Jacko's Forex House of Pleasure and Pain

Well said - lets keep to Jacko type trades and ask the those that cannot wait or bother to follow Jacko type trades to start their own threasd elsewhere

Sounds good.

Are you telling me Jacko is trading trading with more than 200 standard lots?

He trades exactly how newbtrader described.

I plan on joining Jacko in January, and very much look forward to it. It's my impression that Jacko is very conservative, while some of his 'turtles' are way more aggresive.

It would be very interesting if some of the members of his groups, would shed some light on how they incorporate his system with their own style, i.e. are you more aggresive, do you follow Jacko 100% - and do you trade other currency pair than e/u with his system?

Thanks for your time!

personally, as in the past I endorse Jacko 100000000000%...that being said...no I don't always follow his methodology 100% simply because - imho - the market hasn't given many signals to the trend one should follow...now it would appear the trend on EU is long...but there have been retracements and fairly strong ones too (btw predicted by jacko and others as well) so myself like others in the group (to my knowledge) have been trying to ride them as well...I am also a recent follower of James16 whom I again wholeheartedly endorse from what I've gleaned so far and try to use his wisdom as well everytime I trade and could cite quite a few other great traders on FF that contribute - BRV SoulTrader Igrock...the list - for me - is quite long...

final note - I am not totally aware of how much Jacko trades as it would appear others are - but to me in the end it is irrelevant...I joined him to learn how to be a better trader and so far I feel I have gained a lot and feel there is far more for me to absorb...as with James16 where I've barely scratched the surface...

just my 02

Yep. This was two years ago.

http://www.forexfactory.com/showpost.php?p=1431044&postcount=85

He has got much bigger now.

wow, thats amazing.

Ive read parts of this thread every now and then but never seen that post.
How are the turtles selected? And where are they all?

Well done Jacko,

Leon

[quote=Leonlorenzo;2435346]wow, thats amazing.

How are the turtles selected?


here's the info page

http://waynejacksonfx.blogspot.com (http://waynejacksonfx.blogspot.com/)

the turtles are here....


btw...it may be me..but with the lots bit this seems to be turning into a pi....ng contest..and I don't think Jacko would enjoy that...

just a thought....

I'm thinking of joining Jacko's group. But I'm not sure if this is a good time with all the financial turbulence going on.

In the original post Jacko said he does about two trades a week. Around how many trades is he doing these days?

huh, 200 standard lot with 100 pip stop loss, I think that's what he uses, is $200,000 stop loss... and he is bigger now ?

I wonder how much he risks per trade. one percent?

mmmmmh(dreams)

Leon

[quote=trixtuf;2435482] I want a mentor and a teacher that has been successful, has grown in trade size and puts his balls on the line every week.

Thanks for pointing me in the right direction.

I just started trading the system on demo recently, and I wanted to wish everyone here a blessed and safe holiday season -- and a very profitable new year.

A special thanks to Jacko, and everyone who is helping to explain the system.

I'm still reading through all the large number of posts to understand the system completely.

Here's a small gift for everyone:
It's a youtube video called "The Whipsaw Song" by trading legend Ed Seykota.

It's not new -- it's been here before -- but it's funny and it's something to keep you entertained while you wait for the next trade. I hope you enjoy it.

http://www.youtube.com/watch?v=LiE1VgWdcQM

Best wishes,
PistolDave

on avg it is 2%,,,,he may go up to 5% if he really likes what he sees...

Here ya go ... the meat and potatoes of Jacko's trading.....
Many thanks to BarryPips for his hard work compiling this.

Hi Guys,

I understand the Fib entry and the Support/Resistance entires but can some please explain the Round Number entry. Round numbers is something that I have only been reading about recently.

Some people apparently wait until it has gone through (or bounced off) the round number by anything from 10 to 30 pips. Has the exact methof that Jacko uses for the entry actually been published somewhere. If so, could someone steer me towards the post or even just reply to this message with the exact steps.

Thanks alot,
Steve

Hi, Jacko

This is no doubt the most impressive thread. however, can you illustrate a little bit how do you determine a trend before it becomes obvious. I usually wonder if it's too late to get into the market when everything seems clear,therefore still do the long position after seeing huge pullback from the tops, simply refuse to accept the bear.

