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Jacko's Forex House of Pleasure and Pain

  • #5,121
  • Aug 20, 2008 3:46am Aug 20, 2008 3:46am
Quoting Vips
I agree, I'm going to wait for lower low and then for the high to be broken. I'm still a little stuck as to whether to wait for a cheap price (as Jacko would say) at around 1.4650 or wait for a full confirmation and go in at 1.4850?
difficult to say. if you enter at a cheap price such as 4650 , before it reaches 4850, you have the chance of entering at a discount price, but also a bigger probability of being stopped out. However, if you enter at 4850, you get in at an expensive level, but safer. its all up to your risk appeal.

I will not buy around these levels yet, because the price didnt impress me with the latest movement. Maybe 2-3 higher lows on the hourly would give me the assurance that we are likely to go up from there.
We leave no soldier behind.
  • #5,122
  • Aug 20, 2008 4:06am Aug 20, 2008 4:06am
Quoting gagiul
difficult to say. if you enter at a cheap price such as 4650 , before it reaches 4850, you have the chance of entering at a discount price, but also a bigger probability of being stopped out. However, if you enter at 4850, you get in at an expensive level, but safer. its all up to your risk appeal.

I will not buy around these levels yet, because the price didnt impress me with the latest movement. Maybe 2-3 higher lows on the hourly would give me the assurance that we are likely to go up from there.
How important would you say buying cheaply is for Jacko's trading method? While the trend is in full swing, this works effectively, but while waiting for the trend to resume, I can't help but feel we're trying to catch the bottom.

I'm still quite a newbie at this, and I'm always trying to effectively gauge what price is actually telling me.
Jacko Turtle - 2nd Group
  • #5,123
  • Aug 20, 2008 4:36am Aug 20, 2008 4:36am
Quoting Vips
How important would you say buying cheaply is for Jacko's trading method? While the trend is in full swing, this works effectively, but while waiting for the trend to resume, I can't help but feel we're trying to catch the bottom
you are completely right. Trying to buy cheap during the fall is pure suicide IMO. I did it and I got burned every time. Instead of trying to buy cheap, I should have looked at the Price Action and notice that there was no higher high, price was getting rejected from any small resistance level. Same now...the euro rallied in late NY yesterday but now it seems that europeans dump it like garbage, together with the pound.

So I will definitely not buy before we go above 4810 at least, the last high. Being too cheap sometimes makes you buy shitty products which get broken fast. Better buy expensive but higher quality.
We leave no soldier behind.
  • #5,124
  • Aug 20, 2008 5:14am Aug 20, 2008 5:14am
Quoting newbietrader101
I no how you you feel. I was always scared when i had a trade on before. My chest woold get tight and i stayed looking at the screen for hours. Now i dont even sweat about it. And I am making more money than i ever expected to. Jacko showed me how to lose the fear of trading.
Hes da man

Hi newbietrader101,
May I talk to you? Send me an e-mail if possible. actiontrader1 at yahoo.com
Thank you very much.
  • #5,125
  • Aug 20, 2008 5:49am Aug 20, 2008 5:49am
Quoting Lou
Interesting.. so when are breakfast and dinner served?

Also note as johnedoe stated .... 4 time zones in continental US... thus 4 different noon lunch times.
I have breakfast at 06.30 AM, lunch at 10 AM, then another "lunch" at 3 PM and dinner at 8 PM - and snacks in between =)

Anyway, I'll be looking at NY lunchtime on my charts.
  • #5,126
  • Edited Aug 21, 2008 12:39am Aug 20, 2008 11:39pm | Edited Aug 21, 2008 12:39am
Quoting gagiul
Being too cheap sometimes makes you buy shitty products which get broken fast. Better buy expensive but higher quality.
Hahah it's true, there are a lot of cheap and shitty products here in my country.. Btw you do notice if price were trending; with just simple HH HL, LH LL You could trail your stop better rather using 100 pip automatic trailing stop (Of course it was easier said than done) ...

Don't mind my indicator would you, I just love the colors of it..

