Jacko's Forex House of Pleasure and Pain | Page 367 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #7,321
  • Apr 30, 2009 3:15am Apr 30, 2009 3:15am
Quoting whitegoodman
i took a blind short at 1.3300 (didnt wait for PA) as i saw some confluence, im only short atm till i see it break some major trends... are people going long on eurusd?
was also in that one - sure was a alot of confluence for it to get through. been stopped out 3 times now on this bull run, so one soldier that isn't going to make it home, one who is on life support and the other with flesh wounds.
all in all ,my squad has taken a battering this mission. Going to struggle to make it back to the rendezvous point - anyone know where that might be?
thinking the coordinates might be nearer 1.35 - 1.36
  • #7,322
  • Apr 30, 2009 3:40am Apr 30, 2009 3:40am
And she did it again, pinned the new bull upper channel line at 3367... This time I will take care and wait for a clean retrace below 3300 and confirmation in H4 before going short again. But I bet long would be a better option. Seems she gets her turn back to the weekly trend... EW defines a target at 3450 if this move turns out to be an impulse... don't like Elliott though.
  • #7,323
  • Apr 30, 2009 4:04am Apr 30, 2009 4:04am
Quoting TheCyberCore
And she did it again, pinned the new bull upper channel line at 3367... This time I will take care and wait for a clean retrace below 3300 and confirmation in H4 before going short again. But I bet long would be a better option. Seems she gets her turn back to the weekly trend... EW defines a target at 3450 if this move turns out to be an impulse... don't like Elliott though.
Elliot wave is good if you like backward repainting indicators lol....

i got stopped out at BE, i always tend to move to BE when im up 50-60pips... hmmm lets have a wait and see what develops over the coming week for another short
Grabbing the bull by the horns!
  • #7,324
  • Apr 30, 2009 4:57am Apr 30, 2009 4:57am
Hi Rake. As a disciple og jacko heres my humble answer.
The first trade is ok, but the second trade (AH) is not correct placed. You have to let it go 50 pips beyond the last stop triggered. In your case its 1,32830. That price was hit about 11 am NY time April 29. Then you place your AH order at 1,3233. At about 3 pm the price bottomed at 1,32335 but didnt hit your sell order at 1,3233.

I hope it helps.

Quoting Rake
I would like to seek the advice of the members here. Been reading up on Jacko trend following strategy and tried it on a demo account. So far, there have been a series of loss. I was wondering if I have misunderstood some parts of Jacko's strategy.

Here goes:

I started with weekly->Daily->4H charts

Weekly Chart
Attachment

I identified it as an uptrend.

Daily Chart
Attachment

It's on a downtrend

4H chart
Attachment

It's on a downtrend

Therefore I decided on my trading horizon and confirmed...
  • #7,325
  • Apr 30, 2009 5:02am Apr 30, 2009 5:02am
Quoting simoncs
was also in that one - sure was a alot of confluence for it to get through. been stopped out 3 times now on this bull run, so one soldier that isn't going to make it home, one who is on life support and the other with flesh wounds.
all in all ,my squad has taken a battering this mission. Going to struggle to make it back to the rendezvous point - anyone know where that might be?
thinking the coordinates might be nearer 1.35 - 1.36
now we have a pin on the 4hr, another double top - was the last rally just stop hunting and this is still a good area for shorts?
confusing the hell out of me at the mo
  • #7,326
  • Apr 30, 2009 5:16am Apr 30, 2009 5:16am
Quoting simoncs
now we have a pin on the 4hr, another double top - was the last rally just stop hunting and this is still a good area for shorts?
confusing the hell out of me at the mo
Maybe in the current environment it is better to lay back and let the candles roll...

I also read that the president of mexico would like to have their citizens stop going outside their homes for 5 days from may 01 to may 05... I am not the totally fundamental guy, but there are some substantial developments which would have high impact even to Forex.
  • #7,327
  • Apr 30, 2009 5:23am Apr 30, 2009 5:23am
Quoting coscorp
not entirley correct - if your sl gets hit you have the option of setting an AH trade at the level you were stopped out AFTER price has moved beyond your another SL 50/100 pips (depending on volatility) and providing you were trading with the trend.

If the AH itself gets stopped out that it's - wash, rinse and start anew with a brand new trade.
Yeah, thanks Coscorp.

I forgot to mention letting it travel 50 pips past the stop.

Thanks
Steve
  • #7,328
  • Apr 30, 2009 7:06am Apr 30, 2009 7:06am
Quoting hans356
Hi, Rake.

I don't see any issues with your first entry point....
Thanks han365, i shouldn't have entered on any major news days.
  • #7,329
  • Apr 30, 2009 7:08am Apr 30, 2009 7:08am
Quoting lehmann
Hi Rake. As a disciple og jacko heres my humble answer.
The first trade is ok, but the second trade (AH) is not correct placed. You have to let it go 50 pips beyond the last stop triggered. In your case its 1,32830. That price was hit about 11 am NY time April 29. Then you place your AH order at 1,3233. At about 3 pm the price bottomed at 1,32335 but didnt hit your sell order at 1,3233.

I hope it helps.
Thanks Lehmann

will take note of tat in my next trade.

Am currently short at 1.32780! hope the trend will carry me along.
  • #7,330
  • Apr 30, 2009 7:11am Apr 30, 2009 7:11am
Thanks alot Clueless .

Lmarti
  • #7,331
  • Apr 30, 2009 7:11am Apr 30, 2009 7:11am
i dont see any 4hr pins on my ibfx? is their 4hr bars set different to close?
Grabbing the bull by the horns!
  • #7,332
  • Apr 30, 2009 7:32am Apr 30, 2009 7:32am
Quoting whitegoodman
i dont see any 4hr pins on my ibfx? is their 4hr bars set different to close?
Neither do i on my fxdd
  • #7,333
  • Edited 9:39am Apr 30, 2009 7:49am | Edited 9:39am
1:50 - Now, we are running downwards. Entered on EUR$ at 3290, current 3233 (currently pins my old top line of the last downtrend)... and stopping... What's next?

