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Jacko's Forex House of Pleasure and Pain

  • #7,941
  • Jun 5, 2009 2:16am Jun 5, 2009 2:16am
Quoting Angler
hi all...


maybe I can find out something here....

I have looked at a few trades by Jacko...on the other site....

everyone here seems to be trying to get in on some long term trend trade where you can use the AH and ride it forever...

from what I have seen of Jacko's trades...( and maybe I am wrong ) most of his trades were not that long..and 100 pips or so was good...

he makes up for the smaller pips by using many lots...with confidence in his trades


has this style changed somewhere that I do not know about..
Remember that the market has become considerably more volatile since Jacko was posting on that site. Notice he was only using a 50 pip SL and TSL at that time. He has since changed them to 100 pips due to the increased volatility that started last July/August. The point is, be careful not to base everything off what he did 3 years ago on that site. The financial world has changed immensely since then.
  • #7,942
  • Jun 5, 2009 2:38am Jun 5, 2009 2:38am
Hi al...


Oh yes..I understand this....but I was more interested in what sort of profit targets he has these days....as the market does not move up for long before a decent retrace... it maybe starting to change again now...
  • #7,943
  • Jun 5, 2009 2:50am Jun 5, 2009 2:50am
Quoting Angler
Hi al...


Oh yes..I understand this....but I was more interested in what sort of profit targets he has these days....as the market does not move up for long before a decent retrace... it maybe starting to change again now...
Profit Target would be the trailing stop.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #7,944
  • Edited 10:42am Jun 5, 2009 4:02am | Edited 10:42am
Quoting RickyRudy
So who is else is in and who is waiting on the sidelines with me?

Low, what are 140.20 and 136.00? The range between yesterday and today is 1.4337 and 1.4070 I don't understand 140.20 and 136.00, because EURUSD isn't quoted as such?
Hey RickyRudy,

It's been a long week for me... I've been holding to go long around .4000 (check my blue buy zones). I was so tempted to pull the trigger last night on that pullback to .4070 but I was expecting PA to calm down a bit and grab the trade on its way up... It never happened so I'm on the sidelines again. I will NOT trade during NFP (check my post above regarding trading the news) so it looks like it'll be till next week.
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  • #7,945
  • Edited 10:42am Jun 5, 2009 4:11am | Edited 10:42am
Quoting Low
News-trading seems like a very expensive subscription to me.

I can read the NFP numbers right here on FF for nothing.

If I have an open trade, and a news announcement is coming up, I will:

A) widen the stop to stay in the trade regardless, because I believe I am "with the trend" and it will continue in my favor.

B)close the trade and let the news sort itself out.

Just my two pips.
It is indeed. Although I had a 100 S/L, the first spike alone was about 250 pips if I'm not mistaken. My S/L was eaten in no time. Widen my S/L wouldn't have been of any help...
  • #7,946
  • Jun 5, 2009 6:11am Jun 5, 2009 6:11am
Quoting Jpnek
Hey RickyRudy,

It's been a long week for me... I've been holding to go long around .4000 (check my blue buy zones). I was so tempted to pull the trigger last night on that pullback to .4070 but I was expecting PA to calm down a bit and grab the trade on its way up... It never happened so I'm on the sidelines again. I will NOT trade during NFP (check my post above regarding trading the news) so it looks like it'll be till next week.
Yeah, I was thinking the same way at the time. The parts of your quote I put in bold are exactly how I felt and how I look at the NFP. I ABSOLUTELY REFUSE to trade the NFP.
  • #7,947
  • Edited 10:43am Jun 5, 2009 7:19am | Edited 10:43am
Quoting Low
just to clarify:
I choose 1.4020 because I saw what happened to all the folks patiently waiting for 1.3750, who got shafted by 30 pips.
Maybe I'm being an impatient, aggressive, newbie.
But if a wait an entire week for a trade, I would be very disappointed if I missed the bus by such a slim margin.
Your criticisms are encouraged.
Hi there, Low

Looks like all the bad things have happened to me on my way to learn to trade Jacko's style

I'll never forget this one 'cause it was actually my very first trade. I was at Seoul airport coming back to Tokyo when I got an alert SMS from Wayne. I didn't have much time left before I had to board my flight, so instead of waiting (as I ALWAYS do now) for PA to get to 'my entry point', I logged into my account from my mobile phone, checked the rate and thought 'what the heck, it's only xx pips above the recommended sell price, this won't hurt much' and placed the trade right away. So I boarded my flight thinking 'smart me... I almost didn't make it'. Couple of hours later I landed in Tokyo, and while going through immigrations, I got my phone and watched in horror as I was like 80 pips in the red. To make a long story short, I rushed out, grabbed my laptop and watched in agony as the PA touched my S/L to the pip. When I say to the pip, I mean to the pip, not 1 pip more. You'll never imagine how upset I felt as after touching my S/L, PA just bounced back 150 or so pips.

