Jacko's Forex House of Pleasure and Pain | Page 379 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #7,561
  • May 12, 2009 6:53pm May 12, 2009 6:53pm
Quoting jcalow
Hi Guys,

I have trading this method successfully for a while now. However, took a week's vacation last week and didn't trade. Have come back to the charts this week after my break and i'm totally confused! The reason i'm struggling is because the market has gone bullish this week and last and I am now having problems identifying which way to trade. People are talking about trendlines being broken and a short-term bull trend, however when I look at the daily chart I see that this current move up is not really anything compared to other retracements...
A picture is worth a thousand words Good opportunities for pips...how long is it going to last? who knows?

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  • #7,562
  • May 12, 2009 7:07pm May 12, 2009 7:07pm
You are NOT alone Jacalow! I entered a long at 1.3595 with a 100 pip stop loss. The price ran up to 1.3707 (while I'm asleep) & my stop loss went to 1.3607. THEN it retreated during the day (while I'm at work) & stopped me out (at least it was for a profit) . Talk about frustrating. I'm trying to learn patience & like my wife keeps telling me, at least I'm getting lots of practice!! So now I think I'll just step back & see what kind of price action we get. Does it keep going or will it just trade in a range? Only the Shadow knows!!
  • #7,563
  • May 12, 2009 8:57pm May 12, 2009 8:57pm
Quoting shotshell
... & like my wife keeps telling me, at least I'm getting lots of practice!!
It's great being married, huh?
  • #7,564
  • May 12, 2009 9:11pm May 12, 2009 9:11pm
Quoting dunningduke
It's great being married, huh?
I love it!!!
  • #7,565
  • May 12, 2009 9:50pm May 12, 2009 9:50pm
Quoting acetrader
Hi BullsAndBear,

Tks for that most informative post, but we should not worry about the future as we have Obama as captain of the ship along with his able bodied crew. I have no doubt the current situation will only get better once they have socialism up and running at full steam ahead. We should all take comfort in knowing our every need could be met in the future. ???
It looks that the market came that that conclusion...so the dollar is turning around and slowly but surely going to hell!
Empty as water and soft as a facing wind mountain
  • #7,566
  • May 13, 2009 6:35am May 13, 2009 6:35am
Quoting DanUK

Also, I think it is important to mention to Jacko newbies is that he only trades in the direction of the main trend. There are a few of his followers who trade both ways but trading strictly Jacko styley is to trade only in the direction of the trend.

Hope this helps!
I am one of jacko's followers who trades both ways . But I only trade on where jacko says it is going, He has been very clear this week about where it will go. I sold at 3700 at 6pm AEST today and am in the green.
  • #7,567
  • May 13, 2009 7:41am May 13, 2009 7:41am
Quoting fxtrader29
I am one of jacko's followers who trades both ways . But I only trade on where jacko says it is going, He has been very clear this week about where it will go. I sold at 3700 at 6pm AEST today and am in the green.
That's fine - nothing wrong with counter trend trading, if you can pull it off - but newbies to the thread/method should only be trading in the direction of the trend.
  • #7,568
  • May 13, 2009 8:33am May 13, 2009 8:33am
Quoting 8pip
do you partnership with FF?
What do you mean?
  • #7,569
  • May 13, 2009 8:40am May 13, 2009 8:40am

is there anyone who has noticed that there is a resistance at 1.37400. hope the price breaks it. and we will see profit =)

  • #7,570
  • May 13, 2009 9:17am May 13, 2009 9:17am
Quoting d0MiN077
is there anyone who has noticed that there is a resistance at 1.37400.
Yes, there is a bit of minor resistance around 1.3750. The main two to watch are heavy Weekly S/R levels around 1.39 and 1.41. If the euro can break those two levels, then we would expect prices to reach 1.45+.

P.S. I am not telling the market where to go. But simply based off of trend lines and support and resistance levels, this is where we would "expect" the market to reach if those levels were breached. If it does not, then we will re-evaluate our analysis and simply trade what is happening.
  • #7,571
  • May 13, 2009 4:36pm May 13, 2009 4:36pm
Quoting hans356
Yes, there is a bit of minor resistance around 1.3750. The main two to watch are heavy Weekly S/R levels around 1.39 and 1.41. If the euro can break those two levels, then we would expect prices to reach 1.45+.

P.S. I am not telling the market where to go. But simply based off of trend lines and support and resistance levels, this is where we would "expect" the market to reach if those levels were breached. If it does not, then we will re-evaluate our analysis and simply trade what is happening.
I am not seeing the Weekly S/R levels of 1.39 and 1.41. Can you tell us what dates you got those from.

Thanks.
  • #7,572
  • May 13, 2009 7:34pm May 13, 2009 7:34pm
Quoting 1522dad
I am not seeing the Weekly S/R levels of 1.39 and 1.41. Can you tell us what dates you got those from.
Hi, dad.

1.39 is a minor S/R level stemming back to 1992, 1995, 2007 and 2008. 1.41 is a heavier level with similar dates.

It is not "exactly" 1.39 or 1.41. It is, more or less, an area of major confluence. It just so happened to be that it was near a round number. The next closest S/R level is 1.3667. Again, it's not a specific price, but an area around 1.3667. I chose 1.3667 based on my own calculations of median prices throughout the S/R area.

S/R levels are similar to trend lines. If you give the same chart to 10 different traders and ask them to draw a trend line. You'll, more than likely, receive 10 different trend lines.

There are some "rules" on how to draw trend lines or how to find S/R levels, but some of it is discretionary.

I hate to clog up the thread with more details. If you have any more questions, feel free to send me a PM.
  • #7,573
  • May 13, 2009 9:50pm May 13, 2009 9:50pm
Quoting hans356
Hi, dad.

