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Jacko's Forex House of Pleasure and Pain

  • #4,561
  • Jul 13, 2008 8:12am Jul 13, 2008 8:12am
Quoting belekas
We know that rising wedge (reversal) is a bearish pattern. So just a thing to keep in mind if it wants to activate. The diamond and the bullish flag played out just lovely last weak. I have them posted in EURUSD thread, but if anyone wants I have no problem re-posting.

Cheers!
a link to the charts on the eurusd thread please, that way we dont clutter this thread up and those who are interested can have a quick look, thanks!
Never say never.
  • #4,562
  • Jul 13, 2008 8:17am Jul 13, 2008 8:17am
Hi folks - hope you don't mind me posting once more. (I've been playing golf this week , so I have not bothered to visit the FF. Priorities, and all....)

Fortunately, I am a better trader than a golfer!

So...

I note that the BEOB I posted about did not drop to previous major support. It happens. BUT, I will say this - it yielded pips, as expected. Smart PA traders made money on the trade - or at least broke even. So, the call was not wrong. It just did not yield the pips we would have liked. No problem though. Money was made. Next!

Then - a couple of days later - presto! Another opportunity - this time a Bullish Outside Bar right at the same resistance we got out at from the BEOB on July 7 - and smart PA traders have yet more profits locked in - and many are already out seeing that we are bumping again into a area of resistance. These areas will more often than not, hold. (See the attached chart, areas of S/R and the bars in question are clearly marked.) In fact, the Inside Bars after the BUOB were an opportunity to tune the trade and earn better R multiples... Beyond that, can you see why the BUOB and subsequent IB's were hesitant to climb? Look just to the left of the BEOB. Old minor support became new resistance for three days. Not at all unexpected.

My point of my original post was this - trading in the opposite direction of PA does not normally work out. There are a bunch of great examples of this in January (?) where Jacko, et al, traded against PA, and got run over. Not just one time. That timeframe was crazy good for PA traders. (Ahhh, the memories!)

This is not now, nor was it an attempt to bash (as I pointed out), but simply a note to have people look beyond where they are today and add a simply great tool to their tool belt. You can add this to Jacko's trend following methodology to tune entries, and get this - make money in sidewways markets too. (Which is what markets do most of the time)

'nuf said -

Ciao.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 7-13.gif Size: 16 KB
I'm pretty much done with all this ...
  • #4,563
  • Edited 8:51am Jul 13, 2008 8:18am | Edited 8:51am
Both J16 & Jacko's method stress simplicity, J16's essence of price action confirmation with PPZ's does combine well with Jacko's mid-long term trend trading. Both are geared to longer term trading and both stress the pitfalls of overtrading.

The idea that intra-day traders are tossing one up against the other is actually pretty sad.
Attached File(s)
File Type: pdf Jacko.pdf   144 KB | 3,667 downloads
File Type: pdf James16.pdf   50 KB | 2,238 downloads
Money & Pain Respect the market, protect your capital, be patient
  • #4,564
  • Jul 13, 2008 8:28am Jul 13, 2008 8:28am
Just try to keep in mind that a lot of people dont follow PA. So basically posting PA stuff on Jackos thread is just basically the wrong place thats all. Nobody is telling you your trades are right or wrong just some people dont really get what youre saying, so you should stick to posting about PA in threads about PA, thats all. Happy trading to all, Raz
Never say never.
  • #4,565
  • Jul 13, 2008 8:42am Jul 13, 2008 8:42am
Anti Hedge doubt?

Letīs say i place an buy order on EUR/USD at 1.5600 with a stop at 1.5500 and put a 100 pips trail, then the market starts to go in my favor to 1.5640 then retraces back and i am stopped out at 1.5540.

The 1.5540 is my new entry point when the market comes back again or the entry point is the original stop at 1.5500?

I hope i explain my self clear.

Vasco
  • #4,566
  • Jul 13, 2008 8:45am Jul 13, 2008 8:45am
Quoting vasco25
Anti Hedge doubt?

Letīs say i place an buy order on EUR/USD at 1.5600 with a stop at 1.5500 and put a 100 pips trail, then the market starts to go in my favor to 1.5640 then retraces back and i am stopped out at 1.5540.

The 1.5540 is my new entry point when the market comes back again or the entry point is the original stop at 1.5500?

I hope i explain my self clear.

Vasco
Hi Vasco,
your entry is always where you get stopped out in the end, so if hte market goes 50 beyond your stop at 1.5540 (1.5490) then you would get in again at 1.5540
Never say never.
  • #4,567
  • Jul 13, 2008 8:58am Jul 13, 2008 8:58am
Quoting razldazl
a link to the charts on the eurusd thread please, that way we dont clutter this thread up and those who are interested can have a quick look, thanks!
Diamond that reversed nicely, check it here (http://www.forexfactory.com/showpost.php?p=2102415&postcount=13884), and the bullish flag i was talking about on 30min and 1hr chart look here (http://www.forexfactory.com/showpost.php?p=2104505&postcount=14089). Hope those links are good razldazl, if theres a problemo, let me know

cheers!
  • #4,568
  • Jul 13, 2008 9:55am Jul 13, 2008 9:55am
Quoting Archer
One of the group members asked Jacko why he would share his method so freely. The concern was that if everyone used the method it would not be as effective. Jacko replied (I am paraphrasing)Most traders will not follow the method. They will add a bunch of indicators and trade shorter time-frames, trade against the trend and in the end their system will not reflect the core of the method he is teaching. Therefore, he had no concern sharing the method. He knew most traders would lack the discipline to follow it over the long term

...............

