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Jacko's Forex House of Pleasure and Pain

  • #7,001
  • Apr 13, 2009 4:44pm Apr 13, 2009 4:44pm
Quoting coscorp
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....
I know that he definately had one closed early by Mark (his ex-broker trading partner) last week, it was a Friday trade and he doesn't leave positions open over the w/e, which will explain the early exit. But yes he generally does let the trade play itself out as planned, but his plans do work most of the time too, which helps!

Tim
  • #7,002
  • Apr 13, 2009 8:22pm Apr 13, 2009 8:22pm
Quoting Coke Can
I just wanted to confess that I am secretly in love with Jacko and Im a dude
Wow, hehe...
  • #7,003
  • Apr 13, 2009 9:58pm Apr 13, 2009 9:58pm
Jacko,

Awesome thread, so much respect here, cheers.

Don't know if you saw this :

http://www.lewrockwell.com/north/north682.html

'Bout 7 weeks old.
  • #7,004
  • Apr 14, 2009 12:03am Apr 14, 2009 12:03am
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...
Jacko is THE man. He is the only trader who is prepared to show his live trades. He is the only trader to show all his results to his members. As a member of his group I can tell you that his system is definitely profitable. I followed his advise and was short from 1.3550 and was out at 1.3150. 400 pips thanks very much.
  • #7,005
  • Apr 14, 2009 12:30am Apr 14, 2009 12:30am
hey guys

could u please evaluate my entry points, i know i made a mistake on one of them but im not sure how bad is the mistake.

i did my analysis on 4hr chart used fib and s/r
please ignore the emas they are there for just testing.

both my pos are in sell. i try to follow jackos rules but i think i didnt follow 100% please correct me.

thank you
Attached Image (click to enlarge)
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  • #7,006
  • Apr 14, 2009 2:09am Apr 14, 2009 2:09am
Quoting IliaM
hey guys

could u please evaluate my entry points, i know i made a mistake on one of them but im not sure how bad is the mistake.

i did my analysis on 4hr chart used fib and s/r
please ignore the emas they are there for just testing.

both my pos are in sell. i try to follow jackos rules but i think i didnt follow 100% please correct me.

thank you
Not too sure on how your position is now as the market has come back quite significantly in the past hour and half but let me give you some small advice.

If you are making a mistake, and you find yourself looking for answers from other to work out whether your mistake will in fact turn around then you need to take a look at yourself. Not meaning to sound harsh but why on earth would you

a) risk more than 3% IF you really dont want to
b) allow that higher risked trade to reach a point where you are panicking.

You should have closed off the trade at the point you realised the mistake. For a 6K account to be down $600 this represents 10% of your account. So while you say you accidently risked more than 3% you compounded the problem to a point were you tripled your risk WITHOUT making a decision.

If that is your approach you need to really look at what you are doing, go back to a demo or much much smaller account and trade mini or micro lots.

You may be lucky here, you were with the trend (short term as it may be) and you may have escaped without destroying your account on 1 trade.

If you make a mistake correct it immediatly. This is not an arena to try and wait to see if the market will come back and save you, more often than not your risk would put you at a margin call.

USE SL'S ALWAYS, USE CORRECT MONEY MANANGEMENT AND IF YOU MAKE A MISTAKE CORRECT IT STRAIGHT AWAY

Friendly advice
  • #7,007
  • Apr 14, 2009 2:40am Apr 14, 2009 2:40am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting IliaM
hey guys

could u please evaluate my entry points, i know i made a mistake on one of them but im not sure how bad is the mistake.

i did my analysis on 4hr chart used fib and s/r
please ignore the emas they are there for just testing.

both my pos are in sell. i try to follow jackos rules but i think i didnt follow 100% please correct me.

thank you
I believe fortune has brought some luck to your table. but in my view you need to reduce your trade size - demo would be better until you understand the method.

In this case you had the trend in you pocket, we have just seen a retracement to the daily 50% of the major swing high in december to low in mar.

i would suggest at this time you grab some of the pips and close out some of that position and reduce your risk to the correct amount, then set the rest to work as per the rules.

now about your chart - go to chart properties and clean out some of the background, then add correct TL starting with one for each TF weekly, daily and 4h - then sit back and review the thread again while the current trade plays out.

Have patience my friend - this is not a race it's a way of life

MPP
  • #7,008
  • Apr 14, 2009 3:36am Apr 14, 2009 3:36am
First Jacko trade (demo) going as planned up 50 pips and a BEOB appearing, but might have to cut it off early. I recently moved house and until tommorow have been using internet through my mobile (cell) phone. I have to go for a job interview later today so will need to disconnect and therefore the trailing stop ea will stop working, will probsbly move my stop to b/e + 10 and will review when I get back.

Thanks to jacko, James16, feb2865 and others for there KISS descriptions of trading.

Can someone tell me if my summary of Jacko's method in the current market of EUR/USD is correct?

1. The secular trend (monthly chart 300 bars) seems still up and at a 50% retracement, however the main trend is down (weekly,daily), so we are looking at going short.

2. We enter on the 4hr at retracements to resistance lines (past resistance h-lines,trendlines, 50% fib, 00's) and only when is goes through/touches/approaches and retests them as resistance, and also look for PA to confirm (price patterns).

