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Jacko's Forex House of Pleasure and Pain

  • #7,461
  • May 5, 2009 4:00am May 5, 2009 4:00am
I see resistance at 1.3400
and a potential northen reversal...
a southern move within a huge channel.
So unclear...
I will wait for clarity...
back to bed
to discuss it with my pillow
Empty as water and soft as a facing wind mountain
  • #7,462
  • May 5, 2009 7:22am May 5, 2009 7:22am
I also see some resistance at 1.3400...

One simple view might be the following...at a daily level.. We'll see when US markets open

we are definitely due some action when that triangle comes to a head....
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  • #7,463
  • Edited 8:36am May 5, 2009 8:28am | Edited 8:36am
The London session took the euro up, but right now, it looks as though it's a battle between buyers and sellers as to which direction this will be going in the medium-term.

The resistance line was broken. The market then returned, tested the resistance line, then turned back to continue northward.

This very well could signify a shift in trend (medium term). But we are currently waiting for this buyer/seller battle at the moment to determine which way this thing is really headed. However, we could also be forming an "M," which (more often than not) signifies downward movement.

The news release at 10 a.m. (EST) could also help determine the medium-term trend if it propels the market higher.
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  • #7,464
  • May 5, 2009 9:37am May 5, 2009 9:37am
Quoting nazeri1111
Yesterday, I OP for short at 3300, moved stop lost to breakeven and takes some profits. Then, my AH kick off after stop lost triggered at 3300.

Hmmmm...... should I remove my current sell stop and wait for clear direction or ....let it be there to see the end of my AH result....

.....still thinking
Hi,

The Anti-Hedge should be placed once price has gone at least 50 pips past your TSL, but only if your original trade fails.

Don't forget, the AH is essentially a loss-recovery method, albeit one that gets you back into the market in the direction of the trend. Assuming I've understood correctly, your first trade broke-even so no need for AH.

If the market had dropped from where you entered (at 1.3300) to 1.3250 and then went against you up to 1.3350, your 100-pip TSL would trigger for a 50 pip loss. Once price exceeds 1.34, you are in a position to place an AH order to catch it on the way back down....this must be at exactly where you were stopped out.

In your case, after breaking-even, I believe you should have moved on to look for the next set-up, rather than trying to remedy a successful (or at least not unsuccessful) trade.

As the AH was triggered falsely in this case, it would probably have been advisable to remove it.

Hope this makes sense.
  • #7,465
  • May 5, 2009 10:52am May 5, 2009 10:52am
correct - if you are able to move your position to BE or further the AH is not used as it's function is to recover a loss.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,466
  • May 5, 2009 11:40am May 5, 2009 11:40am
Quoting hans356
The resistance line was broken. The market then returned, tested the resistance line, then turned back to continue northward.
This very well could signify a shift in trend (medium term).
New at this method. Looking at the chart you posted the bars start in the lower left hand corner and they are going up to the upper right hand corner, wouldn't that mean price has been in an up trend for awhile on this time frame?
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #7,467
  • Edited 11:55am May 5, 2009 11:45am | Edited 11:55am
So are there any proof, besides euphoria of newbies who are "mesmerized by all the wisdom in the thread" as to long term profitability of Jacko's method?

he claims successful trading and great number of pips, are there any real proof to it? I bet 1 out of his 2 trades is loosing a full 100 pips stop loss that he uses.


Can any "students" of his that were 300 pages back such as "Seeking light, Bakuli, takeprofit, MPP, seanchicago, kaunasny" and otherscome out and speak up about the end results? All we see are the new liver on the chopping board posting charts and their revelations of where market is going.

Oh yeah, did newbietrader blown up yet with his "aggressive" style trading?

Where are all the people that were on pages 1-250? Don't you think they would still hang around if this method was as profitable as it claimed?

95% of traders loose money in forex, don't kid yourself that you are 5%
  • #7,468
  • May 5, 2009 11:50am May 5, 2009 11:50am
We also have a rising wedge on the 4h and daily signaling a downward movement. the 4h has been consolidating in oversold territory and we are do for a pullback. But i will let someone else use their money to push it up or down while i wait for an "A" trade,,,,,,,

bulls
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Whats happening in EUR/USD should be happening to you!
  • #7,469
  • May 5, 2009 11:53am May 5, 2009 11:53am
Quoting LasVahGoose
New at this method. Looking at the chart you posted the bars start in the lower left hand corner and they are going up to the upper right hand corner, wouldn't that mean price has been in an up trend for awhile on this time frame?
Hi, LasVahGoose.

To me, not necessarily. I have been seeing the euro channeling downward. It's been doing this for a few weeks now. What I posed was that the resistance line is now being tested, broken, retested . . . and now we wait to see if the euro is going to continue climbing or if it is going to fall.
  • #7,470
  • May 5, 2009 12:01pm May 5, 2009 12:01pm
Quoting oookie
Hi everyone!

I am new to this thread, and I would like to thank Jacko and everyone for great information here.

Well, I would like to ask some advice on the current situation in EUR/USD.

According to my 4H chart, it seems like trend is going down(downtrend). And, in daily chart, trend is also going down. In weekly chart, I see a triangle pattern, so I can't tell exactly which way it is going. Finally, in monthly chart, it looks like it is going up(uptrend).

Well, as you can see, I am confused about the current situation. Please give me some...

take you money and buy gold, you will loose all your money trading forex
  • #7,471
  • May 5, 2009 12:03pm May 5, 2009 12:03pm
Quoting smellthepips
Where are all the people that were on pages 1-250? Don't you think they would still hang around if this method was as profitable as it claimed?
Hi, smelly.

