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Jacko's Forex House of Pleasure and Pain

  • #7,801
  • May 30, 2009 8:56am May 30, 2009 8:56am
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.
LOL, true

yes if i would have his cristal ball or would be a member than i would not have to work anymore.
I have the feeling that FX makes already such huge amout of money that he is on the brink off independence!
thanks jakko, good job
  • #7,802
  • May 30, 2009 6:34pm May 30, 2009 6:34pm
Hi Jacko and other gurus,

I have a question.

How do you place an order at round numbers? If market is trending up in the long term, but retracing (going down) temporarily to a round number, do you buy immediately at the round number while it is still retracing or do you wait until it bounce back from the round number?

Thank you very much!

Baby
  • #7,803
  • May 30, 2009 8:32pm May 30, 2009 8:32pm
Quoting Baby001
Hi Jacko and other gurus,

I have a question.

How do you place an order at round numbers? If market is trending up in the long term, but retracing (going down) temporarily to a round number, do you buy immediately at the round number while it is still retracing or do you wait until it bounce back from the round number?

Thank you very much!

Baby
Hi Baby001,

I'm definitely not Jacko and I'm not a guru of any kind, but I'll answer your question as best I can.

Just to be clear, you should be targetting the round number that is nearest to the 50% Fib retrace. You should always buy at the round number without exception.

You should then either take the trade immediately when price touches it (ie. have your order in place already so it activates) or wait until the round number/Fib level has been passed before you place the order, so you catch the trend on the way back up - if it goes back up.

The first approach is a little more aggressive than the second because it doesn't wait for any price action or hint that the retracement has completed. Therefore, it's really a matter of discretion and deciding what suits your trading style best. It may also depend on how strong the set-up is for a specific trade and how confident you are in your analysis of it.

I believe that Jacko advocates letting price pass the level before placing an order if possible, but I'm sure there are also plenty of occasions where he doesn't deem this necessary....just in an ideal world perhaps.

Please correct me if I'm wrong (anyone) - this is just my own understanding.
  • #7,804
  • May 30, 2009 8:38pm May 30, 2009 8:38pm
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 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...
I joined jackos group two weeks ago. I have been reading it all and was impressed at his results. I had my first jacko trade on Friday and scored 108 pips with one full lot at $10 a pip.
  • #7,805
  • May 30, 2009 8:50pm May 30, 2009 8:50pm
I got a question, If I had a setup that looked really great, how would I go about getting some of the experts in here to look at it.

Ne
  • #7,806
  • May 30, 2009 8:56pm May 30, 2009 8:56pm
Quoting teddybearhug
I joined jackos group two weeks ago. I have been reading it all and was impressed at his results. I had my first jacko trade on Friday and scored 108 pips with one full lot at $10 a pip.
your buying drinks this weekend, congrats, im still trying to get the $700 together, gonna wait for the AUD to get higher before i convert
Grabbing the bull by the horns!
  • #7,807
  • May 30, 2009 8:58pm May 30, 2009 8:58pm
Quoting markmm
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.
What you've just done is to show when TA works best-everyone and their mother has this trendline with a fib from the peak to trough. TA works when everyone sees the same thing!
  • #7,808
  • May 31, 2009 7:03am May 31, 2009 7:03am
Thank you so much Pipped!

This makes perfect sense to me!

Quoting Pipped
Hi Baby001,

You should then either take the trade immediately when price touches it (ie. have your order in place already so it activates) or wait until the round number/Fib level has been passed before you place the order, so you catch the trend on the way back up - if it goes back up.
  • #7,809
  • May 31, 2009 10:51am May 31, 2009 10:51am
That's great teddybearhug. It sounds like you made back the $700 . I hope you can keep us updated on your progress.

I've been reading Jacko's thread for a while and am trying to learn his methods.

How long have others been members of the private Jacko forum and what has been your experience?

Thanks,
Rubin.

Quoting teddybearhug
I joined jackos group two weeks ago. I have been reading it all and was impressed at his results. I had my first jacko trade on Friday and scored 108 pips with one full lot at $10 a pip.
  • #7,810
  • May 31, 2009 11:53am May 31, 2009 11:53am
Quoting gorubin
That's great teddybearhug. It sounds like you made back the $700 . I hope you can keep us updated on your progress.

I've been reading Jacko's thread for a while and am trying to learn his methods.

How long have others been members of the private Jacko forum and what has been your experience?