3. Use 100pip Trailing stop and never change it, let the market take us out.

4. Anti hedge if we make a loss and price goes 100 pips counter trend. We then enter the trade at the point we stopped out (between -100 and -1 pips). in the direction of the main trend obviously(short).

5. Watch on daily/weekly for change of main trend.

Thats it hope Im on the right track.

Regarding the main trend on E/U, it seems as if the trend is not as smooth as it was in 06/07/08 due to the downturn, we have big retracement in dec 08. And now seems to be trying to make up its mind, although a bit less volatile, hopefully we are at the start of a steady main trend bullish or bearish, we can all apply the jacko method with great returns.

Regards

Mark
Economists have forecast 9 out of the last 5 recessions
  • #7,009
  • Apr 14, 2009 10:17am Apr 14, 2009 10:17am
hey thank u guys for evaluating my chart,

could some one show me their tl i would like to compare if im drawing them right.

also when u use fib lines how far back do u pull it from. cuz i pulled from 2002 but that gives reallly long term i guess.

thank u for helping me understand
  • #7,010
  • Apr 14, 2009 10:51am Apr 14, 2009 10:51am
Hi IliaM

On the Fib lines, I believe the idea is to place them on the most recent significant high and low.. This will obviously vary depending on your time frame.

For example.. on a 4h chart, there was a high of 1.3582 on 6 apr and a low of 1.3089 on the 10th apr. This gives us a 50% fib of 1.3334, which was penetrated yesterday - then it came back down past 1.3300 and 1.3250. That is when you could have been looking to get in with a short. see attachement..

Hope this helps (and please correct me if any of you more experienced guys see fault with this.)
Attached Image (click to enlarge)
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  • #7,011
  • Apr 14, 2009 11:29am Apr 14, 2009 11:29am
looking at that chart to spot the trend.
once the market closes under 1st fib it will be down trend?
  • #7,012
  • Apr 14, 2009 12:33pm Apr 14, 2009 12:33pm
trend was established by zooming out on 4H view,but before this by looking at weekly, then daily charts.

On this specific view of the 4H chart, the resistence line (top line) is downward sloping, hence the view on the trend being down. Also, the series of lower highs and lower lows since around 20 March is a clue that the market is likely headed down.

On this trade I was waiting for the market to test the 1.3334 50% fib line for significance. It blew through this pretty quickly to 1.3390 (i did not have a sell limit order, because I was wanting to see what the price did around this level.) When it came back down past the 3334 i put on a sell stop at 3300 - which is where i got in. (This may have been a bit premature however given that we were coming off a long weekend and that london session was still to get going. I should probably have waited)

Hope this helps....and please take my opinion as exactly that....I am not an experienced, successful trader.....yet
  • #7,013
  • Apr 14, 2009 1:27pm Apr 14, 2009 1:27pm
Not to get off the topic, but I found this very interesting. This is scary, folks.

The G20 moves the world . . . (http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/5096524/The-G20-moves-the-world-a-step-closer-to-a-global-currency.html) (Telegraph.co.uk)

I have found this discussion elsewhere, but I think Telegraph's post is a bit better than others I have found thus far.
  • #7,014
  • Edited 2:15pm Apr 14, 2009 1:29pm | Edited 2:15pm
To continue the discussion above, I went SHORT of EUR at 1.3293 with TP around 1.3150-ish. I believe the trend to be downward as of now. This past Easter weekend's rally did very little.

bluehorizon:

I think your chart looks great. Thanks for the information!
  • #7,015
  • Apr 14, 2009 2:13pm Apr 14, 2009 2:13pm
ok i just did bunch of reading on trend lines

if any one has any good resourse to read let me know ill read it too.

but when ever i draw trend lines, lets start weekly.

i can draw it and depending where i draw it from the graph will be in an up trend with a current retrace, however if i look at a smaller time frame like daily or 4hr i can see down trend, but again depending how i draw it, some people say use most current peaks to draw the lines but i took the fxcm power course and they say the more data u cover the more accurate it will be.

what is jackos thoughts on this?
  • #7,016
  • Apr 14, 2009 2:50pm Apr 14, 2009 2:50pm
Iliam,
Jacko answered this a few posts back....see below.


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
  • #7,017
  • Apr 14, 2009 5:10pm Apr 14, 2009 5:10pm
Thanks to CateFul and Coscorp for your informative replies to my questions 4 pages back.
Thanks for your help, warmth and straight talking Heather.
  • #7,018
  • Apr 15, 2009 1:56am Apr 15, 2009 1:56am
Just a quick note to say "thanks Twee".

I didn't ask anything but I can see that you are doing a good job in the background maintaining the high standards that Forex Factory has always upheld.

.
Jacko
  • #7,019
  • Apr 15, 2009 8:30am Apr 15, 2009 8:30am
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.
My very first trade with Jacko showing me the ropes and I am more than 100 pips in front. Oh man, why didn't I do this a year ago? Lets go Jacko.
  • #7,020
  • Apr 15, 2009 8:42am Apr 15, 2009 8:42am
Where was your entry?
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