Jacko's Forex House of Pleasure and Pain
I know some successfull fonds-managers and I never heard anyone talking about candlesticks...but all those small traders who loose for years talk about them all the time...just my experience and yes I've studied candlestick-patterns also when I was a looser
But as I said, if it works for you, it's fine!
Marco
I trust "Jacko's" turtles have all jumped in at the 50% retrace & "4hour
Pin bar"( if it completes ).
BabeFX.
I totally agree with you. I've read (and studied) two most popular books on this topic and I thought I'll be a Master of Universe (in Jacko's terms, hehe)... I even asked Jacko, why does he not use candlesticks, and he just replied, that he is more used to bar charts and that he never used CS's. And I thought, if a guy, who is successfully managining millions of dollars (for many years) without using this "ancient" patterns, why would I need those? And I decided to let go of them, even if I was a bit reluctant, because of spending so much time learning (500+ pages of reading) and studying all those 30+ patterns. And guess what... I don't miss them either.
I'm playing this ticket. Not sure about other "turtles". I'm a little more aggressive
Not because it's a pin bar though (I'm more of a vsa player, even though I do pull up the chart station every morning), 5750-5800 is supplied with plenty of buy orders and short stops. That son of a bitch dipped down to 75 but quickly got pushed back in minutes. The technical print was just so lucrative I couldn't resist. When this mo-fo moves I'm compounding the shit out of it.
Another very good read on Candlesticks is Nison's 'Candlestick Course'. This book TEACHES you how to MAKE USE OF candlesticks. It does much more that tell about them. It asks you to take what you are taught in small, precise lessons and then gives you candlestick questions to answer and patterns to interpret and predict. As interactive as a book can be. My copy shows $ 59.95 as the price, for the '03' edition.
(I do not get any compensation for books purchased)
Hey, no disrespect for BP.com, please. I found BP the BEST beginner course on forex out there.
A level is a level is a level! Once you identify the level you're interested in, candlestick/bar/line/what have you all offer clues. It doesn't matter how the level is observed, the important thing is if you can pitch your odds to the maximum and you got upside/downside room, then you're good to go. It doesn't matter a jot what technical printout you see on your template, as long as your risk is defined and you know what you're going to do about it, then you're all set to execute.
Find a level you want to enter, and then you can choose the various methods to engineer your entry & manage your trade, etc. Many people do the reverse, they choose the methods first, and then look for a level to enter.
One other thing I learnt from Jacko is: specialize, specialize, specialize. Have a decent template & set-ups and get these tight as a drum. Repeat and repeat and repeat, if you take notice of Jacko's trade calls you'll find them similar. same stuff over and over. 50%, horizontal markers, trendlines, it's the same old stuff but he knows his craft! The way he works his tickets is like second nature because he has done it thousand times.
Cut your losses quick if it's not working out, and compound the shit out of it when you're right.
No disrespect at all jimi hendrix, it sure is a great site for beginners.
Just don't think the section on candles is all you need to know about them
The question is how to deal with profit protection yesterday i made a trade by the "Jacko rules" i think :-) on the 50% fib retrace then the trade was 50 something pips on the plus side, but the retrace and i was stoped out with 44/45 pips, the trade was with a 100 pips trail form de beginning.
Jacko said that always exit the trades when the stop was it.
But the situation off being in profit and then see the profit goes away and becomes a lost, remember some years ago, and i don't want do that again.
So how do you guys do when this happens?
Vasco
Read The Disciplined Trader from Mark Douglas, it should help you with the emotional/psychological side of trading. I (and many others) found this book one of the best ones out there.
hi to everyone .. it's my first post here on jackos thread.
Looking at this month action i see that price is on a nice resistance, the 50% retr. of july high/low, but more than the fib retr. i think that 1.58 is giving great support... now for the next week i'm planning my entries for 1.59 or if price falls 1.58.. Underneath that level i don't know what to think onestly.
However i think these two are good entries .. but like someone here on this thread says : "I could be totally wrongggg !!!"
giuseppe
As Jacko says: You take it on the chin and move on!
But don't forget to put an AH on the exact same price where you were stopped out (after the price retraces 50 pips from your exit point).
Losses will happen, no matter which method you use, so don't get too upset about it - but I do know how you feel.
Thanks, i couldn't apply the AH because the price don't retrace nothing simple it my stop and move up
The Disciplined Trader will be my next read
Vasco