Thanks,
Rubin.
Although I am new to Jacko's group - two weeks recently, I have to say the concepts itself (main trend, fibo, S/R + round numbers) is very easy to follow and its the same concept as you can see on the first page. In comparison to others its clear that Jacko is very honest with his results - admiting losses if occurs and yes it happens! More important is how your P/L stands over the period of time and how much volatile are your ongoing results.

I have to admit, that even I am prop trader for big investment house and trade some serious money, I see some small changes in my present view on the market and my feeling about trades I am doing. Its less stress and more patience involved.

To sum up...relax, think more than twice and be patient. Rest of the most important stuff its already in this thread.

And maybe most important answer: yes, I am in black numbers this two weeks

Good luck with your trading.
  • #7,811
  • May 31, 2009 6:06pm May 31, 2009 6:06pm
Hi everybody,

Just wanted to take a minute and introduce myself, as I am going to be putting my efforts towards the application of Jacko's method, after a bit of up's and down's.

I have been demoing since last August, trading only EUR/JPY, and around December, I stumbled onto a recurring pattern during the Asian session (which was very convenient for my time-zone), that was indicator-free, and obscenely profitable. This pattern lasted just long enough for me to gain a sense of confidence in it, and trading became easy, and stress-free....So....in my desire to exploit this anamoly ( I knew it wouldn't last forever), I opened a $100 USD live account, approximately 2 days before the pattern ceased to exist. And I am sitting comfortably at about $14 now. LOL.

Since my "edge" failed, I have been more or less trading blind, and my account balance shows it, so I guess I need to actually start learning how to trade.

This thread really represents how I wish to be trading in the future, none of this intraday stuff...short road to poverty it is.

I have been lurking around this thread for awhile, but had A) a system that was working, and B) was really reluctant to change pairs, as I do believe you can "get a feel" for one that gives you more insight into its behavior.

So, anyways, here I am, please try to be tolerant of any already-answered questions, as I am going through all 521 pages (last time I stopped in the 150's).

Happy trading.
  • #7,812
  • May 31, 2009 10:28pm May 31, 2009 10:28pm
Thanks giotto. It's always nice to be in the black. I'll definitely be interested to see your progress with Jacko.

In the meantime I will do some testing and demo-trading of this method on my own as I would like to see first hand what it can produce.

One question that I still have is this: It seems that the method is based on the assumption that there is a major trend on 4H or Daily. What if EUR/USD entered say a 3 month or a 6 month or a year long period of strictly sideways moves? Would the method fail during that time. I have a feeling that it would have a hard time especially with the trailing stops...but it's just my feeling I need to test that.

Thanks and good luck in your trading,
Rubin.

Quoting giotto
Although I am new to Jacko's group - two weeks recently, I have to say the concepts itself (main trend, fibo, S/R + round numbers) is very easy to follow and its the same concept as you can see on the first page. In comparison to others its clear that Jacko is very honest with his results - admiting losses if occurs and yes it happens! More important is how your P/L stands over the period of time and how much volatile are your ongoing results.

I have to admit, that even I am prop trader for big investment house and trade some serious money, I see...
  • #7,813
  • Jun 1, 2009 12:19am Jun 1, 2009 12:19am
It seems there is always someone coming on here ready to try and spread a little negativety. For the most part i dont pay attention. But from time to time it seems necessary to keep the record straight about my mentor (and many others on here), Jacko.

I've been with Jacko since mid february in the second private group and one thing that seperates him from the crowd is his willingness to keep everything transparent. This is a real trader that makes his living doing exactly what is outlined on the first page of this thread. 99% of the time i am notified before Jacko even places his OWN trade. How is that for a nice guy. There are losing trades. I have seen Jacko get smoked on a trade. I have also seen him get stopped out on a perfectly good trade. BUT at the end of every single month he is well into the green. The trading method is one of the most profitable methods out there, if not THE most profitable.

If anyone wants to come on here and doubt that then i suggest you put some proof out here OR shut up and be gone OR join his group and see him do it live. Its one of the most impressive things I have been apart of. My trading has come an awful long way in a short time and the only thing i have left to learn is Jackos insane sense of the market movements. The "Jacko Factor" as I like to put it is the only thing not outlined on the first page because it is not something that can be put into words. It can only be learned by working with jacko, putting in alot of time in the market and gaining that experience and "feel" for its rythm.

