Jacko's Forex House of Pleasure and Pain | Page 208 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Chicky's House of Pleasure and Pain 11 replies

Carry Backet w/ Jacko's AH 10 replies

Hello Guys is a pleasure to be here. I'm new to MT4 1 reply

Jacko's P&P Trend Trading Method 73 replies

Attachments: Jacko's Forex House of Pleasure and Pain
Exit Attachments

Jacko's Forex House of Pleasure and Pain

  • #4,141
  • Jun 18, 2008 3:57am Jun 18, 2008 3:57am
Quoting Trumpcard
hi guys, take a look at the EUR/JPY uptrend since 2000. just cleared through some big resistance, not much left in the way... food for thought!
I am in for LONG!!
  • #4,142
  • Jun 18, 2008 4:11am Jun 18, 2008 4:11am
Quoting Trumpcard
hi guys, take a look at the EUR/JPY uptrend since 2000. just cleared through some big resistance, not much left in the way... food for thought!
Thanks for the tips
Gonna watch this pair ....
  • #4,143
  • Jun 20, 2008 6:35am Jun 20, 2008 6:35am
Quoting Tradethepips
Hi all,

it's funny how this thread has a direct correlation with the E/U market, when it is volatile we write a lot here, and when it is quiet as it is now....look! No posts.

There are more correlated things in the world than we can imagine.

Good trades to all.

TRADETHEPIPS
YEAH Man, check out the activity on the thread- it's now strictly a reference section-no activity. No need to ask why,its harvest! and accounts are looking good! Watch out @ 1.5815
Jacko, you back yet? you gotta share your STRAT on holiday planning! almost like you saw the last turbulence coming.
All the best guys.see you at the next retracement
  • #4,144
  • Jun 21, 2008 10:13am Jun 21, 2008 10:13am
Jacko does indeed send signals as to when he gets in. If that is not a 'signal service', I do not know what is. He also provides some rationale and answers email on his blog.

This method, as many methods are profitable during a strong trend. Not so much in a flat or ranging market. Witness this winter when trades were taken over and over that flew in the face of Price Action - and lost and lost. Since then, trading has slowed dramatically. (The trend has evaporated)

What to ask is not how successful a method is because in the hands of a disciplined trader, a coin flip can be a winner. Ask different questions:

 

  1. Will the method work in all market conditions?
  2. Is what you learn actionable? This is critical. Buying a dip is not an actionable thing. How much dip? Adding a round number or a FIB is more actionable, but in any business, doing things because of a feeling is the path to the poor house. You need some concrete, actionable reasons for entering a trade. 'Feel' and feelings are toxic IMHO. This is a business.
  3. Exits. Exits exits. Some people love the trailing stop. Some do not. I prefer flexibility on stops. Sometimes I will put on a Trailing stop (not often). Sometimes a specific target and sometimes a trailing bar stop. It depends on the neighborhood. And this CAN be taught - and learned.
  4. Are you able to do this without the teacher? I doubt this is the case with many on this thread and in the private group. To be honest, I find getting my arms around any of this in a permanent way is a lot like trying to nail jello to the wall.

Shadowy methods that are impossible to quantify are a red flag for caution.

What I DO like about what he does is the Anti-Hedging trades. I find that interesting, although I do not trade them, I am working with them in a demo. I believe that there is a seed of an idea there that can be made very useful, when a trend is in place.

Have a care, and do not take this as a criticism of Jacko - it is not. It is - just an opinion. Mine.

In the interest in disclosure - I am a Price Action trader in the style of James16. It just works and in all markets. J16 peole made excellent money on the E/U all winter and spring. It was too easy guys. Man - Jacko called longs on Bearish pinbars!

Last - and a caution to all.

You can be anyone you want to be on the Internet. Be careful.

Quoting generalz
Jacko does not provide a signal service, he teaches a his method and shows you his trades as an example. You learn to make your own trade decisions using your own discretion. You should of picked this up reading the thread.

Performnce Characteristic: It is very profitable!
I'm pretty much done with all this ...
  • #4,145
  • Jun 21, 2008 12:07pm Jun 21, 2008 12:07pm
Hi SP,
Ok Im a bit confused...are you a member of Jackos group? If not, you seem to know what hes saying or have access to his blog(?), and if so, I dont understand why you arent trading the AHs, as its an integral part of his method, and the only way to get back any losses you may have...so again if you are a member of Jackos group and you arent implementing the AH then you arent following Jackos method and Im not surprised you arent profitable.
This method works. Period. Im happy J16 traders are making money, price action is great I use it myself and everyone should be aware of PA setups imho, but what does that have to do with Jacko I wonder? And what exactly are you implying with the ominous ¨be careful anyone can be anyone on the internet remark?¨
take care, Raz
Never say never.
  • #4,146
  • Jun 21, 2008 3:22pm Jun 21, 2008 3:22pm
Quoting StoragePro
You can be anyone you want to be on the Internet. Be careful.

