Jacko's Forex House of Pleasure and Pain | Page 251 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #5,001
  • Aug 11, 2008 5:20pm Aug 11, 2008 5:20pm
Trading systems do not last forever. Market dynamics change in subtle ways every day. Sometimes they change dramatically - such as the last two weeks.

This system has merit in the right market conditions. The last two weeks where definitely not conducive to this system if you believed the pair was trending up. However if you had noticed a double top around 1.6030 and was brave enough to trade the system in a market trending down you would have made a chunk of money.

Without a doubt, any system requires some experience and knowledge to make it profitable. Take the best system in the world and give it to an inexperienced trader and I guarantee that the account will be blown over time.

I used to post in an instant bulletin service but no longer take the time to post. I do however read various forums when time permits.

Anyway time for me to get down off my soap box. In closing I will say to all - trade someone else’s system at your own risk. The system designer knows the system weaknesses and short comings and is able to compensate when market conditions change.
  • #5,002
  • Aug 11, 2008 5:24pm Aug 11, 2008 5:24pm
Nice post RAGU keep the tips coming have been looking back at the charts using 1h /15m your right thanks
anyone using jacko method on usd/jpy or any other up trend currencies
  • #5,003
  • Aug 11, 2008 6:12pm Aug 11, 2008 6:12pm
Thanks for the comments BabeFx and Doberman...I try to keep my trading as simple as possible and let the market dictate what position I should take..all I want to do is hop on for the ride...yes, the pivot highs and lows on the 1H charts are great indicators in terms of how much strength or weakness a move will have trading off the 15M time charts...
  • #5,004
  • Aug 11, 2008 6:26pm Aug 11, 2008 6:26pm
How is your trading live going
Is this a good time to be trading
  • #5,005
  • Aug 11, 2008 7:07pm Aug 11, 2008 7:07pm
Ok folks,

I've got a question. But before I answer it please know that while I am new to the thread I've read the entire thing cover to cover and fully understand the base ideas behind Jackos' strategy/method.

The question I have is why is the A/H not put in place on a winning trade?

Hear my reasoning out here for a moment if you will....

The ONE CORE RULE of Jackos' system is to ALWAYS FOLLOW THE TREND right? Well lets say you enter a trade, the market goes against you and you're stopped out for your SL. The market continues, you enter AH, in returns to the trend and recoup your loss (hopefully).

So lets try the oppisite: You take a long trade THE MARKET GOES WITH YOU for say +150 before your tsl kicks in to exit the trade for +100 (just using the oridignal numbers for illustration). So in my hypothetical example why wouldn't you do the same thing with a winning trade? Let the market continue then place a long order where your TSL stopped you out? When the trend continues you're back in for profit....

What's the difference between that and AH?

I'm not attempting to mess with a proven method....rather learn the strengths and weaknesses so that I can learn better and become a better trader.

-David
  • #5,006
  • Aug 11, 2008 7:29pm Aug 11, 2008 7:29pm
Quoting Blue@Heart
Ok folks,

I've got a question. But before I answer it please know that while I am new to the thread I've read the entire thing cover to cover and fully understand the base ideas behind Jackos' strategy/method.

