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Jacko's Forex House of Pleasure and Pain

  • #6,641
  • Mar 13, 2009 9:45pm Mar 13, 2009 9:45pm
Quoting jacko
Hi all,

Can a trendtrader make money in a tight range market?

In a day when the market had a total range of less than 100 pips (1,2957- 1.2861= 96 pips), and spent 95% of that time in a tight 50 pip range (from 1.2930 -1.2880=50 pips), we had an enjoyable day and made some money.

The very tight range for the day made it interesting but we came out positive with minimal risk. Add in the leverage to allow big numbers of contracts and the dollars roll in for the day.

Next week we will do it again and make some more money....
I am very carefully studying your approach through what you have posted and tryihg to make it work for me. Have just these two questions for you:

1. Isn't scalping against your trading principles?

2. Do you expect the market to keep moving in a narrow range also next week?
The Thief of Wall Street
  • #6,642
  • Mar 13, 2009 9:56pm Mar 13, 2009 9:56pm
Quoting Chicky
I am very carefully studying your approach through what you have posted and tryihg to make it work for me. Have just these two questions for you:

1. Isn't scalping against your trading principles?

2. You you expect the market to keep moving in a narrow range also next week?
Hi Chicky,

1. I wasn't scalping. I was setting the trades up to be longer term trend trades but our in-built safety rules allowed us to make money even when the market turned out to be a very tight ranging market.

2. No. There is a G20 meeting this weekend and even though they will talk a lot and agree with everybody else, very little will be achieved. (Remember, these are the 20 slickest politicians in the world. They know how to play the PR game better than anybody else in their country). Having said that, the market usually uses the G20 meeting as a reason to get excited and introduce some additional volatility into the institutional trader's dull and boring day.

.
Jacko
  • #6,643
  • Mar 13, 2009 10:21pm Mar 13, 2009 10:21pm
Quoting jacko
Hi Chicky,

1. I wasn't scalping. I was setting the trades up to be longer term trend trades but our in-built safety rules allowed us to make money even when the market turned out to be a very tight ranging market.

2. No. There is a G20 meeting this weekend and even though they will talk a lot and agree with everybody else, very little will be achieved. (Remember, these are the 20 slickest politicians in the world. They know how to play the PR game better than anybody else in their country). Having said that, the market usually uses the G20...
Thanks Jacko, really appreciate a response from you. I got it now.

PS. This reply also helped me identifying a missing link in my strategy. Thanks again.
The Thief of Wall Street
  • #6,644
  • Mar 14, 2009 12:25am Mar 14, 2009 12:25am
Quoting nickj
Damn MFN, he's just asking a question.


Bulls-
I believe the indicator he was using is called 3_level_ZZ_Semafor....
Looks like the 3 Level ZZ Semafor haters are on the prowl. Someone was giving me the old repaint stuff in another thread. Most people don't understand what repainting is. If you had an indicator that put arrows showing the low and high of the day in real time, those arrows would move each time a new low or new high was made. Would you call that repainting? The other trouble is that most people don't understand that all indicators are not created equal. Not to mention, most people use indicators as entry/exit signals instead of their intended purpose. If you know the high and low of the current and previous day, week, and month then what else do you need? Don't you put s/r and trendlines on the highs and lows? M4N made sense to me. I liked the calculator analogy.
TRO
  • #6,645
  • Mar 14, 2009 12:35am Mar 14, 2009 12:35am
if I am a member of your group but don't necessarily use your blog, can i come visit you guys to see how trading in a trading house is actually like?
  • #6,646
  • Mar 14, 2009 8:46am Mar 14, 2009 8:46am
Quoting Toddfx
Looks like the 3 Level ZZ Semafor haters are on the prowl. Someone was giving me the old repaint stuff in another thread. Most people don't understand what repainting is.
.
Never said I hated it and Repainting isn't necessarily bad. however, it does repaint. if you close MT4 during the course of the day and open it back up - the 1,2,3s change. That's repainting. just because they may move as you're watching - that's not repainting. Bulls asked, M4N was elusive in his answer. If no one shared here - it would be a pretty empty forum. Just trying to answer his question.
  • #6,647
  • Mar 14, 2009 5:09pm Mar 14, 2009 5:09pm
put that statement on the wall above your trading computer because its pure gold.

read it 50 times and meditate on it in a dark room with candles.

in that statement is the key to the kingdom.

anyone that has ever found success in this business had to discover and learn to use that key.




