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Trading Euro ONLY for Jacko Style traders

  • #1
  • First Post: Sep 19, 2008 7:09am Sep 19, 2008 7:09am
Dear Jacko Turtles and wannabe turtles,

I decided to open this thread as opposed to Jacko's own journal in order to get away from the BS which has recently been cluttering that thread so much, that even kept away from posting our most valued member, Jacko himself.

This thread will be only about trading in Jacko's style - that is using only Jacko's method. Anyone who is a turtle of Jacko or not, but still trading Jacko's style, is more than welcome to post here his trades. I intend to make this thread as a journal of our live trades on Euro, with live calls when you take a position and also with the number of pips you profit or lose on every trade. This way we can learn from each other and also learn to take a bigger advantage of Jacko's simple trading strategy. Besides, this way Tdion will be happy as well, since he kept on asking turtles to post their live trades.

But before we begin, I would like to list a few conditions I am asking anyone posting here to RESPECT:

1. since here we trade only jacko's style trading, we DO NOT discuss the validity of his method. If you think Jacko's strategy doesnt work, go elsewhere.
2. No help for newbies who cant help themselves - newbies who have no idea about what is the strategy are expected to read and learn it first before asking stupid questions. Search for the thread in the Journal section and do your homework before being annoying.
3. No change of the original method is accepted. We will not discuss how to add filters to an already working strategy. So no MAs, no indies, only TLs, Fibs and round numbers.
4. coming soon....

I funded a 100$ account on Interbank FX with which I intend to trade only Jacko's style for 3 months.In case I am positive, I will add more money later.

So lets get to work...

P.S. no need for posts like "great thread" or "I like this thread, I will post soon". Please, try to stay with the essential, that is posting trades using Jacko's method. Thanx.
Market can stay irrational longer than you can stay solvent.
  • #2
  • Edited 8:34am Sep 19, 2008 8:04am | Edited 8:34am
Ok, I took my first trade this morning, having a buy order at 1.4200. I know its after the fact, but from now on I will be posting all the trades before I take them. After a long consolidation and whipsawing between 1.4150-1.4250, the euro finally took off and its now at 1.4292. The last high was at 4297, but I already moved my stop to BE, so that to avoid any risk during this crazy volatility.

Reasons for buying: 4200 was almost the 50% fib of 1.3900 low - 1.4500 high and also was standing on an upward TL. 4200 seemed to be a good support or PP.

Edit: Ok, never seen something like this, euro rally 250 pips in 2h. stop trailed at 50 pips, at 4372. 172 pips locked in.
Market can stay irrational longer than you can stay solvent.
  • #3
  • Sep 19, 2008 11:55am Sep 19, 2008 11:55am
Got in same trade, same logic, however breakout was also predictable because of the third touch (and breaking of) in the 4250 area... Good Trade, still in (had a 100 pip tsl), just tightened up to 50 for a minimum of 172... Def. don't want this to stay open over the weekend, so I will be at my computer before the market closes to take profits, I suggest you do the same
Live From Los Angeles
  • #4
  • Sep 19, 2008 12:35pm Sep 19, 2008 12:35pm
Quoting FXBat
3. No change of the original method is accepted. We will not discuss how to add filters to an already working strategy. So no MAs, no indies, only TLs, Fibs and round numbers.
Quoting jacko
1. buy/ sell ONLY in the direction of the major trend and
2. buy/sell on dips.(Use support lines to guide you as to price...also "round" numbers ... I also use the 50% Fib ratio..)
3. bank your profits
Are the above from Jacko's 4th post to be the accepted method?

If so I will join in, else I will have to bow out as 80%-90% of my current methodology is pure Jacko, the rest is mine and bits I have seen elsewhere and fit my method. My method does fit the above (but I don't use fibs).
  • #5
  • Sep 19, 2008 3:51pm Sep 19, 2008 3:51pm
Quoting panhandler
Got in same trade, same logic, however breakout was also predictable because of the third touch (and breaking of) in the 4250 area... Good Trade, still in (had a 100 pip tsl), just tightened up to 50 for a minimum of 172... Def. don't want this to stay open over the weekend, so I will be at my computer before the market closes to take profits, I suggest you do the same
Nice trade huh? It skyrocketed like crazy. I was stopped out for the lot I trailed with 50 pips at 172 pips profit, but I have one more lot for which I just moved the stop at BE and wanna keep it there, coz I really believe this can be a longer term position.
One of my disagreements with Jacko's style is that he considers medium/longer term trading, but he uses 100 pips TSL Usually this TSL doesnt keep you in a trade more than 2 days, unless it goes straight up, which rarely happens. I am considering to use a 200 pips TSL for my longer term positions. 200 pips would average the daily ATR.

