Jacko's Forex House of Pleasure and Pain | Page 339 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #6,761
  • Mar 20, 2009 2:55am Mar 20, 2009 2:55am
Hi, let's come back to the subject... anybody on EURUSD waiting the bounce at 50%?
  • #6,762
  • Mar 20, 2009 3:24am Mar 20, 2009 3:24am
Quoting plan-b
I don't see the relevance of all this talk about specific account performances or why/how a member landed a job at a bank.
Jackos method emphasizes cutting your losses and letting profits run and that equals money in the bank.

I think we should spend more time on meaningful debates like pondering on how 6 months of fed buying action will impact the value of the dollar especially if the euro zone does not go the same route.
Such debates in my opinion will be of more use than knowing the balance on someones account..

I second that wholeheartedly....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #6,763
  • Mar 20, 2009 4:27am Mar 20, 2009 4:27am
No disrespect to jackos technique but allow me to go off topic a bit.


Open daily EU chart from April 2005 and draw a line at 1.2500 across the whole chart.
In 2005 that was resistance but has turned support from 2006 to date..

All we needed to do after touching such an important mark twice in the last 6 months is enter long with a SL at 1.2290 (or thereabouts) and big trail stop once in profit.
Hindsight is 20/20 but if we ever go back there again i will know what to do..

1.25 supported a move to 1.47+ in november and the current one is at 1.3670


lowest the pair has ever gone since April 2006 is around 1.2330 (0ct 2008)


Ps
how do i paste a chart into my reply???
Some drink at the fountain of knowledge. Others just gargle !
  • #6,764
  • Mar 20, 2009 4:46am Mar 20, 2009 4:46am
I did it and it seems to be quite strong support, but right now we r very far from it, I'm just waiting for a bounce (FIB, TL) to go up again. I guess u must post 100 times before u can post a chart.

C u on EURUSD discussion too

Quoting plan-b
No disrespect to jackos technique but allow me to go off topic a bit.


Open daily EU chart from April 2005 and draw a line at 1.2500 across the whole chart.
In 2005 that was resistance but has turned support from 2006 to date..

All we needed to do after touching such an important mark twice in the last 6 months is enter long with a SL at 1.2290 (or thereabouts) and big trail stop once in profit.
Hindsight is 20/20 but if we ever go back there again i will know what to do..

1.25 supported a move to 1.47+ in november and the current one is...
  • #6,765
  • Mar 20, 2009 5:20am Mar 20, 2009 5:20am
hey this is very nice. i have taking my time to read everything thing and the advice are wonderful
  • #6,766
  • Mar 20, 2009 6:20am Mar 20, 2009 6:20am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting plan-b
how do i paste a chart into my reply???
Do you know how to save the image to your desktop in a format such as GIF, if so when you post a reply or new post, click on the Attachment (paperclip) icon just above you post, this will then open a bow, you use this box to browes and upload you images to FF, once uploaded click the Attachments icon again and you will see you uploaded files, click the file - done.

just to add to the discussion on the EU, 50% retracment on the daily, bear TL not broken, this could see us going short again, the only thing in it's way would be a 50% fib on the 4h bull trend around the 1.30 area

happy trading all, here comes the weekend and anything can happen, best of pips

MPP
  • #6,767
  • Mar 20, 2009 6:32am Mar 20, 2009 6:32am
Attached Image (click to enlarge)
Click to Enlarge Name: EU classic.GIF Size: 49 KB


Thanks MPP..

