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Jacko's Forex House of Pleasure and Pain

  • #6,021
  • Jan 31, 2009 4:33pm Jan 31, 2009 4:33pm
Quoting scexglobal
Talk show about Hartz IV. (Oprah style )

http://rtl-now.rtl.de/geissen.php?film_id=10105&player=1&na=1
The funny thing is that when this airs the only people who are able to watch it are unemployed themself. Normal people work at these times or go to school.

You seem to have a good knowledge of the german Television world.
  • #6,022
  • Feb 1, 2009 8:01am Feb 1, 2009 8:01am
Quoting scexglobal

Europe + Better Pastries = U.S.A.

Pastries
Pastries??? maybe you forgot that Italy and France are in Europe

Europe + anything you like might = USA, but food related topics
  • #6,023
  • Feb 1, 2009 9:30am Feb 1, 2009 9:30am
Quoting Tjpld
The funny thing is that when this airs the only people who are able to watch it are unemployed themself.
Yes, that's the irony.
Quoting Tjpld
Normal people work at these times or go to school.
Yup. I know this is totally off topic so I will make it short...a lot of people in Germany love to bash the unemployed, but it is sometimes not justified, imho. If you lose your job at a certain age (beginning at late forties) it is practically impossible to reenter the job market, even for qualified workers, heck even for PhD's. I've seen it and it isn't funny. There is something fundamentally wrong with the job market in Germany. Those who can are trying to get the *** out of this country. Last year I believe, Germany has seen its highest wave of emigration since WW2.
  • #6,024
  • Feb 1, 2009 10:08am Feb 1, 2009 10:08am
Guys, Jacko doesn't post here often anymore, why to kill the thread with nonsense?
  • #6,025
  • Feb 1, 2009 11:24am Feb 1, 2009 11:24am
Snapshot:
A Bad Bank would enable JPMorgan to shuffle tens of billion$ in the dead of night on a regular basis, putting the entire collection of swill under the USGovt roof. The entire issue of nationalization of the major components of the US bank system in my view would constitute a grand embrace of a totally destroyed enterprise laced with fraud, giving ownership of the broken pieces, fraudulent lattice work, and acidic flow to the American people. The entire concept of a Big Bad Bank is ludicrous. If its foundation is based upon reality, then the banks that unload toxic assets will receive next to nothing in return, rendering the banks themselves deeper into insolvency. If the foundation is based upon mythical models, then the USGovt will pay 3x or 5x or 7x too much for them, in yet another bankster welfare theft program whose price tag could easily reach a few $trillion after the dust clears.

http://www.kitco.com/ind/willie/jan292009.html
  • #6,026
  • Feb 1, 2009 12:33pm Feb 1, 2009 12:33pm
Quoting soloFx
Guys, Jacko doesn't post here often anymore, why to kill the thread with nonsense?
As long the nonsense it's fun and not arguing or bashing, I don't think it will kill the thread.
  • #6,027
  • Feb 1, 2009 12:50pm Feb 1, 2009 12:50pm
Quoting Traderlarry
Yes, that's the irony.

Yup. I know this is totally off topic so I will make it short...a lot of people in Germany love to bash the unemployed, but it is sometimes not justified, imho. If you lose your job at a certain age (beginning at late forties) it is practically impossible to reenter the job market, even for qualified workers, heck even for PhD's. I've seen it and it isn't funny. There is something fundamentally wrong with the job market in Germany. Those who can are trying to get the *** out of this country. Last year I believe, Germany...

Yup, there is another show called "Goodbye Deutschland" (no, I'm not kidding).
  • #6,028
  • Feb 1, 2009 9:32pm Feb 1, 2009 9:32pm
Quoting jacko
And what about those zombie car makers??? How long will it be before ALL motor vehicles are built in low wage countries with huge labor pools like China and Eastern Europe?? Five years maximum !!

Just as we all watched Communism crumbline, we are now watching the crumbling of Corporate Capitalism.
Capitalism will definitely remain, but in a dramatically changed format in the next 5 years

.
And I'm sure that those who don't adapt to what may be coming, will quickly get left behind...
  • #6,029
  • Feb 2, 2009 5:26am Feb 2, 2009 5:26am
Quoting tamster
Snapshot:
A Bad Bank would enable JPMorgan to shuffle tens of billion$ in the dead of night on a regular basis, putting the entire collection of swill under the USGovt roof. The entire issue of nationalization of the major components of the US bank system in my view would constitute a grand embrace of a totally destroyed enterprise laced with fraud, giving ownership of the broken pieces, fraudulent lattice work, and acidic flow to the American people. The entire concept of a Big Bad Bank is ludicrous. If its foundation is based...
Hi Tamster,

I agree with you. We are witnessing the biggest heist in the history of mankind.

