Jacko's Forex House of Pleasure and Pain | Page 246 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #4,901
  • Aug 8, 2008 4:56am Aug 8, 2008 4:56am
So how are the Jacko turtles doing as the EUR/USD plunges contrary to the basic Jacko view that we are still in an up trend? I'm being the devils advocate, where is the mighty Wattawatta "I'm becoming an awesome trader",all the converted are very conspicuous by their absence! So where do we go from here folks?This whole business seems more and more like random gambling to me.
  • #4,902
  • Aug 8, 2008 5:31am Aug 8, 2008 5:31am
Quoting edge540
So how are the Jacko turtles doing as the EUR/USD plunges contrary to the basic Jacko view that we are still in an up trend? I'm being the devils advocate, where is the mighty Wattawatta "I'm becoming an awesome trader",all the converted are very conspicuous by their absence! So where do we go from here folks?This whole business seems more and more like random gambling to me.
I havent taken a eur long since the end of July...I dont see any end to this drop and will continue to reevaluate as the situation evolves. It doesnt look good for eur bulls but then again you never know with this market. I have learned a lot from Jacko since we started last year, and I have always made my own decisions about entering or not entering regardless of what Jacko does or says. I value his experience and his advice highly but I make my own decisions If this is the end of a trend well so be it, I will be ready to jump on the train in the other direction if and when my analysis tells me to do so...I can only speak for myself as Im not really in contact with many other Jacko turtles, but I do know that we are all in this for the experience and none that I know of use Jacko as a signal system ...hope this helps and have a nice weekend everyone, I know I will , Raz
Never say never.
  • #4,903
  • Aug 8, 2008 5:38am Aug 8, 2008 5:38am
Quoting edge540
So how are the Jacko turtles doing as the EUR/USD plunges contrary to the basic Jacko view that we are still in an up trend? I'm being the devils advocate, where is the mighty Wattawatta "I'm becoming an awesome trader",all the converted are very conspicuous by their absence! So where do we go from here folks?This whole business seems more and more like random gambling to me.
Sure when one might not know what to look for exactly, it might look like random gambling and I'm sure most fall into that category of not understanding PA.

If one were to simply look at the 2005 start of the major uptrend on the weekly chart. It should be 100% clear that the EU down movements fall more under the category of a retracement and not a major trend reversal. But if the down movement continues to around the mid 1.3000's or lower I would definitely consider that a likely major trend reversal...JMHO!
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd w1 major up trend is not yet lost 8-8-2008.gif Size: 21 KB
  • #4,904
  • Aug 8, 2008 5:38am Aug 8, 2008 5:38am
Hi Edge,
I can't speak for the others, but I've woken up to hangover and a 100 pip loss after an entry at 370 (this wasn't Jacko's call BTW). Ouch.

That said, a few losing trades doesn't invalidate Jacko's method of trading. The past few weeks have not been good for trading this method, but don't throw the baby out with the bathwater - if you're trading the trend in the right direction, this method will work over the long-term.

So... the only real question is, are we trading the trend in the right direction? Well, without any news leading the huge fall over the asian session, there are only two things that could have caused everyone to buy dollars in the past few hours - sentiment or intervention. Neither changes the fundamental position of the US economy - weak getting weaker - as part of a trend that's been persistent for 7 years. Now admittedly Europe is having their own difficulties, but I believe the US is in more trouble than Europe (at present).

So, I'm still reckoning on the long-term trend being up. But I'll reassess very quickly if the price falls below 1.5000 and there's no whiff of intervention. If that happens, I'll sit out till I work out WTF is going on

Next trade will be an AH for me. And if that fails, I want price proving the long-term trend is intact before I jump in again. I'm not an awesome trader, but I've become a patient one.
  • #4,905
  • Aug 8, 2008 6:05am Aug 8, 2008 6:05am
Edge

Clearly you dont understand the concept of a trend so i wont bother trying to explain so my only advice to you is that you stick with your day job.
Your negative thoughts provide nothing of any value.
  • #4,906
  • Aug 8, 2008 6:05am Aug 8, 2008 6:05am
Quoting Carolyn
My broker is GFT. which is one of the better brokers, I think. And yes I was on the Daily chart. Well thanks anyway, Just never seen that happen before.
Would you post a chart for comparison? One of the issues may be the time that your broker uses for their charting. IBFX is on GMT.

