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Jacko's Forex House of Pleasure and Pain

  • #6,161
  • Feb 19, 2009 12:20am Feb 19, 2009 12:20am
I personally dont see how the eur could rally that high against the usd. I mean look how usd is doing against jpy. so how does that look for gpb and eur???

nuttin but down i would think.........
Whats happening in EUR/USD should be happening to you!
  • #6,162
  • Edited 1:37am Feb 19, 2009 1:22am | Edited 1:37am
I'm new to Jacko's approach, but as I see it, it's fallen away from any reasonable trendline and bounced of 1.2500 so a pullback seems reasonable. However, I see previous support around 1.2700 - 1.2750, which may provide resistance, so it may not pullback all the way to the 50% Fib. It'd be great if it did, though.

Jellybean
  • #6,163
  • Feb 19, 2009 1:47am Feb 19, 2009 1:47am
could anyone please tell me which broker jacko uses

thanks
  • #6,164
  • Feb 19, 2009 3:00am Feb 19, 2009 3:00am
Hi Fugly

I notice from Jacko's previous posts that he uses more than one broker and when he's asked he never recommends any. He always suggests that you research the main ones yourself and pick one that suits your own needs.

Cheers
Jellybean
  • #6,165
  • Feb 19, 2009 3:06am Feb 19, 2009 3:06am
I have a general question to do with the mechanics of the entry order:

When the price is pulling back (as it looks EURUSD is now) how do you enter? I see the options as:
1. Set a limit order at the price you think it will reach. Knowing my luck it would turn before my order and I'd miss it.
2. Wait for the turn in the direction of the trend (50 - 100 points), then place a market order. I'd probably be in bed when it happened and I'd be late with the entry.
3. Wait for the price to pullback past your entry level and set a stop order to enter. This probably means you'd be a fair way from the pullback extreme.

I'd appreciate any comments or advice.

Thanks
Jellybean
  • #6,166
  • Feb 19, 2009 6:25am Feb 19, 2009 6:25am
Quoting fugly
could anyone please tell me which broker jacko uses

thanks
Hi Fugly,

I use 4 brokers. However, I don't recommend any brokers to any of the group. I do not wish to be seen to be "affiliated" with any one broker and I would not want to be seen to be promoting one broker over any other. (It could give an impression that I am “influenced” or “incentivised” to refer members of the group to them…which I have never done).
What I do recommend is that you deal only with the bigger (and more reputable??) brokers. Then just have a look at their Demo platforms and choose the one you feel most comfortable with working with.
Depending on your account size I would also recommend using two brokers (if your account is $100,000+) to spread your risk on brokers

.

Jacko
  • #6,167
  • Feb 19, 2009 6:27am Feb 19, 2009 6:27am
Quoting Jellybean
I'm new to Jacko's approach, but as I see it, it's fallen away from any reasonable trendline and bounced of 1.2500 so a pullback seems reasonable. However, I see previous support around 1.2700 - 1.2750, which may provide resistance, so it may not pullback all the way to the 50% Fib. It'd be great if it did, though.

Jellybean
Hi Jellybean,

I think you are on the right track...

.
Jacko
  • #6,168
  • Feb 19, 2009 6:57am Feb 19, 2009 6:57am
Quoting jacko
Hi Fugly,

I use 4 brokers. However, I don't recommend any brokers to any of the group. I do not wish to be seen to be "affiliated" with any one broker and I would not want to be seen to be promoting one broker over any other. (It could give an impression that I am “influenced” or “incentivised” to refer members of the group to them…which I have never done).
What I do recommend is that you deal only with the bigger (and more reputable??) brokers. Then just have a look at their Demo platforms and choose the one you feel most comfortable with working...
Thanks for the reply Jacko, I'd just like to ask is it ok to go with market markers or should we only stick to ECN's. Since you have a large trading account and with your vast experience we would really appreciate your opinion on this. Lots of ppl say a lot of negative things about market makers (trading against you, broker plug ins etc)

thanks
  • #6,169
  • Feb 19, 2009 7:09am Feb 19, 2009 7:09am
Quoting Jellybean
I'm new to Jacko's approach, but as I see it, it's fallen away from any reasonable trendline and bounced of 1.2500 so a pullback seems reasonable. However, I see previous support around 1.2700 - 1.2750, which may provide resistance, so it may not pullback all the way to the 50% Fib. It'd be great if it did, though.

Jellybean

I don't think 2800 is to far out of reach...I have my order placed for when it gets there and will revise if it falls before that.

Jacko - good to see you around, hope to see you again soon.
  • #6,170
  • Feb 19, 2009 7:21am Feb 19, 2009 7:21am
Quoting dwildes
For me - the perfect storm would be a spike up to 1.2750 for a longer term short.
Woo hoo - spike up back to the area of resistance.
Only made it to 1.2720 so far.
Wonder if it has enough steam to get all the way to 1.2750?