I have been watching the calls from Wall St and its cronies getting stronger and stronger about the establishment of a "Bad Bank" to take over all the toxic debts of the zombie banks. If we, the people, got screwed by the first TARP deal, then I would hate to say what the Wall St banks will do to the taxpayer with this "Bad Bank" strategy.

The TARP payments were immediately shrouded in darkness with the Banks REFUSING to tell the Government what they did with the funds (Though we now know that they paid it out in bonuses, payments for new Corporate jets and to shore up the Balance Sheets of the company they work for in order to make their jobs more secure).

This "Bad Bank" strategy will be the biggest theft of taxpayers money in the history of mankind. It will make $350 Billion theft of taxpayers money for the TARP payments (AND the much bigger...and much more hidden... Trillion dollar bank guarantees by the Government) look like the theft of the cash from a hot-dog stand.

The theory of the "Big Bank", is that the Wall St will dump all its toxic swill onto the taxpayer, and they will then go back to doing what they did before. But this time they will have a clean, pristine bank to do so. What????? Is the Government insane???!!

This allows the incumbent banker "foxes" to stay in the henhouse. The Wall St bankers are saying this "Bad Bank" is necessary because they are all scared to lend to each other because they don't know what each Bank is hiding from the other banks. They say that Government action is needed to regain confidence. What a load of old sh*t!!!
If they want Government guarantees before they will lend money to taxpayers and each other, then this is an issue of national Government security of the financial sector. Again, if Bankers want Government guarantees before they will lend money to taxpayers and each other, then we already have a "socialised" banking system.

A better alternative (which is already happening in a de facto way), is to nationalise the banks NOW, but with a proviso that they will be sold off to the public again within 12 months. No excuses, No extensions!!

Included in this initiative is that

1. All stockholders in the Banks lose their money (including all those stock options by the bank executives).
The government funds and the promise of more money from the taxpayer is the ONLY thing holding up the stock prices of these zombie banks. The real stock price of these zombie banks is negative. The USA did not get to be an unprecedented economic powerhouse by giving out handouts to bankrupt businesses. If a business wasn't profitable, it was allowed to die.

2. Also all principle and secondary debt holders lose.
Why should a debtholders still receive 100% of the debt when the business is technically bankrupt? More importantly, why should the taxpayer fund the debtholders?

3. All bonuses are frozen. No more bonuses (Bonuses are paid for performance. They should have been stopped the day that this almight mess became obvious). All corporate jets sold (no Banker's time is that valuable!!!). All corporate head offices sold. All refurbishments of offices for the top 5 executive levels of a Bank frozen. All salaries subject to a "capped" level.

4. Clean out all the incompetent top levels of management and replace them.

If, as the Wall St bankers are saying, the whole issue is lack of trust with lending to another bank, then nationalise the Banks (thereby giving them the Government guarantee) and get the credit flowing again. Get rid of the Bankers with the distrustful mindset, clean out everything they have been hiding...and then sell the banks off,within 12 months...NO excuses, no extensions, to raise the funds back.




.
  • #6,030
  • Feb 2, 2009 5:50am Feb 2, 2009 5:50am
Quoting jacko

If, as the Wall St bankers are saying, the whole issue is lack of trust with lending to another bank, then nationalise the Banks (thereby giving them the Government guarantee) and get the credit flowing again. Get rid of the Bankers with the distrustful mindset, clean out everything they have been hiding...and then sell the banks off,within 12 months...NO excuses, no extensions, to raise the funds back.




.
Excellent post! Maybe you should send an application as minister of finance to Mr Obama . I will give you a recommendation...
  • #6,031
  • Feb 2, 2009 5:55am Feb 2, 2009 5:55am
How can I finish paying for my villa in the Caymans if my graft line is cut?
  • #6,032
  • Feb 2, 2009 7:43am Feb 2, 2009 7:43am
Quoting gammase1
Yes, I think that the nationalisation of large parts of the banking sector is now looking inevitable, in the UK, eurozone and the US. This will be a creeping, gradual procedure, as anything more decisive would scare the hell out of the free-marketeers, the media and the wider public. This nationalisation process will see periodic injections of public funds going into the troubled institutions, in return for larger chunks of equity, thereby ensuring a de-facto wipe-out of those investors sitting at the bottom of the capital structure.

As much...
Hi Gammase1

I have been reading your posts and I see that you are experienced in the banking system. I agree with what you have said.
For the sake of keeping up political appearances of maintaining "free markets" in the banking industry, Governments around the world are foolishly delaying the recovery of the financial system and endangering the existence of their economies.


.
  • #6,033
  • Feb 2, 2009 7:26pm Feb 2, 2009 7:26pm
Jacko - I agree absolutely. Hard to understand how the American people have allowed such a massive fraud to take place right under their noses.