1. Up trend..
2. Simple Up move..
3. Down trend / Down move / Big Correction or Whatever..
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euro usd .gif Size: 31 KB
Click to Enlarge Name: euro usd 2 .gif Size: 38 KB
Click to Enlarge Name: euro usd 3 .gif Size: 34 KB
  • #5,127
  • Aug 21, 2008 2:19am Aug 21, 2008 2:19am
Quoting Men'inTights
Hahah it's true, there are a lot of cheap and shitty products here in my country.. Btw you do notice if price were trending; with just simple HH HL, LH LL You could trail your stop better rather using 100 pip automatic trailing stop (Of course it was easier said than done) ...

Don't mind my indicator would you, I just love the colors of it..

1. Up trend..
2. Simple Up move..
3. Down trend / Down move / Big Correction or Whatever..

Hey MIT,
thats one indicator we should all have on our charts..., Raz
Never say never.
  • #5,128
  • Aug 21, 2008 6:50am Aug 21, 2008 6:50am
guyz i lo0ked everywhere for the answer to these qs:

1.how do u diff bet trend end and retrace?
2. Entering on a 50% fib which swing do u lay ur fib at

Can some0ne kindly guide me to where the answer is?
Ty
  • #5,129
  • Aug 21, 2008 7:03am Aug 21, 2008 7:03am
Quoting hendrix
I have breakfast at 06.30 AM, lunch at 10 AM, then another "lunch" at 3 PM and dinner at 8 PM - and snacks in between =)

Anyway, I'll be looking at NY lunchtime on my charts.
At which meal do you have potica ?

Yes... things seem to happen just before the NY guys go to lunch.... and sometimes after they come back.
  • #5,130
  • Aug 21, 2008 7:06am Aug 21, 2008 7:06am
Quoting gagiul
It might be too early to call this a support, but I think tomorrow we can see if the 1.4700 area can be a good place for buys.
It finally seems that euro is gaining some strength and the european traders dont dump it like a piece of garbage.

The TLs and Fib confluence at 4600 proved to be a good support, at least temporary. I am in at 4700 and for the first time maybe more than 1 month, I have a long order on euro with a locked in profit of +32 pips
Besides, a wounded soldier is waiting for me at 4850. Not very happy about this AH coz 4850 might be a tough nut to brake.
Attached Image
We leave no soldier behind.
  • #5,131
  • Aug 21, 2008 7:11am Aug 21, 2008 7:11am
Quoting ezz
guyz i lo0ked everywhere for the answer to these qs:

1.how do u diff bet trend end and retrace?
2. Entering on a 50% fib which swing do u lay ur fib at

Can some0ne kindly guide me to where the answer is?
Ty
1. I don't completely get the question but I think you are asking if there is a difference in order placement for a retracement and a trend change. A retrace you would buy (this is the trend for years in EUR/USD) IF the trend changes the order would be a sell. The current trend is still a buy trend. See top chart. (Left side at the bottom, right side at the top, up trend, ask a 5 year old, they will confirm)

2. I use most recent highest high and lowest low. See bottom chart below.

Hope it helps.
Attached Images
  • #5,132
  • Aug 21, 2008 7:21am Aug 21, 2008 7:21am
Quoting ezz
guyz i lo0ked everywhere for the answer to these qs:

1.how do u diff bet trend end and retrace?
2. Entering on a 50% fib which swing do u lay ur fib at

Can some0ne kindly guide me to where the answer is?
Ty
i will try to answer; just take into account that this is my approach and the way I understood Jacko's method.

1. well, you cant know a new trend in its early stages. Take into account the recent drop of the euro. The fact that it fell below 5300 scared many and made them saying that this is a trend change. However, if you look on the monthly chart, this drop is just a small retracement after a huge run up, therefore I might not call it a trend change, rather a strong correction.

You also know when you are in a correction phase because you see your profits get much smaller and the times you are being stopped out increase. I felt this on my own skin recently and it was painful.

so look on the weekly and monthly to spot trend changes. Daily is not enough.