There is that 1.25 magic line
Some drink at the fountain of knowledge. Others just gargle !
  • #6,768
  • Mar 20, 2009 11:57pm Mar 20, 2009 11:57pm
Quoting Archer
I am a member of Jacko's first group. I can say with confidence that Jacko has made a big difference in my trading. I used to think that I had to trade all the time to make money. Now I just look for good or great setups. I can go a week or more just sitting on my hands watching, waiting to take a high probability trade. I admit that I had a rough ride down from 1.600 but that was due to position sizing relative to my account size. However, since I joined Jacko in Sept- Oct 2007 I am up close to 100% in my account. I do not use Jacko as a signal...
I am a member of Jackos second group. He is a real trader of substance who has taught me more than i have imagined. More about how to trade, how to win and how not to lose. How to accept winners and how to accept losses. How to be patient. Turned my trading on its head and made me profitable. Forever grateful
  • #6,769
  • Mar 21, 2009 8:15am Mar 21, 2009 8:15am
been a loooooonnggg time since I ventured here, am I right in assuming that the rules are still the same since the beginning?
  • #6,770
  • Mar 21, 2009 11:51am Mar 21, 2009 11:51am
there have been some modifications to account for the increased volatility...amongst which we have 100 pip hard stop loss, move to b/e when 40 pips in profit, and moving down to the 4 hour charts as well in deciding the entries...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #6,771
  • Mar 21, 2009 2:07pm Mar 21, 2009 2:07pm
This is my first post so plz be gentle with me! Firstly, let me say how impressed I am by this thread and the quality of help that is around in this forum in general for newbies like myself. The reason for this post is that I am a bit confused as to what constitutes a trend. I am currently looking at the weekly and daily charts for EUR/GBP and the daily chart shows a clear downward trend with a dbhlc? on Thursday/Friday that, if I was confident, I would've taken a short position off. However, the weekly chart is showing a clear uptrend. What to do? Which chart takes precedence?
  • #6,772
  • Mar 21, 2009 3:25pm Mar 21, 2009 3:25pm
Quoting TotalNewbie
This is my first post so plz be gentle with me! Firstly, let me say how impressed I am by this thread and the quality of help that is around in this forum in general for newbies like myself. The reason for this post is that I am a bit confused as to what constitutes a trend. I am currently looking at the weekly and daily charts for EUR/GBP and the daily chart shows a clear downward trend with a dbhlc? on Thursday/Friday that, if I was confident, I would've taken a short position off. However, the weekly chart is showing a clear uptrend. What to...
total newb,

here you go, 1st page of thread, post #4. highly recommend spending some time going over ALL of jackos postings, especially @ the beginning of the thread. enjoy........

Firstly, how do you know what the trend is?

DETERMINE THE TIME FRAME THAT YOU WANT TO TRADE.

1. If the graph on the chart starts in the bottom left hand corner and ends in the top right hand corner, the market is going UP.

2. If the graph on the chart starts in the top left hand corner and ends in the bottom right hand corner, the market is going DOWN.

3. If you are still confused, print it off and show it to a 5 year old...they will get it right EVERY time...LOL

The trend is the BEST friend you will ever have in the Forex market.

When you trade with the trend, even if you make a mistake, the market will get you out of your problem....If you make a mistake and you are fighting the trend ...YOU ARE STUFFED, BIG TIME !!!
Whats happening in EUR/USD should be happening to you!
  • #6,773
  • Mar 21, 2009 4:40pm Mar 21, 2009 4:40pm
Quoting BullsAndBear
total newb,

here you go, 1st page of thread, post #4. highly recommend spending some time going over ALL of jackos postings, especially @ the beginning of the thread. enjoy........

Firstly, how do you know what the trend is?

DETERMINE THE TIME FRAME THAT YOU WANT TO TRADE.

1. If the graph on the chart starts in the bottom left hand corner and ends in the top right hand corner, the market is going UP.

2. If the graph on the chart starts in the top left hand corner and ends in the bottom right hand corner, [b]the market...

Thanks Bulls. I have read this, which is why I am keen to work out what the trend actually is. I can see from my weekly chart that the trend is up but I also see from my daily that the more recent trend is down. My question was which trend do I attach more significance to?
  • #6,774
  • Mar 21, 2009 8:12pm Mar 21, 2009 8:12pm
Quoting TotalNewbie
This is my first post so plz be gentle with me! Firstly, let me say how impressed I am by this thread and the quality of help that is around in this forum in general for newbies like myself. The reason for this post is that I am a bit confused as to what constitutes a trend. I am currently looking at the weekly and daily charts for EUR/GBP and the daily chart shows a clear downward trend with a dbhlc? on Thursday/Friday that, if I was confident, I would've taken a short position off. However, the weekly chart is showing a clear uptrend. What to...
A visit to Strat's Long Term Stress Free Trading will explain this to you in great detail.
http://www.forexfactory.com/showthread.php?t=155459
  • #6,775
  • Mar 21, 2009 8:42pm Mar 21, 2009 8:42pm
Quoting TotalNewbie
Thanks Bulls. I have read this, which is why I am keen to work out what the trend actually is. I can see from my weekly chart that the trend is up but I also see from my daily that the more recent trend is down. My question was which trend do I attach more significance to?