I would also add that the Govt. should abolish the Federal Reserve and take back control of the money supply, for whoever controls a nation's money also controls the power. Few people seem to realize that the Federal Reserve is a privately owned institution and the private shareholders are unknown. Futhermore they have never published their accounts.
  • #6,034
  • Feb 2, 2009 8:01pm Feb 2, 2009 8:01pm
the old adage goes something like this - "How do you boil a frog? - Very slowly..."

We the people (not just Americans, but globally) have had the wool pulled over our eyes and I am not so sure it wasn't voluntary. People love to blame their ignorance to state their innocence but I believe we are all guilty of letting governments take control (unregulated control - I am not completely opposed to regulated, moderate supervision) to the point where they are our ONLY option - for better or for worse.

Let's hope it's not going to be a permanent take over of our free market.
  • #6,035
  • Feb 3, 2009 3:35am Feb 3, 2009 3:35am
Hi all, I have just read this entire thread from start to finish and my brain is numb!

First of all I would like to say a big thank you to Jacko for the time and effort you have put in to helping people less experienced than yourself see the wood in the trees. If I do become a succesful trader in the future I will make it my goal to emulate your kindness and to pass on the message of how simple trading can be if only you will discard all your fancy indicators and concentrate on price action.

Second, I would appreciate an appraisal of my analysis of the eur/usd at the present time...

After the big push upwards to almost 1.600 price plummeted to around 1.230 then rallied up to 1.46 ish before falling again.

Am I right in thinking that we are now in a downwards move and I should be shorting this with care taken at the 1.23 level in case that repeats as a support level from the previous move?

Given the bounce it made from the 1.23 level I guess a lot of traders thought this was a very large retracement of the upwards move and that price would continue upwards to make new highs above 1.600 but that obviously hasn't happened.

In a nutshell my main question is am I right to continue to look for short entries until the 1.23 level when I should wait for confirmation of it's next move?

I don't want to appear as though I just want you to tell me when and how to trade. I hope you can see I have put some thought into it and I would just like some mental backup of my own ideas.

Thanks :-)
  • #6,036
  • Feb 3, 2009 7:25am Feb 3, 2009 7:25am
Sounds like a fair summary to me.
Though, if price repeatedly returns to an area, it usually means that it's dying to see what's on the other side!
Also, around the area of 1.28 down to 1.27, I've got some messy S & R.
I can't say I'm too relaxed about trading this pair at all, at the moment.
  • #6,037
  • Feb 3, 2009 7:45am Feb 3, 2009 7:45am
Relaxed? Or stressed...?

I have never liked eurusd, it trends well in the longer time frames which I am attempting to learn but gbpusd follows technical analysis really well right down to the 5 min charts which has been my main method of trading, following longer term trends in a shorter time frame with a smaller stop loss.

I think following longer term trends make much more sense if you know what the longer term trend is... which is sometimes obvious and sometimes not!

I think with some thought and some guidance from y'all I should be able to get things right. Oh happy day.
  • #6,038
  • Feb 3, 2009 11:41am Feb 3, 2009 11:41am
Hi,

I'm not certain how Jacko draws trendlines (high to high, close to close etc) so I don't know if this is appropriate or not!? However, I have a trendline here on the 4 hour chart drawn on the close which coincides with a 50% fib and a resistance in the region of 1.3020. Does anyone consider this a good place to short? I haven't taken the trade as I do not yet trade Jacko style but I am trying to learn to!

Regards,

Dan
Attached Image (click to enlarge)
Click to Enlarge Name: euro.gif Size: 10 KB
  • #6,039
  • Feb 3, 2009 11:55am Feb 3, 2009 11:55am
Quoting DanUK
Hi,

I'm not certain how Jacko draws trendlines (high to high, close to close etc) so I don't know if this is appropriate or not!? However, I have a trendline here on the 4 hour chart drawn on the close which coincides with a 50% fib and a resistance in the region of 1.3020. Does anyone consider this a good place to short? I haven't taken the trade as I do not yet trade Jacko style but I am trying to learn to!

Regards,

Dan
Hey Dan - I considered it a great short.
I took it at 11:20am EST at 1.3016 when I saw price couldn't hold the horizontal resistance around 1.3020 on the H4 charts.

I'm planning to scale into this position after a break of support at 1.2950 by selling each rally on the H1 until we hit the bottom horizontal resistance around 1.2700
  • #6,040
  • Feb 3, 2009 12:11pm Feb 3, 2009 12:11pm
Quoting dwildes
Hey Dan - I considered it a great short.
I took it at 11:20am EST at 1.3016 when I saw price couldn't hold the horizontal resistance around 1.3020 on the H4 charts.

I'm planning to scale into this position after a break of support at 1.2950 by selling each rally on the H1 until we hit the bottom horizontal resistance around 1.2700
That's great! Thanks for your reply. Hopefully all this stuff is starting to sink in!!
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