Quoting jacko
Hi Chicky,

1. I wasn't scalping. I was setting the trades up to be longer term trend trades but our in-built safety rules allowed us to make money even when the market turned out to be a very tight ranging market.

Jacko
  • #6,648
  • Mar 14, 2009 6:57pm Mar 14, 2009 6:57pm
Quoting nickj
Never said I hated it and Repainting isn't necessarily bad. however, it does repaint. if you close MT4 during the course of the day and open it back up - the 1,2,3s change. That's repainting. just because they may move as you're watching - that's not repainting. Bulls asked, M4N was elusive in his answer. If no one shared here - it would be a pretty empty forum. Just trying to answer his question.
Does it matter that the 1,2,3s change? If you understand what you are looking at and how to use it then there is no problem besides you can't make money from the past. I don't think elusive is an accurate description of M4N's reply. When I read between the lines, M4N was telling Bulls to go study the indicator and learn how to use it. I searched "3 level zz semafor" and found a reference in this thread. It doesn't take much effort to find the answer to most of your own questions. I sometimes find myself guilty of asking before searching.
TRO
  • #6,649
  • Mar 14, 2009 7:24pm Mar 14, 2009 7:24pm
Hello Jim aka James16 it's a pleasure to see you here...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #6,650
  • Mar 14, 2009 10:05pm Mar 14, 2009 10:05pm
yeah, agree
they say some trend traders works as if scalpers because they view 3% market movement for several day duration and 30pips movement at 10x leverage for several hour duration the samething. while the latter happen more often.

I am trying to understand this and try to enter a position with sound reasoning rather than random guess. still trying.

Quoting james16
put that statement on the wall above your trading computer because its pure gold.

read it 50 times and meditate on it in a dark room with candles.

in that statement is the key to the kingdom.

anyone that has ever found success in this business had to discover and learn to use that key.
Originally Posted by jacko
1. I wasn't scalping. I was setting the trades up to be longer term trend trades but our in-built safety rules allowed us to make money even when the market turned out to be a very tight ranging market.
  • #6,651
  • Mar 15, 2009 12:01am Mar 15, 2009 12:01am
Quoting nickj
Damn MFN, he's just asking a question.


Bulls-
I believe the indicator he was using is called 3_level_ZZ_Semafor. You can either do a search for Semafor or it's discussed in the forum below starting with post 113.
http://www.forexfactory.com/showthre...=132537&page=8 (http://www.forexfactory.com/showthread.php?t=132537&page=8)

It does repaint and the numbers will move as the price moves. I've just recently started playing around with it - jury is still out.

Hey let's all help each other out. Sharing is caring.

-Nick
Nickj,

thanks a bunch, that is exactly what I was trying to find out and just an overall view from someone that had taken it for a spin. I will research it some more. I have been working on my own trading system and it looked like maybe this had potential to help confirm some things I was already looking at. Appreciate it.

Quoting Toddfx
Does it matter that the 1,2,3s change? If you understand what you are looking at and how to use it then there is no problem besides you can't make money from the past. I don't think elusive is an accurate description of M4N's reply. When I read between the lines, M4N was telling Bulls to go study the indicator and learn how to use it. I searched "3 level zz semafor" and found a reference in this thread. It doesn't take much effort to find the answer to most of your own questions. I sometimes find myself guilty of asking before searching.
toddfx, m4n,
dont worry about any of it. The title at the top of the thread says,,,," Jacko's Forex House of Pleasure and Pain" and all discussion should be about that. I didnt think a quick question on an indicator would cause anyone distress. But to respect the 5 star rating on the thread and to the members trying to learn jacko style trend trading anymore talk of this is just cluttering up the "good" stuff. lets move on.

bulls
Whats happening in EUR/USD should be happening to you!
  • #6,652
  • Mar 15, 2009 2:14am Mar 15, 2009 2:14am
thanks,

i respect this thread a great deal.

just another example that simplicity is what works in this business.

simplicity, common sense and some hard work.

oh and one other thing. those 3 wont matter unless you figure out how to survive in a sideways market and always remember that what all markets spend most of there time doing is consolidating. thats the main reason why such a high percentage of new people fail at this.

Jacko is one of the rare few that knows how to do it.

a simple yardstick in judging any teacher is does he/she teach a simple method that keeps you alive and even profitable in a sideways market?

that criteria does not leave you many. trust me.

i dont want to distract from this great thread so im off but i always watch.

jim









Quoting coscorp
Hello Jim aka James16 it's a pleasure to see you here...
  • #6,653
  • Mar 15, 2009 5:52am Mar 15, 2009 5:52am
Hey James,

you've hit the nail on the head !! One prerequisite for being a profitable trader is being able to survive in consolidating markets ! I'll openly admit that I still haven't mastered this piece of the puzzle.





