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Jacko's Forex House of Pleasure and Pain

  • #6,981
  • Apr 10, 2009 2:24pm Apr 10, 2009 2:24pm
happy holidays
  • #6,982
  • Apr 10, 2009 2:34pm Apr 10, 2009 2:34pm
Hello all. My first post on this thread.
Been trading since late January, and down a presumably well-trodden path of crash and burn on smaller time-frames, gravitation to Jacko, James 16, Strat and Billy Ray Valentine, and now part-way through Bird Watching in Lion Country.
Thanks to Jacko for this wonderful thread (large chunks of it and James 16 read so far) and to BarryPips, Dwildes, Fx Genius, hans 356, jcalow, clockwork 71, User Name, coscorp, Marco, acetrader, BullsandBear, DanUK, Money4Nothing, plan-b, Chicky, bgin2end, Money-RX, nickj, newbietrader101 and Jellybean for the education you have provided. (Apologies if I have left out any other strong contributors.)
I have two questions that, so far, I can't find answers to. I would be grateful for any information you would be kind enough to give me.
1) Apart from Billy Ray's pdf, I don't think I've read anything yet on how you choose s/r lines. There are so many possibles from previous, often-hit weekly, daily and H4 highs and lows that, if I used them all, each 100 points on the y-axis would be rather crowded. How do you decide which to consider and which to ignore? Is it just those from the last x candles, or those at swing high and swing low? Is there a post somewhere that I haven't read yet, or didn't take in because its significance didn't register at the time? I wholly agree with the principle of doing my own hard work and reading all of Jacko's and James 16's threads, and I will complete them in the next few weeks. In the meantime, could anyone please point me at a post, or good source document on this issue so that I can trade more efficiently when trading resumes after the holiday weekend?
2) I can't recall Jacko or anyone else on this thread mentioning pivot points, R1,R2, R3, S1, S2, S3 and their mid-lines. Are they ignored in Jacko trading?

Thank you.
Thanks for your help, warmth and straight talking Heather.
  • #6,983
  • Apr 10, 2009 7:02pm Apr 10, 2009 7:02pm
Quoting jacko
Hi Begbrook

I don't have a summary but the easiest way to understand my basic method is here:

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

and here

http://www.forexfactory.com/showpost...4&postcount=85 (http://www.forexfactory.com/showpost.php?p=1431044&postcount=85) (the results)


.
Jacko
I joined Jacko's group last week and have been going through his private blog for the last two days. It is awesome! I can see why he is such a successful trader. And now I can see why his members speak so highly about him. His responses to the members questions are from a real trader who really knows what it is all about. He trades more than 200 contracts at a time, but he is not up himself. I am going to enjoy trading alongside Jacko.
  • #6,984
  • Apr 11, 2009 4:32pm Apr 11, 2009 4:32pm
I just wanted to confess that I am secretly in love with Jacko and Im a dude
  • #6,985
  • Apr 11, 2009 6:31pm Apr 11, 2009 6:31pm
Quoting Coke Can
I just wanted to confess that I am secretly in love with Jacko and Im a dude
  • #6,986
  • Apr 12, 2009 6:13pm Apr 12, 2009 6:13pm
Quoting Kanderpro
Hello all....
Hi,
1) If you look at Euro dollar daily for the past 12 month, you've got only a few tradable levels. I'm on a mac and don't have access to the chart but I'll try to do my best recalling them. Let's move back a few months to summer 08. Before the down move, you can clearly identify two levels, 1.53 and 1.60. Once 1.53 got taken out it became a trend trade all the way down to 1.25. In this trend there is but one 1000 pip correction towards 1.48, it was a very obvious entry when it hit 1.48 and failed to reach 50% and 1.5. Then it became choppy and went up to 1.47 on year end inventory clean. Going into this year it came back down and tested 1.25 again and now its just washing stops left and right (if you're trading on the sub hourly you got killed by the vol). So basically near term you've got only two tradable levels, 1.24-25, 1.30-31, and another possible level at 1.40. If you want to play short term I guess you can mark 1.37 too. I'd rather look for the big figure 1.40. But that's just me. The idea is, look for the obvious ones (ones you can see right off the chart), and don't overdo it.

2) As far as I understand, he doesn't use these. Again, look for the obvious one's. Don't get too "quantitative". Another example I would give is EURAUD. If you look at the chart you can see three tradable levels. One's 1.95, which was my first entry price, the big figure 1.90, then the 1.86 level. I am holding various tickets north of 1.92 and am sitting tight looking for a price to add. As far as I can see, the last range level 1.86 has been broken this past week, there maybe a run up to 85 even 87 to shake out the weak hands and could be a possible add price. Pull up a chart, and look for the obvious ones.

