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Jacko's Forex House of Pleasure and Pain

  • #6,941
  • Apr 8, 2009 8:56am Apr 8, 2009 8:56am
Quoting trading801
jacko,

1)what if the price goes away from the AH pending order.. say to 12800 .. when do we start to trade in this direction?

2) say the SL is hit and while waiting for the 50 pips to place AH, the price resume your direction... since i cant place my AH order, when do i get in again?

btw, what TP shoould we use? trailing stop of 50?

Hi trading801

1. Only when you have made a decision that the trend has changed

2. At the next entry point as determined by the strategy

3. 50 or 100 pip TSL as determined by the volatility


.
Jacko
  • #6,942
  • Apr 8, 2009 9:27am Apr 8, 2009 9:27am
Hi trading801

The easiest way to understand my basic method is here:

http://www.forexfactory.com/showthread.php?t=27286 (read just the first page)

and here

http://www.forexfactory.com/showpost.php?p=1431044&postcount=85 (the results)


.
Jacko
  • #6,943
  • Apr 8, 2009 10:08am Apr 8, 2009 10:08am
thank u
  • #6,944
  • Apr 8, 2009 10:49am Apr 8, 2009 10:49am
Hi Jacko,

Just glancing at this thread and see you were a Futures Trader.
This gives you a huge insight and advantage into Fx particularly if you were intraday trading ES.
  • #6,945
  • Edited 2:46pm Apr 8, 2009 11:06am | Edited 2:46pm
A Fibonacci Retracement drawn from 1.3582 (HIGH) to 1.3147 (LOW), along with various support and resistance levels shows a good set-up around the 1.3360-ish level. I will be looking to SHORT around that price, possibly something a little higher than 1.3360 seeing there is some resistance around 1.34.

(Side note: I use H4 and Daily periodicity. The feed comes from IBFX.)

Just something to watch . . .
  • #6,946
  • Apr 8, 2009 7:53pm Apr 8, 2009 7:53pm
Finally finished the thread from post one to here. Incredible thread. Easily understood and every question any one could ask answered at least ten times. This method is so simple that you want to make it harder than what it is. Thanks again Jacko! This is the best information I have read anywhere. I have been trading this method for a few days with mixed results so far. A couple of AH's to rescue if price makes it there. And decent wins. So far am having 60% success but entered way too many trades. Will be more conservative from now on. Thanks to all who have contributed and made this thread what it has become. And btw, anyone new here read from post 1 forward. If you do not understand it read the first few posts over and over. You will eventually realize that it IS that simple. Looking forward to gaining experience with this method.

rgrace
  • #6,947
  • Apr 8, 2009 8:09pm Apr 8, 2009 8:09pm
Quoting rgrace
Finally finished the thread from post one to here....
good job !!
yeah, the hardest part is to follow the simple rules outlined and sticking to the higher time frames, but I don't have a problem with that anymore after realizing where the consistent money is made. I skimmed through most of the thread but read the first few pages a few times, plus the private group
It's NOT GAMBLING when the odds are in your favor
  • #6,948
  • Apr 8, 2009 9:14pm Apr 8, 2009 9:14pm
Quoting rgrace
Finally finished the thread from post one to here. Incredible thread. Easily understood and every question any one could ask answered at least ten times. This method is so simple that you want to make it harder than what it is. Thanks again Jacko! This is the best information I have read anywhere. I have been trading this method for a few days with mixed results so far. A couple of AH's to rescue if price makes it there. And decent wins. So far am having 60% success but entered way too many trades. Will be more conservative from now on. Thanks to...
hi can you share your learnings in a simple to understand way? itried yesterday 80% losing trades
  • #6,949
  • Apr 8, 2009 10:33pm Apr 8, 2009 10:33pm
Quoting trading801
hi can you share your learnings in a simple to understand way? itried yesterday 80% losing trades
80% IS THAT 4 OUT OF 5?

Maybe you are over trading.
TRO
  • #6,950
  • Apr 8, 2009 10:39pm Apr 8, 2009 10:39pm
Quoting Money4Nothing
80% IS THAT 4 OUT OF 5?

Maybe you are over trading.
yeh im getting maby 1 or 2 entries a week id say, had one the other day from a 50% fib, S+R and a trend line it was Short... apart from that nothing
Grabbing the bull by the horns!
  • #6,951
  • Apr 8, 2009 10:41pm Apr 8, 2009 10:41pm
Quoting trading801
hi can you share your learnings in a simple to understand way? itried yesterday 80% losing trades
Dude the Hitler video is great
  • #6,952
  • Apr 8, 2009 11:19pm Apr 8, 2009 11:19pm
Quoting trading801
hi can you share your learnings in a simple to understand way? i tried yesterday 80% losing trades
trading801: Share your thoughts. I'm sure one of the experts can help ya out a little. As said above, it sounds as though you're over-trading a little, but I am only assuming.

