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Jacko's Forex House of Pleasure and Pain

  • #7,121
  • Apr 23, 2009 9:01am Apr 23, 2009 9:01am
Quoting shotshell
Hans, for what its worth, I think you're right. Patience & some time will find the price rallying back to the 1.3095 area. That appears to me to be approx. the 50% fib & near the round number as well. I have an order waiting to sell there & also at 1.3150. We'll see. I'm just learning Jacko's style. Hope I'm doing this right!!
Hi shotshell

Mark out the area of your chart where you expect the market to go and then wait for the market to reach that level.
If it does not reach that level then wait for the next trade.
If it does reach that level then I wait for a loss of momentum before taking the trade.
(thanks tinybolt)

.
Jacko
  • #7,122
  • Edited 5:58pm Apr 23, 2009 9:09am | Edited 5:58pm
Quoting elcm
Hi guys!

Q: Does anyone have some indicator/script which trails my stops according to Jacko rules? That I could set 100p and go to work?

I went trough FF but could not find the one...

Thank you for your help!
MT4 has a built-in TSL indicator (don't forget that this is a client side indicator which means that your PC must be on for it to work), also you could try this one http://www.forexfactory.com/showpost.php?p=1946575&postcount=2661 (haven't tried it myself).
  • #7,123
  • Apr 23, 2009 9:26am Apr 23, 2009 9:26am
Quoting jacko
Hi shotshell

Mark out the area of your chart where you expect the market to go and then wait for the market to reach that level.
If it does not reach that level then wait for the next trade.
If it does reach that level then I wait for a loss of momentum before taking the trade.
(thanks tinybolt)

.
Jacko

Hi Jacko.

Thanks a bunch for your help. It's appreciated. I have removed the orders & if the price gets there, I'll watch for the loss of momentum, then sell.
  • #7,124
  • Apr 23, 2009 9:28am Apr 23, 2009 9:28am
Quoting Jpnek
MT4 has a built-in TSL indicator (don't forget that this is a client side indicator which means that you PC must be on for it to work), also you could try this http://www.forexfactory.com/showpost.php?p=1946575&postcount=2661 (haven't tried it myself).

Thanks both of you guys, will take a look at them...

Built in one is not good because it works only when it is those pips in favoure.
  • #7,125
  • Apr 23, 2009 9:30am Apr 23, 2009 9:30am
Quoting jacko
Hi shotshell

Mark out the area of your chart where you expect the market to go and then wait for the market to reach that level.
If it does not reach that level then wait for the next trade.
If it does reach that level then I wait for a loss of momentum before taking the trade.
(thanks tinybolt)

.
Jacko

Hi Jacko!

Great thread! It is so amazing when such an experienced trader shares a wisdow for us! Thank you!

How do you determine that "loss of momentum"? I think that is the point that I am missing in this cause the idea is absolutely great but can not figure that out.
  • #7,126
  • Apr 23, 2009 9:31am Apr 23, 2009 9:31am
Jacko,

I would just like to say thank you for showing your way of trading. I have been looking at expensive scalping methods for months now and have finally realised I will not succeed using 5 min charts full of indicators. I am about half way through reading every post on this thread but I will get there. On my demo account I have set a price of 1.3095 to trigger the trade as the retracement looks close to the 50% and 3100 round number. Hope this is a sensible move, even though it’s only a demo account I am trying to trade as if my own money was on the line. I think I understand everything so far and am taking baby steps before I look at holding positions long term etc....... Price is 70 pips from my entry point so if it’s not triggered I guess I will wait for the next reversal?

Thanks again for your insight.
  • #7,127
  • Apr 23, 2009 9:32am Apr 23, 2009 9:32am
Quoting elcm
Thanks both of you guys, will take a look at them...

Built in one is not good because it works only when it is those pips in favoure.
if I'm not mistaken, the purpose of that TSL indicator (http://www.forexfactory.com/showpost.php?p=1946575&postcount=2661[/url] (haven't tried it myself).) is to start trailing you S/L as soon as you open a trade...
  • #7,128
  • Apr 23, 2009 9:42am Apr 23, 2009 9:42am
I have been hoping that the retrace would get past the 1.31, perhaps to the 50fib which also coincide with the 365 and 150emas and then price to bounce off there.
However price has made it back to the 38 fib and just shy of 1.31 and then formed essentially a 2 bar pin on the 4hr.

so incase this is all the retrace we are going to get i have a sell order below 1.3.

anyone think it will make it to the 50fib? what says your crystal ball jacko?
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  • #7,129
  • Apr 23, 2009 9:43am Apr 23, 2009 9:43am
Quoting elcm
How do you determine that "loss of momentum"? I think that is the point that I am missing in this cause the idea is absolutely great but can not figure that out.