Totalnewbie-

IMHO

I can appreciate your wanting to find clarity in learning to trade but Jacko's strategy is to focus on one currency (EURUSD) and trade the trend.

Focusing on a different currency would detract from this thread.

That said, Jacko's basis for determining trend works for any currency and just takes some time in the beginning to recognize it.

I would recommend looking at Strat's thread for other currencies or the James16 thread for identifying price action in general.

It is great to learn from those who have gone before.
  • #6,776
  • Mar 21, 2009 9:02pm Mar 21, 2009 9:02pm
BullsAndBear

here you go, 1st page of thread, post #4. highly recommend spending some time going over ALL of jackos postings, especially @ the beginning of the thread. enjoy........

Firstly, how do you know what the trend is?

DETERMINE THE TIME FRAME THAT YOU WANT TO TRADE.

1. If the graph on the chart starts in the bottom left hand corner and ends in the top right hand corner, the market is going UP.

2. If the graph on the chart starts in the top left hand corner and ends in the bottom right hand corner, the market is going DOWN.

3. If you are still confused, print it off and show it to a 5 year old...they will get it right EVERY time...LOL

The trend is the BEST friend you will ever have in the Forex market.

When you trade with the trend, even if you make a mistake, the market will get you out of your problem....If you make a mistake and you are fighting the trend ...YOU ARE STUFFED, BIG TIME !!![/quote]
////////////////////////////////////////////////////////////////////////////////////

I agree.

http://i39.tinypic.com/20fdg9j.gif
TRO
  • #6,777
  • Mar 21, 2009 9:53pm Mar 21, 2009 9:53pm
Quoting coscorp
there have been some modifications to account for the increased volatility...amongst which we have 100 pip hard stop loss, move to b/e when 40 pips in profit, and moving down to the 4 hour charts as well in deciding the entries...
thanks Coscorp!
  • #6,778
  • Mar 22, 2009 12:50am Mar 22, 2009 12:50am
Quoting TotalNewbie
Thanks Bulls. I have read this, which is why I am keen to work out what the trend actually is. I can see from my weekly chart that the trend is up but I also see from my daily that the more recent trend is down. My question was which trend do I attach more significance to?

Firstly, how do you know what the trend is?

DETERMINE THE TIME FRAME THAT YOU WANT TO TRADE.
  • #6,779
  • Mar 22, 2009 5:09am Mar 22, 2009 5:09am
Quoting plan-b
No disrespect to jackos technique but allow me to go off topic a bit.


Open daily EU chart from April 2005 and draw a line at 1.2500 across the whole chart.
In 2005 that was resistance but has turned support from 2006 to date..

All we needed to do after touching such an important mark twice in the last 6 months is enter long with a SL at 1.2290 (or thereabouts) and big trail stop once in profit.

1.25 supported a move to 1.47+ in november and the current one is at 1.3670


lowest the pair has ever gone since April 2006 is around 1.2330 (0ct...
Very helpful point.
1.2500 really is a strong support. Will wait for the 50% fib retracement (if it makes it that far) before setting a long entry. I believe price is heading north if the double bottom pattern (oct 08 & feb 09:check weekly and daily chart) is anything to go by.
However, anything can happen these days. The key as always is to let the market show us where its headed.
  • #6,780
  • Mar 22, 2009 8:14am Mar 22, 2009 8:14am
Quoting Toddfx

http://i39.tinypic.com/20fdg9j.gif
Toddfx, i love the jacko trendline. Is that available to everyone? LOL, a five year old would say the trend is up,,,,,,halarious..........

bulls
Whats happening in EUR/USD should be happening to you!
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