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Jacko's Forex House of Pleasure and Pain

  • #4,741
  • Jul 24, 2008 6:31pm Jul 24, 2008 6:31pm
Quoting Lou
Greetings doberman. If you want to know more about how to trade Jacko's methods, please see my post above to James Cole.
(FYI, going short is not one of Jacko's rules.)
I mentioned patience being the a key to successful trading and this thread has always being about being patience. Going long when you recieve signals that are going to offer best bang for your buck.

Doberman, whilst I do not question peoples methods, this, as with many other threads, is here for people to learn from. Hence comments like just go short for 20 till you go long is both lacking any technical or fundamental reasoning for the trade and will most of the time just yield negative pips. If people want to post there trades, please include reasoning for why. There are too many people who read threads that are successful and believe that everything someone may write is correct.

Whilst we are at it. We have broken the 50% retracement (1.6037 on 15/7 to 1.5302 on 13/6)/ the low has been previous S/R a number of times and on the daily we look to have a doji which if closes above todays open with be a key reversal set up aswell. I will be a buyer of longs provided it does close above the open of today and my target buy will be 1.5710 ( i like it to travel above the psycological levels a bit).

Please remember, whilst comments on threads are designed to help out, you need to conduct your own technical and fundamental analysis to help work out buy/sell areas and SL and TP margins.

Take care all happy trading
  • #4,742
  • Jul 24, 2008 8:10pm Jul 24, 2008 8:10pm
Hi Lou Thanks very much for the pointer to jacko rules as you can see by the time i have been up late reading (uk time) them which i will do many times before my next trade,
Hi Cruze 2005 After reading Jackos rules i feel a bit of a fool hope my next post will be of help or of keeping with this site.
  • #4,743
  • Jul 25, 2008 2:12am Jul 25, 2008 2:12am
Hi all,

I would like to share some resources that I found on the web as belows:

Tech Analysis:
www.pfxglobal.com (http://www.pfxglobal.com), very good dialy to weekly forex analysis.
www.actionforex.com (http://www.actionforex.com), very good 4hourly forex analysis

Fundamental:
http://www.dailyfx.com/story/topheadline/Top_5_Most_Market_Moving_1205879160043.html
http://www.dailyfx.com/story/topheadline/Non_Farm_Payrolls__Dollar_Outlook_Hinges_1207242757904.html

News:
http://www.forexfactory.com/calendar.php

Forex Training:
http://www.tradingacademy.com/forexclasscontent.htm for beginer (video)
www.babypips.com (http://www.babypips.com) for beginer (Text)

http://www.pfxglobal.com/fibonacci-analysis/fibonacci-analysis-first-page.html for Fibonacci Analysis and more (video)

Book on trading Psychology:
The Disciplined Trader by Mark Douglas
Trading In The Zone by Mark Douglas
Enhancing_Trader_Performance_Trading_Psychology by Brett Steenbarger
The Psychology of Trading by Brett Steenbarger


Pls contribute to the list if you have more, I'm particularly looking for resources that going along with Jacko's trading system, mid-long term including Support/Resistance, Fibonacci, psychology.


Regards,
Toyogo
  • #4,744
  • Jul 25, 2008 3:16am Jul 25, 2008 3:16am
I have found a wealth of info at www.thelfb-forex.com (http://www.thelfb-forex.com)
put together by institutional traders with 30 years experience - gives you more of the insiders view of things - which I think Jacko seems to have sometimes or at least understand.