2:54 - +60 PIPs currently and second order at 3226...

3:17 - 1st order now 70 PIP, 2nd 20 PIP (left the upper down channel for heading south now), but 3200 seems to be a better resistance.

3:30 - Really nice. Tests my upper downchannel from below at 3227 and dips back to south... heading to 3200 again. If it dips 3200 again and goes north I would consider closing...

3:40 - Seems she has left 3200 behind and starts the fight from below. Now at +80 and +30 PIPs Never seen so a nice picture in M1... No need to look in higher levels when riding in this trade.

3:50 - Bounced again back to upper DCTL and enters a price decision phase... need to take care of going north now. Changing to M5 now to follow the moves.

4:00 - Uahhh... 2nd trade negative and tested my very tight S/L on both trades.. ;-) Now moves away to south again... very volatile market. 3200 turns out to be a good resistance... or my trendline to be a good support :-)

4:05 - TSL of my profitable trade was hit... no problem got 50 PIPs here. TSL was 42 PIPs, because volatility was initally low. She continues north near by my S/L of trade 2.

4:10 - Got stopped on my 2nd trade. 14 PIPs loss. OK, not perfect, but also no loss together. The market gets much more volatile now... better to stay out at least until passed this resistance level in M15/M30, but it looks like we're back in bullish. Birth of a new bullish trend now successfully done?!

4:40 - Just to complete my thoughts: the volatility might have been the chapter 11 of Chrysler. As Obama speaks at 6:00pm GMT+1 I'll stay out now.
  • #7,334
  • Apr 30, 2009 8:36am Apr 30, 2009 8:36am
Quoting TheCyberCore
1:50 - Now, we are running downwards. Entered on EUR$ at 3290, current 3233 (currently pins my old top line of the last downtrend)... and stopping... What's next?

2:54 - +60 PIPs currently and second order at 3226...

3:17 - 1st order now 70 PIP, 2nd 20 PIP (left the upper down channel for heading south now), but 3200 seems to be a better resistance.

3:30 - Really nice. Tests my upper downchannel from below at 3227 and dips back to south... heading to 3200 again.
congrats! Am also entered at 1.3278.

Can i inquire what are the factors u look at to add into a position?

E.g: every 100pips, enter a new contract?
  • #7,335
  • Apr 30, 2009 8:44am Apr 30, 2009 8:44am
Jacko,
I am truly amazed at your uncanny ability to call these reversals, I've never seen anything like it. Even when you miss the AH strategy kicks in and a loss is recovered usually with a profit, at least for me so far. I am batting a thousand with it.

My eyes are being opened, my future is looking brighter. I look forward to your continued mentoring. Thanks for everything

DS
  • #7,336
  • Edited 9:18am Apr 30, 2009 8:45am | Edited 9:18am
Quoting Rake
congrats! Am also entered at 1.3278.

Can i inquire what are the factors u look at to add into a position?

E.g: every 100pips, enter a new contract?
Currently for me it's like a ride on the dragon. You need to "stare" on the M1 candles... so you can see the volatility. For this race every "retrace" in M1 is a possible entry. Normally I am looking on higher TF like M5 or M15 to ride such a turn... just because M1 makes you very nervous in your decisions.

Just look now.. she came back to my trend line and tends to put my 2nd trade negative... this is what makes me nervous in M1.... She seems to bounce up and down between my line and 3200... but because I want to trade somewhat like Jacko style, I just left my SL and TSL active. No modification! Just searching for re-entries or if possible for exits.
  • #7,337
  • Apr 30, 2009 9:03am Apr 30, 2009 9:03am
Nice one Jacko!
My A/H trade has recovered all the original loss, and is currently +40 pips up.
Last day of the month too, so my P & L is untainted.
  • #7,338
  • Apr 30, 2009 9:13am Apr 30, 2009 9:13am
Quoting TheCyberCore
Currently for me it's like a ride on the dragon. You need to "stare" on the M1 candles... so you can see the volatility. For this race every "retrace" in M1 is a possible entry. Normally I am looking on higher TF like M5 or M15 to ride such a turn... just because M1 makes you very nervous in your decisions.

Just look now.. she came back to my trend line and tends to put my 2nd trade negative... this is what makes me nervous in M1.... She seems to bounce up and down between my line and 3200...

why are you looking at M1? Try H4....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,339
  • Apr 30, 2009 9:25am Apr 30, 2009 9:25am
Quoting coscorp
why are you looking at M1? Try H4....
Yes you are so right. H4 is my preferred timeframe, but for re-entries I sometimes would like to go more in depth (of course M1 is extreme for me, too).
  • #7,340
  • Apr 30, 2009 9:25am Apr 30, 2009 9:25am
Quoting ClueLess
teddybearhug ,

i am in all the categories Jacko mentioned, and i have been thru what you are going thru now, Jacko's reply was right on !

Be patient and give it time. Jacko has boiled it down to the most basic and simple method out there, and it is very successful.

i spent a long time looking at all kinds of indicatiors and mechanical systems, some were so complicated it only worked on every 3rd sunday, when there was a full moon and it was raining armadillos in Dubai.

Actually, the answer lies in learning the basics, price...
Hi clueless,

i have placed the TSL EA on the experts folder and enabled Expert Advisors. i dragged it onto the H4 chart.

Attached Image (click to enlarge)
Click to Enlarge Name: 4h.gif Size: 32 KB


How do i know where is the level that will trigger TSL? What does the numbers on the top left corner means?

Thanks
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