Sorry if my figures aren't right, I don't have access to a chart right now. And also sorry for the typo, this Mac is just killing me (Jacko I hope you're enjoying your new Mac, it's just not for me lol). But I think you get the idea, just look for the obvious levels, mark them down, and watch how price reacts when it gets there.
Take a report.
  • #6,987
  • Edited 6:32pm Apr 12, 2009 6:27pm | Edited 6:32pm
Hi,

this is from my perspective , thus others may have different opinions including Wayne himself..

regarding S/R lines... look at where price has reacted most from both sides of the spectrum...sometimes you have a more concise line...often you have an area...what J16 calls PPZ's... I start with weekly and work my way down to H4...concentrating on the areas that tend to repeat themselves more throughout the various tf's. The strong one's stand out easily. Of course the lower the tf the less strength that particular sr may have, but it also depends on what tf you like to use...I tend to trade off H4 using daily and weekly for confirmation and h1 to pinpoint an entry...but I keep an eye on all those tf's..weekly especially before monday open....weekly pa formations can be extremely rewarding....

regarding mathematical S/R...I've since dropped all expect for daily and weekly pivots and fib's because I found that I wasnt getting into trades for the amount of possible obstacles my trade could hit (ok...i have daily r1 there...a weekly r2 there...a daily r3 there....and so on and so forth)...and more often than not it went through them like butter...what I aim to see is confluence....thus I will be more concentrated at where price has reacted (which are, imho, the TRUE levels to watch as price has reacted to them) and if this coincides with a mathematical level then so much the better for the confluence is even stronger...I don't believe Wayne looks at many of those either...if at all.

hope it helps

Quoting Kanderpro
Hello all. My first post on this thread.
Been trading since late January, and down a presumably well-trodden path of crash and burn on smaller time-frames, gravitation to Jacko, James 16, Strat and Billy Ray Valentine, and now part-way through Bird Watching in Lion Country.
Thanks to Jacko for this wonderful thread (large chunks of it and James 16 read so far) and to BarryPips, Dwildes, Fx Genius, hans 356, jcalow, clockwork 71, User Name, coscorp, Marco, acetrader, BullsandBear, DanUK, Money4Nothing, plan-b, Chicky, bgin2end, Money-RX, nickj, newbietrader101 and Jellybean for the education you have provided. (Apologies if I have left out any other strong contributors.)
I have two questions that, so far, I can't find answers to. I would be grateful for any information you would be kind enough to give me.
1) Apart from Billy Ray's pdf, I don't think I've read anything yet on how you choose s/r lines. There are so many possibles from previous, often-hit weekly, daily and H4 highs and lows that, if I used them all, each 100 points on the y-axis would be rather crowded. How do you decide which to consider and which to ignore? Is it just those from the last x candles, or those at swing high and swing low? Is there a post somewhere that I haven't read yet, or didn't take in because its significance didn't register at the time? I wholly agree with the principle of doing my own hard work and reading all of Jacko's and James 16's threads, and I will complete them in the next few weeks. In the meantime, could anyone please point me at a post, or good source document on this issue so that I can trade more efficiently when trading resumes after the holiday weekend?
2) I can't recall Jacko or anyone else on this thread mentioning pivot points, R1,R2, R3, S1, S2, S3 and their mid-lines. Are they ignored in Jacko trading?

Thank you.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #6,988
  • Apr 12, 2009 8:30pm Apr 12, 2009 8:30pm
Quoting fxtrader29
I joined Jacko's group last week and have been going through his private blog for the last two days. It is awesome! I can see why he is such a successful trader. And now I can see why his members speak so highly about him. His responses to the members questions are from a real trader who really knows what it is all about. He trades more than 200 contracts at a time, but he is not up himself. I am going to enjoy trading alongside Jacko.

