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Jacko's Forex House of Pleasure and Pain

  • #7,841
  • Jun 2, 2009 5:22pm Jun 2, 2009 5:22pm
Quoting newcapital
sorry guys for bashing in. I am pretty new to forex trading but have read this thread several times. I am trying to demo trade this wonderful trading method. The problem I have is that I seem to miss a lot of entries because the price pulls back up before the 50% retracement is hit. Do you guys have this same issue? Ftw I draw lines on wk/dl/4h

Maybe I am to eager to trade. I would like to become a full time trader (although I have a good job with an asset managent company now, but I have decided to chase my dream).

Is it worthwile to take the...
If you want to be more 'adventurous' like me, you can enter NEAR the 50% number to make certain that you get in the market. You have to be aware that this is a more risk heavy entry point. If you can handle that risk, the 5 pips either side of the 50% should be alright.
The private forum subscription is definitely good if you want to do this thing properly. And forget all the indicators claptrap.
Btw, you don't need to give up your job. I am a CPA with a staff of 22 and I am trading Jackos system easily.
  • #7,842
  • Jun 2, 2009 5:53pm Jun 2, 2009 5:53pm
The 50% retracement from the recent move on the 4H chart beginning on May 28th Low of 1.3814 to the high made today, June 2nd of 1.4330 is currently at 1.4063. However if you are looking at the 1H chart you will see the 50% retracement from the recent move beginning from this morning's low of 1.4101 to the same high of 1.4330, you will see it is at 1.4216. Both are simply "area's" to keep in mind as these pullbacks could be possible entries depending on your trading style and time frame.
  • #7,843
  • Jun 2, 2009 7:34pm Jun 2, 2009 7:34pm
This is challenging for me since my "retracement expectations" are somewhat subconcious and based entirely on 9 months of only trading EUR/JPY.

My daily shows heavy fib confluence around 138.00 and 140.00 both, but my unfamiliarity with the EUR/USD makes me wonder if that kind of pullback is possible or likely. Any opinions would be appreciated.

In some respects, I may just try to exploit a smaller pullback (since that's all she seems to be giving) and trust that should that should the trade itself fail, I will most likely be presented with an opportunity to experience the A-H.

Another way to approach it would be with buy-stops as opposed to buy-limits, and try to minimize the catching of falling knives.

Obviously, I am uncertain weather I should take the next opportunity to enter at a slightly discounted price, or wait a bit longer and try for fire-sale pricing.

Again, any thoughts would be appreciated.
  • #7,844
  • Jun 2, 2009 9:51pm Jun 2, 2009 9:51pm
hi all..

Something i have been curious about...

first the getting into a trade is as difficult as any system.

Secondly....with Jacko's method.....and while trading the trend and assuming the trend is still in place......if during trading this you use the AH and re-enter on a fall back......why could you not.... like today after a move....wake up in the morning and say....right IF I was in a trade the high was so much and I would have been stopped out at this level....so I will put in a order to enter at that level after the usual retracement....just like you would if you were trading the whole trend move....without worrying about 50%fibs, and so on....Enter the trade as if you were already trading this trend...is that possible or do you have to make a totally new entry.. and wait for another set-up .
  • #7,845
  • Jun 3, 2009 1:41am Jun 3, 2009 1:41am
Hi all,
I've just finished reading through the whole thread and have thoroughly enjoyed doing so.
A very big thank you to Jacko for selflessly sharing his method of trading with us. So simple yet obviously so effective.
I'm eagerly awaiting a retracement so I can get in on the action but it doesn't want to come down. Been waiting since the 1.3750 level.

Steve.
"The more I practice, the luckier I get." (Gary Player)
  • #7,846
  • Jun 3, 2009 2:55am Jun 3, 2009 2:55am
hi all...Did you download the PDF file ....there are more than one way to get an entry than waiting for a 50% rectracement or the others..

For example.. I entered at a bounce off the 1.4100 level yesterday..
  • #7,847
  • Jun 3, 2009 3:15am Jun 3, 2009 3:15am
Quoting Angler
hi all...Did you download the PDF file ....there are more than one way to get an entry than waiting for a 50% rectracement or the others..

For example.. I entered at a bounce off the 1.4100 level yesterday..
If the trend is up you can enter at a round number, so from 1.400 enter at 1.41, then 1.42, 1.43, etc, etc.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #7,848
  • Jun 3, 2009 3:24am Jun 3, 2009 3:24am
Hi all..


Yes that is right LasVahGoose....as long as you get some sort of pullback to that round number...which in recent times the 1.4100 was about it..

On the rise at the end of last Month.....Jacko's 3 bar entry worked well on a few occasions.

curious as to what level you would be looking at now if you wanted an entry in EUR..

1.4142 is looking like decent pulback and has been ok as a S&R level over time on 4hr TF.
  • #7,849
  • Jun 3, 2009 3:43am Jun 3, 2009 3:43am
Quoting Angler
Hi all..


Yes that is right LasVahGoose....as long as you get some sort of pullback to that round number...which in recent times the 1.4100 was about it..

