Jacko's Forex House of Pleasure and Pain | Page 211 | 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

  • #4,201
  • Jun 25, 2008 10:02pm Jun 25, 2008 10:02pm
Quoting The Fxorce
So if all countries are first world countries then won't it be like doing business with other businesses in the USA, UK, EU? Sure some stuff like coding will be more expensive and perhaps some simple products will cost a little more to have made but that's usually eaten up in margin as you're seeing with 100% higher gas prices and McDonalds still hasn't raised prices on hamburgers.

Look there is no reason to expect the world to implode. That is what all you guys subconsciously want. I'm no psychotherapist but when people beg for the end of the world as we know it; it sounds like they were beaten as a child or perhaps didn't get a pony for their 6th birthday.

I know where the fanatical websites get their viewership now.

Common sense=Not so common these days.

CAN WE GET BACK ON TRACK TO JACKO'S TRADING METHOD ?

PLEASE ?
  • #4,202
  • Jun 25, 2008 10:05pm Jun 25, 2008 10:05pm
I'm very sorry for taking up thread space. Someone directed us to come to this thread to view the Sonray letter and a few people posted thoughts on it and honestly I did not mean to encroach on Jacko's thread. Very sorry.
Have a good trading day. Looks like ranging until next US session when dollar should weaken again.
It really is that easy.
  • #4,203
  • Jun 26, 2008 7:34am Jun 26, 2008 7:34am
Hi:

In your anti-hedging strategy, you say that if your stop is hit, you should wait for the market to go against you a further (approximately) 50 pips and then put in a stop order at the stop loss level that was hit.

What should you do if the market simply touches your stop level, and then continues in the direction that you originally traded? That is, it did not move against your stop level by the 50 pips.

Wonderful thread and system.

Thanks,
Barry
  • #4,204
  • Jun 26, 2008 7:38am Jun 26, 2008 7:38am
Quoting BarryPips
Hi:

In your anti-hedging strategy, you say that if your stop is hit, you should wait for the market to go against you a further (approximately) 50 pips and then put in a stop order at the stop loss level that was hit.

What should you do if the market simply touches your stop level, and then continues in the direction that you originally traded? That is, it did not move against your stop level by the 50 pips.

Wonderful thread and system.

Thanks,
Barry
I think the answer is to curse and let it go. Look for a new trade entry / setup..

That's my understanding anyway.

It's called sod's law.

John
  • #4,205
  • Jun 26, 2008 7:38am Jun 26, 2008 7:38am
Quoting BarryPips
Hi:

In your anti-hedging strategy, you say that if your stop is hit, you should wait for the market to go against you a further (approximately) 50 pips and then put in a stop order at the stop loss level that was hit.

What should you do if the market simply touches your stop level, and then continues in the direction that you originally traded? That is, it did not move against your stop level by the 50 pips.

Wonderful thread and system.

Thanks,
Barry
Hi Barry

What I would do if the above scenario happened, I would just let the trade go and start planning for my next entry. Remember, the market will always be there.

Hope this helps.


zoopy
  • #4,206
  • Jun 26, 2008 1:20pm Jun 26, 2008 1:20pm
Quoting BarryPips
Hi:

In your anti-hedging strategy, you say that if your stop is hit, you should wait for the market to go against you a further (approximately) 50 pips and then put in a stop order at the stop loss level that was hit.

What should you do if the market simply touches your stop level, and then continues in the direction that you originally traded? That is, it did not move against your stop level by the 50 pips.

Wonderful thread and system.

Thanks,
Barry

I think it's also fair to point out that although this can happen and does happen, It is not the norm. When I first read through Jacko's strategy, I too spotted what I initially considered to be a flaw in the method, but the reality is that it is not going to happen that often and that is what gives the anti-hedge strategy it's magic edge.

Of course we will have losses, sometimes concurrent but the anti-hedge will get us out most of the time. If it doesn't then so be it. Thats the price to pay or perhaps to be viewed in a business context as the cost of sales.

Happy Trading
  • #4,207
  • Jun 26, 2008 3:29pm Jun 26, 2008 3:29pm
Quoting The Fxorce
I'm very sorry for taking up thread space. Someone directed us to come to this thread to view the Sonray letter and a few people posted thoughts on it and honestly I did not mean to encroach on Jacko's thread. Very sorry.
Have a good trading day. Looks like ranging until next US session when dollar should weaken again.
No need to apologize. I very much enjoyed both posts - the one from Jacko and the one from you. But only time will tell what will happen and I hope the USD won't "crash & burn", since I like US and not only that, I still own some nice shares over there. (which I bought several years ago and I intend to hold them for several more years)
  • #4,208
  • Jun 27, 2008 12:14am Jun 27, 2008 12:14am
Hi everyone,

It seems like eurusd might be starting to retrace a bit now. Obviously market does what it wants and may shoot upwards. Only time will tell.
But, just planning next trade IF it retraces now, following Jacko's method, would we consider 1.5600 a good entry??? Very close to 50% fib from 1.5470, area of previous S&R and in the roundabouts of the upward TL from 1.5300.

