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Jacko's Forex House of Pleasure and Pain

  • #6,241
  • Feb 20, 2009 6:57pm Feb 20, 2009 6:57pm
Quoting Jellybean
Thanks again.

I guess I need to have more failth in the longer term trends and not be swayed by the 4-hr chart. I think I was remembering reading a comment of Jacko's somewhere that the significance of the 4-hr chart is that it's the first trend chart to warn of a change of direction - I'm just not sure what to look for.

I'll stick with the short view.

Thanks again
Jellybean
well, i certainly would never speak for jacko, jellybean...but i like to look for higher highs and lower lows on the 4 hour chart...and we had another lower low this week...i interpret that as a down trend...

i saw 2800ish as a perfect place to look for a new short (50rt of 3093-2513)...it blasted through that pretty nicely and seemed to want to fill this past weekend's gap...after it settled, i decided to go short...

a solid move past 3100 would have me throw a yellow caution out on a possible trend change and i'd probably look to catch some longs on a 50rt and employ jacko's strategy of trade management if she leaves 3350 behind nicely...

right now, though, i'm short at 2844 w/ a 100 pip ts...

that's what i'm thinkin', please use your own due dilligence and good luck...
  • #6,242
  • Feb 20, 2009 7:08pm Feb 20, 2009 7:08pm
Quoting BullsAndBear
Man, I was busy today. I sure would have like to gotten in at 2800....

kudos to those that did........

It IS going back down.

has anyone studied the weekly or monthly charts?

I personally dont have it in an up trend until a bare minimum of 4050 and a retest of support. till then the bears got it, no chance for bulls.........

have a great weekend all
BB
It's good to see many of you trading the trend on the time frame you're trading. Sickens me to see some trading a trend 5 time frames above. A recipe for account destruction.

But do remember this, the secular trend is still at this stage up. Just a word of caution.
  • #6,243
  • Feb 20, 2009 9:56pm Feb 20, 2009 9:56pm
Quoting McQueen68
well, i certainly would never speak for jacko, jellybean...but i like to look for higher highs and lower lows on the 4 hour chart...and we had another lower low this week...i interpret that as a down trend...

i saw 2800ish as a perfect place to look for a new short (50rt of 3093-2513)...it blasted through that pretty nicely and seemed to want to fill this past weekend's gap...after it settled, i decided to go short...

a solid move past 3100 would have me throw a yellow caution out on a possible trend change and i'd probably look to catch some...
Exactly what I see, I am short at 2832 w/100 Pip TS. Should be good to go if we don't have a crazy gap up this weekend...We'll see 2300 before we see any change in trend. The monthly's want to get to the 50% retrace from 2000 - 2008.

Good night and have a great weekend.
  • #6,244
  • Feb 20, 2009 9:59pm Feb 20, 2009 9:59pm
Quoting NuckingFuts
It's good to see many of you trading the trend on the time frame you're trading. Sickens me to see some trading a trend 5 time frames above. A recipe for account destruction.

But do remember this, the secular trend is still at this stage up. Just a word of caution.
That is a nice thought. I like to make money but would rather do it in a nice bull market instead of selling everything into the ground. Hope to see one in the not too distant future. But it sure sint now....

Peace
BB
Whats happening in EUR/USD should be happening to you!
  • #6,245
  • Feb 20, 2009 10:01pm Feb 20, 2009 10:01pm
Quoting NuckingFuts
But do remember this, the secular trend is still at this stage up. Just a word of caution.
Wondering what you are basing this on?? I can understand short term and scalpers thinking this, but it's their counter trend rallies that we rely on to enter trend positions.

I see the monthly charts as up, but i think we can all agree that mid - long term (daily's) are down... we broke through the rising trendline this week - this is something that has been respected since Oct of 08...Once the gap is filled - i don't see any reason why we should stay up there.
  • #6,246
  • Feb 20, 2009 10:05pm Feb 20, 2009 10:05pm
Quoting bgin2end
Wondering what you are basing this on?? I can understand short term and scalpers thinking this, but it's their counter trend rallies that we rely on to enter trend positions.

I see the monthly charts as up, but i think we can all agree that mid - long term (daily's) are down... we broke through the rising trendline this week - this is something that has been respected since Oct of 08...Once the gap is filled - i don't see any reason why we should stay up there.
Secular trend my friend. Long term does not mean daily charts.

http://en.wikipedia.org/wiki/Market_trends
  • #6,247
  • Feb 20, 2009 10:55pm Feb 20, 2009 10:55pm
Quoting McQueen68
well, i certainly would never speak for jacko, jellybean...but i like to look for higher highs and lower lows on the 4 hour chart...and we had another lower low this week...i interpret that as a down trend...

i saw 2800ish as a perfect place to look for a new short (50rt of 3093-2513)...it blasted through that pretty nicely and seemed to want to fill this past weekend's gap...after it settled, i decided to go short...

a solid move past 3100 would have me throw a yellow caution out on a possible trend change and i'd probably look to catch some...
Thanks for sharing your thinking, McQueen. I understand it completely.