By watching the price action as it approaches the sell target area, if it continues to tick up & go thru the target area, it has NOT lost momentum! However, if the price starts to churn (go up & down in a range) in the sell target area, then it can be assumed to have lost its momentum. That's as close as I can describe it.

Shotshell
  • #7,130
  • Apr 23, 2009 9:43am Apr 23, 2009 9:43am
Quoting bez3000
Jacko,

[size=3][font=Calibri]I would just like to say thank you for showing your way of trading. I have been looking at expensive scalping methods for months now and have finally realised I will not succeed using 5 min charts full of indicators. I am about half way through reading every post on this thread but I will get there. On my demo account I have set a price of 1.3095 to trigger the trade as the retracement looks close to the 50% and 3100 round number. Hope this is a sensible move, even though it’s only...
Hi bez 3000

A friend of mine is an ex-broker (of many years experience) and was a manager of large teams of brokers ....He tells me that he has never seen a scalper last more than 12 months as a full-time trader...the pressure is too intense, you tend to overtrade and you very quickly stop seeing the forest for the trees and start jumping in and out of long and short trades with no strategy...in other words, you start "gambling".

You then also tend to start trading smaller and smaller time frames. Then you simply get blown away by the market.

.
Jacko
  • #7,131
  • Apr 23, 2009 9:55am Apr 23, 2009 9:55am
Quoting jacko
Hi bez 3000

A friend of mine is an ex-broker (of many years experience) and was a manager of large teams of brokers ....He tells me that he has never seen a scalper last more than 12 months as a full-time trader...the pressure is too intense, you tend to overtrade and you very quickly stop seeing the forest for the trees and start jumping in and out of long and short trades with no strategy...in other words, you start "gambling".

You then also tend to start trading smaller and smaller time frames. Then you simply...
I am answering emails from the group at the moment and this one is one I have just answered not 2 minutes ago.....it relates to the answer above.

The trader (who joined 2-3 weeks ago) words are in blue
[FONT='Times New Roman','serif']Regardless, since I started this I am up +443 pips (couple of weeks). Really just a handful of trades (5 or 6) with an average win of 70 pips or so. I have been analyzing 4 pairs daily to get some practice with trend lines, fib levels, and price action. I rarely have more than one trade open at a time. My trading is drastically different from just a few weeks ago (lots of trades open, "jumping in" on a run up or down and getting whiplashed, not being able to justify trades, etc.). [/font]
  • #7,132
  • Apr 23, 2009 9:56am Apr 23, 2009 9:56am
Thanks for the reply Jacko,
I am defiantly converted thanks to you and all the other traders posting in your thread. Just getting use to WAITING is a skill I am trying to master. I have just ordered “Trend Following: How Great Traders Make Millions in Up or Down Markets” don’t know if you have read it but it looks a good read.
Would love to build up slowly and one day be a full time trader!
  • #7,133
  • Apr 23, 2009 10:02am Apr 23, 2009 10:02am
Quoting jacko
I am answering emails from the group at the moment and this one is one I have just answered not 2 minutes ago.....it relates to the answer above.

The trader (who joined 2-3 weeks ago) words are in blue
[FONT='Times New Roman','serif'][color=navy]Regardless, since I started this I am up +443 pips (couple of weeks). Really just a handful of trades (5 or 6) with an average win of 70 pips or so. I have been analyzing 4 pairs daily to get some practice with trend lines, fib levels, and price action. I rarely have more than one trade open at a time....
Thats very interesting, is 5 or 6 trades normal for a couple of weeks? Also an average of 70 pips is that after getting stoped out with 100 Trailing Stop?
  • #7,134
  • Apr 23, 2009 10:03am Apr 23, 2009 10:03am
This is the first part of the email from the same trader....it is worth noting. His email is blue, my responses are in red

