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Jacko's Forex House of Pleasure and Pain

  • #7,021
  • Apr 15, 2009 8:57am Apr 15, 2009 8:57am
Quoting msc
Where was your entry?
More than 100 pips above where it is now.
  • #7,022
  • Apr 15, 2009 10:16am Apr 15, 2009 10:16am
  •  Bam Fx
  • | Joined Apr 2009 | Status: Using Small Live Account as Demo | 28 Posts
I'm clearly a new person here, but a respectful one, (and Can I just say that I really, really, really can't understand the garbage some new folks bring in here!!!) so I just wanted to thank Wayne and others for all the time they put in. I have been lurking here for a while now, and I'm trying to learn as quick as i can. I'll be back to post when I have some input/insight to add. Thanks to everyone who contributes useful information. (which, by the way, is really hard to decipher by the new people that actually are trying to learn).

Thanks again,

MP
  • #7,023
  • Edited 12:04pm Apr 15, 2009 10:26am | Edited 12:04pm
Just dropping by to say Hi

This may sound like a cliché, but adding to fxtrader29's comment, this thread truly changed my life.

I joined Jacko's group less than two months ago, and already over 500 pips on the green (plus a *70 pip buffer on today's trade as I type this) Best part of this? no more stressful scalping for me...

Let's keep the pips rolling Coach,

Paul

*GMT16:10 I just manually closed my trade (+80 pips).
  • #7,024
  • Apr 15, 2009 12:10pm Apr 15, 2009 12:10pm
Quoting Jpnek
Just dropping by to say Hi

This may sound like a cliché, but adding to fxtrader29's comment, this thread truly changed my life.

I joined Jacko's group less than two months ago, and already over 500 pips on the green (plus a *70 pip buffer on today's trade as I type this) Best part of this? no more stressful scalping for me...

Let's keep the pips rolling Coach,

Paul

*GMT16:10 I just manually closed my trade (+80 pips).
I hadn't even been counting my pips, so caught up in the enjoyment of trading this method. However, just totalled them up and my grand total since 31st March comes to: 1153!!! Purely trading Jacko style. Awesome!!
  • #7,025
  • Apr 15, 2009 12:23pm Apr 15, 2009 12:23pm
Quoting jcalow
I hadn't even been counting my pips, so caught up in the enjoyment of trading this method. However, just totalled them up and my grand total since 31st March comes to: 1153!!! Purely trading Jacko style. Awesome!!
Hi Jcalow

well considering that I have a wounded soldier that as of now I haven't been able to give CPR (-100 pips) and that I was stupidly caught in the infamous march 18 FOMC spikes (-250 pip slippage!!)... I definitely consider this a really good ROI.

And as you mentioned 'Purely trading Jacko style'
  • #7,026
  • Apr 15, 2009 2:15pm Apr 15, 2009 2:15pm
I like to post these to see if anyone has good comments. This may or may not be useful, but it was an interesting read.......


it's tough to bet against the greenback when other currencies are looking even worse. Now, however, the dollar may be coming up against some simple but brutal math — foreign central banks may not be able to finance much of the 2009 U.S. fiscal deficit. The U.S. needs to borrow $3.25 trillion this fiscal year, according to Goldman Sachs. President Obama is asking Congress to approve a whopping $3.55 trillion budget for 2010, and that may not be enough — the nonpartisan Congressional Budget Office estimated the deficit at $1.38 trillion, higher than the White House's $1.17 trillion projection.
http://images.moneyandmarkets.com/1325/dollar-crash.jpgThe U.S. needs to borrow $3.25 trillion this fiscal year. And if foreign central banks cut back on buying Treasuries, the mighty greenback could be in for a humbling plunge. So, if foreign central banks stop or even slow down their purchases of U.S. Treasuries, the mighty greenback could be in for a humbling plunge.
And here's where the worrying starts:

  1. China is the top holder of U.S. Treasury bonds with approximately $739.6 billion as of January.

  2. The Chinese government actually sold bonds heavily in January and February before resuming purchases in March, according to data released over the weekend by China's central bank.

The Federal Reserve is clearly worried about the ability of foreign central banks to keep buying America's debt. So now, the Fed is buying U.S. Treasury securities and completed its eighth purchase on Monday. As far as I'm concerned, a government buying its own bonds is like a snake eating its own tail.