On the higher highs & lower lows, I've probably been looking too close to the 4-hr chart. I saw the low on Fri at 1.2557 higher than the low on Wed at 1.2513 and the high on Fri at 1.2884 higher than the higher than the high on Thu at 1.2760. I wondered if that meant a revesal on the 4-hr warning of a potential change in the daily. However, if I zoom out a bit I can see the highs & lows that probably matter more.

I now also see that the price would have to break through messy consolidation a week ago to go any higher. More confidence in entering short.

Btw, I fully understand my decisions are my responsibility. It's a great help to developing your own skill to see the way others think about it, though.

Thanks again
Jellybean
  • #6,248
  • Feb 20, 2009 11:05pm Feb 20, 2009 11:05pm
Have just spent a very slow night shift trawling the full length of this thread. Reckon I have a reasonble idea of how the method works, particularly like the AH strategy. Some questions I promise not to ask

Is the TSL 50 or 100 pips?
Does it only work on EU?
What TF does Jacko use?
Why no indicators?

Though I reserve the right to ask more serious questions.

The loyalty shown by the Turtles here is also a ringing endorsement for Jacko's mentoring and I will be emailing him tomorrow to see if he'll take me on board too.

Look forward to putting on my first trade with the method but first looking forward to getting home and bed!

Tim
  • #6,249
  • Feb 21, 2009 12:22am Feb 21, 2009 12:22am
it will be the best thing you have done. read my footnote belo about
how I met him.
changed my life, it did
  • #6,250
  • Feb 21, 2009 1:02am Feb 21, 2009 1:02am
Quoting newbietrader101
it will be the best thing you have done. read my footnote belo about
how I met him.
changed my life, it did
don't you feel bored to flatter someone over and over?
Trading is the game of fear and greed.
  • #6,251
  • Feb 21, 2009 1:06am Feb 21, 2009 1:06am
Quoting flytim
Have just spent a very slow night shift trawling the full length of this thread. Reckon I have a reasonble idea of how the method works, particularly like the AH strategy. Some questions I promise not to ask

Is the TSL 50 or 100 pips?
Does it only work on EU?
What TF does Jacko use?
Why no indicators?

Though I reserve the right to ask more serious questions.

The loyalty shown by the Turtles here is also a ringing endorsement for Jacko's mentoring and I will be emailing him tomorrow to see if he'll take me on board too.

Look forward to...
Hi Tim

I'll answer this 'cos I think the US guys will be in bed. My day is a bit later than theirs

I also read pages of Jacko's thread. Fantastic education.

I made notes as I read and I think the answers to your quesitons are there. Specifically, it says:

- The TSL was 50 pips back at the beginning of the thread, but now I think the guys are using 100 pips due to the volatility.
- The method should work on any market that trends well and has low volatility. People here use EURUSD probably because it's the best currency pair for that.
- First look at weekly and daily charts, then use 4-hr for signs of a reversal. The 1-hr chart is used to help with the entry.
- No indicators because they are not necessary, so let's keep it simple.

That's my take on it, anyway. Others will correct me if I'm off the mark, I'm sure.

I've learned heaps by reading the thread, as you have, and I'm still amazed and grateful that there are others so willing to help others learn it.

Cheers
Jellybean
  • #6,252
  • Feb 21, 2009 5:51am Feb 21, 2009 5:51am
Quoting Jellybean
Hi Tim

I'll answer this 'cos I think the US guys will be in bed. My day is a bit later than theirs

I also read pages of Jacko's thread. Fantastic education.

I made notes as I read and I think the answers to your quesitons are there. Specifically, it says:

- The TSL was 50 pips back at the beginning of the thread, but now I think the guys are using 100 pips due to the volatility.
- The method should work on any market that trends well and has low volatility. People here use EURUSD probably because it's the best currency pair for...
Thanks Jellybean,

It was a little joke, I said questions I will NOT ask. Those were some of the very basic questions that seem to keep getting asked unneccesarily IMO. Stated to bug me when I kept seeing them asked during my all night trawl.

Tim
  • #6,253
  • Feb 21, 2009 5:54am Feb 21, 2009 5:54am
Quoting newbietrader101
it will be the best thing you have done. read my footnote belo about
how I met him.
changed my life, it did
I've read most of your stuff during my trawl already including that piece, but thanks anyway.

Tim
  • #6,254
  • Feb 21, 2009 2:37pm Feb 21, 2009 2:37pm
Quoting flytim
Thanks Jellybean,

It was a little joke, I said questions I will NOT ask. Those were some of the very basic questions that seem to keep getting asked unneccesarily IMO. Stated to bug me when I kept seeing them asked during my all night trawl.

Tim
Oops. Sorry I didn't get it I agree with your sentiment.

