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Jacko's Forex House of Pleasure and Pain

  • #6,801
  • Edited 4:38pm Mar 23, 2009 4:02pm | Edited 4:38pm
Quoting jacko
This plan is starting to look like the plan from hell . . .
With all due respect, Mr. Jacko, I think this plan has been a plan from hell . . . from the beginning. Thomas Jefferson was brilliant: http://www.forexfactory.com/showpost.php?p=2573151&postcount=6383. (Post #6383 of this thread.)

Quoting james16
The US is now under control not only in the White house but also the congress by neo marxists of varying stripes.
Well said. I believe we are in an entirely different phase of government, authority and law. Our government is trying to fix our NOW Phase 4 economy by using Phase 3 rules and tactics. The rules of the game have changed, but our government(s) are trying to play the game using the old rules.

Quoting aorafx
The Chinese are not happy holding USD, they would like to hold a safe currency and not be exposed by the US monetary policy.
The Chinese may be better off long-term, but they SEEM to be just as confused as anyone else. Wasn't it two weeks ago when their prime minister said that China would begin selling off their US Treasuries? Then . . . yesterday, their finance minister says that they will continue buying US Treasuries because they are an intricate part of Chinese growth and investment. Today . . . The People's Bank of China want a new reserve currency.

It sure looks like all of this whatnot is using "guess-timation" only. With this being said, Mr. Jacko would know much more regarding Chinese thought and feeling seeing he lives there than us folk who still live in the Western Hemisphere. He has a keener sense of the current happenings.
  • #6,802
  • Mar 23, 2009 7:10pm Mar 23, 2009 7:10pm
Quoting jacko
Hi all,

Today will be a very important day in the history of the US dollar.

Later this, morning Tomothy Geithner will outline the details of the administration’s long-awaited plan to create a government body called the Public Investment Corp., funded by as much as $100 billion and purchase up to a Trillion dollars worth of troubled assets from the balance sheets of banks.
[font=Verdana]This plan relies on private investors (the mercenary "wolves" of hedge funds and private equity...
I'd suggest everyone to read F.I.A.S.C.O. by F. Partnoy. He talks about all this in the 90's explaining the Derivitives. The Wall Street crooks with one of them, Geitner the Tax Cheeter, will come up with a way to package these Toxic Assests and stick them to you and me the tax payer.

You want to learn about how to make a Phillipino Electric Company bond rated AAA by S&P and stick it to a Insurance Company in the US or Learn about how to package a Peso based Toxic crap from Banamex to a US $ based AAA Bermuda Company bond and stick it to a Retirement Fund it is all in this book.

I almost threw up as I was reading I'm sure you'll too. There is no honest soul in Wall Street. All these fimiliar faces from Pimco, Blackrock, MS, GS, JPM are in this $hit together. I can guarentee you that they've already figured out how to screw the Tax Payer already.
  • #6,803
  • Mar 23, 2009 8:30pm Mar 23, 2009 8:30pm
I won't go into any rants, but I have some pretty strong views about our current political system and how corrupt it really is...

I wanted to stop in since it's been a while since I've posted in here, I read it everyday, I just haven't had much to contribute.

As for the E/U, I was completely caught off guard by the 4H 700 pip bull move. Since I guess you can say I've pretty much been speechless as well as tradeless. I have placed a few small trades, but I am a bit nervous about shorts until we reach the 4150 (50% FIB). I used to think that 2150 was going to be hit until we saw this move up, but I was OBVIOUSLY wwwwwrong - this is what happens when you try to "predict" the market - it will embarrass you more often than not...
  • #6,804
  • Edited 1:39am Mar 24, 2009 1:37am | Edited 1:39am
Quoting bgin2end
I won't go into any rants, but I have some pretty strong views about our current political system and how corrupt it really is...

I wanted to stop in since it's been a while since I've posted in here, I read it everyday, I just haven't had much to contribute....
Hi bgin2end

I've drawn my fib on the daily chart from the high in December to the low early March, and that puts the 50% RT just under where we are now. This level has also been an effective S/R level as far back as 2004.

IMHO the long-term daily trend is down - still making lower highs, but it has failed to penetrate that strong 1.2500.

I'm looking for price action to tell us which way it wants to go.

Cheers
Tony
Attached Image
  • #6,805
  • Mar 24, 2009 2:11am Mar 24, 2009 2:11am
Quoting jacko
Also look for a relaxation of the "mark-to market" rule.

See here for an entertaining insight
http://www.winnersedgetrading.com/article2/eureka-the-banking-industry-s-problems-are-solved-
Jacko

Interesting article, but this passage:
Quote
While China’s currency is virtually unchanged, its emerging Asian competitors, like South Korea and Thailand, have experienced currency declines in the 30 percent and 40 percent range. This doesn’t sit well with Chinese officials.

is incorrect: Thai baht has been pretty stable during this turnmoil, depreciating less that 20% against the dollar.
Korea won, on the other hand, has been battered down.