Archer

Quoting jacko
TO EVERYONE.....I am repeatedly amazed how some people make something so easy, into something sooooo difficult !!!

He's not only right on Euro!!!!
Take a report.
  • #4,569
  • Jul 13, 2008 10:10am Jul 13, 2008 10:10am
Quoting luqmanz
1.5900 is a resistance in Daily charts ... this level has been breached on Friday and it's a possible resistance-turn-to-support level ...

Take a look at the 1H charts .... price penetrated 1.5900 .. retrace at little bit and bounce up again at 1.5900 ... seems like it has truly become a new support ....?

In Daily chart .. it seems to me the bull train is still very strong .... notice the bull from 1.5300 to 1.5900 ... retracement to 1.5650 .. and now back to 1.5900 ....

1.5900 .. look attractive enough to me ...
The price has sat at 5896 almost all weekend just below this level. will the gap close if it is still there at market open? we will see when we reopen at 4 but euro does have a habit of closing more often than any other pair, it also has a habit of going back in the direction of the gap after it closes.
Don't chase the market, Let the market come to you
  • #4,570
  • Jul 13, 2008 10:24am Jul 13, 2008 10:24am
Quoting CateFul
He's not only right on Euro!!!!

Where is Jacko posting his comments these days?
Expected the unexpected
  • #4,571
  • Jul 13, 2008 10:28am Jul 13, 2008 10:28am
Quoting scyang
Where is Jacko posting his comments these days?

in his blog as always
Don't chase the market, Let the market come to you
  • #4,572
  • Jul 13, 2008 10:36am Jul 13, 2008 10:36am
........to razldazl and toyboy tramp for your responses.
  • #4,573
  • Jul 13, 2008 11:12am Jul 13, 2008 11:12am
If you look at the weekly chart you can see that the resistence of 1.5800 has been broken.I'm not shure but prices below that level could belong to the past.
let's see.
Attached Image (click to enlarge)
Click to Enlarge Name: eurb.gif Size: 19 KB
Patience is essential
  • #4,574
  • Jul 13, 2008 11:18am Jul 13, 2008 11:18am
Quoting benem
If you look at the weekly chart you can see that the resistence of 1.5800 has been broken.I'm not shure but prices below that level could belong to the past.
let's see.
Good point.
  • #4,575
  • Jul 13, 2008 11:23am Jul 13, 2008 11:23am
weekly chart
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 34 KB
  • #4,576
  • Jul 13, 2008 11:40am Jul 13, 2008 11:40am
Discussion on Euro - > EURUSD thread
Discussion on Jacko's method -> This thread

Pretty pretty please.
Take a report.
  • #4,577
  • Jul 13, 2008 12:06pm Jul 13, 2008 12:06pm
Quoting Mr Smith
That beob produced pips if you know what your doing, then the run up on euro also had a buob setup as well which produced nice pips.

I like and do trade jacko style trades as well as j16 trades, to laugh and right off beob's as if they don't work is not that smart, they clean up if traded like they are taught, look at the attached chart of pound daily, 1st red arrow, BEOB, HUGE WIN, all other arrows, pinbars etc, very easy stuff if you know the rules etc, J16 stuff works well, Jacko stuff works well, Laughing at J16 bars doesn't make them not work. Hopefully this laughing at j16 material as if it doesn't work will stop, so I can continue reading both threads without having to respond like this.
Raz's response was enough, it was level headed and sane, lets leave it at that.
Sure I still think it's a funny idea and cmon let me have my fun and just laugh. That's not against anyone, and if someone makes money with something it's always fine for me, it's just like seems weird to me...but I don't want to laugh about anyone! My brain just thought this is weird and funny so I had a laugh
  • #4,578
  • Jul 13, 2008 12:18pm Jul 13, 2008 12:18pm
What the hell is a BEOB I know it's off topic but hey.
Same Whore .... Different Dress
  • #4,579
  • Jul 13, 2008 1:57pm Jul 13, 2008 1:57pm
Quoting johnedoe
What the hell is a BEOB I know it's off topic but hey.
Bearish Outside Bar. It's J16 stuff. I don't put much significance to these PA setups, but since there are only few, I have them memorized.

See the attachment - it was made by zoopy.
Attached File(s)
File Type: pdf PriceActionSetups.pdf   42 KB | 1,629 downloads
  • #4,580
  • Jul 13, 2008 2:02pm Jul 13, 2008 2:02pm
Quoting hendrix
Bearish Outside Bar. It's J16 stuff. I don't put much significance to these PA setups, but since there are only few, I have them memorized.

See the attachment - it was made by zoopy.
Thank you
Same Whore .... Different Dress
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