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Jacko's Forex House of Pleasure and Pain

  • #3,741
  • May 13, 2008 5:57pm May 13, 2008 5:57pm
Quoting razldazl
@Cesar
http://www.forexfactory.com/showpost.php?p=1998004&postcount=8332
Not as a recommendation of course...:nerd:
  • #3,742
  • May 13, 2008 6:41pm May 13, 2008 6:41pm
I was wondering what is the average goal for a return in tradeing?

I was figureing you could have a 42% annual return with a 3.5% monthly return on your trades.

I think a monthly retrun of 3.5% would be a conservative goal.
  • #3,743
  • May 14, 2008 3:16am May 14, 2008 3:16am
In business, the purpose of goals is to make you work harder. This is particularly useful with a sales team in terms of motivation. I am not sure having goals is therefore wise in trading. If there have been few opportunities to trade in one month, towards the end of the month you could end up overtrading to meet the targets/goals.
The market reveals who we really are...
  • #3,744
  • May 14, 2008 6:59am May 14, 2008 6:59am
Quoting shadowninja
In business, the purpose of goals is to make you work harder. This is particularly useful with a sales team in terms of motivation. I am not sure having goals is therefore wise in trading. If there have been few opportunities to trade in one month, towards the end of the month you could end up overtrading to meet the targets/goals.
Yes I agree, It's hard to have a goal set to a timeline in Forex due to the markets overall range, entering and exiting positions could take longer and not fit a timeline.

Maybe a yearly or quarterly goal might be better?

i guess with this method, a yearly goal might be best.
  • #3,745
  • May 14, 2008 7:38am May 14, 2008 7:38am
Quoting priceaction
Edge,

Being in the Jacko thread, based on Jacko's style of trading, it is very likely that anyone who has gone long here at 1.54 (like me) are of the thinking that the upward trend has recommenced.

There's no right way nor wrong way; but this is the Jacko way; and Jesse Livermore, Loeb and many other trading successes did it that way too (I'm referring to the basic principle of trend trading, not AH, etc).

As I am up 110 pips at the time of writing, I can now travel in the safe seat and enjoy the comfort of discovering whether the trend has actually recommenced, without any financial risk. I went Long about a week ago but got stopped out. So I'm trying again.

I entered based on my own perception of when the market was ready to move. That's based on weekly and daily technicals and Jacko's writings at his trading blog.

Rob
I'm still hanging in the Long from 1.54 at 9am CET Monday. It's been a rollercoaster ride with -3 and +168 seen in my trade balance but I resisted the urge to sell out. Sure it was easy money but this is a discipline exercise for me as well as a long term business venture. That was the deal I made with myself and I'm pleased that I've stuck to it.

I have just posted some of the reasons why I perceive that we are now in an upward trend continuation mode. If anyone is interested, they are posted on the EURUSD thread here http://www.forexfactory.com/showpost.php?p=2000021&postcount=9227 (http://www.forexfactory.com/showpost.php?p=2000021&postcount=9227)as they are not part of Jacko's rules.

I note that some have asked about Jacko's blog. I paid the $ and I find it has been extremely valuable in changing my outlook on trading. What's more,the reading material that Jacko has recommended about some of the world's greatest traders simply reinforces the merit of the general style in which Jacko trades.

It's not about gaining my dollars back in two weeks. It's about gaining a trading mentality that will last me a lifetime.

Rob
  • #3,746
  • May 14, 2008 3:30pm May 14, 2008 3:30pm
Really enjoy the thread, thought you guys might like this.

http://www.youtube.com/watch?v=LiE1VgWdcQM
Yay! Pips for everyone!
  • #3,747
  • May 14, 2008 10:18pm May 14, 2008 10:18pm
Quoting Pipsforall
Really enjoy the thread, thought you guys might like this.

http://www.youtube.com/watch?v=LiE1VgWdcQM
Hahahahaha! Thanks for the link...
  • #3,748
  • May 14, 2008 10:49pm May 14, 2008 10:49pm
Quoting priceaction
It's not about gaining my dollars back in two weeks. It's about gaining a trading mentality that will last me a lifetime.

Rob

I love this quote, it's the best one I have read in a very, very, long time.

