Jacko's Forex House of Pleasure and Pain | Page 328 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #6,541
  • Mar 10, 2009 3:15pm Mar 10, 2009 3:15pm
Jacko,

when you say sell,,,,the whole world must be listening,,,LOL, the bears jumped all over that rally. Like it fell off a cliff, haha

Thanks for the fine system to enjoy these trades

bulls
Whats happening in EUR/USD should be happening to you!
  • #6,542
  • Mar 10, 2009 3:28pm Mar 10, 2009 3:28pm
Quoting BullsAndBear
I use the THV TRIX V4.01 and I use a modified macd that phil has in his thread. Both have not indicated an exit. Now those are just indicators. The reasoning behind it is if you look where the climb started on 3/9-1300 on the 1h chart to 3/10 @ 1200,,,,,that is 23hours to cycle up. So a predominantly weak currency should be able to cycle down same amount of time or longer, not to mention the dollar rallied today and i am sure it is not going to stop right now this minute. The only reason right now for an exit is a little price action/retrace off...
Thanks for the explanation!

What I was looking at was a quick fall of about 140 pips from the high back to a large consolidation zone to the support around 1.2680. What I've usually seen happen is price touch that support, bounce back to the upper wall of the consolidation zone (around 1.2720), pause there for a little while, then resume. That was what I was looking, bank my profits - look for the pullback, re-enter & continue the ride down.

That didn't happen, and we blasted right through that support down to the weekly & daily pivot. The nice bounce we see now is what I was looking for - just at the wrong support.

I'm still looking for a pullback to around 1.2720, and depending on the PA - may start opening shorts again.
  • #6,543
  • Mar 10, 2009 10:11pm Mar 10, 2009 10:11pm
Quoting sinclap
Hi Jacko..

Sounded like you went elsewhere..

You're first post on this thread left a lasting impression. I have friends who have sank lots of capital in small business such as coffee shops that are struggling. They would of been better off in this business, plus you can take a break if need be. You can't close a coffee shop while you take a badly needed vacation.
Hi Sinclap,

LOL..No I haven't gone elsewhere. I have just been busy with my two small groups of traders who are doing really, really well. They are growing in knowledge and skills and talent every day. Some of them are putting me to shame with their trades, because they are prepared to work longer and harder than me

Yo are exactly right about the coffee shops and any other business. Aside from dropping in value, most small businesses are now almost unsaleable. Actually, they can't sell the big ones either. (Look at S**tybank...its now selling as a penny stock).

One of the members also pointed out that our business, trading forex, is truly recession-proof. If one economy is going down, you simply buy the other!!

Another benefit of Forex trading that I didn't include on the first page is that traders all have the weekends off. No matter how excited you are about trading you must take a break...simply because the market is closed!!! You can't trade anyway, so you get the full weekend to spend with your family and friends.

I keep saying...forex trading is the best business on the planet.


.
Jacko
  • #6,544
  • Mar 10, 2009 10:27pm Mar 10, 2009 10:27pm
Quoting sinclap

Do you focus on just the EUR/USD? I see others elsewhere who are trading multiple currency pairs instead of focusing on one. I'd rather focus on one for simplicity sake. I am torn between the GBP/USD and EUR/USD. I like the Eur due to it's low pip spread, while the GBP has more pip opportunity.

I am trading on a micro account which I am finding the leverage amazing. You can start low and slowly build.

You're thoughts?
Hi again,

I like the EUR/USD because they are the two largest currencies. And, I am more familiar with those two currencies and economies, whereas I know little about the YEN (the third largest currency).

The GBP basically follows the Euro over the long term, though the last 6 months has been an abberation. More importantly it is more volatile than the Euro.
On average for every 1 Euro move compared to the USD, the GBP moves 1.5-2 GBP's to the USD.
As a trader, I dislike extremes of volatility. It causes SL's to be bigger and potential losses to be bigger.
As a trader, I love smooth trending markets, much more than wild volatile ones. (Not good for the heart!!!!...LOL)
Now some traders that are in trading for the excitement might enjoy the adrenalin rush. I just prefer to calmly make money.