James
  • #4,907
  • Aug 8, 2008 6:24am Aug 8, 2008 6:24am
Quoting edge540
So how are the Jacko turtles doing as the EUR/USD plunges contrary to the basic Jacko view that we are still in an up trend? I'm being the devils advocate, where is the mighty Wattawatta "I'm becoming an awesome trader",all the converted are very conspicuous by their absence! So where do we go from here folks?This whole business seems more and more like random gambling to me.
I just don't think there is anything to post here giving most of us stayed out of the market?
Take a report.
  • #4,908
  • Aug 8, 2008 6:26am Aug 8, 2008 6:26am
Quoting Gerard212
Edge

Clearly you dont understand the concept of a trend so i wont bother trying to explain so my only advice to you is that you stick with your day job.
Your negative thoughts provide nothing of any value.
This is a bit uncalled for. I dont think its unreasonable for edge to question Jackos strat, and as long as we are all respectful discussion is interesting...what we all have to understand is any method has downfalls, its how each trader manages the downfalls that counts...no insults please
Never say never.
  • #4,909
  • Aug 8, 2008 6:41am Aug 8, 2008 6:41am
Quoting razldazl
...what we all have to understand is any method has downfalls, its how each trader manages the downfalls that counts...no insults please
Well said razldazl. And after all, isn't being a part of Jacko's group simply so that you have access to his trades??! (and blog of course)

Money Management is key as taking losses is a part of this game.

Good trades all... and remember - no one system is perfect. It's how you manage those losses that allows you to remain in the game.
  • #4,910
  • Aug 8, 2008 7:01am Aug 8, 2008 7:01am
At times like these, it's worth re-reading the title of this thread.
All flesh is as grass
  • #4,911
  • Edited 8:18am Aug 8, 2008 7:07am | Edited 8:18am
Hi, to Mr Jacko method followers,
nearly all of us , know the very usefull Mr Jacko trend following method, in EURUSD , from 2000,2001 to 2008/04 the trend was UP and for 4 months it was ranging , but before 2000 the trend was DOWN ( from 1995 ) ( simulated price for EUR ) ,
now the question is , how we can understand end of UPTREND ?
does the double shoulder in weekly chart say something like that?
or we must wait for 300 candle per chart to confirm the NEW TREND?
  • #4,912
  • Aug 8, 2008 7:14am Aug 8, 2008 7:14am
Quoting edge540
So how are the Jacko turtles doing as the EUR/USD plunges contrary to the basic Jacko view that we are still in an up trend? I'm being the devils advocate, where is the mighty Wattawatta "I'm becoming an awesome trader",all the converted are very conspicuous by their absence! So where do we go from here folks?This whole business seems more and more like random gambling to me.
I come to visit this thread every now and then, and noticed the contents of the thread have changed considerably over time, this thread started when a man called Jacko decided to unselfishly share his knowledge and wisdom for free, for not so experienced traders out there, although the thread started to slowly turn into another EUR/USD thread..
  • #4,913
  • Aug 8, 2008 7:14am Aug 8, 2008 7:14am
I'd never thought I'll see someone with such a big head jump in the thread trying to prove no one else is making money? What's your point? What good have you ever done to this community?
  • #4,914
  • Aug 8, 2008 8:41am Aug 8, 2008 8:41am
I have had 4 losses in a row now and this reminds me very much when I blew my account last July on the upward trend of the GBP/JPY. I was very much married to the trend and trebled my account. Even though I was buying on dips and fib levels I lost on 90% of trades. The situation we have now with EUR/USD maybe a trend reversal so I would trade with Extreme caution.
  • #4,915
  • Edited 10:34am Aug 8, 2008 9:02am | Edited 10:34am
I take it the ones that are doing the griping have visited this thread looking for some answers as well as some entries and exits to trades. Without actually having contact with Jacko (signed up to get HIS analysis and access to his trades) it's kinda unfair to bash him. He hasn't posted here in quite some time. The little advice that was being given was from his turtles. Stop looking for someone to blame on YOUR losses! Jacko didn't tell you to mash your buttons, you did based on your assumptions of part of his knowledge that he imparted.
  • #4,916
  • Aug 8, 2008 9:03am Aug 8, 2008 9:03am
hmm ... theres a big change in the trend .... gonna sit out and watch ....
  • #4,917
  • Aug 8, 2008 9:08am Aug 8, 2008 9:08am
If you see the trend, trade it.
If you don't, that's what golf's for!
Sideways ranging market="where's my 5-iron".
  • #4,918
  • Aug 8, 2008 10:06am Aug 8, 2008 10:06am
Would this be a new downtrend and we wait for a retracement?

or is the trend still up?
  • #4,919
  • Aug 8, 2008 10:14am Aug 8, 2008 10:14am
Without Jacko i would still be in the trenches , but with his help and wisdom i now can make MY own dessicions.....ironicly i`m still short from yesterday 5460 and just lookin to close my position , wait for retrace and go short again....if you look at usdcad you can see that there is a cleen break and possibly change in trend , so for now i`m buyng $`s.....Thank you Jacko
  • #4,920
  • Aug 8, 2008 10:40am Aug 8, 2008 10:40am
Quoting Xenaga03
Would this be a new downtrend and we wait for a retracement?

or is the trend still up?
with respect for Jacko, not wanting to make this another EUR/USD thread, just briefly: as far as I'm concerned, with the time frame that "I" trade, the trend have been down since end of last month, about 1 week after the 1.6035 new high, and I've been shorting since, and I'm pretty sure that's the same way Jacko thinks as I saw that he's noted the double top of AUD/USD in another thread...
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