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Jacko's Forex House of Pleasure and Pain

  • #4,261
  • Jul 1, 2008 5:49am Jul 1, 2008 5:49am
Quoting Beaker1970
hello,
how long does a trade of Jack take ? in general.
Trades can vary from a few hours to a few days sometimes. Depends on market conditions.
  • #4,262
  • Jul 1, 2008 5:59am Jul 1, 2008 5:59am
by the way dude, the KISS abbreviation in the financial markets = Keep It Simple Stupid...!
  • #4,263
  • Edited 6:46am Jul 1, 2008 6:28am | Edited 6:46am
Quoting luqmanz
Hmm update .... i bought at 5750 .... seems like a stubborn support there .... and its also a resistance-turn-to-support area ( around 5700-5750) ...

I may be wrroonng ... lol
Seems like I wasnt wrong this time lol ....
Dunno waht happened but Fiber is now at 5800 ...
Moved the trail stop to break even @ 5750

Aiming to add a position if it breakthrough the 5800 with great vigor ... (I wish) lol ...
Attached Image (click to enlarge)
Click to Enlarge Name: fib.gif Size: 32 KB
  • #4,264
  • Jul 1, 2008 7:10am Jul 1, 2008 7:10am
I'm still happy waiting for a decent retrace and like a few others around here I'm aiming at the 1.5650 level for the confluence of the 50% fib, trendline and a round number entry point.....half the battle with adopting the "Jacko mindset" is learning patience.....something I've lacked in the past but I'm more than happy with my current results now I've stopped chasing every move.
  • #4,265
  • Jul 1, 2008 7:28am Jul 1, 2008 7:28am
i am happy i read this thread. you sounded so successful and so happy.i am just starting out in this bissiness and want to make a career out of it.i am still working, not young though(36),and still battling with overcoming the emotions of trading the forex.i consider your thread an excellent piece because it's balanced.you highlighted all the mistakes i have made and you also proffered solutions.i however do not understand what you mean by "whole numbers".please dont refer me to a five year old.i still do not know how to apply fibs.heared some swing low and high stuff from daily forex.couldn't really get it so i stuck to moving averages and the trend.would you want to help?
  • #4,266
  • Jul 1, 2008 7:35am Jul 1, 2008 7:35am
Because I am still learning Jackos method I am in the same situation.

I did not see an entry based on Jackos method, but the method I have been using since Jan 1, indicated a long trade.

I entered at 5757, aiming for a 30 pip TP, and the noise of the consolidation shook me out with a 27 pip loss. Had I adopted the 50 pip TSL of the Jacko method I would have at least hit BE.

James

Quoting tehuringa
I'm still happy waiting for a decent retrace and like a few others around here I'm aiming at the 1.5650 level for the confluence of the 50% fib, trendline and a round number entry point.....half the battle with adopting the "Jacko mindset" is learning patience.....something I've lacked in the past but I'm more than happy with my current results now I've stopped chasing every move.
  • #4,267
  • Jul 1, 2008 7:42am Jul 1, 2008 7:42am
Quoting abasiakara
i however do not understand what you mean by "whole numbers".please dont refer me to a five year old.i still do not know how to apply fibs.heared some swing low and high stuff from daily forex.couldn't really get it so i stuck to moving averages and the trend.would you want to help?
Whole numbers, 1.5800, 1.5750, 1.5700, 1.5650, 1.5600. Whichever is nearer to your entry and if you are someone who likes to buy cheap, the whole number for your entry of 1.5675 (if that's your 50fib or MA) would be 1.5650. If you are scared to miss out on action and want to have a larger SL, then your whole number would be 1.5650. Most welcome.GLGT.
Still waters run deep
  • #4,268
  • Jul 1, 2008 7:56am Jul 1, 2008 7:56am
Quoting jharvey407
Because I am still learning Jackos method I am in the same situation.

I did not see an entry based on Jackos method, but the method I have been using since Jan 1, indicated a long trade.

I entered at 5757, aiming for a 30 pip TP, and the noise of the consolidation shook me out with a 27 pip loss. Had I adopted the 50 pip TSL of the Jacko method I would have at least hit BE.

James
Hi James....the trendline I'm working off is from the 13th June. There was a move(from the 13th of June) reaching a high at 1.5650 on the 20th of June before retracing to 1.5475 on the 23rd. The move from the 23rd to the 30th culminating at 1.5834 has it's 50% fib at 1.5650.....these two 1.5650 points + the proximity of the trendline influenced my decision......but I could be wrrrrrong
  • #4,269
  • Jul 1, 2008 8:54am Jul 1, 2008 8:54am
Hallo i joined Jacko's 2 group and i should be operative in a week.
I hope to give a good contribution to this forum.

Bye
Patience is essential
  • #4,270
  • Jul 1, 2008 9:34am Jul 1, 2008 9:34am
Quoting luqmanz
Seems like I wasnt wrong this time lol ....
Dunno waht happened but Fiber is now at 5800 ...
Moved the trail stop to break even @ 5750

Aiming to add a position if it breakthrough the 5800 with great vigor ... (I wish) lol ...
I got stopped out at +3 pips ... lol
  • #4,271
  • Jul 1, 2008 10:07am Jul 1, 2008 10:07am
Quoting tehuringa
I'm still happy waiting for a decent retrace and like a few others around here I'm aiming at the 1.5650 level for the confluence of the 50% fib, trendline and a round number entry point.....half the battle with adopting the "Jacko mindset" is learning patience.....something I've lacked in the past but I'm more than happy with my current results now I've stopped chasing every move.
Hi tehuringa

The market severely punishes impatient traders...