Jacko - one the things that I have been doing that is new for me is recording my trading "thoughts and ideas" and decision making processes via a log (in this case a blog - with only ONE reader..ME..LOL). Excellent...every trader should do it !! It really does help me clarify my thinking and I noticed myself staying out of trades just because I couldn't justify them fully via written thought. Yes Seeing and reading your blog helped me to realize that ideas and decisions take on greater emphasis mentally when they are written down. Must be something we humans appreciate..who knows. Thanks for the idea. No problem
  • #7,135
  • Apr 23, 2009 10:06am Apr 23, 2009 10:06am
Quoting bez3000
Thanks for the reply Jacko,
I am defiantly converted thanks to you and all the other traders posting in your thread. Just getting use to WAITING is a skill I am trying to master. I have just ordered “Trend Following: How Great Traders Make Millions in Up or Down Markets” don’t know if you have read it but it looks a good read.
Would love to build up slowly and one day be a full time trader!...
Hi Bez3000

Patience is the hardest skill to learn.

I am not sure if I have read that book though it looks like one that if I had seen it, I would have read it

.
Jacko
  • #7,136
  • Apr 23, 2009 10:11am Apr 23, 2009 10:11am
Quoting bez3000
Thats very interesting, is 5 or 6 trades normal for a couple of weeks? Also an average of 70 pips is that after getting stoped out with 100 Trailing Stop?
I don't know...he didn't send me the list of his trades. But I have just sent him an email saying that I have posted some of his email and that there was question that he may (or may not) like to answer to help out a novice trader.

.
Jacko
  • #7,137
  • Apr 23, 2009 10:27am Apr 23, 2009 10:27am
Quoting elcm
Hi Jacko!

Great thread! It is so amazing when such an experienced trader shares a wisdow for us! Thank you!

How do you determine that "loss of momentum"? I think that is the point that I am missing in this cause the idea is absolutely great but can not figure that out.
Hi elcm

It is nothing secret or exotic....I just look at the chart.

The lows are higher and the highs are less high. ....then it starts to turn,... then the highs are lower and the lows are lower

Don't look for something difficult or a special formula/indicator ....if you watch a ball going up in the air, you can easily see the loss of momentum....it is exactly the same for price on a chart.

.
Jacko
  • #7,138
  • Apr 23, 2009 10:27am Apr 23, 2009 10:27am
Quoting simoncs
so incase this is all the retrace we are going to get i have a sell order below 1.3.

anyone think it will make it to the 50fib? what says your crystal ball jacko?
I really do no know a thing...it could do whatever...
but I place a sell limit @ 1.2990...why? tracking my 4H
if it does not make it...then I will consider ~1.31

This way of trading is so darn relaxed...
Thanks Jacko
Empty as water and soft as a facing wind mountain
  • #7,139
  • Apr 23, 2009 10:35am Apr 23, 2009 10:35am
Quoting jacko
Hi bez 3000

A friend of mine is an ex-broker (of many years experience) and was a manager of large teams of brokers ....He tells me that he has never seen a scalper last more than 12 months as a full-time trader...the pressure is too intense, you tend to overtrade and you very quickly stop seeing the forest for the trees and start jumping in and out of long and short trades with no strategy...in other words, you start "gambling".

You then also tend to start trading smaller and smaller time frames. Then you simply...
Thats why I like you Jacko. No BS. Just tell me the facts.
And I don't need to tell you but your trading results are terrifically good .Year on year you have acheived stunning performance results.
Glad to be on board with you
  • #7,140
  • Apr 23, 2009 10:41am Apr 23, 2009 10:41am
Quoting simoncs
I have been hoping that the retrace would get past the 1.31, perhaps to the 50fib which also coincide with the 365 and 150emas and then price to bounce off there.
However price has made it back to the 38 fib and just shy of 1.31 and then formed essentially a 2 bar pin on the 4hr.

so incase this is all the retrace we are going to get i have a sell order below 1.3.

anyone think it will make it to the 50fib? what says your crystal ball jacko?
Hi simoncs

If I had crystal balls I would sit down ....very carefully

I would not be a seller under 1.3000 (you will get stopped out if you do)...I would be a seller much higher than that....But I like a bargain

.
Jacko
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