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Jacko's Forex House of Pleasure and Pain

  • #7,781
  • May 29, 2009 8:37am May 29, 2009 8:37am
Quoting luSan
We missed the bus!
I think we should forget 1.375.
Good time to go long?
I think it is too late since PA is on the upper ranges of the channel.
Still nobody knows.
I will wait for the next setup.
Yep,

I think there's a chance it will come and retest 1.4050, and if it holds that might be an entry point. I would want to see a bullish candlestick pattern on 1 or 4 hour, or at least showing that it was holding.
Economists have forecast 9 out of the last 5 recessions
  • #7,782
  • May 29, 2009 9:11am May 29, 2009 9:11am
Quoting Pipped
So much for 1.3750.....came within 40 pips - so close.
Yeah, so close. I’ll still take that as a win for my analysis from Sunday, especially since I also thought an upward move might start just north of 1.3900.

Personally, I would put more stock in 1.4000 over 1.4050 as being a major level. I guess one way to approach it is to use 1.4050 as an entry point knowing that the stop would be behind the new 1.4000 support level.

I suspect the next strong level is 1.4125. If it breaks that we could see a bigger move upwards. My only reservation there is that the upper channel seems to be holding. At the same time I don’t know what to think of upper channel lines but I see that some people trade with them. I’m incorporating them to see the significance.

As to not lead anyone astray, keep in mind that these are just the thoughts of a trader in training.
  • #7,783
  • May 29, 2009 9:14am May 29, 2009 9:14am
from what it looks like its still a good area to buy at 3750 ish given that it dosent break the resistance?
  • #7,784
  • May 29, 2009 9:14am May 29, 2009 9:14am
sorry here is chart
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  • #7,785
  • May 29, 2009 9:17am May 29, 2009 9:17am
Quoting IliaM
from what it looks like its still a good area to buy at 3750 ish given that it dosent break the resistance?
I don't follow, what resistance?

I see it going to 1.4500 in the long term, if the trend holds.

Update: I see what you mean, you mean support? Good point although I am using trend line as support so it would have to break the 4 hour to get back there.
Economists have forecast 9 out of the last 5 recessions
  • #7,786
  • May 29, 2009 9:29am May 29, 2009 9:29am
Damn, it didn't take long to break 1.4125 after I made my last post.

The 1.3750 train has passed.
  • #7,787
  • May 29, 2009 9:37am May 29, 2009 9:37am
Quoting RickyRudy
Damn, it didn't take long to break 1.4125 after I made my last post.

The 1.3750 train has passed.
Dont worry at least its going up, which means the trend is still up, there will no doubt be a retracement next week, that's when we get in!. Wish I got in at 1.4800 now though.
Economists have forecast 9 out of the last 5 recessions
  • #7,788
  • May 29, 2009 9:45am May 29, 2009 9:45am
Hi ,

I appreciate if someone help me about this :

I need an EA to taril my stop step by step .
For example I want to trail 50 pips by 50 pips
When I have reached 50 pips profit I want to go breakeven and
Then if the market gives me another 50 pips It moves my stop to 50 pips more and so on .

I dont want the traditional trailig stop that Meta trader has it .
Because as soon as it reaches the favorite amount it starts trailing one pip by one pip . That is the problem .
  • #7,789
  • May 29, 2009 9:47am May 29, 2009 9:47am
There is nothing so sad as a sold out bull.
  • #7,790
  • May 29, 2009 9:47am May 29, 2009 9:47am
Quoting Dracula
Hi ,

I appreciate if someone help me about this :

I need an EA to taril my stop step by step .
For example I want to trail 50 pips by 50 pips
When I have reached 50 pips profit I want to go breakeven and
Then if the market gives me another 50 pips It moves my stop to 50 pips more and so on .

I dont want the traditional trailing stop that Meta trader has it .
Because as soon as it reaches the favourite amount it starts trailing one pip by one pip . That is the problem .
Hi Dracula,

If you click on the paperclip on the upper right corner of the thread box, it will show a list of attatchments posted to this thread. There is a trailing stop EA if you look through them, you might have to go back a page or two (on the attachment window)
Economists have forecast 9 out of the last 5 recessions
  • #7,791
  • May 29, 2009 9:49am May 29, 2009 9:49am
Quoting markmm
Hi Dracula,

If you click on the paperclip on the upper right corner of the thread box, it will show a list of attatchments posted to this thread. There is a trailing stop EA if you look through them, you might have to go back a page or two (on the attachment window)
Thanks for your help.
  • #7,792
  • May 29, 2009 10:37am May 29, 2009 10:37am
yeah, it's unfortunate that we didn't reach .3750; but now since the bulls are in charge, are we going to at least touch .4200 before the day ends?
coz i surely hope so
  • #7,793
  • May 29, 2009 10:40am May 29, 2009 10:40am
Quoting citizenjack
yeah, it's unfortunate that we didn't reach .3750; but now since the bulls are in charge, are we going to at least touch .4200 before the day ends?
coz i surely hope so
Doubt it now, its Friday afternoon, it will slowly come to a stands still over the next few hours with people closing out for profit and probably pushing the price down a bit.
Economists have forecast 9 out of the last 5 recessions
  • #7,794
  • Edited 12:16pm May 29, 2009 12:04pm | Edited 12:16pm
Quoting RickyRudy
Damn, it didn't take long to break 1.4125 after I made my last post.

