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Jacko's Forex House of Pleasure and Pain

  • #5,661
  • Dec 12, 2008 12:41am Dec 12, 2008 12:41am
Quoting dannywmk
It's touching the long term down trend line, and just stand above an S/R line (which is also the 38.2% retracement from 1.4865 to 1.2333).

Where will it go???
that trendline has confluence with the daily charts resistance as well, my guess would be a bigger move down.. but my track record so far for long term calls has been way off
  • #5,662
  • Dec 12, 2008 2:01am Dec 12, 2008 2:01am
Quoting yonnie
not really a ranging market aye BabeFX

as an aspiring trader maybe you shouldn`t use such strong language.

I`m always willing to learn something new, so what is your different set of rules for trading a ranging market?

yonnie,

I am just trying to point out to you that in your earlier post you implied that we had been out of the trading range for 2 days when in fact we only exited the range yesterday on a break of 1.3080.

It appears to me that you just want to brush up on your understanding of a range.

Regards,

BabeFX.


"Gee, its lonesome in the outfield, its hard to keep awake with nothing to do" (Babe Ruth)
  • #5,663
  • Dec 12, 2008 2:49am Dec 12, 2008 2:49am
Quoting dannywmk
It's touching the long term down trend line, and just stand above an S/R line (which is also the 38.2% retracement from 1.4865 to 1.2333).

Where will it go???
1.3400 Seems to be holding up at the moment...
  • #5,664
  • Dec 12, 2008 5:50am Dec 12, 2008 5:50am
this could muck around for awhile. i'm out til i see a strong bar down and a short at about 1.3200 to 1.3150 on a close of a 4 hr bar. it could also break to the upside however unlikely........at the moment i think anything either way is playing with fire. let momentum tell us which way to go.
  • #5,665
  • Dec 12, 2008 6:53am Dec 12, 2008 6:53am
The fact that the correlation with crude oil, pound sterling and yen is not there, makes me think that something is pushing hard, nearly as hard as the drop if you look at the weekly chart. If the daily TL resist, we might test a low again, if we break 1.3600, 50%fib from 1.4865 to the low, we might head to 1.4. This market showed us that overbought/sold doesn't work very much without a crystal ball.
This is just my opinion, of course, probably too early to speak about a trend reversal.
  • #5,666
  • Dec 12, 2008 7:23am Dec 12, 2008 7:23am
Quoting zorroz
this could muck around for awhile. i'm out til i see a strong bar down and a short at about 1.3200 to 1.3150 on a close of a 4 hr bar. it could also break to the upside however unlikely........at the moment i think anything either way is playing with fire. let momentum tell us which way to go.
Agreed! I'll be standing aside until we get definite direction. Which probably means out until next week!

Regards,

Dan
  • #5,667
  • Dec 12, 2008 3:23pm Dec 12, 2008 3:23pm
Quoting BabeFX
yonnie,

B*****Ks We are just exiting the trading range as of 1.3082 or there abouts.

A different set of rules should be used when trading range bound markets.

Ist rule, make sure you can identify a range bound market.

Regards,

BabeFX


"Gee,its lonesome in the outfield,its hard to keep awake with nothing to do"(Babe Ruth).
still waiting for your different set of rules babe.......
  • #5,668
  • Dec 13, 2008 3:20pm Dec 13, 2008 3:20pm
This is for Jacko or anyone that knows; why is it that Jacko only trades near 50%, and not 38/61 etc. Any particular reason?

Thanks for your time!
  • #5,669
  • Dec 13, 2008 7:08pm Dec 13, 2008 7:08pm
Quoting Jonah1
This is for Jacko or anyone that knows; why is it that Jacko only trades near 50%, and not 38/61 etc. Any particular reason?

Thanks for your time!

Please kindly read post #4 on page 1 of this thread. Thanks
  • #5,670
  • Dec 13, 2008 9:58pm Dec 13, 2008 9:58pm
This thread is hilarious. Of course I haven't wasted a week to read every single post. I'm a Systems Analyst that has been researching Forex Trading Strategies the past 3 weeks. Here's my conclusions so far:

1. 85%+ of you are greedy idiots. That's why 85%+ lose money.

2. The most successful traders don't "blow their horn" very much. Notice that Jacko rarely posts here anymore. If you read the start of the thread, you see that he is a mid to long-term trader. So why the heck are there any posts what-so-ever about timeframes less than this here in this thread. Greedy, adrenaline junky, trading Idiots.

3. All the e-books out there are a bunch of B.S. for one reason. If your trading system is so good, why do you need to derive revenue by selling an E-book? It is hilarious that they all copy the same format for their web page advertisements.

4. Most of the 85%+ of Greedy Idiots have two major problems 1) They haven't been able to emotionally detach as Jack recommends, and 2) They are addicted to the gaming aspect of Forex trading - they trade short time frames and are addicted to the instant gratification of shorter timeframes - no different than a gambling or drug addict. Trading mid-long term is too "boring" for these types. (Not to say smart traders can't make money Day Trading or Scalping, but they are most likely a very very small minority of traders.)


