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Jacko's Forex House of Pleasure and Pain

  • #5,781
  • Dec 29, 2008 4:34pm Dec 29, 2008 4:34pm
Hi Krue,

I have only discovered this thread in the last month so I am certainly no expert on Jackos method.

To be honest I have abdolutely no idea on how to pick major turning points. What I am using (and still only trialling at the moment to pick the trend) is using the Long Term Guppy Multiple Moving Averages on a Weekly, Daily, 4 Hourly and 1 Hourly chart. When all the MA's are in the correct order I assume an uptrend (or down trend is in place).

I then wait for a pullback on the one hour chart (using a Stochastic with settings 8,3,3) and then use the 15 minute chart for the entry.

I am putting a 100 pip stop on every position I enter and I cannot believe how well it is going, in fact I am just wondering whether I got lucky at the time I started looking at this.

I only look at currencies that have a 10 pip spread (or less) on IGMarkets. To get the trend using Guppy MMAs with the Weekly, Daily, 4 Hourly and 1 Hourly charts I use ProRealTime and ProScreener which you get free with IGMarkets. You can build the ProScreener with some formauls in less than an hour or so, but it anyone wants them let me know and I will post them. The ProScreener will let you know which currencies are trending strongly and then you just have to look for which ones have the stochastics turning manually.

Anyway, I am a baby in the group but it is just what I have been doing and it seems to work ok at the moment.

Regards
Stedve


Quoting krue
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...
  • #5,782
  • Dec 30, 2008 4:30am Dec 30, 2008 4:30am
Quoting dawsonsg
Hi Krue,

I have only discovered this thread in the last month so I am certainly no expert on Jackos method.

To be honest I have abdolutely no idea on how to pick major turning points. What I am using (and still only trialling at the moment to pick the trend) is using the Long Term Guppy Multiple Moving Averages on a Weekly, Daily, 4 Hourly and 1 Hourly chart. When all the MA's are in the correct order I assume an uptrend (or down trend is in place).

I then wait for a pullback on the one hour chart (using a Stochastic with settings 8,3,3) and...
Come on guys make the effort to learn.......READ FROM POST ONE (1) of this thread...especially "How to spot the trend"

No indicators Guppy or otherwise....simply eyeball the charts

It's no more complicated than that.

As others have said, it is a pity that some cannot resist the urge to meddle with a method that already works.

USE THE LINK GIVEN BY JOHNDOE ABOVE (PDF) it's all there in it's glorious simplicity.......THANKS Johndoe
every Saint has a past. Every Sinner has a Future
  • #5,783
  • Dec 30, 2008 4:55am Dec 30, 2008 4:55am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Thanks tons, Eirron & Dawsonsg

I have been reading the basics of Tech Analysis, trendlines, S/R at fib levels or round numbers, pattern formations, price actions, many many. I am sure different traders have different insights on these tools,however, I guess too many traders(including myself) are still working hard to break through the boundaries where the TA knowledge couldn't lead them to sustainable profit making trading career. I narrow the challenge down to the application of these knowledges,the application requires wisdom,and here, judgement plays critical rule given the understanding that TA is simply a tool,a tool has no soul unless the user knows how to command. your experience sharing is very respected, I do appreciate. nonetheless, it will be definitely very interesting if Jacko could lend his insight on this subject.
  • #5,784
  • Dec 30, 2008 5:10am Dec 30, 2008 5:10am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, Turnip15

good to hear what you said. let me ask a simple question, if you don't mind.

what was your win rate by trading the obvious? I assume you trade with trend.

probably let me clarify the term of "Obvious", according to TA explanation, or dow theory, an uptrend could be determined once the low couldn't break down the previous, and the latest high break out the last of decending highs, downtrend, vice versa this is my understanding of "Obvious" if you have no objection.

the reason why I am so keen on this is that I could identify so many cases where the so called trend being "determined" still failed in the end either by fading into a flat market or still going down. see, the market isn't only noisy, but also tons of fake formations.
  • #5,785
  • Dec 30, 2008 5:23am Dec 30, 2008 5:23am
Quoting krue
Hi, Turnip15

good to hear what you said. let me ask a simple question, if you don't mind.

what was your win rate by trading the obvious? I assume you trade with trend.

probably let me clarify the term of "Obvious", according to TA explanation, or dow theory, an uptrend could be determined once the low couldn't break down the previous, and the latest high break out the last of decending highs, downtrend, vice versa this is my understanding of "Obvious" if you have no objection.

the reason why I am so keen on this is that I could identify...
Shorter time frames = noise.
Keep to Jackos advice and eyeball the charts (Daily upwards)
Thats all you need .....look at Johndoes attachment above.
You will never be 100% correct - forget the quest to be right all the time - that's why you get fakeouts etc...hence no "Obvious" solutions.

