Jacko's Forex House of Pleasure and Pain | Page 231 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #4,601
  • Jul 14, 2008 9:53am Jul 14, 2008 9:53am
Quoting CateFul
What he said was, "Take it on the chin and move on".
Thanks for finding that.
  • #4,602
  • Edited 10:18am Jul 14, 2008 10:06am | Edited 10:18am
Quoting nicolebobbin
a pullback to 1.5878 - 1.5844 zone is possible.
ICWR phenomenon (http://4xsystem.blogspot.com/2007/08/icwr-phenomenon.html)
yes, I am cosidering 5850 also, but I prefer to wait for a while before moving my order. You know those smartasses from the fed, so if they decide to open their big mouth...........................you know the rest!

With Oil @145,63 and Gold @969,90 it's going to be difficult to catch this market @5750 even 5800


Good trades to all

TRADETHEPIPS
  • #4,603
  • Jul 14, 2008 10:30am Jul 14, 2008 10:30am
Quoting tag
high glynnt -- the reason for 2 traders getting different range calculations is one has their chart set on ask quotes and the other buy , most web based charts are in ask mode -- fxcm customers for instance can toggle between bid and ask
hope that helps

tag
Thanks Tag, didnt realise about that, however on this occasion I was just being dumb. I was using my Oanda demo account and I just discovered it doesnt offer the 23.60% line (bit weird?) and I was counting the fibs and ended up on the 61.80% thinking it was the 50%. Back on my IG account now and all lines up.
  • #4,604
  • Jul 14, 2008 10:43am Jul 14, 2008 10:43am
IMHO I still see buying at 1.5800 as the real bargain. I got stopped out at 1.5862 on my 100 TSL, so any price under that level would be a bargain, but I think a buy order at 1.5800 is the safest you can get, with a 100 TSL at 1.5700, below that upwarding TL. .5800 is round nr and also close to the TL and 50% Fib of the last wave up.
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We leave no soldier behind.
  • #4,605
  • Jul 14, 2008 11:51am Jul 14, 2008 11:51am
is anyone here a member of jacko's private trading group?

if so, how is it working out for you?
  • #4,606
  • Jul 14, 2008 12:00pm Jul 14, 2008 12:00pm
Quoting rogerdoger
is anyone here a member of jacko's private trading group?

if so, how is it working out for you?
Yes, I am.

GREEAAAT!
Take a report.
  • #4,607
  • Jul 14, 2008 12:04pm Jul 14, 2008 12:04pm
Quoting rogerdoger
is anyone here a member of jacko's private trading group?

if so, how is it working out for you?

I am in his 2nd group and I am doing it outstanding, really great.

TRADETHEPIPS
  • #4,608
  • Jul 14, 2008 12:19pm Jul 14, 2008 12:19pm
I am one of the more recent recruits to the trading group.

I can say that being able to ask questions and get insight from a proven profitable trader is invaluable. There's nothing like being able to benefit from years of experience. Also, our weekly market overview and daily points of entry make learning the method Jacko uses painless to learn. Also, I've already recouped 1/2 the cost of joining the group from the first month of trades alone. Definetly worthwhile so far, and I suspect it will continue to be, given Jacko's track record.
  • #4,609
  • Jul 14, 2008 12:57pm Jul 14, 2008 12:57pm
The only regret I have about becoming part of Jacko's group is that I didn't do it sooner!
  • #4,610
  • Jul 14, 2008 12:59pm Jul 14, 2008 12:59pm
Quoting LearningPIPs
The only regret I have about becoming part of Jacko's group is that I didn't do it sooner!
lol I second that!
Take a report.
  • #4,611
  • Jul 14, 2008 1:00pm Jul 14, 2008 1:00pm
great info... keep it going! all the best in your trading...
  • #4,612
  • Jul 14, 2008 3:26pm Jul 14, 2008 3:26pm
Quoting toyboy tramp
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.
Thanks for the PDF's. While I love Jacko's way of trading, it will be nice to check out the J16 stuff too.

Btw, StoragePro, thanks for sharing those PA charts. It was a good "educational" read.
  • #4,613
  • Edited 3:43pm Jul 14, 2008 3:31pm | Edited 3:43pm
Quoting rogerdoger
is anyone here a member of jacko's private trading group?

if so, how is it working out for you?

I am in group two, I started in March 2008 . This has been a learning curve for me, not instant success! I promised myself that I would take every trade that Jacko took in the beginning. This is not a signal service, but I was sure that I could steal some winnings until I could trade for myself. I got caught up in the 2 counter trends trades and was down quick with no AH for back up. Then I tried a couple trades for myself and was down again. four losses in a row..I was not prepared...March was a bust, UGH!
This was not big $ damage but a bad start.

It tooK me three months to get my feet under me. During this time I calmed down:
I watched one pair, E/U.
Practiced waiting,
Read Jacko's blog.
Figured out some of the fundamentals necessary to trade, (this was the hardest part for me). Nothing like Jacko's experience to learn from.
Played with S/R, fibs, round numbers and AH.