Are you serious... 200 contracts at a time!!! Considering the recommendation to trade with a 100 pip sl due to the volatility, this could represent a loss of $200,000 per unfavorable trade!! BTW, which brokers allow a quick & easy fill of 200 contracts in one order?

thanks,

Walt
  • #6,989
  • Apr 12, 2009 8:41pm Apr 12, 2009 8:41pm
Quoting jones247
Are you serious... 200 contracts at a time!!! Considering the recommendation to trade with a 100 pip sl due to the volatility, this could represent a loss of $200,000 per unfavorable trade!! BTW, which brokers allow a quick & easy fill of 200 contracts in one order?

thanks,

Walt
yeah, over 200 contracts.
It's all about money management and risking a small percentage of account equity.... then there is the other side, 150 or 250 pip gain, think about that
It's NOT GAMBLING when the odds are in your favor
  • #6,990
  • Apr 12, 2009 8:52pm Apr 12, 2009 8:52pm
Quoting jones247
Are you serious... 200 contracts at a time!!! Considering the recommendation to trade with a 100 pip sl due to the volatility, this could represent a loss of $200,000 per unfavorable trade!! BTW, which brokers allow a quick & easy fill of 200 contracts in one order?

thanks,

Walt
200 isn't a big order. And lol no you don't always get a quick & easy fill. sometime u get filled only on half or not at all, and you'll just have to live with that.
Take a report.
  • #6,991
  • Apr 12, 2009 10:19pm Apr 12, 2009 10:19pm
Quoting User Name
yeah, over 200 contracts.
It's all about money management and risking a small percentage of account equity.... then there is the other side, 150 or 250 pip gain, think about that
The reasons why I joined his group is that he has shown his results of real and live trading.
http://www.forexfactory.com/showpost.php?p=1431044&postcount=85

There are a lot of bullshitters in these forums but I went back and read all his old DailyFX posts where he was trading live and I saw then that he was not the usual forum poster. Jacko is the real thing. He is a successsful trader. I wanted to learn from someone who reallly trades and is prepared to show all his trades
After reading his private website-blog, he is not only a successful trader but an incredibly generous person when talking with other traders and helping other traders.
  • #6,992
  • Apr 13, 2009 1:04am Apr 13, 2009 1:04am
Quoting jones247
Are you serious... 200 contracts at a time!!! Considering the recommendation to trade with a 100 pip sl due to the volatility, this could represent a loss of $200,000 per unfavorable trade!! BTW, which brokers allow a quick & easy fill of 200 contracts in one order?

thanks,

Walt
I think Jacko uses 4 different brokers and spreads the trades between them, so it's only 50 contracts each. Also the 100 pip SL is very rarely hit, if the trade is obviously going the wrong way he'll bail out earlier than 100 pips.

Tim
  • #6,993
  • Apr 13, 2009 5:34am Apr 13, 2009 5:34am
Quoting Coke Can
I just wanted to confess that I am secretly in love with Jacko and Im a dude
I don't even know what to say to this...

.
Jacko
  • #6,994
  • Apr 13, 2009 5:38am Apr 13, 2009 5:38am
Quoting fxtrader29
The reasons why I joined his group is that he has shown his results of real and live trading.
http://www.forexfactory.com/showpost.php?p=1431044&postcount=85

There are a lot of bullshitters in these forums but I went back and read all his old DailyFX posts where he was trading live and I saw then that he was not the usual forum poster. Jacko is the real thing. He is a successsful trader. I wanted to learn from someone who reallly trades and is prepared to show all his trades
After reading his private website-blog, he is not only a...
Hi fxtrader29

Thank you for your kind words. I appreciate them. Thanks

.
Jacko
  • #6,995
  • Apr 13, 2009 6:55am Apr 13, 2009 6:55am
Hey everybody,

i've been following this great thread for quite some time now, and all I can say is that the method is pretty clear and simple and the real edge here is the A-H strategy, which enables any trader to dramatically limit his/her account drawdown.

Still I have some questions for you turtles:

1) is it allowed any discretion in this method? What about closing your trade at a loss before the stop is hit when you see that the price action is fundamentally wrong? What about moving your stop to break/even ASAP and not waiting for the trailing stop to do it for you? Is any of these discretional moves allowed, or are they going to seriously impair the method's capability to turn out a profit?

2) when Jacko says "choose the timeframe that YOU want to trade" it really means that one must trade the trend of that timeframe ONLY and completely ignore the trends visibile in other timeframes? this holds true even if it is the long-term trend that we are ignoring (Weekly, etc.)?

3) how EXACTLY do we gauge that the trend has definitely reversed? As a newbie, i was caught completely off guard at the trend reversal of last August in the Eur/Usd, so I really need some good advice about this. Is it when the long-tern trendline has been broken thru? Or shall we look at swing highs and lows? Or what else?

Thank you
1st step stop loss in the green 2nd step play with the free money
  • #6,996
  • Apr 13, 2009 7:19am Apr 13, 2009 7:19am
Quoting LeveragedJoe
Hey everybody,

i've been following this great thread for quite some time now, and all I can say is that the method is pretty clear and simple and the real edge here is the A-H strategy, which enables any trader to dramatically limit his/her account drawdown.