The funniest things is that 80% of Jacko's recommendation I already deduced just by applying standard system analyst techniques to everything I read about Forex AKA COMMON SENSE. Like trade in the direction of the larger trend. Be properly capitalized so you can sustain a draw down in a whipsaw, bla bla bla.

IT'S ALL COMMON SENSE FOLKS. The fact the 85%+ LOSE MONEY, doesn't surprise me because everyone is looking to make money easily - NO SUCH THING AS A FREE LUNCH - you need to be smart, or you need to work really hard. Making money in currency trading is about being smart and seeing the big picture, not getting caught up in the details.
  • #5,671
  • Dec 13, 2008 10:18pm Dec 13, 2008 10:18pm
Quoting Mr. KISS
This thread is hilarious. Of course I haven't wasted a week to read every single post. I'm a Systems Analyst that has been researching Forex Trading Strategies the past 3 weeks. Here's my conclusions so far:

1. 85%+ of you are greedy idiots. That's why 85%+ lose money.

2. The most successful traders don't "blow their horn" very much. Notice that Jacko rarely posts here anymore. If you read the start of the thread, you see that he is a mid to long-term trader. So why the heck are there any posts what-so-ever about timeframes less than this...
You are correct in most of what you say. You will, however, have little or no impact on anyone here because nobody likes a smart-arse. Lose the attitude if you want to be taken seriously.
  • #5,672
  • Dec 13, 2008 10:29pm Dec 13, 2008 10:29pm
Quoting TraderZer0
You are correct in most of what you say.
This was all I was fishing for. The tone was intentional but not representative of how I would enter a discussion that I thought I would be participating in it on an ongoing basis. Someone from another board recommended Jacko so I decided to take a peek. Thanks for the confirmation in my assessment.
  • #5,673
  • Dec 13, 2008 10:52pm Dec 13, 2008 10:52pm
Quoting Mr. KISS
This was all I was fishing for. The tone was intentional but not representative of how I would enter a discussion that I thought I would be participating in it on an ongoing basis. Someone from another board recommended Jacko so I decided to take a peek. Thanks for the confirmation in my assessment.
Well... in nearly all of your posts so far you have asked FF members for help, advice, or for their opinions. After a grand total of 3 weeks researching forex trading you now behave as if you know it all and can slag off at other FF members - or at least 85% of them.

You were trolling - not waiting for a solitary poster to confirm your opinions of the Jacko thread. Be genuine in your motives and generous in spirit and you will be more likely to receive the wisdom you seek.

You wanna hope there is no karma...
  • #5,674
  • Dec 14, 2008 3:43am Dec 14, 2008 3:43am
on average Jacko trades twice a week and he holds it for hours to a week

dont agree with Jacko at all that he`s a long term trader.

but apart from all that: what`s in a name - the important thing is that he is an awesome trader making bucket loads of money.
  • #5,675
  • Dec 14, 2008 3:55am Dec 14, 2008 3:55am
personally I value the the person that Jacko is and the help and experience he is always ready and willing to give others....

I think that counts above all else...another I would quote in this category is James16....

final success - monetarywise - is up to ourselves...may sound corny...but that's the way the cookie crumbles...imho.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #5,676
  • Dec 14, 2008 7:06am Dec 14, 2008 7:06am
Quoting Mr. KISS
This thread is hilarious....

bla bla bla... did anybody read the Jacko's dailyfx thread? for you that didn't, he was trading the 5min chart then he got tired of it and switched to the relaxed style he's using now.

As you deduced most of Jacko method by using your analyst experience, what a hell are you doing here? just bashing traders trying to learn?

Maybe you had to open another thread, discussing how good you are with your analysis.

There are many ways to try to direct people to the right path, but yours seems to me just a provocation to an argument.
Maybe you should post your own LIVE result in a new thread (yours), and show us how better you are then this 85% bunch.

By the way, I don't know if you can post that 85% of traders here are idiot, if you find yourself reported, you konw who did it
  • #5,677
  • Dec 14, 2008 7:50am Dec 14, 2008 7:50am
Quoting dannywmk
Please kindly read post #4 on page 1 of this thread. Thanks
With all due respect, that post doesn't explain WHY he only uses 50% as opposed to 38/61%. It only states that he uses 50%.

I think you misunderstood me, but perhaps the fault is mine: english is not my first language.
  • #5,678
  • Dec 14, 2008 7:54am Dec 14, 2008 7:54am
the .50 fib is considered on average to be the strongest...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #5,679
  • Dec 14, 2008 8:01am Dec 14, 2008 8:01am
People who play with fat wallets often don`t talk much. They trade to keep the markets active and alive for the rest.
  • #5,680
  • Dec 14, 2008 8:16am Dec 14, 2008 8:16am
Quoting coscorp
the .50 fib is considered on average to be the strongest...
Just to be clear (as Im a newbie); by strongest you mean, that the retracement to the fib 50 will most likely be where the retracement turns on average?



Thanks again for taking the time to help me out!
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