Did I learned something from this? The hell I did:

1. I'll never again enter a trade if PA does not go exactly to 'MY PLANNED ENTRY'. To the pip. Even though Jacko may recommend a base price, I always have my own price and respect it to the pip.

2. I never enter a trade if I'm not 101% sure about it. I have lost a few good Jacko's trades just because I didn't have time to study them. After all, I feel Jacko is not a signal service and we are here to learn how to fish by ourselves and not get used to get fish from Jacko

3. 1 pip matters. It can be The Pip that can take your trade 100 pips in the green, or like me face an ugly-to-the-pip-S/L.

I hope you get the point about being a bit aggressive, impatient.

Cheers,
  • #7,948
  • Jun 5, 2009 7:47am Jun 5, 2009 7:47am
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
[quote=Jpnek;2782289]Hi there, Low

I have lost a few good Jacko's trades just because I didn't have time to study them. After all, I feel Jacko is not a signal service and we are here to learn how to fish by ourselves and not get used to get fish from Jacko

Totally agree with your statement Jpnek, I think most of us had a expensive learning curve like that!

So long till next week and thanks Jacko for all the fish.

Hans..

I can recommend the book
  • #7,949
  • Jun 5, 2009 8:36am Jun 5, 2009 8:36am
WOW!!!! What a NFP ride. Things are starting to work itself out. Patience...
  • #7,950
  • Jun 5, 2009 8:42am Jun 5, 2009 8:42am
Not that I am going to trade the retracement, but I wonder if this thing will get below 1.4000 and maybe as low as say 1.3950/1.3900 before trading is done for the week? I'm gonna get my popcorn.
  • #7,951
  • Jun 5, 2009 8:43am Jun 5, 2009 8:43am
Quoting Jpnek
It is indeed. Although I had a 100 S/L, the first spike alone was about 250 pips if I'm not mistaken. My S/L was eaten in no time. Widen my S/L wouldn't have been of any help...
History repeats itself... today NFP was near to kill my S/L in a counter trade I started yesterday... I widened up my spread to 200(!!) and so to a Risk of ~5% which really saved my day (S/L 100 would have been hit) because I was sure on the trend and the news should have been bad for EUR. Now I am 130 in green.

Funny things those news in these days... it drives me to do things I have never expected to do before.
  • #7,952
  • Edited 10:32am Jun 5, 2009 8:50am | Edited 10:32am
Quoting RickyRudy
Yeah, I was thinking the same way at the time. The parts of your quote I put in bold are exactly how I felt and how I look at the NFP. I ABSOLUTELY REFUSE to trade the NFP.
Hey Ricky,

The NFP numbers took the EUR as low as 4015 and looks like it's heading lower... We could see .4000 anytime now but rules are rules, and one of mine is:

I try not to open trades after 12:00GMT Fridays and NEVER leave open positions over the weekend. You know, shit happens all the time and I wouldn't like to see a winning trade turn into a loser thanks to a huge weekend gap.

Still, this is sooooo tempting.... I better turn off my PC... only to keep watching the PA from my phone....
  • #7,953
  • Jun 5, 2009 9:01am Jun 5, 2009 9:01am
the question is '' are we turning south or we still in an uptrend '' , we can trade 4H TL bounce but this drop looks a bit agressive to me ...
  • #7,954
  • Jun 5, 2009 9:19am Jun 5, 2009 9:19am
Quoting koulda
the question is '' are we turning south or we still in an uptrend '' , we can trade 4H TL bounce but this drop looks a bit agressive to me ...
Aggressive moves are often refilled completely, especially drops that were initiated by any news.

Changing the trend needs multiple similar news to push it in a certain direction, am I right?
  • #7,955
  • Jun 5, 2009 9:20am Jun 5, 2009 9:20am
Quoting Jpnek
Hey Ricky,
I try not to open trades after 12:00GMT Fridays and NEVER leave open positions over the weekend. You know, shit happens all the time and I wouldn't like to see a winning trade turn into a loser thanks to a huge weekend gap.
I feel you on that. However, it's not so simple for me. I board a plane this afternoon NY time to go out of the country for the weekend. I don't return until about 6:30 PM NY time. I am unsure about Internet available where I am going because I'll be on the road a lot bouncing from place to place. If things continue the way they are, I'm just going to watch this thing and place some kind of pending order before I leave. I know it's risky but I've been waiting for an entry around here and don't want to miss out considering my situation.
  • #7,956
  • Jun 5, 2009 9:28am Jun 5, 2009 9:28am
Quoting TheCyberCore
Aggressive moves are often refilled completely, especially drops that were initiated by any news.