I sent you an email just now asking the similar question, I put the same question here too, in a wish you and probably other successful forum member could help answer the question. I had very bad time this year by following the trend, surely, the uptrend at the early of this year, then, suffered significantly by looking at support lines and different fib levels, coz I misread the whole wave by constantly going long.

It seems I only feel comfortable if I could have a correct position at the beginning of a trend where the trend itself isn't obvious. I am still in this type of emotional zone, therefore, only feel comfortable constantly by trying to catch the tops or bottoms,though I understand this is a dangerous practise, but, you know......

The point seems to me that if one could discover the turning point of a major trend before everything is appearant, then, the rest is the easiest part of the game, I definitely agree with your rules. but, I would say, trading with the trend is very difficult unless you knew already the turning point beforehands.

In my email I sent to you just now, I also asked your opinion about the soy bean future market. I am trading this commodity right now, already a long position. I traded long by hoping it hit the historical bottom, I think I started riding a long term uptrend. am I doing the correct thing right now? what would you do otherwise?

Thanks for your attention

Hello Krue,

I will let Jacko answer for himself but here are my ways of looking at trends.

There are trends in each time frame so we have to know the trend in the time frame we are trading. The longer the time frame, the stronger and longer the trend and the shorter the time frame, the weaker and shorter the trend (if any at all).

Each trend is dictated by the trend in the next higher time frame e.g., the Daily is governed by the Weekly. A conservative way to trade is to only trade when the shorter time frame is trending in the same direction as the longer time frame but it is always possible (and riskier) to trade counter to the longer term trend.

A trend is identified by it's peaks and valleys. An uptrend will have higher highs and higher lows. Many times a low will be lower than the previous low and go on to make a higher high - this sometimes (not always) indicates the top is near.

It is important to know what is happening in a trend - in an up trend, price reaches a certain point where the BUYERS take profit; then the price drops down to a price (support) at which the price is still attractive and BUYERS buy again and so on until price reaches a point where the BUYERS are no longer interested in buying because price is no longer attractive (resistance) and take profit and gradually unload all their positions. At this point, the SELLERS see the buyers are no longer buying and start selling and the whole process starts again in reverse.

If you watch and study charts and price action long enough, you can actually see this happening before your very eyes and recognise the trend change. Again, trying to do this on very short time frames is almost impossible and each trend change is probably different from the previous one. Sometimes it is a sudden trend change which forms a "sharp ""V"" or"^"", while others could be a gradual rounding top or bottom. Start with monthly charts and picture yourself in the exchange surrounded by hundreds of currency traders and visualise them trading and watching the price action on the charts. Look at and study the candles in close detail. Then when you feel you have "mastered" that, drop down to the Weekly, then the Daily, then H4 and finally H1. Do not start with M1 and work your way up to longer time frames, in fact, do not look at anything less than H1 unless you want to "fine tune an entry" on H1 with M15.

My simple way (purely technical) to identify the longer term trend on the Daily is to go to the Weekly chart and add a 20 ema. If price is above the 20 ema I only take long trades and buy the dips. If price is below the 20 ema I only take short trades and sell the rallies. This, using the Weekly, is a method which I will be using as an investment in 2009. Using this method, the Weekly up trend changed to down on August 3rd, 2008 and back to an up trend on December 14, 2008.

Drawing trend lines across tops or bottoms is another way to identify trades. Many traders wait for a re-test of the broken trend line before entering their trades but there are times when re-tests do not happen. Drawing a trend line across the Daily bottoms from June 13, 2008, July 07, 2008 and July 21, 2008 identifies a short trade and you would have known to hold onto this when the Weekly price closed below it's 20 ema. In this case, there was no re-test of the broken trend line which some traders saw as weakness.

Of course this is all technical and many times I have traded against Jacko's fundamentals BUT when this does align with Jacko's fundamentals, it could be an indication to sell the wife, kids, house and other disposable assets and load up on a trade (not recommended - just joking).

Again, this is just my way of trading and is not endorsed by Jacko. I have been in Jacko's 2nd Group for most of this year.

I hope there is something in here which helps you as we are all here to help each other and was the sole reason that Jacko set up this thread.

Good Luck and Happy and Prosperous New Year to all Jacko traders.