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Jacko's Forex House of Pleasure and Pain

  • #8,281
  • Jun 19, 2009 9:42am Jun 19, 2009 9:42am
@FXfelix:
Same, what "UserName" said, is true for me.
I closed my sell trade from 1.4 with a +90pips @1.3910. (Real acc.)

Bye, AT
  • #8,282
  • Jun 19, 2009 9:58am Jun 19, 2009 9:58am
Doesn`t he hold the position over weekends even if it`s a "free" trade?

I might be a little bit off, but isn`t the philosophy that anything can happen in the markets, so you need big gains and smaller losses. If you take 100 pip gains, and 100 pip losses on SL, your system is doomed to fail, right? I mean you can go broke taking profits, right?
  • #8,283
  • Edited 12:50pm Jun 19, 2009 10:23am | Edited 12:50pm
Quoting FXfelix
I`ve been following Jacko`s forex house for some time now, and I`m more and more appreciating the Jacko way of running the game.
My current position is short, and I managed to sit on my hands to see it bounce off 1.4000. I got in at 1.39778 in average, and I`m still holding on to it. I use the 100 pips trailing SL, and I try to stick with it 100%.
It doesn`t seem like some of you are staying with the 100pips TSL 100%, then you would still be in the market...? Has Jacko narrowed it lately, or doesn`t he stay with the 100 pip TSL him self? What...
Quoting User Name
I don’t like to hold a position over the weekend, anything can happen, plus it's bouncing of 1.39 which is a round # and bottom of the channel, besides I can always open a position next week so I'll take the 100 pips for now. Jacko is not a fan of holding positions over the weekend either
Hi FXFelix,

Same here. As you may read in my previous post (http://www.forexfactory.com/showpost.php?p=2815867&postcount=8280) I'm also not a big fan (thanks to Jacko) of holding trades over the weekend. It's just to risky for my taste. Besides, PA seems to bouncing off the lower wall of my H1 channel.

Edit 12:00GMT: Aren't we glad we closed our positions after all...? Market currently revisiting 1.4000.
Attached Image (click to enlarge)
Click to Enlarge Name: h1.gif Size: 16 KB
  • #8,284
  • Jun 19, 2009 10:55am Jun 19, 2009 10:55am
yeah, someone is pushing the euro!
Someone like to enter at 1.4 :-)
  • #8,285
  • Jun 19, 2009 11:02am Jun 19, 2009 11:02am
Yeah, and that was it for this weeks trading for me. Guess I`m out for the weekend afterall

Have a nice one!
  • #8,286
  • Jun 19, 2009 11:30am Jun 19, 2009 11:30am
Quoting FXfelix
I`ve been following Jacko`s forex house for some time now, and I`m more and more appreciating the Jacko way of running the game.

My current position is short, and I managed to sit on my hands to see it bounce off 1.4000. I got in at 1.39778 in average, and I`m still holding on to it. I use the 100 pips trailing SL, and I try to stick with it 100%.

It doesn`t seem like some of you are staying with the 100pips TSL 100%, then you would still be in the market...? Has Jacko narrowed it lately, or doesn`t he stay with the 100 pip TSL him self? What...
Hi FXfelix,

May I ask... why do you currently have a short bias?

Regards,

Dan
  • #8,287
  • Jun 19, 2009 12:58pm Jun 19, 2009 12:58pm
Quoting FXfelix
Doesn`t he hold the position over weekends even if it`s a "free" trade?

I might be a little bit off, but isn`t the philosophy that anything can happen in the markets, so you need big gains and smaller losses. If you take 100 pip gains, and 100 pip losses on SL, your system is doomed to fail, right? I mean you can go broke taking profits, right?

Not if you win more trades than you lose...not all losing trades are 100 pips anyway due to the TSL. If you look for A+ set ups then your win ratio should be around 70%.

Take the weekend off and relax as Jacko would say, the weekends are meant for working! The price can easily gap open on sunday night.(Asia open).
  • #8,288
  • Jun 19, 2009 2:04pm Jun 19, 2009 2:04pm
Thanks for comments and questions.