Still I have some questions for you turtles:

1) is it allowed any discretion in this method? What about closing your trade at a loss before the stop is hit when you see that the price action is fundamentally wrong? What about moving your stop to break/even ASAP and not waiting for the...
Hi Leveraged Joe

my answers in red

1) is it allowed any discretion in this method? yes What about closing your trade at a loss before the stop is hit when you see that the price action is fundamentally wrong? You can do this, but I personally prefer to let the trade play itself out...the reason is that making a decision when you are in the "heat of the trade" will usually be a wrong decision.. What about moving your stop to break/even ASAP and not waiting for the trailing stop to do it for you? Depending on the volatility, we use that strategy. However, the trade off in using that strategy is that you will have many more small profit trades Is any of these discretional moves allowed, or are they going to seriously impair the method's capability to turn out a profit? The "moving your stop to break/even ASAP" will reduce your profitability in a volatile market

2) when Jacko says "choose the timeframe that YOU want to trade" it really means that one must trade the trend of that timeframe ONLY and completely ignore the trends visibile in other timeframes? Yes this holds true even if it is the long-term trend that we are ignoring (Weekly, etc.)? Yes, if you want to trade a trend, then you need to trade the relevant time frame

3) how EXACTLY do we gauge that the trend has definitely reversed? A break of the 4H trend line is the warning sign....A break of the Daily trend line is the confirmation...A break of Weekly trend line means that you should have a lot of money in your trading account because you have seen the other two breaks As a newbie, i was caught completely off guard at the trend reversal of last August in the Eur/Usd, so I really need some good advice about this. Is it when the long-tern trendline has been broken thru? Yes Or shall we look at swing highs and lows? Not necessary Or what else? Nothing that I can think of

.
Jacko
  • #6,997
  • Apr 13, 2009 9:03am Apr 13, 2009 9:03am
Hi Wayne

Over the past few months I have been trading a particular method, and whilst doing my homework I happen to stumble upon your name along with some of the names relevant to the method im using.

I looked you up, and read quite alot of these post and Im sure others have said this umpteen times, but I is truely great to see those, who have and are enjoying success devote as much time to a public forum. You also have a number of 'turtles' (if you still calling them that) who are not only enjoying success but learning a great deal.

I have become an advocate in resent times about the emotional aspects that trading has on your ability to stay disciplined. Those who are able to accept the risk and understand that losses are an occurance that are normal with trading generally have greater success due to the mindset and there ability to move on. Your Anti Hedging strategy is a fantastic way to give all traders an opportunity to take a loss on the chin and can get them back in the door to recoup there losses with an effective and simple method.

I may not be a regular to this thread but praise is to be given when it is deserved and I have learnt something that may help me in the future. Thank you Wayne Jackson.

Sincerly

Razor
  • #6,998
  • Apr 13, 2009 1:16pm Apr 13, 2009 1:16pm
Quoting jacko
Hi Leveraged Joe
my answers in red
[CUT]
Thank you so much Jacko for your accurate reply, you pretty much cleared up everything for me, so now I know exactly what to look for when trading your method.

I can't wait to make some good money using your method, but first I am going to demo trading it using a trading simulator.

Thank again for your explanations and I wish you to make fat profits all the time

LJ
1st step stop loss in the green 2nd step play with the free money
  • #6,999
  • Apr 13, 2009 3:36pm Apr 13, 2009 3:36pm
Quoting flytim
I think Jacko uses 4 different brokers and spreads the trades between them, so it's only 50 contracts each. Also the 100 pip SL is very rarely hit, if the trade is obviously going the wrong way he'll bail out earlier than 100 pips.

Tim

if I may....in my experience Jacko never closes out a trade early....the moment he decides to take the trade he accepts the risk of getting stopped out (which is the way everyone should approach a trade) and thus can walk away and let the trade play itself out. Otherwise he doesn't take the trade. On another note...yes it 100 pips adds up to a potential 200.000 loss (which I've witnessed) however on the same note I have also witnessed (and benefited) from 200+ pip moves in his favour....and more than one at that. Offhand I'd say that since October 08 he has a positive balance which is easily in the millions....if that is what matters...


Yeah I might be falling in love with the guy myself as well...and I'm 6'3" 210lbs...



poor him....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,000
  • Edited 4:10pm Apr 13, 2009 3:51pm | Edited 4:10pm
First Jacko style trade,

Looking for sell at 3300 around 4hr 50% retrace. (Trade is not in yet waiting for it to comeback), On demo also.
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