So for now I started with a profit of +172. Thats good, like Jacko used to say, using the extra capital out of your initial profits will allow you to build up your positions based on the "house" money.

P/L 172 pips. Total Capital 101,72$
Market can stay irrational longer than you can stay solvent.
  • #6
  • Sep 19, 2008 3:54pm Sep 19, 2008 3:54pm
Quoting Fx_Genius
Are the above from Jacko's 4th post to be the accepted method?

If so I will join in, else I will have to bow out as 80%-90% of my current methodology is pure Jacko, the rest is mine and bits I have seen elsewhere and fit my method. My method does fit the above (but I don't use fibs).
obviously the trading rules you mentioned are the core of Jacko's strategy, so they are definitely accepted. Of course, if you have some other constructive ideas, they are welcome here.
Market can stay irrational longer than you can stay solvent.
  • #7
  • Sep 19, 2008 7:20pm Sep 19, 2008 7:20pm
If you think this is to far from what you want, let me know.

In 1.4300 on 9/14/2008.
Added on dip @ 1.4100 on way back up.
9 total orders @ 0.0050 steps.
Sitting up 1495.6 pips total, Avg position 1.43, Avg pips up 166.2 @ 1.44662.
Stop .0250 (Rounded) to 1.4200. Possible -0.900 pips, Avg -0.100 pips, -0.100 from BE. SL moves in 0.0050 steps, as this allows a little more room to move.

Entry reason: 1.4300 is 0.0400 above low and 2X ATR (Rounded) at the time (Still evaluating, would be 0.0500 now with a .0250 rounded ATR).

SL Reason: As you indicated with the ATR it needs more room to run longer. I use an ATR of 7 so it is closer to actual daily movement.

SL Reason #2: I make interest on the trade, the longer the trade, the more orders, the more interest I make in addition to pips.

I have been testing this for a while with mixed success, evaluating SL distance and entry. AH is only done on loosing orders if you SL is below BE and AH orders are also stepped and entry conditions are the same, 50 pips beyond SL. Might need to be 100 beyond as I had a few AH's get taken out with the 50 that I would be picking up on this run.

I think Jacko would say it is to much thinking and math, but that's what a spread sheet is for.
And I enjoy the thinking & math.
  • #8
  • Sep 21, 2008 8:42pm Sep 21, 2008 8:42pm
I have a buy order at 1.4300 TSL 100 pips. Will update in a few hours after I wake up.
Market can stay irrational longer than you can stay solvent.
  • #9
  • Sep 22, 2008 1:29am Sep 22, 2008 1:29am
Quoting FXBat
Dear Jacko Turtles and wannabe turtles,

I decided to open this thread as opposed to Jacko's own journal in order to get away from the BS which has recently been cluttering that thread so much, that even kept away from posting our most valued member, Jacko himself.

This thread will be only about trading in Jacko's style - that is using only Jacko's method. Anyone who is a turtle of Jacko or not, but still trading Jacko's style, is more than welcome to post here his trades. I intend to make this thread as a journal of our live trades on Euro, with live calls when you take a position and also with the number of pips you profit or lose on every trade. This way we can learn from each other and also learn to take a bigger advantage of Jacko's simple trading strategy. Besides, this way Tdion will be happy as well, since he kept on asking turtles to post their live trades.

But before we begin, I would like to list a few conditions I am asking anyone posting here to RESPECT:

1. since here we trade only jacko's style trading, we DO NOT discuss the validity of his method. If you think Jacko's strategy doesnt work, go elsewhere.
2. No help for newbies who cant help themselves - newbies who have no idea about what is the strategy are expected to read and learn it first before asking stupid questions. Search for the thread in the Journal section and do your homework before being annoying.
3. No change of the original method is accepted. We will not discuss how to add filters to an already working strategy. So no MAs, no indies, only TLs, Fibs and round numbers.
4. coming soon....

I funded a 100$ account on Interbank FX with which I intend to trade only Jacko's style for 3 months.In case I am positive, I will add more money later.

So lets get to work...

P.S. no need for posts like "great thread" or "I like this thread, I will post soon". Please, try to stay with the essential, that is posting trades using Jacko's method. Thanx.

FXbat

While I think that what you are trying to achieve here is a good thing, you will simply be encouraging the young and aggressive "traders".