I opened one position at 1.2720 (scaling in tactic)
The E/U has had a nasty habit of stopping short on those resistance/support areas lately. Hopefully it'll keep going up to the ideal resistance
  • #6,171
  • Feb 19, 2009 7:32am Feb 19, 2009 7:32am
Quoting fugly
Thanks for the reply Jacko, I'd just like to ask is it ok to go with market markers or should we only stick to ECN's. Since you have a large trading account and with your vast experience we would really appreciate your opinion on this. Lots of ppl say a lot of negative things about market makers (trading against you, broker plug ins etc)

thanks
Market makers and ECN's are "horses for courses" depending primarily on your account size. If you want to be a little fish in a big pond then go with ECN's...but don't be surprised if they treat you badly if you have only a small account.

As for negative things about market makers, you have to remember that both market makers (and ECN's ) are businesses...and their prime purpose is to make profits..at your expense!!

.
Jacko
  • #6,172
  • Feb 19, 2009 7:37am Feb 19, 2009 7:37am
Quoting dwildes
Woo hoo - spike up back to the area of resistance.
Only made it to 1.2720 so far.
Wonder if it has enough steam to get all the way to 1.2750?

I opened one position at 1.2720 (scaling in tactic)
The E/U has had a nasty habit of stopping short on those resistance/support areas lately. Hopefully it'll keep going up to the ideal resistance
Hi dwildes

This is a good strategy of yours. (we have discussed it previously)
Market has now dropped to 1.2695, but I think they are just picking up the stops under 1.2700, before taking it up higher

But I could be wwwrong..

.
Jacko
  • #6,173
  • Feb 19, 2009 7:42am Feb 19, 2009 7:42am
Quoting jacko
Hi dwildes

This is a good strategy of yours. (we have discussed it previously)
Market has now dropped to 1.2695, but I think they are just picking up the stops under 1.2700, before taking it up higher

But I could be wwwrong..

.
Jacko
Thanks! Very nice compliment coming from a pro such as yourself.

Yes, looks like they.
When I saw the exhaustion spike down - I closed for +23 pips. Was obviously looking for more, but market wasn't ready to give up it's rally.

Oh well, ready to reload on more peaks at resistance.
  • #6,174
  • Feb 19, 2009 7:47am Feb 19, 2009 7:47am
Jacko - How do you determine your significant Highs and Lows with which you draw your Fibs??

I have one drawn right now from 3100 to 2500 and the 50% mark is @ 2800. Does that sound about right?
  • #6,175
  • Feb 19, 2009 8:16am Feb 19, 2009 8:16am
Jacko its good to see around,

I am studying this thread like a markets bible. Its amazing to me how simple yet effective this strategy is. Leave it to the masses to make it more difficult.

Regards
BB

ps looks like the eur/usd has blessed us today with a nice pullback,,,, I am putting in orders for a swing trade and also to hold onto for the longer term and ride the freindly trend. Thanks jacko.
Whats happening in EUR/USD should be happening to you!
  • #6,176
  • Feb 19, 2009 8:17am Feb 19, 2009 8:17am
Excellent - hit 1.2750!
That is the upper trendline on the H1 and the H4, not to mention the 50% fib and resistance zone.

Needless to say - I'm short.
We'll see how it goes.
  • #6,177
  • Feb 19, 2009 8:23am Feb 19, 2009 8:23am
Quoting dwildes
Thanks! Very nice compliment coming from a pro such as yourself.

Yes, looks like they.
When I saw the exhaustion spike down - I closed for +23 pips. Was obviously looking for more, but market wasn't ready to give up it's rally.

Oh well, ready to reload on more peaks at resistance.
Hi dwildes,

Good trading...A smash and grab of 23 pips

.
Jacko
  • #6,178
  • Feb 19, 2009 8:24am Feb 19, 2009 8:24am
I also wanted to say that I am selling the gbp/usd as well. I mean the eur and gbp economies are so closely related and one pair for the most part follows the other pair. gbp/usd might not have as pretty of a chart, but where the eur/usd goes it going to go in the same direction. If I am confident enuff to sell one I should feel confident enuff to sell the other. Just my .02 pips of course I am but a humble newbie and not an established pro like others here, but it seems to make alot of sense...

Regards
BB
Whats happening in EUR/USD should be happening to you!
  • #6,179
  • Feb 19, 2009 8:27am Feb 19, 2009 8:27am
Quoting bgin2end
Jacko - How do you determine your significant Highs and Lows with which you draw your Fibs??

I have one drawn right now from 3100 to 2500 and the 50% mark is @ 2800. Does that sound about right?
Hi bgin2end

The longer the time frame, the stronger the high and Low that you are using. As the time frames get smaller, the strength of that fib will be less.

Same as trend lines, the longer the time period that you are using, the stronger the trend line.

Thats why anything less than 4H is really just "noise"

.
Jacko
  • #6,180
  • Feb 19, 2009 8:29am Feb 19, 2009 8:29am
Quoting dwildes
Excellent - hit 1.2750!
That is the upper trendline on the H1 and the H4, not to mention the 50% fib and resistance zone.

Needless to say - I'm short.
We'll see how it goes.
Be careful...market back at 1.2744...they are sucking up the Stop losses again


But I could be wwwrong...

.
Jacko
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