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Jacko's Forex House of Pleasure and Pain

  • #6,201
  • Feb 19, 2009 12:48pm Feb 19, 2009 12:48pm
Quoting bgin2end
I am sorry, but from what I've read (in the past and just today),I have to disagree. Jacko says he waits for a pull back - usually to the 50% fib and then enters the market....
I've read what he's written on this thread several times in the past few days and I'd have to concur with you.
  • #6,202
  • Feb 19, 2009 1:44pm Feb 19, 2009 1:44pm
Hi dwildes,

yup I see what you mean. I was just confused about the fibs since the move went a bit higher than the 50% level ( namely to the 0.61 level), but I guess you have to be a little flexible since trading is not an exact science.



Quoting dwildes
Hey!
I like to draw fibs on the H4/H1 after a big move.
Since the jacko method requires entries on pullbacks to the 50% fib for best entry, I find moves that haven't retraced much or at all, as they present the best opportunities.

They aren't too hard to spot once you draw a few....
  • #6,203
  • Feb 19, 2009 2:06pm Feb 19, 2009 2:06pm
Quoting Traderlarry
Hi dwildes,

yup I see what you mean. I was just confused about the fibs since the move went a bit higher than the 50% level ( namely to the 0.61 level), but I guess you have to be a little flexible since trading is not an exact science.
No worries - yes, it was an exact science I'm sure some very smart people would program their way to riches by now.

That's why I prefer to scale in, less pressure of picking the 'best' entry. Sometimes you get it first pick, sometimes on your 2nd/3rd. I've set it up so my risk ratio is exactly the same whether if I go with my full trade risk of 3% at one position, or split the 3% across a few positions.
  • #6,204
  • Feb 19, 2009 2:18pm Feb 19, 2009 2:18pm
Quoting bgin2end
I am sorry, but from what I've read (in the past and just today),I have to disagree. Jacko says he waits for a pull back - usually to the 50% fib and then enters the market. Now, I don't know him and my communication with him has been limited to this forum, but I have read just about everything he has ever written on here. If you do know him and have discussed this with him before, then I will kindly step aside and admit my error.

However, even today he was advocating waiting until 2800 for the price to peak and then sell on the way down. Especially...
Hi,

Here is what he said:

http://www.forexfactory.com/showpost.php?p=1425768&postcount=6

Quote
But I am also starting to notice that it doesn't really matter anymore where I buy or sell.
The anti-hedging strategy is FAR, FAR, FAR more important.

Basically what he is saying is that since the trading edge is taken care of by trading in the direction of the trend, most of the battle (perhaps up to 90%) is in money management and where you place stops, etc.

Trend trading is really nothing other than taking what would be a single long term trade and breaking it up among smaller trades and compounding along the way. Think about it this way: If you were going to hold a short EUR position for a long time would you really be focusing on TLs? No you could basically place the trade at almost any time.

Of course, you still have to manage risk along the way and ensure that your risks rules aren't so tight that you keep getting stoped out and not so lax that you blow up when the next 9/11 happens.

When it comes to long term trend trading it's all about MM.
  • #6,205
  • Feb 19, 2009 3:31pm Feb 19, 2009 3:31pm
i got in with a sell limit earlier today at 2683, pulled back close to my SL but came back down. i was up 16 pips and decided to close after reading about pullbacks, and the lesson today is 1. always just listen to your guy and 2. more importantly, pay attention to the time stamps on the forum.. lol

i saw everyone talking about a pullback to 2800, closed the trade and then realized, maybe 2760 was the pullback you guys were talking about! oops

oh well, im back in.. been watching for a while and unless the eur changes its m.o is should keep going south for the next few days

if im wrong, a correction wont hurt my feelings, lol
  • #6,206
  • Feb 19, 2009 7:26pm Feb 19, 2009 7:26pm
Quoting bgin2end
My equation has a few less $'s haha..