Dan:
The main reason that I have a short bias is because I believe that we are in a correction in the financial markets, and the USD has beensaid to be a "safe haven" since the fall from 1.6000. The problems occurred in the US, and I guess we will be seeing improvements there before we see them in europe.

The eastern part of europe are still having very large problems, and many banks in europe has a very large exposure to the east. These things are about to surface/have surfaced (some of them quite long ago), so the long eurusd bias I had, is now changed to neutral. I try to follow the market (wich I did before too, but some arguments in my head help me to justify my choices).

The retrace of the eurusd has been enduring aswell as showing the Jacko style PA on the downside of a round number (1.4000). It keeps on setting the lower lows and lower highs, - the daily chart is neutral and the 3 hour chart is neutral but still making lower highs and lower lows. I also use another trend indicator wich is the 50/100 sma cross on the four hour chart. The indicator is quite OK to show a significant turnaround, but I don`t take the cross as a signal to trade on directly.

These are my thoughts on how to determine direction, but I don`t know this any better than you do. I do the same on indices and stocks, and it`s not the worst approach I guess, but It could always be better Feel free to comment.

Lovejoy80:
I`m not in a position to claim that I win 70% of the trades, but I do get your point on the TSL, and I agree. An A set up at least easily goes to BE, so the risk of loosing is often not there. But to claim that one knows that the price is doing this or that is a little bit irrational (at least for someone like me). So for the moment I stick to rules. I left about 100 pips on the table today, and I try not to care. I`m in it for the big moves and I don`t risk very much on each trade.

I`ve often been wondering what kind of leverage people use? I don`t use more than 3x, but I see that up to 200x offered... Any thoughts?

I get the point about weekends
  • #8,289
  • Jun 19, 2009 2:26pm Jun 19, 2009 2:26pm
i use 2-4x leverage and trying to trade big (250-600pips) moves in something like Jacko style i made 14% in June. to me that's more than enough even for my small account. I think trading with high leverage is simply gambling
  • #8,290
  • Jun 19, 2009 3:28pm Jun 19, 2009 3:28pm
I have 50:1 leverage but risk max 3%per trade.

I like the big moves just like everyone ese, but these are quite rare at the moment as the price action is quite choppy and lacking clear direction.

I see the price has broke n the 4hr trendline to the upside...does this mean the recent down move was a merely a retracement on the bigger up move...time will tell, but these are far from easy rading conditions at present and most of my trades, altought based on the longer time frames often up being very quick in time and just catching some short moves in both directions.

dailyfx commentary sums things up nicely...

We remain very bearish on the pair and view the latest rally as merely corrective in nature, with the market attempting to seek out a fresh lower top below 1.4175 ahead of the next drop back through 1.3750 and towards our measured move head & shoulders objective by 1.3250 over the coming weeks. There is a solid confluence in the 1.4010-1.4040 area, with falling trend-line support off of the 2009 highs, the 61.8% fib retrace off of the 1.4175-1.3750 move and the 50% fib retrace off of the 1.4340-1.3750 move all converging in this area. As such, we view any rallies above 1.4000 as formidable sell opportunities and should be used to build on any existing short positions. Ultimately only back above 1.4175 gives reason for concern.
  • #8,291
  • Jun 19, 2009 5:55pm Jun 19, 2009 5:55pm
This is a letter of support for Wayne and his efforts to help other traders. I am writing this as a solid recommendation for a trader who has impressed me from the very first posts on this thread. I am recommending him because it is what real men do in the professional business community.
I am a member of jackos second group. I have checked and spreadsheeted every one of his trade back to 2005 on Dailyfx. I am being mentored by him and trading his signals.

http://www.forexfactory.com/showpost.php?p=2696930&postcount=7195

http://www.forexfactory.com/showthread.php?p=2697142#post2697142

http://www.forexfactory.com/showpost.php?p=2696076&postcount=2417

http://www.forexfactory.com/showpost.php?p=2677353&postcount=11

http://www.forexfactory.com/showpost.php?p=2687235&postcount=88385

http://www.forexfactory.com/showpost.php?p=2664966&postcount=6991

Thank you Wayne for everything you have done for me. The best of regards to you and your missus. I consider you a mate which in Australia is the highest compliment you can give another person
  • #8,292
  • Jun 19, 2009 6:28pm Jun 19, 2009 6:28pm
.I heard that many times but I just can not understand.