Changing the trend needs multiple similar news to push it in a certain direction, am I right?
well, if market finishes on that down note today we will have a pin bar on a weekly , and we can assume that more lower prices are ahead ... i think
  • #7,957
  • Edited 10:41am Jun 5, 2009 9:43am | Edited 10:41am
Quoting RickyRudy
I feel you on that. However, it's not so simple for me. I board a plane this afternoon NY time to go out of the country for the weekend. I don't return until about 6:30 PM NY time. I am unsure about Internet available where I am going because I'll be on the road a lot bouncing from place to place. If things continue the way they are, I'm just going to watch this thing and place some kind of pending order before I leave. I know it's risky but I've been waiting for an entry around here and don't want to miss out considering my situation.
Hey Ricky,

It's been a couple of hours from the news and although we have bounced back from .3975 I still see a lot of momentum around the big round number...

I'm watching this closely as it looks like they could take this to the next fib level (.3960 on my chart). Better watch that S/L.

Hope everything goes as planned for you,

Cheers,
  • #7,958
  • Jun 5, 2009 10:10am Jun 5, 2009 10:10am
Correct me if I am wrong but the way I understand Jacko's system is that he does not trade the news at all. There seems to be a lot of talk about the news the last few days, which I agree has had an effect on the market significantly.

I also understand that we may see a certain pin type bar today at the end of the week.

My questions are this:

1. Does that mean the up trend everyone has been following the past few weeks is done today? What confirmation is there?

2. Was it then truly an uptrend starting? Or simply another retracement on the larger timeframes? What confirmation is there?

3. That brings up another question for me: How do you tell the trend has actually ended? What confirmation do you use that it in fact has ended? I understand that the higher highs, lower lows stuff and that if a 5 year old draws a line one way than that is probably the trend. But what confirmation is there that the uptrend is over or that it never was an uptrend to begin with?

4. I am just curious to know what I can use from a technical aspect that things are reversing or never really did go the other direction. Any insight, charts or techniques?

It surprises me to see talk that the trend is ending now based on news alone. Again, I don't believe that the news influences Jacko's trades. I may be wrong. So if that is the case, what would cause the change in the "force," if you will, and start something new today, soley based on news? Or is there something technical?

I am simply wondering if this "news" is really what people have been looking for technically to get the pullback past the Daily 50% fib line and get ready for a nice entry going back up. After all, it has only gone by the daily 50% fib line by less than 100 pips. It has just barely gone beyond the 61.8% line, which I know Jacko doesn't use but is another strong fib line in the world of fibs for retracements. It has also bounced off of the daily channel on the lower end. So is this technically normal and we will go north again or is the "trend" over?

I would really like to know what people are using to confirm the end or beginning of a trend?

Just wondering and trying to learn some more about this system and thought processes. Thanks for the help and insight. If I am way off base, call me "out" and I will walk off the field brushing the dirt off of my uniform and getting ready for the next at bat.

RCWSO
  • #7,959
  • Jun 5, 2009 10:56am Jun 5, 2009 10:56am
Quoting Rcwso
Correct me if I am wrong but the way I understand Jacko's system is that he does not trade the news at all. There seems to be a lot of talk about the news the last few days, which I agree has had an effect on the market significantly.


3. That brings up another question for me: How do you tell the trend has actually ended? What confirmation do you use that it in fact has ended? I understand that the higher highs, lower lows stuff and that if a 5 year old draws a line one way than that is probably the trend. But what confirmation is there that...
as soon as price breaks daily uptrend line with closing below u can assume that we changed direction , also if u look at weeklys there is dissending trend line touching 9-21-2008 and 12-14-2008 which maybe in play right now.......just what i c
  • #7,960
  • Jun 5, 2009 11:00am Jun 5, 2009 11:00am
Quoting Jpnek

Did I learned something from this? The hell I did:

3. 1 pip matters. It can be The Pip that can take your trade 100 pips in the green, or like me face an ugly-to-the-pip-S/L.

Cheers,
I never quite thought about it that way. Thanks.
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