Cheers
Jellybean
  • #6,255
  • Feb 22, 2009 12:55am Feb 22, 2009 12:55am
Quoting Fx chartist
don't you feel bored to flatter someone over and over?
No. not at all. the man changed my life. my life was headding to shit. he helped me become a trader and i am seeeing and doing things i never could have done without his help. if you think that is flattering someone over and over i dont care. I am a fulltime trader now and making a shitload of money. and I will make more money next week. and the week after. aand the next week
  • #6,256
  • Feb 22, 2009 5:32am Feb 22, 2009 5:32am
FWIW here's my take on things on EU this w/e. Feel free to comment, I'm not claiming to be any sort of expert on this.

On the weekly charts the question is "is it turning up?" The trend is till down but the long bottom shadow on last weeks candle shouldn't be ignored.

The trend on the daily is also still down. 2800 is also pretty much bang on the 50% retrace from the last move down(3093-2513). The price moved up through this level and then nearly to the next whole number(2900) before coming back. The big move up on Friday pm has now covered the gap from last w/e too.

On the 4hr still down trend and we can see the move up on friday is losing a bit of steam with the longish upper shadows on the last 2 candles. The 1 hr pretty much says the same.

I think a few people here are already short in the region between 2800-2900 but personally I wouldn't liked to have held that over the w/e. Assuming no opening gap tonight I will probably short if it just below 2800 with the usual 100 pip TSL.

If there is a gap then all the above will need rethinking and I'll be staying out. There's still time for some sort of news to come out so keep an eye out for that.

My view of things, do comment constructively. Would be nice to know I'm barking up the right tree.

Tim
  • #6,257
  • Feb 22, 2009 6:41am Feb 22, 2009 6:41am
Newbietrader101,

If JACKO has helped you, you should vouch for him & his way of trading as it is rare to find a trader of his caliber willing to share their trading knowledge. I say a TIP OF THE TRADERS HAT TO YOU & JACKO. I think you posted you even had an in person meeting with JACKO & his wife. If this is correct, that even speaks more of JACKO by him being willing to meet with someone he has no knowledge of other that PM's & maybe phone conversations. I have made several trader friends aware of JACKO'S thread & they are trading his way with good success. Stop by & share your views & trading tips more often as you seem to be really in tuned to the JACKO way of trading.

Just My Views & Nothing More.

______________________
  • #6,258
  • Feb 22, 2009 7:44am Feb 22, 2009 7:44am
well, for the newbies like me, there is no better place like Jacko's house. somebody was asking of what to do with our free periods; am referring that person to this section or to the forum generally. just satisfy your quest for forex knowledge. Just like Jacko said, the newbies have one thing in common, "PANIC" and everythinh that comes with it. As write this post, I have already roasted my account and the funniest thing is that i did that within a week. am wishing i read an article from Jacko before starting my live trading because my demo trades are the exact opposite of my real trades. The fear of losing my "chicken yet so difficultly gathered $200" coupled with impatience made me to lose eventually by 10s. To lose $10 was so had for me so my stops were always at 10 and the days i would choose to bravely use 20, i will forget everthing about my trading system which i will say for now is under review. I will like to thank Jacko for his posts and positive contribution to the forum and wish he would continue the goodwork. am also interested in learning how the fibo works and method of round numbers. anyone can just help me those.
Regards, Quest4pips.... Patience matters a lot here
  • #6,259
  • Feb 22, 2009 8:05am Feb 22, 2009 8:05am
Quest4Pips,

Its all in the first 5-10 pages. Several pages back there is a pdf file someone was kind enough to put together. Read it & reread it & you will have it. Then post questions as you go along.

There are many here that will be willing to help as you go.

Using a DEMO ACCOUNT is a good way to start. Live trading is never as it is in DEMO. Your emotions take over in the live mode as real money is in play.

Just trying to Help. Best trades to you.
_________________________________
  • #6,260
  • Feb 22, 2009 8:19am Feb 22, 2009 8:19am
Quoting BullsAndBear

has anyone studied the weekly or monthly charts?

I personally dont have it in an up trend until a bare minimum of 4050 and a retest of support. till then the bears got it, no chance for bulls.........
BB
The market closed friday right on the 4hr trendline which is down. On the daily we seem to be on a pullback with resistance @ 3100 (62 ema) and 50% fib ret @ 3450. Depending on what happens sunday night, the move has potential to go hgher b4 falling again, I wouldnt ride it too far down since we do seem to be in a pullback mode for shorter term trades.

The weekly chart also appears to be @ the beginning of a pullback with a nice pinbar showing and much stronger resistance @ the 62ema which held in the december rally. This resistance would be @ 3950. It would seem to take an awful lot to make a clean break of that resistance. I keep hearing some question if this is a possible trend reversal and it would not seem so at all. Just a nice pullback in effect. The primary trend is a very week one!

Only my humble newbie opinion,
BB
Whats happening in EUR/USD should be happening to you!
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