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Jacko's Forex House of Pleasure and Pain

  • #7,661
  • May 20, 2009 3:08pm May 20, 2009 3:08pm
Quote
What he is saying is that a young, 19 year old could do this - implying that this would be irresponsible and reckless (like most 19 year olds )

Haha, I didn't pick up on that either, makes total sense the way you explained it.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #7,662
  • May 20, 2009 10:49pm May 20, 2009 10:49pm
Quoting jacko
Following on from the previous post....

The benefit of Forex trading is not that you have to trade and trade and trade to make a lot of money.
What a good trader does is pick AAA+ trades only, uses the leverage to control more money than he would normally be able to access.... and has a good win rate on leveraged funds. That is how to make serious money.
Jacko
Brilliant. In three lines you have summed it up brilliantly.
  • #7,663
  • May 20, 2009 10:57pm May 20, 2009 10:57pm
Quoting jacko
Hi CyberCore

LOL...This is my fourth post in a row.!!...I must have verbal diarhorrea today.
.
Jacko
Jacko, Please eat more curry every day and post here more often. I have read every post you have written here and especially your last 5 posts yesterday. Can you explain more about how you chart your trendlines?
  • #7,664
  • May 21, 2009 12:36am May 21, 2009 12:36am
Well, this is my first post in forexfactory. But i am a very old reader. To introduce myself, i am a technical analyst trading for more than 15 years now. I have been following this thread for a very long time now and have found an improvement in the system that had given me extraordinary edge in the market. I am just writing to share my improvement in the system. Sorry if Jacko has a problem. Its just my opinion that it is an improvement. Anyway, it is good for me.

My variation is this:
Whenever price touches a trendline, 50 fib, or 61.8 fib, I just enter the position with a stop loss at a good distance. Normally according to Jacko, he would wait after the stop being hit, and then again reenter at the exact stop loss. But i modified the theory, and i always enter the opposite direction at exact stop loss price when the stop is hit, immediately (If my original entry was short, then i enter long when my stop is hit). Why not? Because the thing i learnt from Jacko is that prices doesn't like trendlines. If price is not going as i anticipated, it will go the other direction, and i capture the move. One thing i make sure is that i immediately move my stop loss to breakeven when i see profits. After i take profits in this 'opposite direction', i wait for the market to come back when i reapply Jacko's AH.

I don't know Jacko will be pleased with this idea or not, but i am making extraordinary profits with this simple variation. To be true, i have made 71 trades last 6 month using this strategy, and i had winner 68 times.

I am waiting to hear from Jacko regarding this variation.
Thank you!
  • #7,665
  • May 21, 2009 3:03am May 21, 2009 3:03am
it isn't Jacko's style - but if you have had success with it - I don't see him having an issue with it - he set down the playing field and the basic rules - if one then decides to elaborate them to suit his own trading so be it.

Now - for Jacko's AH strategy to be triggered price has to move at least 50 pips beyond the sl level - getting in with a countertrade at the same level as the sl to follow that target (extra 50 pips) is a possible winner. What the heck even if you bank 20 pips you've reduced the inital loss.

However it is, imho, far more aggressive - and increases one's possibilities for drawdowns - (2 losses back to back)

personally i would want to see very strong momentum...but if I were to witness that I may well close the trade early - Mr. Geitner comes to mind for example.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #7,666
  • May 21, 2009 3:46am May 21, 2009 3:46am
By far the most notable development over the last 24-hours is EURUSD's break above the 1.3739 high from the 19th of March. This does fit well with the underlying positive monthly structure of the market, full details in yesterday's note What now for EURUSD?. What it seems important to keep in mind is that the move above 1.3739 is not only important as a straight forward level break, it also ends the chain of lower highs which has been forming since the cycle peak at 1.6040 in July last year. Overall, while it's unlikely to be an easy ride initially due to the correlation implications of U.S. equity markets turning heavy against the high of the move, structurally, we should now be looking at a move into the mid- to high-1.40s. In other markets, GBP has also made some significant upside breaks, and the general USD-weakness is putting pressure on USDJPY, this essentially becoming a "USD move" rather than traditional risk on/off. Commodities too continue performing strongly which fits with the USD-weakness theme. The standout point that doesn't fit with moves in other markets and appears to emphasise this is more a USD trade, is the poor price action on U.S. equities yesterday, with a key day down posted on the S&P.