Now I can pick my own trades and see if Jacko confirms? I will continue to build my confidence and if all continues to go well start growing this business!!!
  • #4,614
  • Jul 14, 2008 6:32pm Jul 14, 2008 6:32pm
Go to any decent trading literature and read what it says about successful trading. It'll say, trade with the trend, 50% of ranges are very important, proper money management, patience and discipline.

Jacko's method covers all these in a fantastic way. On top of that he has the AH strategy to help recoup any losses. Of course you need to watch yourself in sideways or ranging markets but you may not want to be trading then anyway. Thats where the patience and discipline will help. The other thing i truly believe is that a newbie to trading should not think about intraday trading until they have thoroughly watched markets for at least a year. My suggestion is to go and pick up a copy of the market wizards books and see how many of these guys got there scalping and intraday trading. Not many.

i think we can't see the forest for the trees at times and really forget about the compunding factor that this business provides. Jacko mentions this regularly and it is an essential point. The market will be there forever and provide opportunities endlessly. crudely quoting one of the guys from market wizards " the next trade is just one of thousands that i intend to make over my lifetime so why get hung up on it". If it works out then great and if it doesn't then move on. The main thing is to trade the plan to the letter. Jacko has provided that for us and our job is to just trade it. Lets do our job.
  • #4,615
  • Jul 14, 2008 8:26pm Jul 14, 2008 8:26pm
I just want to second some of the recent posts.

StoragePro and the other PA traders. Thanks for the info and the documents. I am always looking for ways to help eliminate the losing trades. Although I may never short a BEOB in a strongly trending market, it may make me wait for the BEOB to resolve itself, before going long again.

People asking about Jacko's Group. I am a new member of the second group. After 5 years of intense self study, and gettting up at 2 a.m. to trade and learn. Then going to my day job from 8 to 5. I started making consistent profits on Jan 1, 2008. I recently joined Jacko's second group and it has made a huge impact on my trading. I reccommend it. The price is nothing compared to the earning potential you will develop.

New traders. There is a lot you will need to learn. Read books about analysis. Read books about successful traders. 'Pit Bull' is one of my favorite. The next time you hear someone snivel about a few pips of slippage or a wide spread have them read the part in 'Pit Bull' about 'Front Running'. You will never complain about internet trading again. Wait for the absolutely best signal you can find, and let it go. Then calculate exactly how much money you just left on the table. Do this about 10 times. Then you will have the patience to wait for the good setups.

EVERYONE

Trade with the trend.
Buy near support.
Sell near resistance.
Buy on the way up.
Sell on the way down.

Good trading.
James
  • #4,616
  • Jul 14, 2008 9:40pm Jul 14, 2008 9:40pm
Quoting Lou
3rd of July? very nice. 3rd of June ? mid day wow !
July 3rd, got stopped last night, but very happy!
  • #4,617
  • Jul 14, 2008 9:51pm Jul 14, 2008 9:51pm
Quoting rogerdoger
is anyone here a member of jacko's private trading group?

if so, how is it working out for you?
I wrote this about three weeks past

I can answer this. I have been a member of Jacko's second group for 2 months and have made more than 75%. I am using an higher risk ratio than Jacko says to use but I wanted to copy and use his system of aggressively growing my account like he did. I have stuck strictly to his method and only traded with the trend. When I saw the heavy warnings on the risk of counter trend trades, I stayed away from them.
I printed off his whole blog and then highlighted the best parts. He has been fabulous in his quick responses to all my questions and has helped me tremendously.

I posted this in another thread
http://www.forexfactory.com/showthre...33#post2078333 (http://www.forexfactory.com/showthread.php?p=2078333#post2078333)

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.

If this is seen as a solid recommendation for Jacko and his system, that is what I have intended.
  • #4,618
  • Jul 14, 2008 10:29pm Jul 14, 2008 10:29pm
Thanks to Jacko, I've finally stopped the bleeding, lol. I'm learning a lot about trading fundamentals and technicals together, because its not ONLY what the fundamentals are, its how the market PERCEIVES the fundamentals. Also, learning how to pick dips in a trend and patiently wait for the right buying opportunity has been invaluable. I'm up 20% so far after 5 weeks of trading risking 5% per trade like he does.
  • #4,619
  • Jul 14, 2008 10:33pm Jul 14, 2008 10:33pm
Lets call a truce between the Jacko people and the James16 people here. I'm a member of both groups and they are both excellent. There are plenty of other currency pairs to trade price action on without insisting on shorting the Euro, for Pete's sake. Just take long price action trades in the Euro.

Oh and by the way, hourly DIBS trades are an EXCELLENT way of loading up Jacko trades for minimum risk. Just ask my forex account...
  • #4,620
  • Jul 14, 2008 10:36pm Jul 14, 2008 10:36pm
Quoting jharvey407

EVERYONE

Trade with the trend.
Buy near support.
Sell near resistance.
Buy on the way up.
Sell on the way down.

Good trading.
James
I joined Jacko last month and find his strategy straight-forward and easy to follow. You just need discipline and check your emotional at the door. Keep following simple guidlines like jharvey's here and over time, your experience will grow and you'll become a successful trader. I know I'm making quick progress getting rid of all the noise that would always distract me such as reacting to short term events thinking I can hit a home run...no longer. I'm now becoming a trader.

Rando
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