1.39 is a minor S/R level stemming back to 1992, 1995, 2007 and 2008. 1.41 is a heavier level with similar dates.

It is not "exactly" 1.39 or 1.41. It is, more or less, an area of major confluence. It just so happened to be that it was near a round number. The next closest S/R level is 1.3667. Again, it's not a specific price, but an area around 1.3667. I chose 1.3667 based on my own calculations of median prices throughout the S/R area.

S/R levels are similar to trend lines. If you give the same chart to 10 different traders and...
I agree about the trend lines. I think it was on this thread that someone made the comment to draw S/R lines and trend lines with a CRAYON and not a pencil. I thought that was great advice, meaning to look at AREAS of S/R (near a round number), like you said.
  • #7,574
  • May 13, 2009 10:05pm May 13, 2009 10:05pm
Quoting 1522dad
I agree about the trend lines. I think it was on this thread that someone made the comment to draw S/R lines and trend lines with a CRAYON and not a pencil. I thought that was great advice, meaning to look at AREAS of S/R (near a round number), like you said.
if you wanna learn about zones i reccomend a read of clockwork71's thread "silent service method"
Grabbing the bull by the horns!
  • #7,575
  • May 13, 2009 10:38pm May 13, 2009 10:38pm
http://www.forexfactory.com/showpost.php?p=2702207&postcount=7293


I have been steadily reading all this forum and this is realistic advice.
I AM SICK AND TIRED OF ORGANISATIONS DOWNSIZING
  • #7,576
  • May 14, 2009 4:13am May 14, 2009 4:13am
Quoting fxtrader29
I am one of jacko's followers who trades both ways . But I only trade on where jacko says it is going, He has been very clear this week about where it will go. I sold at 3700 at 6pm AEST today and am in the green.
Great kudos to jacko. The bloke has crystal balls. And BIG ones
All this week he has been telling us that the Euro/USD would drop to 3550 and then go up. I sold at 3700 and closed at 3550 for 150 pips profits. Then reversed and bought at 1.3550 and am in the green for another 50 pips bcos the Euro is 1.3607 now.
200 pips x $20 a pip.
Lets keep on going bcos this is getting to be terrific fun.
  • #7,577
  • May 14, 2009 4:48am May 14, 2009 4:48am
Quoting gregwallace
http://www.forexfactory.com/showpost.php?p=2702207&postcount=7293


I have been steadily reading all this forum and this is realistic advice.
I AM SICK AND TIRED OF ORGANISATIONS DOWNSIZING
And more organisations WILL be downsizing soon. this is top notch advice

Quote
But as a trader, once you have mastered the basic skills of trading, NO-ONE can take away your talents, your experience and your skills.
As I hammer into all my group members, they are learning a skill that they can use whenever they want, where-ever they want and as often as they want …FOR THE REST OF THEIR LIVES.
No-one can take it away from you. It is yours and YOU determine how you wish to use that skill.
  • #7,578
  • May 14, 2009 5:55am May 14, 2009 5:55am
Quoting fxtrader29
Great kudos to jacko. The bloke has crystal balls. And BIG ones
All this week he has been telling us that the Euro/USD would drop to 3550 and then go up. I sold at 3700 and closed at 3550 for 150 pips profits. Then reversed and bought at 1.3550 and am in the green for another 50 pips bcos the Euro is 1.3607 now.
200 pips x $20 a pip.
Lets keep on going bcos this is getting to be terrific fun.
hi fxtrader29,

I am a lurker of this great thread and I strongly believe that this is a valuable no-nonsense method.
However, I find your post above misleading and pointless.

Misleading because you're not trading this method. This method is all about trading with the major trend with a trailing stop as an exit. You're not trading this way.

Pointless because you're just boasting your (unproven) profits, while this thread should be about discussing the method's fine points and providing pieces of technical and/or fundamental analysis in line with the method's rules.

I'm not implying that what you said is untrue, just that it is futile. Imvho.

LJ
1st step stop loss in the green 2nd step play with the free money
  • #7,579
  • Edited 8:28am May 14, 2009 7:30am | Edited 8:28am
Reproach from DanUK taken...

I will say, that generally there is nothing wrong what fxtrader29 has done in his trades as he has taken last trade per standard Jacko rules and first one with a little aggressive way...

Anyway I can say only thanks to Jacko as he has shared so lot to me and changed my view to market. Thank you Jacko!

@ fxtrader29 - excellent trades!
  • #7,580
  • May 14, 2009 8:00am May 14, 2009 8:00am
Quoting idejs
I just had to come up... I am from Jacko group as well (actually still learning).
1. All my thanks to Jacko for sharing so much and patiently teaching me and others! My mind has been changed totally and again thank you Jacko!
2. This fxtrader29 post was not pointless! Why? Very simple! He is more aggressive than Jacko in these days (and both trading ways are very great ones). He is trading Jacko consirvatively way and also Jacko`s thoughts about the market direction for the day or week.
3. This can be proven but I am not sure that I am allowed to...
I believe the point LJ was making is that the post doesn't really help to teach the method that this thread was started to teach. This thread shouldn't be about discussing how many pips your or I have made with or without the private group (we can start a journal to do that). It should be about discussing, helping and learning to trade the method outlined in the first few posts.

If I may also quote a section from Forex Factory Rule No 3:

Members with less than 100 posts should refrain from asking about or discussing commercial Forex products, services, or websites. This includes both positive AND negative discussions. A new member discussing or asking for opinions about a commercial Forex venture is the first warning sign of a hidden agenda.

So let's just get back to trading the method please... thanks.

Dan
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