Still looking for 4hr to find good place to start position again...
  • #7,667
  • May 21, 2009 6:12am May 21, 2009 6:12am
Quoting epilogue
If price is not going as i anticipated, it will go the other direction, and i capture the move. One thing i make sure is that i immediately move my stop loss to breakeven when i see profits. After i take profits in this 'opposite direction', i wait for the market to come back when i reapply Jacko's AH.

Thank you!
Thanks for sharing your experience. A question I have for you is with the original trade. When do you move your trailing stop for the original trade? Is it a true trailing stop that moves with each pip or do you move it to break even after a 50 pip gain for example? Hopefully my question is clear.
  • #7,668
  • May 21, 2009 7:38am May 21, 2009 7:38am
Quoting RickyRudy
Thanks for sharing your experience. A question I have for you is with the original trade. When do you move your trailing stop for the original trade? Is it a true trailing stop that moves with each pip or do you move it to break even after a 50 pip gain for example? Hopefully my question is clear.
With the original trade, i look for bigger profits. So, i move my stop to break even after more than 50 pip gain only. Actually, i do not so much fear about the original trade. But regarding the trade that is executed after my stop is hit (in the opposite direction), i move to break even just after 10 pip gain. Sometimes, i come up with just recovering the loss, and sometimes gaining more than what was just lost. Maybe, i answered what you asked.
  • #7,669
  • May 21, 2009 12:10pm May 21, 2009 12:10pm
Quoting epilogue
Maybe, i answered what you asked.
YES, you answered my question perfectly. Glad you understood what I was asking.

I was thinking about demoing something like what you are doing. I think I’m going to try it. Seems promising in theory.

Thanks again.
  • #7,670
  • May 21, 2009 4:37pm May 21, 2009 4:37pm
What a ride!
Back from work and 300 pips in the bucket.
Now what to do?

1W looks long
1D looks long

I will wait for the pullback to renter long.
So I am out.
Empty as water and soft as a facing wind mountain
  • #7,671
  • May 21, 2009 7:06pm May 21, 2009 7:06pm
Quoting luSan
What a ride!
Back from work and 300 pips in the bucket.
Now what to do?

1W looks long
1D looks long

I will wait for the pullback to renter long.
So I am out.
word!
  • #7,672
  • May 22, 2009 12:49am May 22, 2009 12:49am
Wondering if you guys have trend lines the same way. I was puzzled on the resistance line i drew,,,,,,,,,
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: divergence4h.gif Size: 24 KB
Whats happening in EUR/USD should be happening to you!
  • #7,673
  • May 22, 2009 3:19am May 22, 2009 3:19am
Quoting jacko
Hi citizenjack

You have soooo many lines on your chart that my eyes were hurting.

You need only one Resistance line (linking up the highs on your chart)
You need only one Support line (linking up the lows on your chart)
You need only one Fib line (the 50%)

That is all. Anything more than that is an irrelevancy.

If you can't make a trading decision based on the above three lines, then another ten lines is not going to help you. (They will only confuse you!!)

.
Jacko

Hi CyberCore & Jacko,
Thanks a lot for your feedback. Yet another lesson learned for me. And sorry for my late reply.

LOL.. Actually, Jacko, that was my simplest chart. If you were to see at my actual chart, there were lines & fibs hanging here, there and everywhere. I omitted some before I post so that my 'stupidity' wouldn't show that much but I guess it still showed. hehehe.
Now, i keep it simple as per your advice.

Anyway, I want to thank you because in turn it got me a +77 pips.
Still not as many as what lusan got , but at least now i'm getting back some money that i had lost.

I'll keep learning from all of you through this forum. Thanks again.
  • #7,674
  • May 22, 2009 4:03am May 22, 2009 4:03am
Your graph very clear, I would like to ask somthing , when you entry trade , all three or two indicaotrs must confirm?