 Three Reasons These Dollar
Worries Continue to Mount ...
#1) Global demand for dollars is slowing. Brad Setzer at the Council on Foreign Relations analyzed the Fed's custodial data. He says central banks are still buying Treasuries but at a slower pace than in late 2008. And the demand isn't keeping up with issuance. What's more, the dollar's share of reserves for reporting emerging economies, which does not include China, fell from 61.3 percent to 59.7 percent last year.
The year-over-year change is quite striking, as you can see on this graph ...

http://images.moneyandmarkets.com/13...r-reserves.gif

In the fourth quarter, the International Monetary Fund (IMF) found that the dollar holdings of countries that report data to the IMF fell by $110 billion. These emerging economies had to sell dollar reserves as investors fled their markets. The reserves of the countries that don't report data to the IMF fell by $55 billion, and they likely reduced their dollar holdings proportionately.
This could mean hard times ahead for the U.S., because along with the ordinary budget deficit, we are issuing a LOT more debt to pay for various stimulus packages and to bail out the banks. And over time, central bank demand for Treasuries tends to track reserve growth.

#2) The world wants a new reserve currency. The U.S. dollar is the reserve currency for the world. In fact, roughly 65 percent of the world's foreign exchange reserves were in U.S. dollars at the end of 2008. China and Russia have expressed a desire for a new global reserve currency based on a mix of currencies and gold, and in the form of IMF special drawing rights (SDRs). Zhou Xiaochuan, the governor of China's central bank, is calling the new currency a "super-sovereign reserve currency."
Such a process would take years. But even the first steps down the road toward that goal would start to cut away at support for the dollar.
#3) The money supply is exploding. The "broadest" measure of the quantity of money sloshing around the economy measured by the Fed is known as M2. This is all the currency in circulation, plus deposits the banks have on account at the Fed, money market funds and CDs, etc. In other words, it's the measure of money that will rise along with inflation.
And the M2 is exploding ...

http://images.moneyandmarkets.com/1325/money-supply.gif

So what's driving the U.S. dollar higher now? Basically, short positions against the U.S. dollar continue to unwind. And while the dollar isn't winning any beauty contests, the sad-sack economies of Europe make the euro the dollar's "uglier sister."

When those short positions are unwound, unless there is a coordinated devaluation in key currencies, and unless the U.S. economy starts to show real improvement, the U.S. dollar index will probably test support and fail.
Whats happening in EUR/USD should be happening to you!
  • #7,027
  • Apr 15, 2009 4:19pm Apr 15, 2009 4:19pm
Jcalow:

That's pretty impressive record. Would you mind posting some of your trades in future with some explanantion so that newbies get some practical training? Jacko has done (is doing) a great service to this forum, may be now we get a chance from turtle too. Thanks and take my request in good spirit. I am not trying to be sarcastic or smarta**.

-FX_California
Quoting jcalow
I hadn't even been counting my pips, so caught up in the enjoyment of trading this method. However, just totalled them up and my grand total since 31st March comes to: 1153!!! Purely trading Jacko style. Awesome!!
  • #7,028
  • Apr 15, 2009 4:56pm Apr 15, 2009 4:56pm
Quoting FX_California
Jcalow:

That's pretty impressive record. Would you mind posting some of your trades in future with some explanantion so that newbies get some practical training? Jacko has done (is doing) a great service to this forum, may be now we get a chance from turtle too. Thanks and take my request in good spirit. I am not trying to be sarcastic or smarta**.

-FX_California
Certainly, I have posted snippets here and there, but have quite a chaotic day job so don't get to post quite as often as i'd like. Have got the hang of posting from my PDA now though so will drop a brief post when I next trade. Currently sitting and waiting for an entry at the minute though.
  • #7,029
  • Apr 15, 2009 7:35pm Apr 15, 2009 7:35pm
Quoting fxtrader29
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.
I closed for a 120 pip profit. Lets go Jacko.
btw, I eventually completed a full break-down of all Jacko's trading since his trading group started in October 2007. He has racked up a shtload of pips since he started. Thousands of pips of profit
  • #7,030
  • Apr 15, 2009 11:31pm Apr 15, 2009 11:31pm
Could you post your entry and exit so that I could study why you took the trade where you did?
  • #7,031
  • Apr 15, 2009 11:39pm Apr 15, 2009 11:39pm
Beautiful and Classic
  • #7,032
  • Edited 5:44am Apr 16, 2009 5:25am | Edited 5:44am
[quote=BullsAndBear;2671532]I like to post these to see if anyone has good comments. This may or may not be useful, but it was an interesting read.......