Very valuable - have daily video on home page, chart of the day, trade desk thoughts - I signed up for their am webinars - they are awesome - the guy who runs them was an institutional trader at Bank of England - and the insight you get is incredible. Great teacher.
  • #4,745
  • Jul 25, 2008 5:12am Jul 25, 2008 5:12am
I got a question, i don't know if it is a silly one but here you are :

What is going to happen when eur is going to stop trending, where should we move one or which currency, i'm not asking specifically which one but what kind of fundies should we search for to know which one is going to get into a trending cycle, because actually that's all we need, a trending cycle.
  • #4,746
  • Jul 25, 2008 5:20am Jul 25, 2008 5:20am
Quoting doberman
Hi Lou Thanks very much for the pointer to jacko rules as you can see by the time i have been up late reading (uk time) them which i will do many times before my next trade,
Hi Cruze 2005 After reading Jackos rules i feel a bit of a fool hope my next post will be of help or of keeping with this site.
Hey m8, welcome aboard. No one person here is a moderator (except for the mighty jacko himself) but we do like to keep the focus on a system that has been quite successful. I wish all the best of luck with there trades and hope profitable weeks continue to roll on.

Take care m8
  • #4,747
  • Jul 25, 2008 5:32am Jul 25, 2008 5:32am
Quoting giusepp8
I got a question, i don't know if it is a silly one but here you are :

What is going to happen when eur is going to stop trending, where should we move one or which currency, i'm not asking specifically which one but what kind of fundies should we search for to know which one is going to get into a trending cycle, because actually that's all we need, a trending cycle.
The best part about this system is that it can be used for any currency that is showing a trend, be it long or short. So whilst this thread is dedicated to the EUR/USD as it is where Jacko studied and predicted (to within a couple of pips) the trends direction and its turning points.

It remains to be but nowone really knows when the EUR (or other pairs) is going to have either a big reversal or a change in direction together. I guess in time we will see. So long as you do your chart analysis and trade what you see, use great MONEY MANAGEMENT and trail your stops you will start to get a feel for what is happening. If you are unsure, remain on the sidelines or trade a demo account. At the end of the day i remember this quote

"It is better to be out of the market wishing you were in than to be in the market wishing you were out".

i spent some good time on the EUR sidelines and traded some other pairs. Sure I had mixed results but once the EUR broke the 6000 level the first time there was alot of uncertainty. BS coming from Bernake didnt help. It was only in the past week I have gotten back in bed with the EUR/USD as it has gone back above the 6000 and looks like it may be continuing with its direction.

BTW I was in today at 5705 (not 5710 like i first said lol). I use a tighter stop loss in that I hate loosing money so I locked in Break even once I was up 15 pips. I now have my Trailing stop in place locking in profit as we move.

As always best trades to you all and good luck
  • #4,748
  • Jul 25, 2008 5:58am Jul 25, 2008 5:58am
Quoting cruze2005
The best part about this system is that it can be used for any currency that is showing a trend, be it long or short. So whilst this thread is dedicated to the EUR/USD as it is where Jacko studied and predicted (to within a couple of pips) the trends direction and its turning points.

It remains to be but nowone really knows when the EUR (or other pairs) is going to have either a big reversal or a change in direction together. I guess in time we will see. So long as you do your chart analysis and trade what you see, use great MONEY MANAGEMENT and trail your stops you will start to get a feel for what is happening. If you are unsure, remain on the sidelines or trade a demo account. At the end of the day i remember this quote

"It is better to be out of the market wishing you were in than to be in the market wishing you were out".

i spent some good time on the EUR sidelines and traded some other pairs. Sure I had mixed results but once the EUR broke the 6000 level the first time there was alot of uncertainty. BS coming from Bernake didnt help. It was only in the past week I have gotten back in bed with the EUR/USD as it has gone back above the 6000 and looks like it may be continuing with its direction.

BTW I was in today at 5705 (not 5710 like i first said lol). I use a tighter stop loss in that I hate loosing money so I locked in Break even once I was up 15 pips. I now have my Trailing stop in place locking in profit as we move.

As always best trades to you all and good luck
for your answer cruze.

me too got in at 1.57 from underneath, entering from underneath was a great exercise for my patience!
S/L up to 1.5650
  • #4,749
  • Jul 25, 2008 6:42am Jul 25, 2008 6:42am
Hello everybody,
My first post in this thread. I'm still reading the 300+ pages.

Put a long yesterday at .5700 for a 50-pip loss. I was waiting for the price to go at least 50 pips away from my sl (1.5650 - I'm using the old sl=50) to apply the AH strategy, but it didn't, so placed a buy stop at .5700, which is now at +40 pips. Is this the normal procedure? I mean, the trend catch me on the way up, but not where I was kicked off before.