Quoting BullsAndBear
Wondering if you guys have trend lines the same way. I was puzzled on the resistance line i drew,,,,,,,,,
{Promotion Removed}
  • #7,675
  • May 22, 2009 6:39am May 22, 2009 6:39am
Quoting BullsAndBear
Wondering if you guys have trend lines the same way. I was puzzled on the resistance line i drew,,,,,,,,,
My charts. I keep S/R's in my mind because then I might have too many lines. Of course, I use no indicators. Enjoy.

Warning: I am not 100 % Jacko's but a recent converted to trend trading so I am making some adaptations.
Attached Image (click to enlarge)
Click to Enlarge Name: 4.jpg Size: 66 KB
Empty as water and soft as a facing wind mountain
  • #7,676
  • May 22, 2009 10:51am May 22, 2009 10:51am
Quoting epilogue
My variation is this:
Whenever price touches a trendline, 50 fib, or 61.8 fib, I just enter the position with a stop loss at a good distance. Normally according to Jacko, he would wait after the stop being hit, and then again reenter at the exact stop loss. But i modified the theory, and i always enter the opposite direction at exact stop loss price when the stop is hit, immediately (If my original entry was short, then i enter long when my stop is hit). Why not? Because the thing i learnt from Jacko is that prices doesn't like trendlines. If price...
Hello Epilogue.
Thanks very much for sharing your variation on Jacko's method. It made me think of Igrok's method and Jacko saying something like "as we've got the anti-hedge strategy, it's making me think that it doesn't matter where we make our original entry."
After 71 trades in the last 6 months, can you please share with us how your strategy for taking profits in this "opposite direction" has evolved? For example, do you now use a 10 pip trailing stop? Gut feel? Does your strategy change according to the market behaviour (strongly trending, consolidating, ranging) at the time of your trade?
Thanks,
Keith
Thanks for your help, warmth and straight talking Heather.
  • #7,677
  • May 22, 2009 11:20am May 22, 2009 11:20am
There is 2 person on this forum always looking forward to read what they post
Mr. Jacko and Mr.DRT but he is absent for while hope he ok.
I don't like to short this pair e/u but would like to know what mr.jacko think if we reach and short there 1.4180 ?
I also think button changed since 1 th March!

Will be greatfull if mr jacko could comment with his current view
Thanks
  • #7,678
  • May 22, 2009 11:34am May 22, 2009 11:34am
“I don’t think we can go back to the way it was,” Geithner said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” to be aired tonight and over the weekend. “We’re going to need to see very, very substantial change.”

Now this make me think 100 time befor go short.Not sure where can i get in the train now after i get down in early station
  • #7,679
  • May 22, 2009 12:34pm May 22, 2009 12:34pm
Quoting epilogue
Whenever price touches a trendline, 50 fib, or 61.8 fib, I just enter the position with a stop loss at a good distance.
Hi, epilogue.

If this strategy works for you, great. Just remember that S+R levels are more important than Fibs. The BIG players use S+R levels much more than they use Fibs. But if you have an S+R level that coincides with a Fib level, then that particular price level becomes much, much stronger and has a higher percentage of holding.

Good luck.
  • #7,680
  • May 22, 2009 1:05pm May 22, 2009 1:05pm
Quoting Kanderpro
After 71 trades in the last 6 months, can you please share with us how your strategy for taking profits in this "opposite direction" has evolved? For example, do you now use a 10 pip trailing stop? Gut feel? Does your strategy change according to the market behaviour (strongly trending, consolidating, ranging) at the time of your trade?
Thanks,
Keith
In the beginning, i had to work very hard to find the exact point for entry, to avoid stop losses. Still i got frustrated when price moved a long way behind my stop before coming back. Then, i came up with and idea to capture those pips behind the stops, so that i don't need to worry about where i enter. Any position is good. Also, this strategy has an advantage to grab a big move just in case we were completely wrong in our opinion about original entry.
About the 10 pip trailing stop, i only use stop to break even. Then i don't trail. I grab good profits only.
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