Hi StoragePro,

I only wish to say, that even if Jacko would stop posting his trades and would restrict himself to replying emails and writing his comments, I would still like to stay in his group. If you read what he writes, you can see without a shadow of a doubt, that this man is knowledgeable and has experience. And that is what I looked for when I decided to join - a wise mentor.


Oh, and this method is proving to be profitable for me. I trade more frequently than Jacko, I'm collecting experience and I totally enjoy it!
  • #4,147
  • Jun 21, 2008 3:55pm Jun 21, 2008 3:55pm
Am a new member and have done one trade myself which lost and the ah recovered it.

Am learning a lot and take one step at a time patience is half the battle
  • #4,148
  • Jun 21, 2008 5:09pm Jun 21, 2008 5:09pm
I have just spent the entire day... reading this entire thread and making notes for myself.

Thanks for all of the information. What I have learned here will take my trading to a new level.

I have sent PM's to a few of you regarding the Jacko Group, and I have sent and email to Jacko himself.

Thanks for all of the info. I look forward to learning more about this methodology.

Good trading.
James
  • #4,149
  • Jun 21, 2008 7:15pm Jun 21, 2008 7:15pm
I agree with SP that entries seem to be a bit of a hit and miss affair and I commented on that earlier in the thread.
Nobody replied to my request for more info on entries and I get the feeling nobody knows for sure what to do.

Everybody is looking for a retracement to fib50% and start shooting from the hip from there.

Jacko says he is trading off the 4H chart, but there was nothing there to suggest to enter @ 1.5350 recently (the trade he missed out on).
I think he just wanted to enter there, price being the lowest low for a while and hope for the best.
If the trade failed, the AH strategy would kick in.

Always wondered what his followers would do if a spike up would take them out of their trade for a nice profit and the price goes up for another 20 days and missing out on a fat profit, because they haven`t been taught how to handle this without a retracement coming first.
This is something that has never been discussed and I assume everybody would just wait and wait for the retracement to 50% which might be in 2 months time.

yeah, yeah, patience I hear everybody say, but I feel that the knowledge here to act in different scenario`s is not good enough to be an allround trader.

So yeah, the entries are a grey area to say the least.

I disagree with SP on the remainder. The exit is very clear with a 100 pip trailing stop. So what is so shadowy about that?
And if the trend stops? So what, other pairs might be trending and you could focus your attention on those ones and execute the same strategy. You dont need a system in trending and ranging markets (if one system like that exists at all).

All in all I reckon that Jacko got a good system going, sharing it kindheartedly with other people (unfortunately not on this thread), but I too wished that entries were set out clearer if that is at all possible.

no offence meant to anybody, just trying to learn more.
  • #4,150
  • Jun 21, 2008 8:02pm Jun 21, 2008 8:02pm
Quoting yonnie
~~ You dont need a system in trending and ranging markets (if one system like that exists at all).
I think one of SP's points was that you do not use a trending system in a ranging market and you need to know which market you are in.
Good Trading
  • #4,151
  • Jun 21, 2008 8:15pm Jun 21, 2008 8:15pm
Quoting jharvey407
I have just spent the entire day... reading this entire thread and making notes for myself.

Thanks for all of the information. What I have learned here will take my trading to a new level.

I have sent PM's to a few of you regarding the Jacko Group, and I have sent and email to Jacko himself.

Thanks for all of the info. I look forward to learning more about this methodology.

Good trading.
James
Hi jharvey,

This might help you put things into "context". It is from the group's blog and is some longer term views on where I see the market going....

....... I will give you my initial thoughts (which usually are the best indication...too much thinking about things can sometimes result in just a serious case of confusion).

I agree with your first two paragraphs as to the macroeconomic scenarios. The issues I would add to that which I think has an enormous impact is that there has been a seismic change in the relationships between US banks and their major customers which they stuffed with bad mortgages by the Billions. Those poisoned relationships will take a lot of healing.

However, overshadowing even that, the biggest elephant in the China shop is the ongoing debasement of the USD by the government

Ok...how does those issues impact on where I think the EUR/USD is heading ??...I still think that we will see above 1.6000 again in the near future.