Having said that, some traders trade the GBP because they know the economy and currency better, especially traders from the UK.


.
Jacko
  • #6,545
  • Mar 10, 2009 11:39pm Mar 10, 2009 11:39pm
Yes, truly the best business.

The added bonuses (for me) are:
1. If you have a full time job, you don't need to declare to your employer that you have a profitable business (that is earning more than he is paying you)!
2. You can go long and short
3. You can dump 10m of currencies without moving the market (I think! Jacko to confirm..)
4. More confidence, especially in this climate, that perhaps in the worst worst case, you could get laid off, but still be able to pay your mortgage.


I count myself fortunate to stumble upon FX, and even more fortunate to stumble across Jacko.



Quoting jacko
Hi Sinclap,

I keep saying...forex trading is the best business on the planet.


Jacko
  • #6,546
  • Mar 11, 2009 12:59am Mar 11, 2009 12:59am
Quoting jacko
Hi Sinclap,

LOL..No I haven't gone elsewhere. I have just been busy with my two small groups of traders who are doing really, really well. They are growing in knowledge and skills and talent every day. Some of them are putting me to shame with their trades, because they are prepared to work longer and harder than me

Yo are exactly right about the coffee shops and any other business. Aside from dropping in value, most small businesses are now almost unsaleable. Actually, they can't sell the big ones either. (Look at S**tybank...its now selling...
Forex is a great business but like any other biz it requires the right mindset to be successful and not become another one of those failure statistics. I mean some people cannot even run a paper route without going bust and they just aren't destined for self employment or managing investments.

Michael Jordan and Isiah Thomas were great basketball players but didn't have a clue about running the business of basketball. You can be the best chef in the world and still bankrupt your restaurant. And it is the same in trading.

We build big houses for rich people and most of these clients share the same qualities. They all have worked their as$%s off to achieve success and experienced extreme failure (usually more than once) on the way to wealth. But eventually it all pays off and making money becomes a habit. The success stories I have heard are amazing. Current client makes a nice 6 figure amount monthly trading in addition to running a business with 600 employees. Most of our meetings end with looking at the charts for the days trade. Do you think this guy has all kinds of indicators lighting up his screen? Heck no, either the Pound or Euro is in an uptrend or a downtrend and that's it. Place the trade and get out with small losses only and move on to the next one without a second thought. No revenge trading, no overtrading, no whining. Just patience, discipline, a big account, and real smart money management.
History is written by the victors.
  • #6,547
  • Mar 11, 2009 3:28am Mar 11, 2009 3:28am
Is 1.2850-1.2900 a good sell area?
Some drink at the fountain of knowledge. Others just gargle !
  • #6,548
  • Mar 11, 2009 3:57am Mar 11, 2009 3:57am
Quoting plan-b
Is 1.2850-1.2900 a good sell area?
Yes, longer term i would say it is. Currently though i'm looking for either another bounce of resistance @ 1.2720 or the TL (if it goes that high today.
  • #6,549
  • Mar 11, 2009 5:10am Mar 11, 2009 5:10am
Jacko and newbietrader101:

I sincerely apologize for any insult that you may have felt based on my accusation that you could be the same person.

It had nothing to do with jacko's successful trading, jealously on my part, or intolerance for newbietrader101's posts. It was for the sake of protecting Forex Factory against age old promoting tactics of spoofing users.

Again, I honestly and humbly ask for both of your forgiveness, as I should have not made a public post about this.

I hope you both will forgive me.

Good luck and continued success,
tdion
  • #6,550
  • Mar 11, 2009 5:43am Mar 11, 2009 5:43am
Money-RX,

Nice post & so very true. Being good in one busines will not qualify you to be good in another......Jordan & Thomas are good examples.

I totally agree with the bold print @ the bottom, but we could add about 10-12 more with him for a really good flushing out of the system. Maybe in four years they will self flush.
  • #6,551
  • Mar 11, 2009 6:22am Mar 11, 2009 6:22am
tdion,

Nice jesture on your part. Since your offering an apology which is rarely seen much anymore, I'm sure both Jacko's & newbietrader101 will accept & move on. You are correct, that is a tactic that has been used many times on these forums to lure in new traders. I appreciate your willingness to prevent these tactics. A tip of the hat to you.