The question I have is why is the A/H not put in place on a winning trade?

~~~

-David
David,

I thought the same thing at one point and my reason for not using an AH on a winning trade is usually you will find a better entry point than where you were stopped.

Say I had a winner that stopped out then it moved like it did last/this week. Do you really want to wait for it to come back 600 pips to pick up the trade?

Have I done what you are asking about? Yep, 3 times. Did it work? The only time it worked was when I got stopped, dropped about 10 more and went right back up. It was a trade I was in and news spiked it. Technically not an AH as it did not drop 50 past.

Reason #2, if I remember correctly (please correct if I'm wrong) 50% fib is used with round #'s (per text provided in the beginning) is used for entry point if you do not have an AH.

Hope it helps.
  • #5,007
  • Aug 12, 2008 1:09am Aug 12, 2008 1:09am
It might be the right time for those of you that have rigidly stuck to the Euro long side, to start looking for opportunities to short the Euro.

Same rules will apply, that is to wait for a retrace B4 entering the market.

Regards,

BabeFX.
  • #5,008
  • Aug 12, 2008 3:25am Aug 12, 2008 3:25am
as far as i know, a system is worthless without good analysis, and the only ones that have been losing heaps in the last 1-2 weeks, are those who stubbornly stuck to their belief that Euro is always going to go up forever, and fail to notice that the short-medium trend have changed, and if you have 60-100 pips stop loss, you are NOT trading long term, at best you are trading medium term, not even that, I think most people that are here losing, have got all their time frames, and strategy all mixed up
  • #5,009
  • Aug 12, 2008 3:26am Aug 12, 2008 3:26am
Quoting jharvey407
Jacko has answered every single one of my emails within 24 hrs.

He also posts to his Blog on a daily basis, many times 4 or 5 times a day.

He also takes the time to post relevant emails and responses.

He also sends SMS messages to alert people to trades and important posts.

In addition he is starting a managed fund, which is occupying much of time.

James
Im talking about this thread, not his private group.
Never say never.
  • #5,010
  • Aug 12, 2008 8:22am Aug 12, 2008 8:22am
Quoting dragoncat
as far as i know, a system is worthless without good analysis, and the only ones that have been losing heaps in the last 1-2 weeks, are those who stubbornly stuck to their belief that Euro is always going to go up forever, and fail to notice that the short-medium trend have changed,
What caused the change?
The Fed can't fight reality for ever.
The truth shall overcome.....
  • #5,011
  • Edited 8:39am Aug 12, 2008 8:29am | Edited 8:39am
We have reached a 50% retracement of the last part of the leg down.

Maybe a good place to look for a short trade.

Personally I will wait for another attempt to take out the 50% retrace, in other words I will wait for the close of the next 60min candle not the close of the current one.


I do have an order in the market to enter short lower down using a different method.

Regards.


BabeFX.
  • #5,012
  • Aug 12, 2008 10:46am Aug 12, 2008 10:46am
Quoting BabeFX
We have reached a 50% retracement of the last part of the leg down.

Maybe a good place to look for a short trade.

Personally I will wait for another attempt to take out the 50% retrace, in other words I will wait for the close of the next 60min candle not the close of the current one.


I do have an order in the market to enter short lower down using a different method.

Regards.


BabeFX.
Just to let you know, Jacko is still looking for long positions. Im not saying you are wrong and he is right or vice versa but since this is his journal maybe you should let him make the calls here...
Never say never.
  • #5,013
  • Aug 12, 2008 12:20pm Aug 12, 2008 12:20pm
Quoting razldazl
Just to let you know, Jacko is still looking for long positions. Im not saying you are wrong and he is right or vice versa but since this is his journal maybe you should let him make the calls here...

raz,

This thread is about trend trading the Euro, using round numbers, trendlines, 50% retrace & a lot of luck.

If Jacko objects,then I will stop posting !


Regards,

BabeFX.
  • #5,014
  • Aug 12, 2008 12:38pm Aug 12, 2008 12:38pm
Quoting tommyd
What caused the change?
The Fed can't fight reality for ever.
The truth shall overcome.....
it doesn't matter, trade what you see on the chart, not what you think, the trend is down on short-medium term, so sell the rallies until the trend changes again..

having said that, a bottom seems to have been found (around 1.4814) and the upward movement may be resumed by as early as tomorrow depending on further confirmations..

anyway this will be my last post regarding Euro, it's not the right thread..
  • #5,015
  • Aug 12, 2008 12:38pm Aug 12, 2008 12:38pm
sos
Jacko where are you?
  • #5,016
  • Aug 12, 2008 1:48pm Aug 12, 2008 1:48pm
Doberman, he's in/at the Olympics.

Babefx - I agree with you, but I guess the thing is that Jacko's thinking is that the trend hasn't changed, so although some of us are taking 'non-Jacko' counter-trend trades at the moment, what no-one's advocating is doing them with an AH in place.

So the next Jacko-style entry will be long.

Good trading.
  • #5,017
  • Aug 12, 2008 2:07pm Aug 12, 2008 2:07pm
Quoting triphop
Doberman, he's in/at the Olympics.

Babefx - I agree with you, but I guess the thing is that Jacko's thinking is that the trend hasn't changed, so although some of us are taking 'non-Jacko' counter-trend trades at the moment, what no-one's advocating is doing them with an AH in place.

So the next Jacko-style entry will be long.

Good trading.
triphop,

I can't for the life of me remember mentioning AH.

I really worry about groupies who feel obliged to follow a Guru through thick or thin with no apparent regard for their own wellbeing.

Please don't take this personally, I am not suggesting for one minute that you are one of the groupies.

Regards,

BabeFX
  • #5,018
  • Aug 12, 2008 3:07pm Aug 12, 2008 3:07pm
The four hour showed a nice exhaustion spike above the 50% fib taken from the sept 4 07 level. I won't enter blind but if that holds, I am in long.
  • #5,019
  • Aug 12, 2008 4:11pm Aug 12, 2008 4:11pm
Quoting razldazl
Im not saying you are wrong and he is right or vice versa but since this is his journal maybe you should let him make the calls here...
Quoting rsq955
I know that FF has free speech, but can the mods please clean up the trash in this thread?
If the "random guesses and journal like posts and comments" were removed and we boiled the thread down to a true essence of jacko's posts and actually new / current info / his thoughts on the market, left out all the already answered questions, "what I just did" and "what I think" posts, we'd have less than 100 post count.

Not that I'm saying that that would be a bad thing.
Trust price. Know yourself.
  • #5,020
  • Aug 12, 2008 5:12pm Aug 12, 2008 5:12pm
Quoting ownshook
The four hour showed a nice exhaustion spike above the 50% fib taken from the sept 4 07 level. I won't enter blind but if that holds, I am in long.
My own trading method had me short last week.

Today I got a signal to go long at 1.4927.

James
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