Jacko, thank you so much for caring enuff to come on here and explain to us new traders what has made you so successful and offering such a solid mentoring program. Your attention to your private members is top notch. Its been a real blessing in my life to know i will be able to trade for a living and realize my dreams.

THANK YOU
bulls
Whats happening in EUR/USD should be happening to you!
  • #7,814
  • Jun 1, 2009 12:29am Jun 1, 2009 12:29am
I totally agree that Jacko has dramatically improved both my understanding and trading.
It's hard to understand that he has critics. Obviously there are more ways than one to skin a cat, but I'm really impressed with both his accuracy and patience. Patience with his trading and his followers.

My dream is to be as good a trader as Jacko and James16

A Downunder (New Zealand) learner
  • #7,815
  • Jun 1, 2009 1:17am Jun 1, 2009 1:17am
Was my post considered critical?

I will be glad to delete it if so.
  • #7,816
  • Jun 1, 2009 1:48am Jun 1, 2009 1:48am
Quoting Low
Was my post considered critical?

I will be glad to delete it if so.
Pretty sure that it's not directed at you!
Welcome.
You're in a good place.
  • #7,817
  • Jun 1, 2009 5:41am Jun 1, 2009 5:41am
Quoting Low
Was my post considered critical?

I will be glad to delete it if so.
There's nothing remotely negative about your post! Couldn't have been aimed at you Welcome to the thread.

I was reading through a couple of your recent posts, mindful of what you said about 'ups and downs' and wiping out your account. It made me recall all the time I spent switching strategies, following 'systems' until they failed, then moving on to something else.... I didn't stick to any one thing....

I'm not saying that your experience has been the same as mine, but I was just reminded of the steep learning curve that we all encounter as traders - there will always be parallels.

Now I'm still a long (long) way from being an expert trader but, after searching high and low in the forex jungle, I do know a good thing when I see it. This is a first-rate, honest thread and Jacko is a first-rate, honest trader - beyond a shadow of a doubt. When I first read this, the way forward suddenly became a lot clearer and I found myself in less of a hurry. I think this was because, for the first time, I felt confident that I could succeed. No more panic about whether I was wasting my time and money.

I know that every trader has to learn their own way, but If I could go back to the beginning and give myself advice it would be:

Stop trading!
Scrap the indicators and everything you've used before - clean sheet.
Subscribe to Jacko's thread.
Ignore everything else.
Have some faith.

You've found the right place Now stick with it. Good luck!
  • #7,818
  • Jun 1, 2009 6:19am Jun 1, 2009 6:19am
Quoting Pipped

I know that every trader has to learn their own way, but If I could go back to the beginning and give myself advice it would be:

Stop trading!
Scrap the indicators and everything you've used before - clean sheet.
Subscribe to Jacko's thread.
Ignore everything else.
Have some faith.

You've found the right place Now stick with it. Good luck!
First post but not first time at FF.
Great post Pipped. If only I had believed in myself and not the many fake gurus coupled with their indicator based strategies. If only I had come across Jacko and his way of trading when I started my forex journey. Anyway, this is a great thread and hope to learn and contribute at the same time.
  • #7,819
  • Jun 1, 2009 10:33am Jun 1, 2009 10:33am
Quoting Pipped
There's nothing remotely negative about your post! Couldn't have been aimed at you Welcome to the thread.

I was reading through a couple of your recent posts, mindful of what you said about 'ups and downs' and wiping out your account. It made me recall all the time I spent switching strategies, following 'systems' until they failed, then moving on to something else.... I didn't stick to any one thing....
Thanks pipped, and everyone else, do you mind if we get down to business?

I know a bunch of you were holding out for a long entry at 1.3750, and the train didn't stop at that station, so no trade, no exposure, no loss.

I'll bee drawing a new swing fib after NY closes (or whenever a new high holds), daily trendlines still clearly paint an effective channel, and personally, I'm more than happy to wait.

The steepness of the uptrend does give me pause, as it would indicate a more substantial pullback is in the cards somewhere, one of the reasons I didn't jump on board at 141.00 last night.

These observations are based upon my experience with EUR/JPY, and so may prove to be completely irrelevant, but there they are.
  • #7,820
  • Jun 1, 2009 11:08am Jun 1, 2009 11:08am
Hey epilogue,

I want to send you a PM but for some reason you're not able to receive PMs. If you're still reading this thread send me a PM to let me know how I can contact you with my question.

Thanks.
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