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Jacko's Forex House of Pleasure and Pain

  • #4,021
  • Jun 4, 2008 10:44am Jun 4, 2008 10:44am
the house is so quiet. empty nest?
  • #4,022
  • Jun 4, 2008 11:08am Jun 4, 2008 11:08am
Quoting Gandolf
the house is so quiet. empty nest?
Well with EU sideways for 24 hours I got so bored I switched everything off and went out.
Its a nice day in the UK for a change.

I've just come back and I see nothing's changed.

Think I'll stay out - I have no idea which way this thing's going to break - but when it does I think it'll be a big break.

Maybe it'll come when Bernwanke spouts his latest pearls of wisdom at 2.45 ET.
Hawkish or doveish today - who knows?
I doubt even he does.
  • #4,023
  • Jun 4, 2008 11:26am Jun 4, 2008 11:26am
Since I finally figured out how to post a chart, here goes.

When I look at the weekly chart, the 1.5200 area or maybe a bit higher, depending on when the trendline is hit, would be the expected low for the continuation of the up trend, it is also right about the 50% retrace of the last swing up. I would then be looking for a failed attempt to reach the upper trend line to signal the reversal.

The last time the lower trendline was hit looks similar to what is developing now.

I also notice that the most recent upper trendline touch looks very different than the prior upper trendline touch, to me it looks like it wants to go higher since it tested the upper trendline so many times and even closed above it once.

I would certainly appreciate any input from any of the more experienced traders.

(Ignore the buy points in green, if I keep trades open Alpari will keep this demo account active)
Attached Image (click to enlarge)
Click to Enlarge Name: weekly euro uptrend.gif Size: 17 KB
Camptrader
  • #4,024
  • Jun 4, 2008 11:56am Jun 4, 2008 11:56am
Quoting camptrader
Since I finally figured out how to post a chart, here goes.

When I look at the weekly chart, the 1.5200 area or maybe a bit higher, depending on when the trendline is hit, would be the expected low for the continuation of the up trend, it is also right about the 50% retrace of the last swing up. I would then be looking for a failed attempt to reach the upper trend line to signal the reversal.

The last time the lower trendline was hit looks similar to what is developing now.

I also notice that the most recent upper trendline touch looks very different than the prior upper trendline touch, to me it looks like it wants to go higher since it tested the upper trendline so many times and even closed above it once.

I would certainly appreciate any input from any of the more experienced traders.

(Ignore the buy points in green, if I keep trades open Alpari will keep this demo account active)
Nice analysis camptrader!

It certainly looks good for a bounce off 1.5200 - if it gets that low in the next week or so!

Steve

PS Please don't regard me as "a more experienced trader" - I think your logic looks good, but I'm just one of Jacko's students.
  • #4,025
  • Jun 4, 2008 1:49pm Jun 4, 2008 1:49pm
Hi guys.

I agree with that. I'm expecting either 5200 or a break to the upside on the downwards may 27th's trendline to go long (in fact not just a break but a spike down after the break, so that I can buy at discount, but one that is still above the trendline).
If 5200 is reached and doesnt hold then will be watching for 4450. If that doest hold too than, may be, technical analisys wise, the trend ''may'' have changed direction.

Thats just my opinion and I could be wrongggggggg...

Cheers

Dudu
''I am too sexy for my pips, too sexy for my pips, too sexy yeahhh...''
  • #4,026
  • Jun 4, 2008 4:47pm Jun 4, 2008 4:47pm
Quoting forexfixer
Jacko,
A clear, honest and straight forward response as usual.

To everyone,
Jacko is a shining example of a very generous trader who is willing to share his expertise and experience.

Since joining Jacko's group I have seen trading in a whole new light.
It is not merely a disorganised series of buying and selling of different currencies. It is a strategic and calculated system of trading that takes all the pressure off when looking at the market.
He also has a more holistic approach that includes a view of trading as a total business, not merely random trades that is something more akin to gambling.