Excellent post - thanks for this info - I think you summed up the situation very well. I say this, as I share this view, but also as i came back from a broker seminar yesterday(naturally they are trying to sell something - but you always pick up something useful) given by their top economist/trader, who often appears on various news channels and appears to be well respected even if some of his views are a little extreme. Anyhow he was saying similar things and was actually going further to say there will be a currency crisis based on the US$ toward the end of this year/2010 and therefore we could see gold hit $2000 (perhaps by 2011/12) as people panic. He also didn't see any economic recovery until after 2012 maybe even 2015. The levels of gov debt around the world are extremely serious and this in itself will cause a major problem - think how quickly the credit crisis (essentially debt levels within organisations) impacted the world. The gov debts are far worse than the banks!!! It won't be long before the wheels come off.

Anyhow -this is my first post here - I am half way through the thread and hope to be more active once i have completed it and performed some testing to find my comfort level with it. I don't want to derail this thread, but from what i have read so far Jacko does consider the fundamentals for the bigger picture, and i also believe this to be important.
Thanks Jacko for the time and effort you have put into sharing this and thanks to all those that have kept this thread alive and on track (i notice it has been hard at times)

cheers for now
Simon

PS - This economist/trader also pointed out the best way he thought to be successful at trading was to buy the highs in a bull mkt or sell the lows in a bear market and keep adding to the position on subsequent swings so eventually you end up with a large position. Very much inline with what Jacko teaches here.
  • #7,033
  • Apr 16, 2009 5:50am Apr 16, 2009 5:50am
Quoting Jpnek
Just dropping by to say Hi

This may sound like a cliché, but adding to fxtrader29's comment, this thread truly changed my life.

I joined Jacko's group less than two months ago, and already over 500 pips on the green (plus a *70 pip buffer on today's trade as I type this) Best part of this? no more stressful scalping for me...

Let's keep the pips rolling Coach,

Paul

*GMT16:10 I just manually closed my trade (+80 pips).
Shorted the same trade early in the Asian session as price went all the way up to 3260's (again) and have just manually exited when PA failed (again!!) to break the 3150 level. +100 pips and counting...
  • #7,034
  • Apr 16, 2009 11:10am Apr 16, 2009 11:10am
Quoting fxtrader29
More than 100 pips above where it is now.

quite an intelligent answer!
  • #7,035
  • Apr 16, 2009 11:15am Apr 16, 2009 11:15am
Quoting msc
Could you post your entry and exit so that I could study why you took the trade where you did?

No he can not!
  • #7,036
  • Apr 16, 2009 11:55am Apr 16, 2009 11:55am
Quoting fxpeter
No he can not!
Why is that?
  • #7,037
  • Apr 16, 2009 1:55pm Apr 16, 2009 1:55pm
I don't see any issue with anyone wanting to share their own trades...ie those stemming from a strictly personal analysis that uses what Jacko's teaches...however if Jacko's private blog was involved in any manner...then I don't think it would be fair or polite do to so...notwithstanding that Jacko has in the past requested that the details of the private blog not be made public...which I find to be completely endorsable and correct - not only to Jacko himself - but also to all of those who invested the time to join his private group. I left the money part out of the picture as, to me, the sum paid was well worth it...many many many times over in fact.

just my .02
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,038
  • Apr 16, 2009 2:04pm Apr 16, 2009 2:04pm
I totally agree that it's individuals decision to share their trade details. If it's not shared, I don't see too much value of just posting 100 pips profit without any details. Specially, it's a trading discussion thread not a personal journal thread. But ultimately it's Jacko's thread and who am I to comment. I valued Jacko's selfless teaching on this thread and that's the reason, I keep coming to see more valuable information.

-FX_California
Quoting coscorp
I don't see any issue with anyone wanting to share their own trades...ie those stemming from a strictly personal analysis that uses what Jacko's teaches...however if Jacko's private blog was involved in any manner...then I don't think it would be fair or polite do to so...notwithstanding that Jacko has in the past requested that the details of the private blog not be made public...which I find to be completely endorsable and correct - not only to Jacko himself - but also to all of those who invested the time to join his private group....
  • #7,039
  • Apr 17, 2009 2:14am Apr 17, 2009 2:14am
Personally I would like to see more discussion here about the trading method rather than the pros and cons of joining Jacko's private group and how many pips the turtles have or haven't made. This is after all a forum about forex trading.

So if anyone is willing to discuss this method… what are your thoughts? The last entry for me was at 1.3350 as this was the closest round number to the 50% of the swing from 1.3582 to 1.3088. Made 100 pips from it (and then price fell even further!).

Now I'm waiting for the next entry.

Dan
  • #7,040
  • Apr 17, 2009 2:19am Apr 17, 2009 2:19am
Quoting Jpnek
Shorted the same trade early in the Asian session as price went all the way up to 3260's (again) and have just manually exited when PA failed (again!!) to break the 3150 level. +100 pips and counting...
Hi Jpnek,

What time-frame on you charts were you looking at for those trades?

Steve
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