order to avoid cluttering the thread.
  • #3,714
  • May 8, 2008 3:13pm May 8, 2008 3:13pm
Quoting seanchicago
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
Hi Sean, I'm thinking c) as well, although I'm not tied to a bounce off 1.5164, but to see it go under 1.52, to wherever it may land, and then buy on the way back up. And if it goes lower than 1.5150 then I may step out for a bit longer...

There's always the danger that it hits 1.5200 exactly then shoots back up, but I reckon this is more likely when the up trend is stronger (like last month, when it kept retracing 150/200 pips each time). After all, what are the chances we pick the exact bottom?
  • #3,715
  • May 8, 2008 3:54pm May 8, 2008 3:54pm
Quoting triphop
Hi Sean, I'm thinking c) as well, although I'm not tied to a bounce off 1.5164, but to see it go under 1.52, to wherever it may land, and then buy on the way back up. And if it goes lower than 1.5150 then I may step out for a bit longer...

There's always the danger that it hits 1.5200 exactly then shoots back up, but I reckon this is more likely when the up trend is stronger (like last month, when it kept retracing 150/200 pips each time). After all, what are the chances we pick the exact bottom?
And to take your idea a bit further; if it does bounce off 1.5200 strongly then it tells us that the bull still has some strength in its legs. In which case a 1.5250 or even 1.5300 entry would feel pretty good.

I guess we will just have to wait and see how it behaves before committing to any strategy. I just know that I am through with trying to catch the falling blade with this strategy. Whatever happens, I will not be buying the bottom because I will only enter on the way up.

-Sean
  • #3,716
  • May 8, 2008 4:09pm May 8, 2008 4:09pm
One more thought about buying the bottom...

There are perhaps a couple hundred traders are following this thread and are entering at different points. A couple will get lucky and buy the bottom. When they do, they will be rightly excited and post their great fortune on this thread.

This will cause the rest of us (notice how I have already included myself in the not lucky group) to gnash our teeth for not being brave enough to enter while the price is dropping. This jealousy will mentally set us up to try and buy the next bottom, not to be outdone by the others.

Of course we will most likely fail and swear off buying bottoms; in similar fashion to the way in college I swore off drinking every Sunday morning.

So just remember those who do have lady luck watching over them are not necessarily better traders than the rest of us who missed that opportunity. In my humble opinion, it was just their turn to be lucky. So congratulate them and DO NOT TRY TO BUY BOTTOMS!

-Sean
  • #3,717
  • May 8, 2008 4:37pm May 8, 2008 4:37pm
[quote=SBrickman;1990985]If memory serves me correctly, Jacko uses W1, D1 and H4. So that's more than one trend, is it not?

No

HTH
  • #3,718
  • May 8, 2008 9:04pm May 8, 2008 9:04pm
[quote=Saint Stevo;1991592]
Quoting SBrickman
If memory serves me correctly, Jacko uses W1, D1 and H4. So that's more than one trend, is it not?

No

HTH
jacko (http://www.forexfactory.com/member.php?u=7718)
Senior Member
Member Since Mar 2006
Posts: 574


http://www.forexfactory.com/images/icons/icon1.gif Timeframes for Determining The Trend
Time frames (for me) as a Trend Trader

I start with weekly, then move closer in using daily, 4 hour and 1 hour to help me make a decision. Less than 4 hours tends to be "noise" rather than a "trend". They are the "sucker" rallies and declines.
PS Don't be the sucker...

------------------------------------------------

Oh really?
  • #3,719
  • Edited 3:33am May 9, 2008 2:38am | Edited 3:33am
Quoting jacko
I am a Trend Trader


The Forexmarkets are arguably the most "trendy" market there is, especially the Euro.

Once a trend is in place, it takes a lot of power to reverse it. Take a look at the weekly charts. This current "long" started back in early Dec 2005 at approx 1.1650. (nearly 1700 pips from where it is now) It had a relatively "minor" correction from approx 1.3000 to 1.2500 before continuing on to where it is today.

Even more strong evidence for the power of the trend is that the above "long" is part of an even stronger "long" from 0.8363 from July 2001.



.
Yep, really

Look, when Jacko goes short (very rarely) he calls that his COUNTER-TREND strategy.

I think that makes the trend direction as applied to his method pretty clear.

It's up.

When it changes direction (and it will) it will take months until it is clear that it has.

And that is beyond the capability of any indicator.

Really.

Trust the computer between your ears - its more powerful than any PC.

HTH
  • #3,720
  • May 9, 2008 3:52am May 9, 2008 3:52am
Quoting seanchicago
So congratulate them and DO NOT TRY TO BUY BOTTOMS!

-Sean
Totally get where you're coming from. It's such a balancing act, but better to undertrade than overtrade. I think it's Phil M who says 'he who picks bottom gets stinky finger'.

PS Brickman, Stevo's right about the trend (singular)
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