Anyone thinking alike ???

Cheers and good weekend. (I'm not opening new trades on Fridays).

''I am too sexy for my pips, too sexy for my pips, too sexy yeahhh...''
  • #4,209
  • Jun 27, 2008 3:15am Jun 27, 2008 3:15am
Quoting Dudu 73
Hi everyone,

It seems like eurusd might be starting to retrace a bit now. Obviously market does what it wants and may shoot upwards. Only time will tell.
But, just planning next trade IF it retraces now, following Jacko's method, would we consider 1.5600 a good entry??? Very close to 50% fib from 1.5470, area of previous S&R and in the roundabouts of the upward TL from 1.5300.

Anyone thinking alike ???

Cheers and good weekend. (I'm not opening new trades on Fridays).

Could be as easy as 50% of yesterdays move at 1.5700.
  • #4,210
  • Jun 27, 2008 4:54am Jun 27, 2008 4:54am
Quoting BarryPips
Hi:

In your anti-hedging strategy, you say that if your stop is hit, you should wait for the market to go against you a further (approximately) 50 pips and then put in a stop order at the stop loss level that was hit.

What should you do if the market simply touches your stop level, and then continues in the direction that you originally traded? That is, it did not move against your stop level by the 50 pips.

Wonderful thread and system.

Thanks,
Barry

Hi everyone,

I am also a member of Jacko's first group, and have been trading the Jacko way since august '07.
Hello to all the fellow Australians, I'm from Tasmania, currently living in Ireland. So I think we have someone from every state......

I would also like to thank Jacko publicly, for all his help, I have read all his post's from his previous thread on the dailyfx site and checked his calls on the charts, and there is absolutely no doubt he is the real deal, and one of the most generous and helpful guys around. Thanks mate you have helped change my life.

@ Barry, don't forget that if the market does not retrace the 50 pips at that time, it mostly likely will at some point in the future......Current example on the 19th June I was stopped out at 5485, the market did not retrace 50 pips, so I put a line on my chart at 5435, and one day in the future maybe weeks or months, when/if the market falls back to 5435 I place my AH order.....As far as I am aware there is no time limit, the only factor is if the main trend is still up....

Good trading everyone.
  • #4,211
  • Jun 27, 2008 6:16am Jun 27, 2008 6:16am
How much money could you make by trading his calls?
I AM NOT AGAINST ANY RETARD. I AM JUST AGAINST ANY WRONG/LOSING TRADES.
  • #4,212
  • Jun 27, 2008 6:37am Jun 27, 2008 6:37am
Hi ya Everyone,

Could you please explain where you are getting the 50% Fib from..the weekly, daily, 4hr or hourly charts or does it just depend on what time frame you actually like trading??

Many thanx,
Adrian
  • #4,213
  • Jun 27, 2008 7:30am Jun 27, 2008 7:30am
Quoting aarangio
Hi ya Everyone,

Could you please explain where you are getting the 50% Fib from..the weekly, daily, 4hr or hourly charts or does it just depend on what time frame you actually like trading??

Many thanx,
Adrian
From all three time frames. But, higher the time frame, the better it works. I like best a combination of a 50% fib and a round number (1.5x00).
  • #4,214
  • Jun 27, 2008 8:07am Jun 27, 2008 8:07am
Quoting WarrenBuffet
How much money could you make by trading his calls?
He doesn't really make calls as such he just explains his view and what level he is looking to buy at.

I have joined his group and I am finding it excellent for me and I feel I am becoming a better trader due to the influence it is having on me.

My understanding is that Jacko trades 200 full size lots per trade.

This week he made one trade for 70 pips.

I followed his trade but I pulled out when i was up about 30 pips. I bought it again later and sold out again when i had made 70 pips on the second trade. (I had bought about 25 pips cheaper on my second trade so I still pulled out ahead of plan...)

I am annoyed with myself for bottling out, but I'll try to stick with it next time. I did okay but i'm not pleased with my personal performance.

I know there is a saying that says "don't let a winner turn into a loser", however for me, at the current time i need to concentrate more on the "trade your plan" saying.

I have great hopes.



John
  • #4,215
  • Jun 27, 2008 8:13am Jun 27, 2008 8:13am
The more I read about Jacko's style of trading the more it makes sense, and the more I see how it compliments my own style.

I just made my first Jacko style trade for a nice profit of +19 pips, which I consider good given the market over the last couple of days.

I'd like to thank everyone that has contributed to this thread, esp. Jacko.

Keep up the good work.

James
  • #4,216
  • Jun 27, 2008 8:24am Jun 27, 2008 8:24am
Quoting mjolimer
I know there is a saying that says "don't let a winner turn into a loser", however for me, at the current time i need to concentrate more on the "trade your plan" saying.

I have great hopes.



John

Yeah, I had the same problem too, but after I reduced my trade size to 2%, I feel totally relaxed. I started out pretty aggressively, risking 4% per trade, but after a few loosing trades (which I closed manually) and wiping out most of my earlier profits (due to nervousness!!! If I'd just let the trades play themselves out, I'd be a richer man), I decided to risk less.