I see that this is your first post, and it's a rather enlightening one. If I could vouch, I would definitely vouch for you! Do you know mall, by chance? He was awesome.
  • #7,472
  • May 5, 2009 12:07pm May 5, 2009 12:07pm
Quoting smellthepips
So are there any proof, besides euphoria of newbies who are "mesmerized by all the wisdom in the thread" as to long term profitability of Jacko's method?

he claims successful trading and great number of pips, are there any real proof to it? I bet 1 out of...
People are here to spread their knowledge not walk you through their results.
If you want to learn, then do so. Absorb what you read, practice the method and evolve as a trader.
There are members here that are willing to contribute their knowledge to help others.
Perhaps you should conduct your own research or take the time (and pain) to learn a method or style of trading that consistently works.
This method is based around trend trading, so there's really not much debate as to whether or not it is a long term profitable and viable trading plan. If you have been trading for while you will understand this.

Your inquisitiveness is commendable, but perhaps would be better directed elsewhere.
  • #7,473
  • May 5, 2009 12:14pm May 5, 2009 12:14pm
Quoting smellthepips
take you money and buy gold, you will loose all your money trading forex
sounds like someone blew up their account and is resentful of those that are successful. I believe there is another section in this forum if you want to discuss gold, this thread is to discuss Jacko style trades.
It's NOT GAMBLING when the odds are in your favor
  • #7,474
  • May 5, 2009 12:21pm May 5, 2009 12:21pm
Quote
95% of traders loose money in forex, don't kid yourself that you are 5%

Hi mall, nice to see you back!

In regards to your above statement, if we never try then how are we to become one of the supposed 5%? I'm not kidding myself, I am studying and working very hard, like I did to get where I am in my present work. It took 20 years to get where I am, I suspect Forex may take a while as well...

Rather than waste your energy here, why don't you start your own thread where all of the noobs you are concerned for can learn to trade from you! Take em all under your all wing and show em how its done...
  • #7,475
  • May 5, 2009 12:31pm May 5, 2009 12:31pm
Quoting smellthepips
So are there any proof, besides euphoria of newbies who are "mesmerized by all the wisdom in the thread" as to long term profitability of Jacko's method?

he claims successful trading and great number of pips, are there any real proof to it? I bet 1 out of...

here we go again...LOL...someone is learning how to use a keyboard...asking if longer term trend trading is profitable...NO it isn't...none of what you read here is real...including the 1 million + views to the thread...we're all delusional...but guess what.....


if anyone wants to be saved from all this delusion...they'll call you don't worry...

now hurry up and go save someone else.

Adios
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,476
  • May 5, 2009 12:33pm May 5, 2009 12:33pm
Quoting smellthepips
take you money and buy gold, you will loose all your money trading forex
Well, thanks for your advice, but I still want to try Forex to see if Forex is for me or not.

Sorry, gold which you recommended didn't work for me big time.

Regards,
oookie.
  • #7,477
  • May 5, 2009 12:52pm May 5, 2009 12:52pm
Quoting smellthepips
So are there any proof, besides euphoria of newbies who are "mesmerized by all the wisdom in the thread" as to long term profitability of Jacko's method?

he claims successful trading and great number of pips, are there any real proof to it? I bet 1 out of his 2 trades is loosing a full 100 pips stop loss that he uses.


Can any "students" of his that were 300 pages back such as "Seeking light, Bakuli, takeprofit, MPP, seanchicago, kaunasny" and otherscome out and speak up about the end results? All we see are the new liver on the...

LOL it must be Mall. I thought maybe he/she left the forum by now. Either way, did you ever think that maybe these people from way back in the posts joined his Private forum so that they could avoid people like you and strictly focus on their trading and learning. I personally talked to someone on the PF over the phone and they said Jacko is great. Is he always right? No of course not. But is he knowledgable and worth learning from. Definitely, but clearly you aren't here to learn so you might as well quit wasting your time and filling this forum with garbage. I don't post here much because lately I have seen this kind of crap. But it is a public forum. You take the good with the bad.

Jim
"Luck favors the prepared mind"
  • #7,478
  • May 5, 2009 1:23pm May 5, 2009 1:23pm
Treasury futures, S&P and FX are all at major s/r levels with econ news this week. For those who don't watch other markets, correlated asset class setups can produce dramatic moves. Prepare accordingly.
  • #7,479
  • May 5, 2009 1:36pm May 5, 2009 1:36pm
Hi everyone.

Firstly, Jacko thank you very much for sharing your techniques and experience with everyone. I cant wait to put it into practice. and thanks to the rest of you for your thoughts and tips.

I am completely new to the forex and have never traded anything before (except trading cards when i was a kid!). I am a printer by trade and have a young family. although i like my job i know it will never provide me with the means to give my family everything i want to give them. Bez3000 told me about the forex a while ago, and since then have been reading this thread, i have also downloaded a demo account. I plan to demo trade for about 6 months and hopefully by then will have saved enough money to put into my first trade account (it wont be a large amount unfortunately).
jackos system looks great and is just right for me as i cannot sit infront of a pc all day. My boss would'nt like it
Has anyone got any advice for a complete novice like me. e.g anything else i should read, words of encouragement. anything would be much apprecaited.

Thanks everyone.
Whiteflame.
  • #7,480
  • May 5, 2009 2:11pm May 5, 2009 2:11pm
I had a feeling this was going down, but we have rejection at a minor support line, if this holds, 3500-3550 is very doable,,,,,,,,

bulls
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Whats happening in EUR/USD should be happening to you!
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