On the rise at the end of last Month.....Jacko's 3 bar entry worked well on a few occasions.

curious as to what level you would be looking at now if you wanted an entry in EUR..

1.4142 is looking like decent pulback and has been ok as a S&R level over time on 4hr TF.
Quote
as long as you get some sort of pullback to that round number...
Well, I believe you can also just play the round number if it is in a strong up move for example and not wait for a retrace.

I'm still new to this method. The trend has been strongly up, so I don't know how far it will pull back. First target I'm looking at 1.4125, see how price reacts there. Then looking at 1.4000 - 1.4050 ish.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #7,850
  • Jun 3, 2009 3:51am Jun 3, 2009 3:51am
hi all..


I am not new to the concept as I have read bits and pieces of the method, but new to taking a closer look at it.

The level I mentioned was broken and now heading for 1.4200 and a rising trendline on the 1hr TF...

wont take a trade while its going against the direction I want to go...regardless of level...

So at the moment we are in the area of the 50% rt...of yesterdays move....the 1.4200 lvl and hitting the rising trendline
  • #7,851
  • Jun 3, 2009 4:20am Jun 3, 2009 4:20am
Quoting Angler
hi all..


I am not new to the concept as I have read bits and pieces of the method, but new to taking a closer look at it.

The level I mentioned was broken and now heading for 1.4200 and a rising trendline on the 1hr TF...

wont take a trade while its going against the direction I want to go...regardless of level...

So at the moment we are in the area of the 50% rt...of yesterdays move....the 1.4200 lvl and hitting the rising trendline
I see that. I stay on 4hr and Daily time frame. The last leg off the 4hr time frame puts the 50% around 1.4060 ish. Breaking through the 1.42 will be a good test to see if we can go lower I guess.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #7,852
  • Edited 6:48am Jun 3, 2009 5:47am | Edited 6:48am
Hi all..


well I bit the bullet and entered on the break up at 1.4242...the original level I mentioned earlier...

Closed the trade....looks not easy trading against some data releases.....and more to come this week
  • #7,853
  • Jun 3, 2009 7:25am Jun 3, 2009 7:25am
Quoting Angler
Hi all..


well I bit the bullet and entered on the break up at 1.4242...the original level I mentioned earlier...

Closed the trade....looks not easy trading against some data releases.....and more to come this week
I am waiting for it to drop below 1.4100 then on its way back up Ill buy. Then I in till the summer ends.
Economists have forecast 9 out of the last 5 recessions
  • #7,854
  • Jun 3, 2009 7:32am Jun 3, 2009 7:32am
Hi all...


Oh you dreamer Markmm lol........do tell...why are you waiting for 4100 why no entry at 4200
  • #7,855
  • Jun 3, 2009 7:55am Jun 3, 2009 7:55am
hi all...

I have read back a few days on here.....and I know this is a discussion thread....but seems most people are having trouble actually getting an entry .....waiting for some huge drop that may never happen....not sure if Jacko was into speculation on that sort of thing....

Depending on what sort of trend your looking at....the shorter term trend on 1hr is now showing Shorts.....the same on the short term 4hr ...
  • #7,856
  • Jun 3, 2009 7:56am Jun 3, 2009 7:56am
Quoting Angler
Hi all...


Oh you dreamer Markmm lol........do tell...why are you waiting for 4100 why no entry at 4200
4165 currently... Patience is the way to trade. 4100 is between the higher TF 50-Fibo at 4000 and the latest lower TF 50-Fibo at 4200...

Reaching 4000 could be a hard game, so catching the knife on its' way up at 4100 may be a more practicable way than entering the falling knife at 4200... It just protects your S/L.

If it did not come down much below 4100 much, 4200 will be an option when moving north again.
  • #7,857
  • Jun 3, 2009 8:06am Jun 3, 2009 8:06am
Quoting Angler
Hi all...


Oh you dreamer Markmm lol........do tell...why are you waiting for 4100 why no entry at 4200
Because I like buying things cheaper.
Economists have forecast 9 out of the last 5 recessions
  • #7,858
  • Jun 3, 2009 8:09am Jun 3, 2009 8:09am
Hi all...


Yeah I understand this method is not about trying to catch every pip..and there is no such thing as a perfect entry but waiting for things that may never happen....not sure thats right either..

Take yesterday...I did not read that anyone picked up a big chunk of the 200 pip move up....not sure it gets better than that...
  • #7,859
  • Jun 3, 2009 8:15am Jun 3, 2009 8:15am
hi all...


Yeah Markmm I can understand that...

But I would be interested in which trend people are looking at...do you look at the shorter trends within trends but still on the 4hr TF..
  • #7,860
  • Jun 3, 2009 8:24am Jun 3, 2009 8:24am
Quoting Angler
hi all...


Yeah Markmm I can understand that...

But I would be interested in which trend people are looking at...do you look at the shorter trends within trends but still on the 4hr TF..
The daily trend.
Economists have forecast 9 out of the last 5 recessions
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