Thanks to Jacko, I am on track to becoming a professional full time trader in 1 year. That is if I can make the markets do what I want them to do...and we all know how easy that is!!!
Hi bgin2end

there are a couple of things that I emphasise to the group of traders that I am mentoring:

Firstly, I look to EVERY trader in the group to improve as a trader as a result of being in the group. (That is, I haven't seen any trader become a worse trader as a result of being in the group)

Secondly, they are learning a skill that they can use for the rest of their lives.....wherever..... whenever.. they want to use it

Thirdly, those who go on to become fulltime professional traders is a bonus


.
Jacko
  • #6,207
  • Feb 19, 2009 7:43pm Feb 19, 2009 7:43pm
Quoting jacko
Hi bgin2end

there are a couple of things that I emphasise to the group of traders that I am mentoring:

Firstly, I look to EVERY trader in the group to improve as a trader as a result of being in the group. (That is, I haven't seen any trader become a worse trader as a result of being in the group)

Secondly, they are learning a skill that they can use for the rest of their lives.....wherever..... whenever.. they want to use it

Thirdly, those who go on to become fulltime professional traders is a bonus


.
Jacko
Thank you for that encouragement Jacko. I am still waiting until my wife and I move from our apt to our house before I join your group, but as soon as we are settled, I will join.

You have been an inspiration to me, as well as all of your past and current students. Seeing you guys (real people) have success has really kept me going. Thanks again.

See you around the block!
  • #6,208
  • Feb 20, 2009 12:26am Feb 20, 2009 12:26am
Quoting jacko
Hi bgin2end

there are a couple of things that I emphasise to the group of traders that I am mentoring:

Firstly, I look to EVERY trader in the group to improve as a trader as a result of being in the group. (That is, I haven't seen any trader become a worse trader as a result of being in the group)

Secondly, they are learning a skill that they can use for the rest of their lives.....wherever..... whenever.. they want to use it

Thirdly, those who go on to become fulltime professional traders is a bonus


.
Jacko
I am getting closer and closer to getting my big bonus.
  • #6,209
  • Feb 20, 2009 1:51am Feb 20, 2009 1:51am
Hi Jacko,

First time heard about you since new in FF forum. Great to learn from your earlier thread..the tips you gave was easy to apply and it has it own logic.

Looking forward to learn more. I do have a question which need some clarification and confirmation. As for my first question regarding fibo 50% you mention in earlier thread, when you will start drawing a fibo line and untill when that fibo line is valid and need to be replace with new ones.

All this while I'm using fibo but untill today I'm not sure my line are correct or not.

Using 1H chart example, at which zoom in is required to draw (refer to MT
chart type) If you have an image attached would be very helpful.

Thanks
Trade what you see. Write what you feel
  • #6,210
  • Feb 20, 2009 2:16am Feb 20, 2009 2:16am
Does anybody knows, why i cant look your old thread on DailyFX? it requires password... (
  • #6,211
  • Feb 20, 2009 7:00am Feb 20, 2009 7:00am
Quoting makron
Does anybody knows, why i cant look your old thread on DailyFX? it requires password... (
Maybe their going to start charging a fee to view it,,,lol. I didnt get to check it out either because there is so much material here, but was hoping to. I bet it is real good stuff tho! Those guys could have followed his trades live and made a killing........

I do descent day trading, but the ultimate goal here is to put in some traded, chill out and let the market go to work for us. That day I look forward to!

Peace
BB
Whats happening in EUR/USD should be happening to you!
  • #6,212
  • Feb 20, 2009 7:05am Feb 20, 2009 7:05am
Quoting BullsAndBear
I do descent day trading, but the ultimate goal here is to put in some traded, chill out and let the market go to work for us. That day I look forward to!

Peace
BB
Amen...

Anybody have some shorts in??? I currently am short right now @ 2639 ... I hate leaving positions open over the weekend, so I might close it as the Euro session comes to a close - depends completely on where I stand.
  • #6,213
  • Feb 20, 2009 8:05am Feb 20, 2009 8:05am
Quoting dwildes
No worries - yes, it was an exact science I'm sure some very smart people would program their way to riches by now.
Yup. There certainly are some smart guys who have programmed profitable systems, I know someone who did, a physicist...but an automated trading system does not work until infinity...and it is certainly not easy...whenever I read about these "EAs" it just makes me smile.