BTW: Thanks for your service to the U.S.A. & may your time in Germany be a safe & productive time for you.

These are just my views & nothing more.
___________________________
  • #6,552
  • Mar 11, 2009 6:57am Mar 11, 2009 6:57am
Quoting jcalow
Yes, longer term i would say it is. Currently though i'm looking for either another bounce of resistance @ 1.2720 or the TL (if it goes that high today.

I am in..impulsive half size entry at 1.2750 hoping it will near TL before coming back to take out 1.2450
Some drink at the fountain of knowledge. Others just gargle !
  • #6,553
  • Mar 11, 2009 7:00am Mar 11, 2009 7:00am
I am waiting for 2800. I will actually wait until it hits 2850 and then pick it up on its way back through 2800. If we don't get there, I have an order 1/2 order @ 2700 and then adding to it as we cross through 2600.
  • #6,554
  • Mar 11, 2009 7:02am Mar 11, 2009 7:02am
Quoting bgin2end
I am waiting for 2800. I will actually wait until it hits 2850 and then pick it up on its way back through 2800. If we don't get there, I have an order 1/2 order @ 2700 and then adding to it as we cross through 2600.
I am watching and waiting for 2800+ also.
"Money is easy to make, but hard to keep" - FWV 1975
  • #6,555
  • Mar 11, 2009 7:30am Mar 11, 2009 7:30am
The E/U lately has definitely been following the upward trend channel very nicely.

The places in blue is where I'm looking for shorts.
Attached Image
  • #6,556
  • Mar 11, 2009 7:38am Mar 11, 2009 7:38am
Quoting dwildes
The E/U lately has definitely been following the upward trend channel very nicely.

The places in blue is where I'm looking for shorts.
As am I, but I think I'll wait for it to peak closer to the top of that channel. We are very near the Bearish daily channel too...
Attached Image (click to enlarge)
Click to Enlarge Name: daily channel.gif Size: 23 KB
  • #6,557
  • Mar 11, 2009 7:48am Mar 11, 2009 7:48am
It has been awhile since i visited this thread, however the lessons that i learnt through it have allowed me to stay in this game a bit longer.

I detered from the Eur to the GBP/USD grounds and unfortunatly found myself as Jacko stated faces bigger and faster losses. I tried to do somethings differently but still use the AH rules and whilst there were some good winners the loosers seemed to catch up.

I have come back to the less volitile pairs such as the EUR and AUD USD and have slowly built some trades back up and getting the ball rolling. It is great to see Jacko is still around and offering his services. I should have joined him 12 months ago lol and perhaps I would be sitting elsewhere typing this.

It is great to see that in times of economic crisis the business of forex is still as strong as ever. It cant be said enough that this, for the fortunate ones who do become successful, is the greatest business in the world for all the reasons that Jacko has mentioned.

Congrates to those who are enjoying success and too those who arent, strive for it, learn from your mistakes and perserver, one day it will come too you and you will enjoy the fruits of your labour.

For me I am just glad that this thread it moving stronger than ever. I too hope soon that I will be riding the golden wave of success.

Take care and keep your pips green

Cruze
  • #6,558
  • Mar 11, 2009 8:01am Mar 11, 2009 8:01am
we may see 2900 - 3000,

i surely hope so. not going to jumpm in 2800 today rather wait for signs of the fall....

usd index is develping a reversal pattern and could be due for a pullback, that means the eu, gu uj, etc could be gaining aginst the dollar short term..........

bulls
Whats happening in EUR/USD should be happening to you!
  • #6,559
  • Mar 11, 2009 8:48am Mar 11, 2009 8:48am
OK - I got in @ 2794 - my patience wore thin and I have to be off to a meeting and can't watch anymore. If I get stopped out, I'll place an AH.
  • #6,560
  • Mar 11, 2009 9:07am Mar 11, 2009 9:07am
Feels like a nice area for entry in my mind, also ... could be in for the long haul here, though ... price is slowly dribbling its way through the channels
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