I will slowly move back to 3% and later to 4%, that's for sure. But only after I'll "learn" to be just as calm as I am now. And my personal statistics show, that 70%+ of my trades are now profitable and the gains are higher than losses. I did not change anything, I'm just more relaxed!!!

Just as Jacko says - I love this business.
  • #4,217
  • Jun 27, 2008 10:03am Jun 27, 2008 10:03am
Hendrix,

I know how you feel.

Personally I track my success rate very closely. Right now I am just over 70% winners for the year.

That way, if I feel nervous about a trade, I can tell myself honestly...

If I play this trade according to my plan, there is a 70% chance that it will be a winner. IF I MESS WITH IT, my edge goes right out the window.. SO

TRADE THE PLAN!

Good trading.
James

Quoting hendrix
Yeah, I had the same problem too, but after I reduced my trade size to 2%, I feel totally relaxed. I started out pretty aggressively, risking 4% per trade, but after a few loosing trades (which I closed manually) and wiping out most of my earlier profits (due to nervousness!!! If I'd just let the trades play themselves out, I'd be a richer man), I decided to risk less.

I will slowly move back to 3% and later to 4%, that's for sure. But only after I'll "learn" to be just as calm as I am now. And my personal statistics show, that 70%+ of my trades are now profitable and the gains are higher than losses. I did not change anything, I'm just more relaxed!!!

Just as Jacko says - I love this business.
  • #4,218
  • Jun 27, 2008 11:27am Jun 27, 2008 11:27am
Quoting mjolimer
...This week he made one trade for 70 pips.

I followed his trade but I pulled out when i was up about 30 pips. I bought it again later and sold out again when i had made 70 pips on the second trade. (I had bought about 25 pips cheaper on my second trade so I still pulled out ahead of plan...)

I am annoyed with myself for bottling out, but I'll try to stick with it next time. I did okay but i'm not pleased with my personal performance.

I know there is a saying that says "don't let a winner turn into a loser", however for me, at the current time i need to concentrate more on the "trade your plan" saying...
John,

I trade a portion of my money the Jacko method and I bought at 1.5550 and still hold that trade. Has the group reduced their trailing stop loss down from 100 pips? As it has been mentioned that Jacko entered at 1.5500 on Monday, but now you say he only made 70 pips this week and you made less.

We haven't had any 100 pip pull backs yet this week. Why would either of you exit your trades? You implied you made a mistake, but what about Jacko?

This may be more information than the group wants to reveal and if so just say so. I don't want to be overly inquisitive, but I thought I had a very strong grasp of this system and now you got me questioning my rules.

(FYI: I have moved my stop to 1.5700 {yes, less than the 100 pips TSL but I am toying with a couple of modifications myself} so I have 150 pips locked in. I have done very well in this trading range the last few weeks.)

Thanks,

Sean
  • #4,219
  • Jun 27, 2008 11:33am Jun 27, 2008 11:33am
Quoting WarrenBuffet
How much money could you make by trading his calls?
I am not a signal service...My trades are not a recommendation.

They are simply to allow you to see when and what I am trading and why.

I don't ask people to follow only my trades.
My trades are simply my trades,...
some of the group trade my trades PLUS their own...(very successfully!!!)



.
  • #4,220
  • Jun 27, 2008 11:50am Jun 27, 2008 11:50am
Quoting seanchicago
John,

I trade a portion of my money the Jacko method and I bought at 1.5550 and still hold that trade. Has the group reduced their trailing stop loss down from 100 pips? As it has been mentioned that Jacko entered at 1.5500 on Monday, but now you say he only made 70 pips this week and you made less.

(FYI: I have moved my stop to 1.5700 {yes, less than the 100 pips TSL but I am toying with a couple of modifications myself} so I have 150 pips locked in. I have done very well in this trading range the last few weeks.)

Thanks,

Sean
Hi there Sean,

well man, I did buy @5550 also, I started it with a 100pips TSL but after is past through 5650 area I shorted it to 65 pips TSL. The reason for me to do that was that I don't want to give too much back to the market after winning, plus the ATR (100 bars) showed me that the volatility has reduced to 55 average lately. I haven't been stopped out yet and I have locked in 167 pips, but the more important reason is that this is making me feel more comfortable and there is no the thought in my head that I am giving back a lot to the market. Another reason is that we are approaching to 5800 resistant level so it can reverse quikly anytime from this area. If price break through 5800 maybe I'll consider to short my TSL even more to 50 pips but I cannot forget that on thursday ECB will (hopefuly) rise its rate so maybe we are about to see the price above 1.6000 to look for new and fresh highs. Price action will be talking to me where the market want to go at.

I think that the clear rule here is to trade comfortably fusioning Jacko's rules with my owns.

In the first trade early this week I made 72 pips and in this one I'm 167 pips secured.....VERY NICE FOR A NEWBIE

It's 12:49 p.m. NY time and the market is @ 5752


Good trades to all


TRADETHEPIPS
7 traders viewing now