Quoting james16
thanks,

i respect this thread a great deal.

just another example that simplicity is what works in this business.

simplicity, common sense and some hard work.

oh and one other thing. those 3 wont matter unless you figure out how to survive in a sideways market and always remember that what all markets spend most of there time doing is consolidating. thats the main reason why such a high percentage of new people fail at this.

Jacko is one of the rare few that knows how to do it.

a simple yardstick in judging any teacher is does he/she...
  • #6,654
  • Mar 16, 2009 6:44am Mar 16, 2009 6:44am
hi all.well I was short at 1.2555 after we bounced from 1.2450. I had to cut losses .I never thought we would break 1.2900.wow.I have been trading forex for a little over a year (stocks for 11 yr)and i still cant get the hang of this forex.i have 90% of my trades that gain and do great until the trend changes.this happened to me in october as well was up like 2k then we rallied huge.If any thing let me be an example USE A STOP LOSS .Thanks Jacko for a great thread.
  • #6,655
  • Mar 16, 2009 7:08am Mar 16, 2009 7:08am
Quoting jacko
Hi Chicky,

1. I wasn't scalping. I was setting the trades up to be longer term trend trades but our in-built safety rules allowed us to make money even when the market turned out to be a very tight ranging market.
.
Jacko
By these "in-built safety rules" Is Jacko referring to the trailing SL?
  • #6,656
  • Mar 16, 2009 7:11am Mar 16, 2009 7:11am
Quoting muneeflo
hi all.well I was short at 1.2555 after we bounced from 1.2450. I had to cut losses .I never thought we would break 1.2900.wow.I have been trading forex for a little over a year (stocks for 11 yr)and i still cant get the hang of this forex.i have 90% of my trades that gain and do great until the trend changes.this happened to me in october as well was up like 2k then we rallied huge.If any thing let me be an example USE A STOP LOSS .Thanks Jacko for a great thread.
Sorry,
You win some,you loose some(pleasure and pain)
I'm at 1.2930 and i suspect 1.31 may be breached resulting in some pain
Some drink at the fountain of knowledge. Others just gargle !
  • #6,657
  • Mar 16, 2009 7:13am Mar 16, 2009 7:13am
Quoting jcalow
By these "in-built safety rules" Is Jacko referring to the trailing SL?
I think he is referring to the AH.

http://www.forexfactory.com/showpost.php?p=1425762&postcount=5
  • #6,658
  • Mar 16, 2009 7:31am Mar 16, 2009 7:31am
Quoting muneeflo
hi all.well I was short at 1.2555 after we bounced from 1.2450. I had to cut losses .I never thought we would break 1.2900.wow.I have been trading forex for a little over a year (stocks for 11 yr)and i still cant get the hang of this forex.i have 90% of my trades that gain and do great until the trend changes.this happened to me in october as well was up like 2k then we rallied huge.If any thing let me be an example USE A STOP LOSS .Thanks Jacko for a great thread.

50% fib from the last daily high/high is around $1.35. Subsequently, that's also the long term term line from last summer. We broke above the 50 SMA this morning. I think we may be head that way if we close high today.
Attached Image (click to enlarge)
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  • #6,659
  • Mar 16, 2009 9:06am Mar 16, 2009 9:06am
Quoting james16
thanks,

i respect this thread a great deal.

just another example that simplicity is what works in this business.

simplicity, common sense and some hard work.

oh and one other thing. those 3 wont matter unless you figure out how to survive in a sideways market and always remember that what all markets spend most of there time doing is consolidating. thats the main reason why such a high percentage of new people fail at this.

Jacko is one of the rare few that knows how to do it.

a simple yardstick in judging any teacher is does he/she...
Hi James 16

Thanks for your very kind words.

I think that there are a number of very talented traders who post on this Forum and you are top of the list. (I can't believe that this is only the first time I have communicated with you..).

I hear many good things about you and your training...You are helping many people from blowing up their accounts which they would do if not for your intelligent advice in your training.

That is what I like about this Forum...I think that the best of the best all gravitate here.

We must catch up and meet one day.

Wayne
  • #6,660
  • Mar 16, 2009 9:45am Mar 16, 2009 9:45am
ehm...may I join in as well when you do??














now watch the stampede come.....


wonder how much it would cost to rent the AstroDome LOL
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
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