Regards, and thanks

Middleastern
  • #4,750
  • Edited 8:21am Jul 25, 2008 8:05am | Edited 8:21am
AH trade picked up from .5712

sharing info? here is a great spot for daily view.

http://www.pfxglobal.com/eur-usd/eur-usd-currency-pair-analysis-fundamental-and-technical-forex-trading-2.html


p.s. here is an indicator someone asked me for, it is the info bar across the bottom of my charts that displays some really nice to have info at a glance.
Attached File(s)
File Type: mq4 Bid_View2.0.mq4   18 KB | 598 downloads
  • #4,751
  • Jul 25, 2008 8:06am Jul 25, 2008 8:06am
Quoting Middleastern
Hello everybody,
My first post in this thread. I'm still reading the 300+ pages.

Put a long yesterday at .5700 for a 50-pip loss. I was waiting for the price to go at least 50 pips away from my sl (1.5650 - I'm using the old sl=50) to apply the AH strategy, but it didn't, so placed a buy stop at .5700, which is now at +40 pips. Is this the normal procedure? I mean, the trend catch me on the way up, but not where I was kicked off before.

Regards, and thanks

Middleastern
If you look at the strategy, I think you should have waited for the price to keep moving against your direction for 50 more pips and then enter an order at the same price of your sl, once that is picked up and you get to the original entry price, the both trade summed up would give you a break even.
  • #4,752
  • Jul 25, 2008 9:13am Jul 25, 2008 9:13am
Well i got stopped out at 15 positive pips. Bummer but hey it was positive. There were some great results from the US news today that killed the momentum that was starting. Well I am out for the weekend. Look forward to your company next week

Take care all
  • #4,753
  • Jul 25, 2008 9:17am Jul 25, 2008 9:17am
Quoting cesare76fx
If you look at the strategy, I think you should have waited for the price to keep moving against your direction for 50 more pips and then enter an order at the same price of your sl, once that is picked up and you get to the original entry price, the both trade summed up would give you a break even.
That is the correct interpretation of the AH strategy. Price must move 50 pips or great lower than your previous SL, so that when you are in again you have the momentum carrying you towards you orginal entry. The profit you gain counters your previous loss and hopefully the momentum carries you further for profit.
  • #4,754
  • Jul 25, 2008 1:45pm Jul 25, 2008 1:45pm
Quoting cruze2005
That is the correct interpretation of the AH strategy. Price must move 50 pips or great lower than your previous SL, so that when you are in again you have the momentum carrying you towards you orginal entry. The profit you gain counters your previous loss and hopefully the momentum carries you further for profit.

I understand that, but what if it starts going up before it goes the full 50 pips down the alley? I'll have to put the buy stop somewhere, isn't it?


ME
  • #4,755
  • Jul 25, 2008 1:54pm Jul 25, 2008 1:54pm
Quoting Middleastern
I understand that, but what if it starts going up before it goes the full 50 pips down the alley? I'll have to put the buy stop somewhere, isn't it?


ME
Well that would be a completely new trade then. Normally Jacko would let the new rise play itself out and buy on the (next) pullback. If your AH is not triggered (ie market does not fall 50 pips below stop out point)you take the loss and wait for a new entry opportunity. Jacko doesnt chase the market though, hes got too much money riding on his trades...hope that helps, Raz
Never say never.
  • #4,756
  • Jul 25, 2008 2:03pm Jul 25, 2008 2:03pm
Quoting Middleastern
I understand that, but what if it starts going up before it goes the full 50 pips down the alley? I'll have to put the buy stop somewhere, isn't it?


ME
Nope. You take it on the chin and look for a new opportunity to get in. This may mean missing a move but there will be plenty of opportunities in the future. If you start jumping in with an AH and violating the rules, you will get whipsawed to death. Basically Jacko would call this "wild punting on every tick". The AH and its rules are very important to this strategy, if the criteria for the AH are not met, no order is placed.