Most new traders are impatient...

You are doing well

.
  • #4,272
  • Jul 1, 2008 10:31am Jul 1, 2008 10:31am
Quoting tehuringa
Hi James....the trendline I'm working off is from the 13th June. There was a move(from the 13th of June) reaching a high at 1.5650 on the 20th of June before retracing to 1.5475 on the 23rd. The move from the 23rd to the 30th culminating at 1.5834 has it's 50% fib at 1.5650.....these two 1.5650 points + the proximity of the trendline influenced my decision......but I could be wrrrrrong
Hi tehuringa
I presume your charts look like this...or have I lost the plot..... yellow box marks the entry for a long?
Attached Image (click to enlarge)
Click to Enlarge Name: test chart.gif Size: 21 KB
  • #4,273
  • Jul 1, 2008 1:26pm Jul 1, 2008 1:26pm
Hello All,

I've been reading a lot and benifit from the wealth of information in this thread thank you Jacko for all the info you gave and thank you all for sharing your thoughts.
I came across this video please check it out. Do you think 1.58ish is the highest EU can get?

http://www.cnbc.com/id/15840232?video=781966219&play=1

Your feedback would be greatly appreciated.
  • #4,274
  • Jul 1, 2008 2:36pm Jul 1, 2008 2:36pm
Quoting hanyr2001
Hello All,

I've been reading a lot and benifit from the wealth of information in this thread thank you Jacko for all the info you gave and thank you all for sharing your thoughts.
I came across this video please check it out. Do you think 1.58ish is the highest EU can get?

http://www.cnbc.com/id/15840232?video=781966219&play=1

Your feedback would be greatly appreciated.

Hmmmm. Doesn't look like the markets care much about what the president of france and now the EU has to say based on price but the question is will the ECB lighten it's tone becuase of this preassure.
  • #4,275
  • Jul 1, 2008 3:52pm Jul 1, 2008 3:52pm
Hi:

I'm long at 1 July at 1.5786. 100 pip original S/L, which I moved up to 1.5699 when the price went up.

I've read all the posts on this thread, and have compiled Jacko's original words, later words, and somewhat valid words by others into a document. In many cases I included the link addresses back to the original posts.

I am in the process of cleaning up the document. I plan to use it as a reference to my trading, and I plan to ask Jacko if I can join his group.

I'll attach it in its present form for comments/corrections. It is a pdf file, and since I have to use this format, I will eventually put in a proper table of contents, etc.

Barry
Attached File(s)
File Type: pdf Jacko.pdf   111 KB | 1,324 downloads
  • #4,276
  • Jul 1, 2008 3:59pm Jul 1, 2008 3:59pm
Thanks for taking the time to learn and even give something back to the ever growing following of Jacko.
  • #4,277
  • Jul 1, 2008 4:06pm Jul 1, 2008 4:06pm
Barry are you comfortable going into this Trichet speech with an open position?
Trichet is by far the loosest cannon in a central bank right now. His rate hike comment in June took the world by storm and rallied crude about $5 in a day. Now traders are starting to price in another hike in August. Trichet's workhorse economies; Germany, France and Italy can't stay in the black if he hikes two times. They are already crying at present euro prices not to mention he's raising oil for everyone in the world while he tries to make it cheaper for his countries; which, he is not accomplishing.
It really is that easy.
  • #4,278
  • Edited 4:17pm Jul 1, 2008 4:13pm | Edited 4:17pm
Quoting The Fxorce
Barry are you comfortable going into this Trichet speech with an open position?
Trichet is by far the loosest cannon in a central bank right now. His rate hike comment in June took the world by storm and rallied crude about $5 in a day. Now traders are starting to price in another hike in August. Trichet's workhorse economies; Germany, France and Italy can't stay in the black if he hikes two times. They are already crying at present euro prices not to mention he's raising oil for everyone in the world while he tries to make it cheaper for his countries; which, he is not accomplishing.
Trichet's speech is on Saturday, July 5. Thursday will be the NFP report. My birthday (64 years old) is on Sunday. It's a .01 lot on a demo trade. Bring 'em on Actually I'll probably be out by the time the NFP hits, or stopped out just after.

And there's the A-H to try out.

"Happy Canada Day!"

Barry
  • #4,279
  • Jul 1, 2008 5:39pm Jul 1, 2008 5:39pm
Thanks Barry, that's good to use as a reference. I'm also in the process of joining Jackos 2nd group. Hopefully it will cut down on my losses from bad decisions..
  • #4,280
  • Jul 2, 2008 6:47am Jul 2, 2008 6:47am
Barry,

Thanks for taking the time to compile the notes on Jacko's method.

I am also in the process of joining Jacko's second group, and it nice to have some refferance material.

James
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