The 1.3750 train has passed.
Hi Ricky,

I thought that 1.3750 target looked too good to be true!

This is where key areas of support and resistance will trump the fib retracements. If you have a look at my chart attached (it's a weekly one) you will see that the 1.3800/1.3850 area holds a lot of weight. I decided to go long at 1.3850 after the 1.3800 are could not be breached.

Regards,
Dan
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  • #7,795
  • May 29, 2009 1:36pm May 29, 2009 1:36pm
  •  Kokan
  • | Joined Mar 2007 | Status: Should I stay, or should I go | 73 Posts
Will this bull run continue? We have strong bullish pattern in progress (three advancing soldiers).

Monday will tell.
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  • #7,796
  • May 29, 2009 3:32pm May 29, 2009 3:32pm
Quoting DanUK
Hi Ricky,

I thought that 1.3750 target looked too good to be true!

This is where key areas of support and resistance will trump the fib retracements. If you have a look at my chart attached (it's a weekly one) you will see that the 1.3800/1.3850 area holds a lot of weight. I decided to go long at 1.3850 after the 1.3800 are could not be breached.

Regards,
Dan
Great spot Dan, I think weekly/Daily HLine S/R should be part of the chartine process along with the fibs and trend lines. With these charted you have a good map of price. I, hoping a retrace to 50 Fib or at least 1.4000-4050 then next bit S/R. The second chart shows that we are at the 50 fib from the big move down from 1.6-1.2, 1.4183 is the exact figure.
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Economists have forecast 9 out of the last 5 recessions
  • #7,797
  • May 29, 2009 6:53pm May 29, 2009 6:53pm
Much kudos for Jacko this week. His calls of the market have been out of the box good. He has been calling the highs and lows all week with a crystal ball I am still learning his system and using his calls for trades in both directions. It is a fabulous learning experience for me and the dollars are stacking up high. If I could get hold of Jacko's crystal balls I would never need to work again
Any newbie who is looking to learn how to trade like a professional trader should read the first pages of this thread until they know it by heart.
Read and re-read that first page. Jacko has given us solid gold on that first page.
  • #7,798
  • May 29, 2009 8:20pm May 29, 2009 8:20pm
Quoting fxtrader29
Much kudos for Jacko this week. His calls of the market have been out of the box good. He has been calling the highs and lows all week with a crystal ball...
Hi FX,

I agree with you on Jackos system, reading the first few pages and understanding it then following it, will cut years of bad trading out of your life. I dont recall him making any calls recently though.
Economists have forecast 9 out of the last 5 recessions
  • #7,799
  • Edited 9:45pm May 29, 2009 9:33pm | Edited 9:45pm
Quoting markmm
Hi FX,

I agree with you on Jackos system, reading the first few pages and understanding it then following it, will cut years of bad trading out of your life. I dont recall him making any calls recently though.
You have to join his group to get his calls. I'm part of his group but I don't share his calls. I don't want to undermine what he is doing. Interestingly enough, those in his group were able to capitalize on the bull run this morning while others are still waiting to get in. He made the call at precisely the right time.

Additionally, the analysis/opinions I post here are mine, not his. I base them partly off what I've learned from the things he looks for and other things I've picked up along the way. I try to post before he gives the group his outlook for the market. But of course, I don't think quite like him. Nor do I have the experience he does.

And I second fxtrader29 in that his teaching is an invaluable education in the market. He has opened my eyes to things I hadn't considered prior to joining his group. If you join, do realize he is human and not every call is going to be perfect (although it sometimes appears that way).

EDIT: One last thing; he also gave us the right timing a couple days ago to go short and pick up some of the retracement before he told us when to go long. That gave us some pips while we waited. That just underscores his intuition for this market. But once again, as much as we build him up here, don't expect him to get it right every time.
  • #7,800
  • May 30, 2009 6:25am May 30, 2009 6:25am
Hi,
This is the first time that I am posting. After reading alot of threads on FF and other forums, I got to this one. I had been trying to try any method I used to find on forums and at the end blew 3 live accounts. But Jacko is really a genius, not only that the method is very organized that if a newbie like me wants to understand the logic, by reading the first page you are ready. Excellent. Then in simple two lines he shows how to see the trend. Brilliant.
Still I am trying his method on a demo account by only following the trend, but uptill now I haven't seen a single lossing trade since a wk.
I have still got to learn how to create fibs for long term and short term on mt4 and I still have to figure out when to enter a trade using the fibs and round numbers but i think that i am on the correct path to learning.

Thanks alot jacko.

p.s. suggestions are welcomed for fibs and how to use them with jacko's method.
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