Edit: Looks like Raz beat me to this one...
  • #4,757
  • Jul 25, 2008 2:13pm Jul 25, 2008 2:13pm
Quoting static
Nope. You take it on the chin and look for a new opportunity to get in. This may mean missing a move but there will be plenty of opportunities in the future. If you start jumping in with an AH and violating the rules, you will get whipsawed to death. Basically Jacko would call this "wild punting on every tick". The AH and its rules are very important to this strategy, if the criteria for the AH are not met, no order is placed.

Edit: Looks like Raz beat me to this one...
Your answer was better though, have a great weekend!
Never say never.
  • #4,758
  • Jul 25, 2008 10:06pm Jul 25, 2008 10:06pm
Quote
Originally Posted by newbietrader101 http://www.forexfactory.com/images/buttons/viewpost.gif (http://www.forexfactory.com/showthread.php?p=1884952#post1884952)
I trade only Eur/USD but I am now tradeing up to 10 X $100,000 contracts. Jacko showed me that ther was no advantage in dealing in other currenciies.
I am tradeing full time. ITS GREAT.

Quoting pavlov0032
Are you american?

so thats $100 PER PIP YOU TRADING? in that case if you risking 5% of your depo for a 100pips stop loss you gotta have

200k account?
Hi everyone. I'm just trying to figure out what risk per trade Jacko's method uses when starting out.

Are we saying:

1) Divide your risk capital into 20 shots of 5% and trade until you get up above your starting capital and then risk 5% of your increased account size? (so, for example, with a $100k account you risk a constant $5k on every trade until you are playing with OPM...then you increase your risk using the fixed fractional 5%, or whatever you are happy with)

or

2) Risk whatever % of account per trade you are happy with (more of a fixed fractional approach)...that is...if I'm comfortable risking 5% per trade, I maintain that risk % even if my account goes down from $100k to $80k.

Thanks in advance, Motu
  • #4,759
  • Jul 26, 2008 1:36am Jul 26, 2008 1:36am
Motu:If you risk 5% of your account and you are trading 10 full contracts with a 100pipSL you need a $200,000 a/c balance.ie you are risking $10000 ($1000per contract) which is 5% of $200,000.If only 50pipSL is used then you could trade 20 contracts for the same risk.
Obviously if your account balance increases then you can trade more contracts but if the balance decreases then you trade less contracts to maintain the same risk.
PS I'm another Kiwi and part of Jacko's group,his method is the best I've come across in 2yrs at this game.Cheers.
  • #4,760
  • Jul 26, 2008 3:09am Jul 26, 2008 3:09am
Quoting edge540
Motu:If you risk 5% of your account and you are trading 10 full contracts with a 100pipSL you need a $200,000 a/c balance.ie you are risking $10000 ($1000per contract) which is 5% of $200,000.If only 50pipSL is used then you could trade 20 contracts for the same risk.
Obviously if your account balance increases then you can trade more contracts but if the balance decreases then you trade less contracts to maintain the same risk.
PS I'm another Kiwi and part of Jacko's group,his method is the best I've come across in 2yrs at this game.Cheers.
G'day edge540...nice to bump into someone from the "Canada of the South Pacific"!!

I understand what you're saying.

On the other hand, I seem to remember another member mentioning a second approach....using the fixed % approach above your starting capital, but staying with a fixed amount of cash risk when faced with a drawdown below your starting capital so that the expected winning trade repairs your account faster.

On a side note, I used to be a semi-pro Blackjack player...one of the risks of using a fixed % on every trade (or hand) is that if you get down to 60% of your starting capital, for example, the trade (or hand) sizes must be reduced, and you eventually "die of boredom" and give up...!! A number of professional BJ teams give up because it can take 10's of thousands of hands to get back whole again.

I must admit I've always used fixed fractional on every trade with forex and futures...but is the addition of Jacko's A-H trade a reason to play slightly more aggressively when faced with a drawdown situation when starting out? (This is me thinking out loud....!)

Cheers, Motu
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