The US economy is in serious trouble, and the political will to correct those problems is not anywhere in evidence.
Despite all the rhetoric from the US administration, they have worked out that the easiest political solution to many of the US economic problems is to simply allow the USD to fall and spread the pain over as many people as possible.
The Governement have decided some time ago to debase the US dollar to finance the yawning deficits. Mr Bernanke even said in his infamous speech back in 2002 (I think) that if he was in charge of the Fed and saw a recession looming he would "throw dollars from a helicopter" to get the markets stimulated. Hence his monicker of "Helicopter Ben".
Well he has found a better solution... The printing presses are running flat out printing dollars by the BIllions...That's why they now no longer publish the M3 money supply figures. ...If they did, the game would be up.
The U.S. has had difficulty attracting enough foreign investment to finance the Deficit (caused by, among other things, the huge and irresponsible spending by the US government on Trillion dollar wars, etc) in the past 6 years.
So, the governement has two options: they could either raise interest rates aggressively to attract foreign investment, which would bring the economy to a screaming halt....or actively but surrepticiously, allow a debasement of the currency, which would allow the foreigners to buy U.S. assets at a huge discount and get US exporters to start making money to reduce the deficit.

This debasement has been going on for 6 years now... It started slowly, gained momentum in 2004 (as the government got hooked on this new "drug"), only to see a dollar rally (because of minor, weak steps to slow the decline) in 2005, then the debasement accelerated again in 2006, 2007, and the first half of 2008 (as the Government got really "addicted").

Again, I repeat, the political will to correct those problems is not anywhere in evidence. Having said that, I also believe that there will be corrections along the way. However, I may (!!!) be amazed and see a Democrat President put serious, hard-line financial measures in place...but I doubt it !!! Presidents have a tendency to want to be re-elected !!
I see in the long term as high as 2.0000 within the next two years. But I think that level will be a major wake up call to the US authorities. At that stage, I would also think that the Government will have withdrawn from any financially debilitating wars.

Having said all that....I could be wwwrong!!

I hope that helps you


.
  • #4,152
  • Jun 21, 2008 10:42pm Jun 21, 2008 10:42pm
thanks Jacko for your view on the Eur/Usd.

I hope that if your picture changes that you would be kind enough to post in this thread.

ps earlier it was mentioned that it was wrong for Jacko to recommend a long trade on a bearish doji.
but in price action is a bearish doji not a sign that the bears had their day and the probable way is up?
as far as I`m concerned Jacko is trying to get in near the bottom and he is a very good bottom picker at that.
  • #4,153
  • Jun 21, 2008 10:54pm Jun 21, 2008 10:54pm
aud,

I think that even in a ranging market as long as the waves are of sufficient size, Jacko`s system would still do well, trying to get in near the bottom and get out near the top.

I dont think its good to almost rubbish a system because you can`t get your head around the entries without trying it out for yourself.
  • #4,154
  • Jun 22, 2008 5:00am Jun 22, 2008 5:00am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Please refer to post 4, page 1.

1. buy/ sell ONLY in the direction of the major trend and
2. buy/sell on dips.(Use support lines to guide you as to price...also "round" numbers ... I also use the 50% Fib ratio..)
3. bank your profits

note the order of entry points
1. Support lines
2. Round numbers
3. 50% fib

using the weekly, daily and 4h charts, draw 1 support line for each TF, this will identify the major trend and areas to watch, even in a ranging market this will identify the range and show both the top and bottom areas of support and resistance - it's up to you if you want to trade them and quite clearly on this thread some have been, we still look for a solid number to set our entry and use the AH if it fails.
  • #4,155
  • Jun 22, 2008 6:25am Jun 22, 2008 6:25am
Comment has been made previously in this thread about treating this as a "business" and using a "business plan". Can someone explain a little more clearly what that is in terms of the key principles/steps? [I appreciate that it is highly likely that business plans would need to be personalised...but presumably the principles will still provide the framework for defining a plan]
  • #4,156
  • Jun 22, 2008 6:26am Jun 22, 2008 6:26am
Quoting yonnie

Jacko says he is trading off the 4H chart, but there was nothing there to suggest to enter @ 1.5350 recently (the trade he missed out on).
I think he just wanted to enter there, price being the lowest low for a while and hope for the best.
A glance at the 4HR chart, or indeed any TF shows both 1.5350 and 1.5300 as major supports - I think that the retracement to 1.5302 on 13th June and the minor retracement to 1.5343 on 16th June strongly suggested an entry at these points.

Easy to see in hindsight of course.
  • #4,157
  • Jun 22, 2008 9:37am Jun 22, 2008 9:37am
Quoting rnl16616
Comment has been made previously in this thread about treating this as a "business" and using a "business plan". Can someone explain a little more clearly what that is in terms of the key principles/steps? [I appreciate that it is highly likely that business plans would need to be personalised...but presumably the principles will still provide the framework for defining a plan]
Hi rnl16616,

Forex trading is a business...it is not a game.

Within the inherent dangers of the greed of most traders and the massive leverage available, Forex trading is the most financially devastating and dangerous game in town.