LJ
1st step stop loss in the green 2nd step play with the free money
  • #6,806
  • Mar 24, 2009 2:56am Mar 24, 2009 2:56am
Here's (http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/4623525/Failure-to-save-East-Europe-will-lead-to-worldwide-meltdown.html) an article for anyone who is interested in the long term direction of EUR/USD.

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/4623525/Failure-to-save-East-Europe-will-lead-to-worldwide-meltdown.html
  • #6,807
  • Mar 24, 2009 5:19am Mar 24, 2009 5:19am
the Chinese and Russians are burying the US alive. The Japanese, Germans, and Gulf States keep a very low profile for the moment. The decisions have been made: wait for 2010. They will use the unfolding chaos to introduce the new currency basket and trade rules… There is a brand new system being designed that will borrow from the past and apply 21st century tools for barter / counter trade / excess capacity etc. An Exchange Platform will cut out the banks altogether… [Chinese Premier] Wen delivered his speech in Davos and went straight to Berlin where they put the final touch on the new world currency basket, sponsored by Berlin-Moscow-Beijing-Tokyo-Riyadh. Moscow and Berlin already have a massive counter trade / barter trade agreement in place, and Beijing was eager to joint that platform as well.” The new global currencies are planned for launch in January 2010. They will be launched amidst growing chaos. Events up to that time will be tumultuous.

Full Article: http://www.freebuck.com/articles/jwillie/090219jwillie.htm (http://www.freebuck.com/articles/jwillie/090219jwillie.htm)
  • #6,808
  • Mar 24, 2009 5:52am Mar 24, 2009 5:52am
Quoting Jellybean
Hi bgin2end

I've drawn my fib on the daily chart from the high in December to the low early March, and that puts the 50% RT just under where we are now. This level has also been an effective S/R level as far back as 2004.

IMHO the long-term daily trend is down - still making lower highs, but it has failed to penetrate that strong 1.2500.

I'm looking for price action to tell us which way it wants to go.

Cheers
Tony
I am talking about the major FIB from July to October.
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  • #6,809
  • Mar 24, 2009 7:03am Mar 24, 2009 7:03am
Jacko & Everyone,

It should come as NO SUPRISE what is in the works now & why be suprise that the hedge captains will reap the benefits when many if not all help put "O" in the drivers seat by their political contributions & votes. This is NOT just a last minute plan, this has been in the work since 911 in N.Y. As one trader already posted, Thomas Jefferson was a brilliant man & he saw the potential for this very day & he warned against it. Another good book to compliment the one mention some post back is "Fleeced" by Dick Morris. There are whole cast of players involved in this taxpayer rip off & the U.S.
Congress is in the middle doing absolutely nothing to stop the process, but actually helping to move it along. A one world currency seems to be the goal of this whole process & desolving the U.S. dollars is part of the plan.
The hard working, self supporting people of this country are clearly the targets & they will pay for this many yrs into the future.

Jacko & Everyone.....tks for those articles, but its NO SURPRISE. You only have to look beyond the trees to see the forest & the forest is crawling with many thieves.

These are just my views, but I could be wrong.
_______________________________
  • #6,810
  • Mar 24, 2009 7:07am Mar 24, 2009 7:07am
Tamster,

Good post & article. That about sums it up. This didn't just come off the drawing board, but the result of yrs of planning from around the world.
  • #6,811
  • Mar 24, 2009 8:57am Mar 24, 2009 8:57am
Looking at the daily chart, there is a 50%RT a trend line and a round number (3500) all around price at the moment. Would a good sell be at around 3475?

This is assuming the long term trend is down at the moment, looking at the daily/weekly it seems so.

I have a few questions also.

1. In MT4 the trend can look different depending on the zoom level, is there an optimal number of bars per chart to see the trend?

2. Which chart do we typically draw the fibs on, daily?

3. Are current rules 100 stop loss, break even once 40 pips in profit and trailing stop at 50? If the trade hits your stop, wait till price continues in counter large trend direction for 100 pips then place a Anti Hedging trade with trend?

I apologise if there questions have been answered, and I am reading through the thread also. Just wanted to get up to date info.

Regards

Mark
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Economists have forecast 9 out of the last 5 recessions
  • #6,812
  • Mar 24, 2009 9:19am Mar 24, 2009 9:19am
If you look at the 4hr and 1hr charts and draw in trendlines, you will see the formation of a bull flag. The lower trendline is about 1.3480, so this will be where you look to buy, not sell.
Hope this helps.
  • #6,813
  • Mar 24, 2009 11:45am Mar 24, 2009 11:45am
Somewhere someone said to use 300 bars to plot the lines.

http://i41.tinypic.com/53tlck.gif

http://i39.tinypic.com/33zbsp1.gif

http://i40.tinypic.com/10o1bme.gif

http://i42.tinypic.com/a16zq1.gif
TRO
  • #6,814
  • Mar 24, 2009 2:34pm Mar 24, 2009 2:34pm
I appreciate Mr. Acetrader (http://www.forexfactory.com/showpost.php?p=2624775&postcount=6808)'s comments. If we simply stand back, anyone (i.e., those who use common sense) can see that things are quite a bit different than any politician or governmental leader suggests. Math is math, and numbers never lie.