Jacko sees trading as a lifelong business that can be conducted anywhere, anytime by anyone.

Jackos group is the best deal in Forex. He is the real deal. Where else are you going to be able to talk to a guy who trades 200-300 Euro Lots at a time? He answers every one of my emails when I have wanted to ask something. And he answers them within 24 hours
There is no bullshit in his blog. He trades live and gives us hours of warning about his upcoming trades
As to having to pay for the blog, I have recouped my joining fee many times over and I have only been a member for a short period.

If you are serious about trading as a career and lifetime business you wont do better than to contact Jacko and see if there are any more spaces in the second group.
I did and its money well spent.

Forexfixer
I am a newbie looking for some direction. Jacko's offer sounds incredibly cheap. His posts here seem very genuine and straight.
I have paid a lot more money for trading programs and found that once I paid the money, nobody wanted to do anything else with me except sell me another-more expensive- training sessions or software programs.
Does Jacko try to upsell you to any other training or software packages when you join?
  • #4,027
  • Jun 4, 2008 5:17pm Jun 4, 2008 5:17pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting carterpaul
I am a newbie looking for some direction. Jacko's offer sounds incredibly cheap. His posts here seem very genuine and straight.
I have paid a lot more money for trading programs and found that once I paid the money, nobody wanted to do anything else with me except sell me another-more expensive- training sessions or software programs.
Does Jacko try to upsell you to any other training or software packages when you join?

No Jacko is as straight as they come, clear easy to follow system (which is all covered here for free) plus you get to find out whats going on in his head - and thats whats worth paying for.
  • #4,028
  • Jun 4, 2008 5:19pm Jun 4, 2008 5:19pm
Quoting carterpaul
I am a newbie looking for some direction. Jacko's offer sounds incredibly cheap. His posts here seem very genuine and straight.
I have paid a lot more money for trading programs and found that once I paid the money, nobody wanted to do anything else with me except sell me another-more expensive- training sessions or software programs.
Does Jacko try to upsell you to any other training or software packages when you join?

Hi Carterpaul,

no man, absolutly NOT, he never try to sell anything else. This is just a generous man that wants to beat the big guys and help others to do the same. That's it. He response every mail that i send to him within the next 24 hours. THIS IS NOT ADVERTISING! This just the truth.

I have learnt a lot man, and my trading style has become much calmer and less emotional.

Lots of thing to learn.


Good trades to all

TRADETHEPIPS
  • #4,029
  • Edited 4:51am Jun 5, 2008 3:39am | Edited 4:51am
Carter, it's worth pointing out that Jacko's entrance fee is a nominal payment originally worked out to cover the cost of the SMS messages. He's not doing this for the money, and just uses an entrance fee as a way of filtering out those who aren't serious. Go for it!

As for entries now... is anyone in position yet ahead of interest rates and NFPs? After the false breakout to the downside in the Asian session, I'm a little cautious but think 350 is a decent entry. Why? Because 286 has been the previous low, so a break of that would suggest we might be wrong on overall trend, and 350 would give enough room to breathe, as well as a realistic opportunity of entry.

Of course it might break to the upside and steam on up without me ...
  • #4,030
  • Jun 5, 2008 9:05am Jun 5, 2008 9:05am
I have a question all, is Jacko's method ok for someone starting out with small capital ??
Thanks
  • #4,031
  • Jun 5, 2008 9:28am Jun 5, 2008 9:28am
Yes Jacko method is fine with small starting capital. There are a number of account types out there offering varying pip prices ie standard accounts of 1 pip=$10 and mini accounts of a pip for a dollar or less.

With these it is much easier to join the market without the fear of loosing large portions of your starting balance. At the end of the day Money Management is paramount so choose your risk and stick by it.

If you follow Jackos method, im sure like most, you will make pips along the way. As your capital increase, so does your lot size (if you chose).