Clockwork
  • #3,749
  • May 15, 2008 12:00am May 15, 2008 12:00am
hello folks,

with Jacko`s method everything is more or less quantified, except for the entry although we have the AH.

there is a round number thing (which one?), fib line of 50% (will it stop there exactly?).

so I am a bit in the dark when to enter so it probably comes down to analysing the chart, right?

seeing that Jacko is hardly contributing to this thread anymore, cant we have a discussion on what we see on the chart?

thanks
  • #3,750
  • May 15, 2008 1:39am May 15, 2008 1:39am
Quoting clockwork71

priceaction wrote; "It's not about gaining my dollars back in two weeks. It's about gaining a trading mentality that will last me a lifetime."

I love this quote, it's the best one I have read in a very, very, long time.

Clockwork
Clockwork,

I'm glad you liked it. It's true isn't it!

You know ...when I was young(er), I was in high level water ski racing where each event lasted 60 mins and we'd be screaming along the water behind a 1400hp powerboat, often in excess of 100 mph. It was so physically demanding and dangerous!

I learned then (after a few mistakes) that what I achieved in the first 10 mins meant nothing unless I succeeded at the end of the full 60 mins. It was easy to look the superstar for 10 mins and any successful skier knew that. Being No 1 after the full 60 mins was a different challenge, but the only one that was important.

There were also the falls that could kill you or disable you for life. Those mistakes were even more important to avoid.

Same here really, except in trading the goal is to be here for years instead of months. Joining Jacko's group has helped me recognise the similarities I've just outlined.

Rob

Still holding the Long from 1.54 since 9am Monday and evermore optimistic that the upward trend has recommenced (see earlier post #3745 for details (http://www.forexfactory.com/showpost.php?p=2000084&postcount=3745)), but only time will unfold reality.


.
  • #3,751
  • May 15, 2008 3:32am May 15, 2008 3:32am
looks like i got back just in time. I got in yesterday, did sum chart study. nice reversal candle on the weekly and price heading north. i got in at 5450 and have so far locked in 50 pips. What a nice way to get the ball rolling
  • #3,752
  • May 15, 2008 3:48pm May 15, 2008 3:48pm
Possible Long Term Projection. Monthly Chart
I was studying my charts and this jumped out at me.
From Jan 2002 to Feb 2004 Euro moved 4,369 pips(0.8562 to 1.2931)
It then corrected to the 23.6% fib and proceeded to move up another
1,907 pips to 1.3664 forming the A - B leg
Now, we are currently in the C - D leg.
From Nov 2005 to April 2008 Euro moved 4,378 pips almost exactly mirroring
the previous A -B move. So if this plays out we should see a move below
the 23.6 retracement(1.4800?) and if we add 1,900 pips we get 1.6700.


Kinda long term but I found this interesting so I thought I'd share.
Food for thought.
Attached Image (click to enlarge)
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  • #3,753
  • May 15, 2008 4:50pm May 15, 2008 4:50pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Russell
Possible Long Term Projection. Monthly Chart
I was studying my charts and this jumped out at me.
From Jan 2002 to Feb 2004 Euro moved 4,369 pips(0.8562 to 1.2931)
It then corrected to the 23.6% fib and proceeded to move up another
1,907 pips to 1.3664 forming the A - B leg
Now, we are currently in the C - D leg.
From Nov 2005 to April 2008 Euro moved 4,378 pips almost exactly mirroring
the previous A -B move. So if this plays out we should see a move below
the 23.6 retracement(1.4800?) and if we add 1,900 pips we get 1.6700.


Kinda long term but I found this interesting so I thought I'd share.
Food for thought.
only time will tell, but it's an interesting point of view, also if we look at it that way it's down hill for a few more weeks(well this whole year) then. the other side to this is fundimentals at that time? what happened to the euro to cause the drop?
  • #3,754
  • May 15, 2008 5:41pm May 15, 2008 5:41pm
Great post Russell!

Good long-term Food for thought
  • #3,755
  • May 15, 2008 5:48pm May 15, 2008 5:48pm
Quoting MPP
only time will tell, but it's an interesting point of view, also if we look at it that way it's down hill for a few more weeks(well this whole year) then. the other side to this is fundimentals at that time?
I also think the comfort level for E$ is much lower than we currently are, as their interest rates. They want 2% growth not over.