2. with the Fibs is like this, IMO: when you are in a serious Up move, it is quite safe to enter at the 50% of the last wave up, because the upwards momentum is strong and it will push you up. Take a look at the run from 5000 to 5900. The run was so fast that on daily there was barely any correction. The only way was to enter at the 50% Fib of the last wave on the 4H chart.

when we are in a correction phase, it is better to take into account the 50% Fibs which correspond to higher waves on Monthly or Weekly. For example, these days the 50% of the huge June 2007 - April 2008 wave seems to be the real support here.

I hope I managed to answer your questions.
We leave no soldier behind.
  • #5,133
  • Aug 21, 2008 2:28pm Aug 21, 2008 2:28pm
Quoting Lou
At which meal do you have potica ?

Yes... things seem to happen just before the NY guys go to lunch.... and sometimes after they come back.
LOL, thats cool, man. As you most probably know, this is a "Traditional Slovenian Holiday Cake" and it has a BIG impact on forex trading at around 3 PM. Watch for this indicator.
  • #5,134
  • Aug 21, 2008 3:21pm Aug 21, 2008 3:21pm
1.4899 now.....

Hoping it'll clear the resistance here.....I've got my order in for 1.4950....
  • #5,135
  • Aug 21, 2008 3:59pm Aug 21, 2008 3:59pm
Hi,

anyone remembers my two posts about measuring implication of channels? It's basic TA and it seems to work again and again and again...

See the attachment.
Attached Image (click to enlarge)
Click to Enlarge Name: channel.gif Size: 20 KB
  • #5,136
  • Aug 21, 2008 4:01pm Aug 21, 2008 4:01pm
Dear friends, I've been watching this thread for several months & appreciate all the ideas & personalities shared here. When a trade is going your way can you touch on adding to it? Best wishes Aemiddy
  • #5,137
  • Edited 6:03pm Aug 21, 2008 5:52pm | Edited 6:03pm
It appears to have stalled out and may be retracing, although about 6+ hours ago, it looked the same and then went up more.

My chart says 50% fib at around 1.4790ish and so I've got a buy order there. Anyone else figure the same or has a better entry point?

PS also short from 1.4897 to catch a few pips on the way down too I hope.

FW
Jacko Turtle group no 2 (but severely forex challenged)
Isolate yourself from the herd
  • #5,138
  • Aug 21, 2008 9:58pm Aug 21, 2008 9:58pm
Quoting forexfixer
Closed all positions at 1.4650 and chopped and reversed. Bought again at 1.4650
The Jacko 100 pip retracement looks like starting. Sold everything at 1.4880

I am off to the boozer for a big lunch. Thanks Jacko. I will party hard tonight. I salute you.
  • #5,139
  • Aug 22, 2008 1:05am Aug 22, 2008 1:05am
Hello,

is anyone here using the Dollar Index for additional insight into EUR/USD movements? I see it almost as a inverted EUR/USD chart, but many news sources are referring to it. You can check it out on http://stockcharts.com/h-sc/ui?s=$USD&p=D&yr=1&mn=0&dy=0&id=p32238137118

Based on this chart, it was expected at the $77 level for the USD to hit some resistance, while on on the EUR/USD chart it is not so clear - except for the weekly trendline and based on my previous post (channels).

So, what do you think - is it useful to study the Dollar Index chart?

Based on the current chart, the USD could fall to the $75,5 mark and then the EUR would hit a temp resistance level.

Anyway, just some thoughts.


  • #5,140
  • Aug 22, 2008 1:16am Aug 22, 2008 1:16am
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.
Edge.

Don't take offence but you are a real dickhead.
I have been away on serious family matters and have not been trading for the last six weeks. I finally got back to trading this week.
However my Bank Balances are incredibly healthy and I am now in a profitable long trade from 4690, thanks to Jacko.
If you are going to say that the trend has changed every time there is a correction, then you are proving that you are a dickhead.
And if you think that this business seems like random gambling then dont let the door slam on your arse on the way out.

I AM BECOMING AN AWESOME TRADER
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