Hope this helps

BTW I have started with small capital (less than $2000) and I have made in roads and now trade above that amount
  • #4,032
  • Jun 5, 2008 10:32am Jun 5, 2008 10:32am
Quoting greywolf238
I have a question all, is Jacko's method ok for someone starting out with small capital ??
Thanks
My rule of thumb is that if you need to be able to assume the risk of at least 6 consecutive losses. (And I mean the full size not the average loss due to the trailing stop)

And when I say assume the risk I don't mean "ok I am risking $2500 I am ok with that". Picture the loss and try really hard to picture the emotions you are going to feel.

Plan for the worst, hope for the best. Get that emotion out of the way and make sure it won't make you close a trade too early.

People recommend 2% mostly because it is an insignificant amount and will not affect you emotionally and you will also still have ammo to recoup the loss in the unfortunate loss event.

However if you are like me and have constant income and other savings you could stretch it a bit (5%-10%) in a more aggressive attempt to build a working capital. But once you go full time and have no other income it is highly recommended to drop to about 2% risk per trade.

Also keep in mind that for each trade your maximum exposure is twice as much since you may reenter with the AH trade.

In a nut shell 6 consecutive losing trades all of which can be double trades = 12 trades x 100 = 1200 pips.

In reality that hasn't even come close but it doesn't hurt to have disaster plan in place.

All the best!
  • #4,033
  • Jun 5, 2008 11:08am Jun 5, 2008 11:08am
I missed that charge up lol, anyone catch it?
Live From Los Angeles
  • #4,034
  • Jun 5, 2008 11:15am Jun 5, 2008 11:15am
Quoting panhandler
I missed that charge up lol, anyone catch it?
No since I'm busy testing something else but there was daily support there (1.5400). Here's the line chart showing support.
Attached Image (click to enlarge)
Click to Enlarge Name: euro_dailysupport.gif Size: 8 KB
  • #4,035
  • Jun 5, 2008 11:41am Jun 5, 2008 11:41am
1 question , what did jacko mean about the 50% fib line ? is he using the 50% fib line as tp and sl ?
  • #4,036
  • Jun 5, 2008 1:11pm Jun 5, 2008 1:11pm
Quoting archangel
1 question , what did jacko mean about the 50% fib line ? is he using the 50% fib line as tp and sl ?
As the entry
  • #4,037
  • Jun 6, 2008 3:19am Jun 6, 2008 3:19am
Quoting carterpaul
I am a newbie looking for some direction. Jacko's offer sounds incredibly cheap. His posts here seem very genuine and straight.
I have paid a lot more money for trading programs and found that once I paid the money, nobody wanted to do anything else with me except sell me another-more expensive- training sessions or software programs.
Does Jacko try to upsell you to any other training or software packages when you join?
Hi Carterpaul

My wife tells me that I am "cheap" all the time...

I can assure you that I will not try to upsell you to any other training...

I can assure you that I will not try to sell you any software package...I am a techno-moron, so there is NO chance of any software packages from me...


.
  • #4,038
  • Jun 6, 2008 3:21am Jun 6, 2008 3:21am
Quoting Tradethepips
Hi Carterpaul,

no man, absolutly NOT, he never try to sell anything else. This is just a generous man that wants to beat the big guys and help others to do the same. That's it. He response every mail that i send to him within the next 24 hours. THIS IS NOT ADVERTISING! This just the truth.

I have learnt a lot man, and my trading style has become much calmer and less emotional.

Lots of thing to learn.


Good trades to all

TRADETHEPIPS
Hi MPP and Tradethepips

Thanks for your kind words

Jacko.

.
  • #4,039
  • Jun 6, 2008 3:46am Jun 6, 2008 3:46am
Hi Jacko
What are you doing here, get back to your holiday . You just can't leave it alone.
  • #4,040
  • Jun 6, 2008 6:46am Jun 6, 2008 6:46am
I went short while you were on vacation Jacko. But, I timed it perfectly
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