Read John Does PDF attachment. Good luck

Yes, thats all I do and do very well thankyou. Yes, like every one else I get losers. No, I am not in Jacko's league but I turn a profit. It's a simple approach IF it is not tinkered with
every Saint has a past. Every Sinner has a Future
  • #5,786
  • Dec 30, 2008 6:21am Dec 30, 2008 6:21am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Yes, perfection only does the harm, I think I've built up my mentality in accepting the losers. the only point I am trying to convince myself is that the strategy I employ has statistical significance in long run. good to know you are doing well, congratulations.
  • #5,787
  • Dec 30, 2008 1:08pm Dec 30, 2008 1:08pm
Quoting johnedoe
Here ya go ... the meat and potatoes of Jacko's trading.....
Many thanks to BarryPips for his hard work compiling this.
Attachment


thanks for this pdf

johnedoe (http://www.forexfactory.com/member.php?u=5037)

its very useful to have. Keep it going guys and happy New Year

thanks to BarryPips for his hard work compiling this.
  • #5,788
  • Dec 30, 2008 1:17pm Dec 30, 2008 1:17pm
Second that.
Greatly appreciated.
  • #5,789
  • Dec 30, 2008 11:16pm Dec 30, 2008 11:16pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Found the link just a few minutes ago, this is indeed sizable thread, I was looking for Johnedoe's attachement from post #1. Deep appreciation for the good compilation of Jacko's strategy.

I've printed EURUSD monthly chart, it seems difficult for me to determine the primary trend now, is it at beginning of a downtrend, or the bear finished its journey? Thanks very much for enlighting
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_mn.gif Size: 13 KB
  • #5,790
  • Dec 31, 2008 5:18am Dec 31, 2008 5:18am
I think that making any sort of call at the moment, as to the direction that E/U is heading in, would be premature.
There's a lot more bad news yet to hit the fan during the first half of 2009.
When you find yourself saying "Hey, there's been no disasters for a month or so", that would probably be a good time to assess the overall direction.
  • #5,791
  • Dec 31, 2008 6:40am Dec 31, 2008 6:40am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, Interceptor, it is for sure premature to make the call given either possiblities of the bad news coming from, I meant the bad news might come from one or the other side of the pair, and this really is no different than the time when everyone of us was expecting the good news yet no idea which side it might come from. now, the point here is what is the technical view in assessing the nature of the trend. anyone could comment on this?

If I were not wrong, I guess Jacko probably will take this as a bear based on my reading of his documentation. well, as I said, this is only my guess upon the readings, not necessarily his view, in any case, I'd be delighted to hear further insignt or comments on this point.
  • #5,792
  • Dec 31, 2008 7:50am Dec 31, 2008 7:50am
Quoting krue
Hi, Interceptor, it is for sure premature to make the call given either possiblities of the bad news coming from, I meant the bad news might come from one or the other side of the pair, and this really is no different than the time when everyone of us was expecting the good news yet no idea which side it might come from. now, the point here is what is the technical view in assessing the nature of the trend. anyone could comment on this?

If I were not wrong, I guess Jacko probably will take this as a bear based on my reading of his documentation....
There are two hands being played within this poker game.
On the one hand, the US govt., is (finally)taking the approach of basically throwing the kitchen sink at the problem. After messing up big-time with Lehman's they seem to 'get it'.
On the other hand, the EU is sending out increasingly confused messages along the lines of "everything will be ok, and even if it's not, we're better off than the US". Fractured consensus (ie Germany) is not a recipe for success.
By gut instinct I prefer the (overdue)US approach.
But the elephant in the room is the Chinese economy. What happens there will eventually decide the game.
Basically, anybody with a strong view, one way or the other, is tossing a coin. React, and react carefully with an open mind.
Happy New Year.
Or to paraphrase The Who-"Meet The New Year, Same As The Old Year".
Good Trading.
  • #5,793
  • Dec 31, 2008 10:21am Dec 31, 2008 10:21am
NO WORRIES everyone, when the O takes over as US president in a few weeks all problems will be solved as he's got the answers & with Pelosi & company running congress what more could the US need. We should have NO WORRIES. NOT.
  • #5,794
  • Dec 31, 2008 6:36pm Dec 31, 2008 6:36pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Happy New Year to all of the friends in FF, 2009 will bring us good light to trading success, all the best wishes!!!
  • #5,795
  • Dec 31, 2008 8:03pm Dec 31, 2008 8:03pm
Didn't realise this thread was for Politics. I mistakenly thought it was about trading Jacko's strategy.
  • #5,796
  • Dec 31, 2008 9:36pm Dec 31, 2008 9:36pm
Eirron,

Sorry about that....MY BAD. Don't be disappointed the method still prevails.
Are your following the method? If so, hope your doing well. Anyway good trades to you in 2009.

Warmest regards
___________________________
  • #5,797
  • Dec 31, 2008 11:10pm Dec 31, 2008 11:10pm
It's the last day of 2008...

...and I wish for all my friends here on Forex Factory a wonderful and profitable new year.

Thank you for all your help.

I have learned a lot about trading here, and I hope to return the favors someday by helping others become better traders as well.

Happy New Year!
  • #5,798
  • Dec 31, 2008 11:34pm Dec 31, 2008 11:34pm
Hi,

Does anybody here have access to jacko's blog? How does one become a member?

Thanks!
  • #5,799
  • Dec 31, 2008 11:43pm Dec 31, 2008 11:43pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
here it goes
http://waynejacksonfx.blogspot.com/

you may find the conditions at bottom of this blog.

cheers


Quoting rudenstein
Hi,

Does anybody here have access to jacko's blog? How does one become a member?

Thanks!
  • #5,800
  • Dec 31, 2008 11:49pm Dec 31, 2008 11:49pm
Quoting krue
here it goes
http://waynejacksonfx.blogspot.com/

you may find the conditions at bottom of this blog.

cheers
Another "pro" forex trader who charges service fees... what else is new.
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