Quoting MPP
what happened to the euro to cause the drop?
ECB wants it lower, they are catching up to US with economic issues, but not as bad yet.

Apr 15, 2008 7:59am
Quoting jacko
Hi takeprofit
Be VERY careful...The ECB wants the Euro below where it is.
Don't stand still when the elephants start dancing.
.
Apr 15, 2008 8:08am
Quoting jacko
I repeat :
Be VERY careful...The ECB wants the Euro below where it is !!!!!!
But I could be wwwrong !!!
The E$ was at 1.58 land when the above quotes were posted.
I think 1.6 was the trigger for the E$ to start dropping.
If my chart is close at all, the E$ should get to 1.37 around Nov '09.
Just my thoughts... Comments?

PS. If the trend has truly changed, how long of a time line will confirm?
Attached Image (click to enlarge)
Click to Enlarge Name: E$_2003-2008.png Size: 15 KB
  • #3,756
  • May 16, 2008 3:25am May 16, 2008 3:25am
The 200 EMA on H1 suggests it is still slowly edging downwards although plucky traders could trade the triangle that appears to be forming; set a target profit of 70-100 pips. I suspect that once it runs out of space, it will break to the lower side. But then, it could break to the upside. Who knows. I am not a psychic. Actually, I can tell you with much confidence that it won't get into an infinitely narrower range until it flatlines.
The market reveals who we really are...
  • #3,757
  • May 16, 2008 10:21am May 16, 2008 10:21am
Quoting priceaction
I'm still hanging in the Long from 1.54 at 9am CET Monday. It's been a rollercoaster ride with -3 and +168 seen in my trade balance but I resisted the urge to sell out. Sure it was easy money but this is a discipline exercise for me as well as a long term business venture. That was the deal I made with myself and I'm pleased that I've stuck to it.

I have just posted some of the reasons why I perceive that we are now in an upward trend continuation mode. If anyone is interested, they are posted on the EURUSD thread here http://www.forexfactory.com/showpost.php?p=2000021&postcount=9227 (http://www.forexfactory.com/showpost.php?p=2000021&postcount=9227)as they are not part of Jacko's rules.

I note that some have asked about Jacko's blog. I paid the $ and I find it has been extremely valuable in changing my outlook on trading. What's more,the reading material that Jacko has recommended about some of the world's greatest traders simply reinforces the merit of the general style in which Jacko trades.

It's not about gaining my dollars back in two weeks. It's about gaining a trading mentality that will last me a lifetime.

Rob
Finally some upward movement worth talking about at the pub tonight! Currently 1.5570. How long it lasts remains to be seen ...of course.

What I find attractive with this particular bull run is the fact that we are seeing a convincing break of the 4hr 200ema (although there is no close above it yet). To me, this has been a key moment in EURUSD bull moves. See Feb 08, Jan 08 and the 2007 moves on the chart on the right here at the EUR/USD thread if you are interested: http://www.forexfactory.com/showpost.php?p=2000021&postcount=9227

My position from 1.54 is going well.
I shall add to it at 1.56.

Rob
  • #3,758
  • May 16, 2008 10:55am May 16, 2008 10:55am
Quoting priceaction
My position from 1.54 is going well.
I shall add to it at 1.56.

Rob

What was your stop to not get hit with the drop 124 pips yesterday?
The market reveals who we really are...
  • #3,759
  • May 16, 2008 11:01am May 16, 2008 11:01am
Quoting shadowninja
What was your stop to not get hit with the drop 124 pips yesterday?
1.5390

It's what saved my position on Wednesday also.

My main concern was not locking in pips at this early stage. It was remaining in the trade at a good entry - in readiness for trend re-continuation.

Rob
  • #3,760
  • May 16, 2008 11:36am May 16, 2008 11:36am
Quoting priceaction
1.5390

It's what saved my position on Wednesday also.

My main concern was not locking in pips at this early stage. It was remaining in the trade at a good entry - in readiness for trend re-continuation.

Rob

You, sir, have big balls.
The market reveals who we really are...
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