I do not necessarily think any of us here think we're ignorant about that which is happening, but we really know very little about what will occur in the next 10, 15, 20 years . . . let alone, what will happen tomorrow.

We can use history as our guide, but it may be safe to say that we (as a human society) have never faced something like this before. It is quite fascinating and scary, to some degree. Therefore, let's use history as much as we can, but everything will not be fixed by comparing the U.S. to Japan's "Lost Decade."

It's like saying we'll run out of oil in 15 years. We could, don't get me wrong . . . but we really don't know what will happen tomorrow that could prolong the proven oil reserves we have now. A possible pandemic could wipe out 2/3 of the world's population. (Not very funny!) However, this would stop the discussion of peak oil for awhile because we would not be consuming as much.

On another note, thank you, Mr. Jacko, for your wisdom blanketing this forum. It's much appreciated.
  • #6,815
  • Mar 24, 2009 4:32pm Mar 24, 2009 4:32pm
Hans,

I appreciate your kind words. You are so correct in your post & I agree.
Yes Jacko is the guiding light of the thread & I do appreciate his views & comments. These are sad & uncertain times we are now facing not just in the U.S., and abroad as well. I take nothing for granted & expect the unexpected each day from our so called political leaders.

_______________________________
  • #6,816
  • Mar 24, 2009 5:55pm Mar 24, 2009 5:55pm
Quoting acetrader
Hans,

I appreciate your kind words. You are so correct in your post & I agree.
Yes Jacko is the guiding light of the thread & I do appreciate his views & comments. These are sad & uncertain times we are now facing not just in the U.S., and abroad as well. I take nothing for granted & expect the unexpected each day from our so called political leaders.

_______________________________
Ace - you might find these radio broadcasts by Jim Willie interesting listening:
http://www.contraryinvestorscafe.com/broadcast.php?media=208 - Monetized Bonds, PPIP, and Geithners Control Bid

http://www.contraryinvestorscafe.com/broadcast.php?media=205 -
AIG Bailouts and what is not being reported.
  • #6,817
  • Mar 24, 2009 6:36pm Mar 24, 2009 6:36pm
short entry = 1.3663
exit = 1.3455
= 200 pips, my record !

serious thanks, wayne. i'm surprised to find myself calming down and playing it cooler thanks to your long-term advice.

i know this was a bit risky because we're in a correction so i took a quick exit from the flag forming on the 30m/60m chart, and i didn't feel greedy or fearful for once-- that's what i'm most pleased about.


This being my first post here, I'll just say that i have been learning on my own for about 1.5yrs now. traded stocks for 9mos on a small-medium sized acct, came out about even after ~250 trades then switched to forex. despite reading a ton of books and writing tons of notes,spreadsheets etc, i blew out most of my FX account by following my instincts instead of following the rules i thought i had learned. lost myself to the temptation of an (almost) 'always-on' market and terrible money management.


now instead of trading constantly and feeling like i'm always hustling or playing catch-up or something, thanks to jacko, strat, james16 et al, i have a new calmer attitude about it. very surprising and encouraging for a type-A like me......the confidence i have now, to know that i can change, is worth everything i lost. i tried it my way, it didn't work, i had to realize it, and humbly went back to the drawing board. it feels good now, more honest, more careful, more patient.


don't let the noise of this market take your profits! get up stand up !


best to all
mark
bay area, california



  • #6,818
  • Mar 24, 2009 6:53pm Mar 24, 2009 6:53pm
Tamster,

Thanks for those sites & I will surely dig into the info they provide.
  • #6,819
  • Mar 24, 2009 8:54pm Mar 24, 2009 8:54pm
Listening to Obama propaganda conference - dollar is strong and will remain strong because of US government actions and global leadership. What????

I don't know about you folks, but I am getting real nervous at what this government is up to. Funding the bailout of lousy assets comes at the cost of debasing our currency. We are selling off our future and the future of our children to prevent US banking corporations from taking losses. We are using public funds to protect some of the most mismanaged companies in the history of capitalism, instead of allowing them to take the losses that they deserved. All our elite elected reps have done to date is squander public funds to enrich the well connected and fund reelection campaigns.

Depends on the source but deficit estimates are now priced in the tens of trillions of dollars. This is not the scenario for a strong dollar especially with the circumstances of China and Russia (another day's discussion). The bailout of corrupt bankers by corrupt politicians with money printed and borrowed from future generations is a criminal act. If the US government continues on this path the country will be officially bankrupt following the Japanese model of a 25 year downturn if we're lucky.

Watch out for global confidence eroding in the US economy and currency as more economists are critical of the Obama team. The latest scheme from Geithner transfers hundreds of billions to the same bankers that set up the present economic disaster.

This is all happening on our watch from our generation - not our childrens, as we stand watching and fully aware while the government and connected bankers get us in deeper and deeper inflicting more pain on our kids finances. What a bunch of cowards we are to allow this to happen.
History is written by the victors.
  • #6,820
  • Mar 25, 2009 12:05am Mar 25, 2009 12:05am
ihave been selling this sucker hard since 3660 after we got the SMS text call.. hope everyone else got on it to.
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