BTW,s o far the short is working out nicely.
  • #6,214
  • Feb 20, 2009 8:26am Feb 20, 2009 8:26am
Quoting bgin2end
Amen...

Anybody have some shorts in??? I currently am short right now @ 2639 ... I hate leaving positions open over the weekend, so I might close it as the Euro session comes to a close - depends completely on where I stand.
I'm short @2703 and just trying to decide if it a TP at 2550. Came close there once and probably should have exited.
  • #6,215
  • Feb 20, 2009 8:40am Feb 20, 2009 8:40am
Quoting flyer415
I'm short @2703 and just trying to decide if it a TP at 2550. Came close there once and probably should have exited.
Just food for thought - why risk ~145 pips for 5-10 more?
The answer starts with a capital 'G'.
  • #6,216
  • Feb 20, 2009 8:52am Feb 20, 2009 8:52am
Quoting dwildes
Just food for thought - why risk ~145 pips for 5-10 more?
The answer starts with a capital 'G'.

I thought about that and the trade was originally set up as a runner. A big part of me believed that the EUR will tank in the next while and I was trying to figure out if this was the start of that move.

I thought about moving my SL closer but then i was worried about breathing room. It is currently at BE+10.

i tried learning before in "what if" scenarios meaning what if I did this instead of that. i have always put my TP at 100 pips and have been successful. I do all my trades at 1.5% risk and TP of 100 and it works for me.

i am trying to grow as a trader and I see allowing a runner to go as part of the growth. i never had to really monitor the trades before and the exits have been TP or SL. Now on to Phase 2 where I have to actively decide how to exit, how to trail etc.

The 2550 target was really me second guessing myself on whether i should take profit or let it run.

yes, it is 100+ pips I am risking but I can't learn without having something at risk. this I thought was the best scenario to learn - risk potential profits with no actual loss of original capital. the market may slap me on the wrist but it won't hit me with a big stick.
  • #6,217
  • Feb 20, 2009 9:04am Feb 20, 2009 9:04am
Quoting flyer415
I thought about that and the trade was originally set up as a runner....
This is an interesting debate I've had with myself many, many, many times. Glad to see I'm not alone!

In the past, I'd close positions that seemed too early and make me start wondering about holding positions longer. It makes logical sense as long as the market is trending in your favor. But once it starts moving sideways or retracing, it's a different story.

However, I have closed positions for +50 or +100 pips and watch it fall another +100 pips before presenting a re-entry, but it seems that happens less than a bounce at good support/resistance, so I play the odds of probability.

I've found out for me anyways to just take the profit at a good support/resistance level - and look for a re-entry. Not only do you have more capital to re-enter, but you now have guaranteed profit & no more worrying/monitoring of the trade.

If you don't mind - please keep me updated on your experiences with the floating/trailing stop versus a take profit. I'd love to see if your findings are close to mine or exactly opposite of what I experienced. I done this for about 2-3 months if it helps.

Thanks and good trading!
  • #6,218
  • Feb 20, 2009 9:08am Feb 20, 2009 9:08am
Well, I figured it was a sell into the main downtrend so i would attempt it here. Looking at the action over the past hour i may have selected a bad time to attempt this.

but i'm committed now. i have been in the same boat as you watching runners go. I always take my profit in counter-trend moves but wanted to see where a move with the trend can go.
  • #6,219
  • Feb 20, 2009 10:52am Feb 20, 2009 10:52am
I always let the TS take me out of the market, unless I am uneasy about what happened to price on Friday - I will close positions before the weekend.

I have found that with the TS being your exit, you are giving yourself the best chance of letting your profits run. I am not concerned with "losing" 25-75 pips in profit if I might have the opportunity to get 250 pips with the trend. For me, I put so much thought into opening a position I feel that once I am in one, I am going to let the market do its thing and hope that I am right.

Also, the TS helps me because it is mechanical, if I where to close positions at will, my decisions would be made emotionally...every bump in the market would be cause for me to react.

This is just what I have found for myself.
  • #6,220
  • Feb 20, 2009 10:53am Feb 20, 2009 10:53am
while I was writing that, I was stopped out for a 20 pip loss. I will be looking for an AH on Monday - for now...I am done.

Happy Weekend everyone!
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