Unfortunately, this Forum has recently been populated by guys who actually have never traded and are here just to argue and be wannabe "Masters of the Universe".
Some say that forex trading is gambling and some say that it is rigged. To attempt to explain to them that they may be misguided and that they dont know what they are doing only will inflame the situation. It is a futile effort.

As a senior citizen who has been reasonably successful in life, I can assure you and everybody else that forex trading is still the best business on the planet.

If in doubt, go back to page 1 of this thread
http://www.forexfactory.com/showthread.php?t=27286

Then think that if you want to buy a McDonalds store, it will cost you a minimum of $1 Million, just to buy the franchise and open your doors.
Hell, a coffee shop costs around $300,000 nowadays.

Think about it, then go and read this again!!!
http://www.forexfactory.com/showthread.php?t=27286



.
  • #10
  • Sep 22, 2008 2:01am Sep 22, 2008 2:01am
If I'm not wrong, It was once mentioned that determining the trend is simply seeing if prices are flowing from the top left to bottom right or bottom left to top right, right?

If so, shouldn't you be looking for selling opportunities in the euro now instead of buying?
  • #11
  • Edited 3:42am Sep 22, 2008 3:19am | Edited 3:42am
Quoting JodyOng
If I'm not wrong, It was once mentioned that determining the trend is simply seeing if prices are flowing from the top left to bottom right or bottom left to top right, right?

If so, shouldn't you be looking for selling opportunities in the euro now instead of buying?
JodyOng, please read in this thread, the last 10-30 pages:
http://www.forexfactory.com/showthread.php?t=27286


FXBat, how do u see 1.4300? You wait for price to come down that much? I guess u wait for the retrace after the current move?




Regards, Lowen
  • #12
  • Sep 22, 2008 4:19am Sep 22, 2008 4:19am
Quoting JodyOng
If I'm not wrong, It was once mentioned that determining the trend is simply seeing if prices are flowing from the top left to bottom right or bottom left to top right, right?

If so, shouldn't you be looking for selling opportunities in the euro now instead of buying?
Well, IMO this was a metaphor more than an exact filter of a trend probably you think that as well, but you were bored and wanted to bug us a little. I can bet you dont trade Jacko's method, otherwise you wouldnt ask this question.

if you look on the euro weekly, you will find your answer. same with euro daily. on 4 H you can already spot higher highs/lows confirmation. read the news and you understand that the dollar bullish trend is on hold. so i think it is a good time to start going long again.
Market can stay irrational longer than you can stay solvent.
  • #13
  • Sep 22, 2008 4:45am Sep 22, 2008 4:45am
Thanks for stopping by, Jacko. It is an honor. We know Forex is the best business in the world and you made it even a lot easier for us. I am completely aware of the difficulty of trying to make this thread work. For every trading method there will always be some people who try to dismantle it. (James 16 is currently facing the same situation, but they move on because they have many supporters). While these folks will be inherent to this thread as well, my goal is to try to gather a bunch of serious and devoted turtles here to share their trading thinking and positioning, so that eventually we will be able to reach the optimal usage of your strategy.

I hope that you will stop by from time to time to see how are we doing.
Market can stay irrational longer than you can stay solvent.
  • #14
  • Sep 22, 2008 6:19am Sep 22, 2008 6:19am
Quoting Lowen
FXBat, how do u see 1.4300? You wait for price to come down that much? I guess u wait for the retrace after the current move?
Regards, Lowen
hello lowen. well, I thought that 4300 is rather a conservative and low risk entry in this very volatile market. The euro now moves around 250 pips per day, so a 150 pip retracement from Friday high could be achievable.

Today however, the market rallied without much retracement, but at present time it looks a bit heavy. See some upspikes on the 1H chart. While we continue to print higher highs and lows, this uptrend is pretty strong and well supported by the 4H TL.

My new strategy now is to wait for a top and a retracement and to start buying when it goes back up. I think that 4400 can be a good support, so I am waiting for the price to approach this area before jumping in.
Market can stay irrational longer than you can stay solvent.
  • #15
  • Sep 22, 2008 6:55am Sep 22, 2008 6:55am
Quoting Fx_Genius
In 1.4300 on 9/14/2008.
Added on dip @ 1.4100 on way back up.

Entry reason: 1.4300 is 0.0400 above low and 2X ATR (Rounded) at the time (Still evaluating, would be 0.0500 now with a .0250 rounded ATR).

SL Reason: As you indicated with the ATR it needs more room to run longer. I use an ATR of 7 so it is closer to actual daily movement.

SL Reason #2: I make interest on the trade, the longer the trade, the more orders, the more interest I make in addition to pips.