I usually take 4 or 5 trades per month, not per day. However, I use H4 and Daily (sometimes even Weekly) time frames.

Good luck.
  • #6,953
  • Edited 11:56pm Apr 8, 2009 11:30pm | Edited 11:56pm
Quoting trading801
hi can you share your learnings in a simple to understand way? itried yesterday 80% losing trades
Perhaps one more thought for ya:

I was once told by a well-respected individual on FX Factory, whom I admire greatly, to study this thread like a textbook. So each morning, I print off a few pages and scour through them with a pencil. I make notes, erase my notes, make new notes . . . on and on and on . . . until I can honestly answer myself that I have learned the principles contained on those few pages. I do not proceed to the next few pages until I have learned and put into practice on DEMO trading the principles I just learned.

By doing this, it helps create an atmosphere of learning and opens your mind to the principles of trading that Jacko is conveying in this thread. Although I am a hands-on-learner and wasn't much of studier (even in higher schooling), I can tell you that this has personally helped me.

Good luck.
  • #6,954
  • Apr 9, 2009 1:58am Apr 9, 2009 1:58am
Quoting Seatrade
Dude the Hitler video is great
thanks.. sometimes i feel as fustrated as the video too
  • #6,955
  • Apr 9, 2009 4:04am Apr 9, 2009 4:04am
Quoting trading801
im sorry i did .. but its too long with many folks adding bits bits in the end, i am confused
Hmm yes and now you posted that you had 80% losers in a day. Now you're no longer just confused but also lost money.

Dude, let me tell you this. Forex is not a place where everyone can come in and pick up some money like in disneyland or whatever. It is a place where those who put a lot of effort into learning how to do it take money from those who think it's disneyland. If you want to change to the winners, do you effort. And believe me, reading thru this thread is nothing compared to the effort I had to put in during the last 8 years to do it. If you want something for free, you're wrong here. This is a business and you're trading against a lot of experts, especially in a market like EUR/USD. Dude...think about it for a second...on the other side there are banks and big fond-managers sitting, with a whole team of analysts trying to figure out what to do next...you got NO CHANCE to make it in this extremely competetive environment if you don't do your homework. And from what you posted I can tell you that you've got a lot of homework to do. Don't want to do that hard work? Than you're better off finding another business. I'm dead serious.

Marco
  • #6,956
  • Apr 9, 2009 8:16am Apr 9, 2009 8:16am
think its unfair for a newbie to wade trhu 1000'0sof none realted posts.
It takes hours and you dont nec learn anything cos ur so bored by the time u get to the good stuff...u can miss it..if u get to the good stuff
A summary would be a good idea.
Why should a newbie waste time on on the 100's of irrel posts?
not crit just asking ...and its not a learning curve ...its frustrating and disillusions newbies...
  • #6,957
  • Apr 9, 2009 8:24am Apr 9, 2009 8:24am
80% losing trades?
Very tempted to say to do what do u think u should do ... then do the opposite!
You would have 80% winners...assuming ur mm was correct u would make a fortune!
Serious advice?
Go to basics
Check out Sam Seiden .Or jacko or no brainer trades.
Ok u wont trade more tham 2X a week but u will make money and ...more importanly u will understand why u did.
  • #6,958
  • Apr 9, 2009 8:27am Apr 9, 2009 8:27am
Final post.
Marco is right!
The marketing makes this a simple business to make massive profits.
Truth is it is.
Truth is most lose a lot of money.
Get professional and make money.
Gamble and lose
End of story
  • #6,959
  • Apr 9, 2009 8:33am Apr 9, 2009 8:33am
In all seriousness, read the entire thread...Not trying to be a smart A, but I read the entire thread.Yes it took me 8 days to do it, but very much worth it.You will miss much if you want a summary...How bad do you want this? (a rhetorical question) Read the first few pages if you just want a summary but again, you will miss a lot.

I've also read all of Clockworks' Silent Service Method thread, and am working on James16. I see all of these inter-related in many ways. If you read all of this one you will see how they compliment each other.

DS
  • #6,960
  • Apr 9, 2009 8:47am Apr 9, 2009 8:47am
Ive been lurking for ages ...maybe years ?...and gone down many many trails....most dead ends...
Traded stocks , Options and finally Forex
Bottom line only found a few sources of sensible and profitable advice.
Jacko is one , no brianer (SVU) is another ( he went awol for a few months but he is now back!) and James 16 also seems to be on the same track.
Poss a few more Ive not comne across.Welcome any pointers
End of story.
Gave up on this thread cos of the well...ok the crap ..there was some good stuff but pages of crap...it took ages to sort thu it..coluldnt make sense of the real traders and the wannabes who had the bulk of posts.
Ive also been in other rooms on other sites but the same happens ..too many to mention...but they have been killed by wannabes/wankers...genuine traders have left.Along with their knowlege.
What am I saying.
Kill the tossers off and listen to those who actualy trade.
You can learn a lot in here but you can also have youre fire...er...put out?
u get my drift.
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