However, used properly, it is easily the BEST business opportunity available on the planet.
If the average "newbie" trader can curtail their greed and inclination to "punt on every tick," the financial benefits from the leverage and the power of compounding is unprecedented in my business experience. (see here http://www.forexfactory.com/showpost.php?p=1425723&postcount=2 )

In regard to a "business plan", every business plan will be different for each person. For example, I am old and am not interested in being tied to a computer like some of the young guns in the GBP/USD and GBP/Yen thread. (Apart from being unsustainable in the long term as a method of trading, I want to have a life balance where Forex is a major part of my life...but not the ONLY thing in my life. However, I have great respect for the commitment for those guys...but it is a case of different strokes for different folks).

In regard to "principles (which) provide the framework for defining a plan", as a medium term trend trader the key imperative for me is to take a definite position on where the long term trend is heading.
That is the first principle from which ALL other trading decisions flow.
And surprisingly, it makes my trading soo much easier, because there is no need to continually stress over which direction to trade.

I hope that helps...


.
  • #4,158
  • Jun 22, 2008 11:48am Jun 22, 2008 11:48am
I have just copied this from an email I received today.

To mark its 75th anniversary this year, the Federal Deposit Insurance Corporation (FDIC) has recently launched a series of full-page advertisements in U.S. newspapers from the Wall Street Journal to The New York Times.
But the most telling FDIC advertisement wasn’t about their anniversary at all. The headline simply read:
KNOW YOUR LIMITS
Underneath this headline, in bold print, “FDIC protects depositors up to the basic insurance amount of $100,000 per account and retirement accounts, such as IRAs, to $250,000.” Then — and here’s the key — they go on to say…
BUT IT DOESN’T PROTECT EVERYTHING!
So I wonder why now? Why is the FDIC concerned that I know my limits for the first time in 75 years? And why, just days before the biggest, most important Fed announcement of the year?
Maybe it’s not just a 75th year celebration, but a series of full-page advertisements in the midst of the country’s worst financial crisis since 1990 (when more than 1000 American banks failed) seems just a bit suspicious. I can’t help but think the FDIC is firing a warning shot to Americans in response to Washington’s rant for a “strong dollar” and possibility of a Fed rate hike.
Well, on June 25th, when the Fed makes their announcement, IF THEY MAKE THE MISTAKE OF HIKING RATES, it will almost certainly force dozens of smaller banks to fail because of already weak capitals and bruised balance sheets…Spelling doom for millions of Americans.
The Fed has desperately tried to help FDIC member banks rebuild their capital ratios by cutting interest rates to 2% in recent months — which is why their “posturing” about a strong dollar has no validity.
This is EXACTLY Why We’re Calling Their Bluff!

Since its creation in 1913, the Fed has never hiked rates while unemployment rose — and they won’t hike now.
If it could, the Fed would increase rates now, as commodity prices continue to skyrocket. But no central bank worth its salt will raise interest rates amid a severe deflation in housing and consumer credit, and a deteriorating labor market.
But you can’t assume the government will make the right decision. If they choose to hike rates, it would be, at most, be a one time, mostly symbolic 25 basis point hike — and that would be the end of the Fed “getting tough” on inflation. Why? Because anything more aggressive would only fast track the 200 or more bank failures expected in the coming year or two — further worsening the crisis.
The Fed has no choice but to keep rates right where they are, at least for the moment, and let inflation continue to erode the purchasing power of Americans and all dollar-based investors.
is from a email I received.


Regards,


BabeFX.
  • #4,159
  • Jun 22, 2008 2:04pm Jun 22, 2008 2:04pm
Quoting BabeFX
I have just copied this from an email I received today.

is from a email I received.


Regards,


BabeFX.
Maybe this "e-mail" was from here (http://poorbuthappy.com/yourthing/post/will-your-money-be-insured-when-your-bank-fails/)?

Quote
And to prove my point concerning “trade-able�? direction, directly after the Fed announcement last September, Jack Crooks, in a span of just 60 days rattled off gains of… 57.9%... 52.6%... 47.4%... 38.7%...125.8%... 140.9%... and 190.9% without a single loss!

So please, let me know if you’ll be joining us — just click the “Register Now�? button below and enjoy the video interview as our FREE gift to you!

Dedicated to your success,

Erika Nolan, Publisher
The Sovereign Society

Just a spam, nothing more.
  • #4,160
  • Jun 22, 2008 3:13pm Jun 22, 2008 3:13pm
The Sovereign Society has some good stuff to offer, such as the best places to get another passport, banks and funds that the US gov't tries to prevent people from knowing about and investing in and services that expats really need. However, they are masters of spam at the same time. They sell a lot of gloom and doom stuff on their newsletter.
1 trader viewing now