I have been testing this for a while with mixed success, evaluating SL distance and entry. AH is only done on loosing orders if you SL is below BE and AH orders are also stepped and entry conditions are the same, 50 pips beyond SL. Might need to be 100 beyond as I had a few AH's get taken out with the 50 that I would be picking up on this run.
FX Genius, sorry for the late reply. I needed some time to `chew` your post (Im still a newbie ) and I really like your approach. Especially entering at 4300 required to have some balls coz then it dropped at 4100 before rallying up again. I wouldnt have bought at 4300 or 4100 because I still didnt have full confidence at that time that the trend is getting back up. Besides, Jacko thinks, and I agree with him, that it is not a good idea to open another position while you are on minus with the previous one.

Regarding your stoploss style, since I want to become a medium - long term trader myself, using a wide stop related to ATR is a great idea, as long as you are sure that the Trend is in place. I have been back testing Jacko method in the past with 2 lots, one with normal 100 pip stop or ATR\2 and another one with ATR size stop and I got mixed results. But I am still willing to trade it this way for a while, hoping that it will allow me to catch longer moves.

The only thing which makes me be a little worried is that having a small stop is part of the Jacko's method reason of success, i.e. keeping losses small. Having a loss of 250 pips in one trade is much more painful that a 100 pips loss.

Anyway, lets trade and see.
Market can stay irrational longer than you can stay solvent.
  • #16
  • Sep 22, 2008 6:59am Sep 22, 2008 6:59am
Quoting FXBat
I have one more lot for which I just moved the stop at BE and wanna keep it there, coz I really believe this can be a longer term position.
I decided to put a TP for this lot at 4900. Even if we are currently facing resistance at 4600, I think that 4900 will be the ultimate decision point for the up or downtrend.
Market can stay irrational longer than you can stay solvent.
  • #17
  • Sep 22, 2008 7:11am Sep 22, 2008 7:11am
What happened to the old thread???
  • #18
  • Sep 22, 2008 7:12am Sep 22, 2008 7:12am
Quoting FXBat
But I am still willing to trade it this way for a while, hoping that it will allow me to catch longer moves.
Hope is a four letter word, my friend.
  • #19
  • Sep 22, 2008 7:30am Sep 22, 2008 7:30am
Quoting FXBat
FX Genius, sorry for the late reply. I needed some time to `chew` your post (Im still a newbie ) and I really like your approach.

Regarding your stoploss style, since I want to become a medium - long term trader myself, using a wide stop related to ATR is a great idea, as long as you are sure that the Trend is in place. I have been back testing Jacko method in the past with 2 lots, one with normal 100 pip stop or ATR\2 and another one with ATR size stop and I got mixed results. But I am still willing to trade it this way for a while, hoping that it will allow me to catch longer moves.

The only thing which makes me be a little worried is that having a small stop is part of the Jacko's method reason of success, i.e. keeping losses small. Having a loss of 250 pips in one trade is much more painful that a 100 pips loss.

Anyway, lets trade and see.
Not a problem, it took me quite awhile to sort it out myself and thank you.

The interesting thing about back testing is that it removes the one factor that can work for you or against you, human intuition. The last time it hit 1.60xx I "knew" I should sell but didn't because the trend was intact at the time, and it cost me. At the same time there have been times I "knew" I should have gotten in a trade but didn't because of "Charts say no trade".

This "knew" thing can be called many things but mostly it is a gut feeling. It can be something subtle you see on a chart, or read in an article that an EA won't ever know unless you have it hooked up to a very well trained AI (Artificial Intelligence). If you have one (Very well trained AI) let me know.

As to the 250 SL value loss VS 100 SL value loss, they can be the same as account value and stop loss distance are used to calculate order size based on percentage of risk you are willing to take. Bigger SL, smaller order.

I had posted a basic excel spread sheet order size calculator before and here is the link.
http://www.forexfactory.com/attachme...02008%207:44am

Where it can get sticky (Bigger Loss's) is when it drops and you have multiple orders open, have lost up to 15% for a week (I keep track by week), however, when the trend is working correctly it can get huge. I can update results at the end of the week or if I get closed out.
  • #20
  • Sep 22, 2008 7:50am Sep 22, 2008 7:50am
Quoting scexglobal
What happened to the old thread???
the old thread is still going but it is currently under attack from a few, lets call them, very very annoying people.
If you trade Jacko's method, you are welcome to post your trades and thoughts here, so we can all learn from each other.
Market can stay irrational longer than you can stay solvent.
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