" I think trading with high leverage is simply gambling[/quot "

Why high leverage is risky? Leverage is basically a down payment for your position. Higher the leverage -less down payment you need > less chance for margin call , you're in a safer position. How this related to risk or gambling when your risk is your position size and your stop loss level related this position size. Does not matter what is your leverage . What matters is how many % of your account you're risking . Even at 1:5000 leverage risking 1% or less of your total account is fairly sound risk and money management.
That is what I think but I could be wrong since I'm a green. dezo
  • #8,293
  • Jun 19, 2009 6:54pm Jun 19, 2009 6:54pm
Hi all...


I must admit I have heard it all before about using leverage....and you really dont want to start that discusion here or it will take over the thread....

as far as I have ever seen.. is that leverage becomes a problem if you start taking multiple lots and do not adjust stop loss levels to accommodate for those lots.....other than that I have never seen a problem with it...

But lets not go there.....

Curious as to whether anyone is attempting to get into a trend and use the AH to ride those trends even if they are shorter term trends lasting a couple of weeks...
  • #8,294
  • Jun 19, 2009 7:09pm Jun 19, 2009 7:09pm
"as far as I have ever seen.. is that leverage becomes a problem if you start taking multiple lots and do not adjust stop loss levels to accommodate for those lots.....other than that I have never seen a problem with it...[/quote]"
Thanks fratelli , your post explains everything. It's easy! dezo
  • #8,295
  • Jun 19, 2009 7:39pm Jun 19, 2009 7:39pm
Thanks samps for your reply too. This whole position size ,risk management, leverage , margin, etc thing is just the matter of common sense and some logical thinking. It's easy. I wish I could say that about forex trading too. dezo
  • #8,296
  • Jun 20, 2009 6:12am Jun 20, 2009 6:12am
Quoting fxtrader29
This is a letter of support for Wayne and his efforts to help other traders. I am writing this as a solid recommendation for a trader who has impressed me from the very first posts on this thread. I am recommending him because it is what real men do in the professional business community.
I am a member of jackos second group. I have checked and spreadsheeted every one of his trade back to 2005 on Dailyfx. I am being mentored by him and trading his signals.

http://www.forexfactory.com/showpost.php?p=2696930&postcount=7195

http://www.forexfactory.com/showthread.php?p=2697142#post2697142...
You are doing good trading. What is your trading account at now?
And thanks to Jacko for your good work here.
  • #8,297
  • Jun 20, 2009 11:18am Jun 20, 2009 11:18am
hello everyone here

anyone know which ECN broker jacko using??
  • #8,298
  • Jun 20, 2009 7:05pm Jun 20, 2009 7:05pm
Im having an issue figuring out how Jacko is figuring out the trend changes. I guess Ill have to join his group someday to see how. It looks like the monthly and the weekly are up in my eyes and we just had a huge retrace or correction. But I can't figure out how everyone knew to short it during the correction and when to start long again. Im sorry for this question but I genuinally don't understand.

Was it technical? or was it more fundemental?
  • #8,299
  • Jun 20, 2009 7:33pm Jun 20, 2009 7:33pm
Quoting fxtrader29
http://www.forexfactory.com/showpost.php?p=2696930&postcount=7195

http://www.forexfactory.com/showthread.php?p=2697142#post2697142

http://www.forexfactory.com/showpost.php?p=2696076&postcount=2417

http://www.forexfactory.com/showpost.php?p=2677353&postcount=11

http://www.forexfactory.com/showpost.php?p=2687235&postcount=88385

http://www.forexfactory.com/showpost.php?p=2664966&postcount=6991

Thank you Wayne for everything you have done for me. The best of regards to you...
Great trading, man. Keep on truckin.
  • #8,300
  • Jun 20, 2009 7:38pm Jun 20, 2009 7:38pm
Quoting fxtrader29
Thank you Wayne for everything you have done for me. The best of regards to you and your missus. I consider you a mate which in Australia is the highest compliment you can give another person
Ditto for me. I am a Kiwi from New Zealand where mates are the most important thing in life.
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