Jacko's Forex House of Pleasure and Pain | Page 417 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #8,321
  • Jun 23, 2009 2:02am Jun 23, 2009 2:02am
Quoting whitegoodman
1.3750 would be a nice place to looks for longs imo...
Hi whitegoodman,

I'm seeing .3600 as a good entry to long the market as I have the confluence of 3 50% fibs around that area (.3588~.3651), also -as lovejoy mentioned- it's where my H4 falling trendline meets my upwards D1 support line.

Can I ask you what you're seeing around .3750 to look for longs?

Cheers,
  • #8,322
  • Jun 23, 2009 2:25am Jun 23, 2009 2:25am
Hi!

What do you guys think of the PA arond 1.3900? Looks a little bit like it`s struggling to get there...

Seems like you are beeing very successful with Jacko. Nice Going!
  • #8,323
  • Jun 23, 2009 2:43am Jun 23, 2009 2:43am
Quoting Jpnek
Hi whitegoodman,

I'm seeing .3600 as a good entry to long the market as I have the confluence of 3 50% fibs around that area (.3588~.3651), also -as lovejoy mentioned- it's where my H4 falling trendline meets my upwards D1 support line.

Can I ask you what you're seeing around .3750 to look for longs?

Cheers,
1.38-1.37 I have a PPZ this is the only reason... if you look on ur 4h chart u can see price 'flipped'
Grabbing the bull by the horns!
  • #8,324
  • Jun 23, 2009 3:26am Jun 23, 2009 3:26am
Quoting whitegoodman
1.38-1.37 I have a PPZ this is the only reason... if you look on ur 4h chart u can see price 'flipped'
Is anyone else having problems with their posts being deleted...?

Hey whitegoodman,

I originally posted that although I do not trade using PPZ's, now that you mention it, I do see a key area around .3730~.3765.

Cheers
  • #8,325
  • Jun 23, 2009 5:58am Jun 23, 2009 5:58am
hi guys!

in SELL @ 1.3970, 100TSL
We will see...
  • #8,326
  • Jun 23, 2009 6:13am Jun 23, 2009 6:13am
Market seems to be having a go at breaking 1.4000 again. Failed last time. I have a sell @ 1.3900 in case it fails again. Quite a line at that level now.
Attached Image
  • #8,327
  • Jun 23, 2009 6:27am Jun 23, 2009 6:27am
Just sold it too...hoping the falling trendline will hold firm (sods law we will have a breakout now!)
  • #8,328
  • Jun 23, 2009 7:51am Jun 23, 2009 7:51am
It's broken the falling trend line on both 4H and Daily to the upside...Price is near my stop now will be looking to go long if price looks like gaining more momentum...not sure for reasons for sudden rise.
  • #8,329
  • Jun 23, 2009 9:25am Jun 23, 2009 9:25am
Quoting RickyRudy
Kid's gonna be a millionaire by the end of the year.
I am not a kid. I am a 29 yo Certified Practising Accountant (CPA) with a staff of 22 full time employees. My winner trades are because I was trading Waynes calls and treating him as a mentor. I don’t understand why everyone gets hot and bothered about employing a mentor. Here in Australia, an accountant who wants to become a CPA is required by law to have a mentor so that junior members of the profession don’t continually make the same mistakes as previous professionals. My CPA mentor has saved me 100’s of thousands of dollars from not making mistakes. A good mentor is like a good Franchisor, they have been through all the problems and have streamlined an effective system that reduces loss and has maximised profitability
My philosophy about mentors is that If you are a novice trader, an experienced mentor will save you more in time and money than you can possibly believe. If you are already a trader, a mentor will improve your techniques If you an experienced trader and you can’t afford a mentor to review your trading, then you are a lousy trader.
  • #8,330
  • Jun 23, 2009 10:20am Jun 23, 2009 10:20am
Quoting fxtrader29
[font=Verdana][size=2]I am not a kid. I am a 29 yo Certified Practising Accountant (CPA) with a staff of 22 full time employees. My winner trades are because I was trading Waynes calls and treating him as a mentor. I don’t understand why everyone gets hot and bothered about employing a mentor......
Very well said.

Having learned a variety of blue and white collar skills over the years, both with and without a mentor (Self taught), the shortest route is always with a skilled mentor. The little problem I had was blending them all together for my current job.

P.S. 29 is still a "kid" to us older folks.
  • #8,331
  • Jun 23, 2009 10:22am Jun 23, 2009 10:22am
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
My philosophy about mentors is that If you are a novice trader, an experienced mentor will save you more in time and money than you can possibly believe. If you are already a trader, a mentor will improve your techniques If you an experienced trader and you can’t afford a mentor to review your trading, then you are a lousy trader.[/quote]


agree 100% on that...
  • #8,332
  • Jun 23, 2009 10:32am Jun 23, 2009 10:32am
Quoting fxtrader29
[font=Verdana][size=2]I am not a kid. I am a 29 yo Certified Practising Accountant (CPA) with a staff of 22 full time employees.
It's nothing derogatory. Nor did I believe you were a kid. It was made tongue in cheek. My apologies if it wasn’t obvious. Congratulations on being so accomplished.

I share your thoughts on mentorship. I imagine people are apprehensive for various reasons, one of which could be due to them not knowing Wayne personally. Some people find it easier to trust a faceless person than others. Some people just have to give it a go by themselves first. Others aren’t sure what they are buying. Then there are others who just hate the thought of parting with $700.

Your discussing the amount of funds in your “trading account” and amount of cash on hand brings up something I’ve been thinking about. I’ve been struggling with how much to keep with my broker and how much I want to hold onto but still consider a part of my trading capital. So my question is, assuming you are only risking 2% per trade and only trading EURUSD, why do you keep so much capital in your “trading account?” I assume that when you refer to your “trading account” you are speaking of the money that is actually with your broker. If you only risk 2% per trade why not keep no more than say 40% of your trading capital with your broker and the rest someplace else that is easily accessible and easily transferable? For example, if your entire trading capital is $100k, keep no more than $40k (maybe even less) with the broker and keep $60k in a safe account that might even be insured. I would imagine that 40% would give you sufficient funds to avoid marginal calls since you’re only in one trade at a time. The rest is safe in case the unthinkable happens. You could still trade and portion your lot sizing as if you had the full 100% with your broker. Anyone, feel free to let me know if I’m missing something in my thinking or your general thoughts on this. Feel free to send it in a PM if you feel your response would clutter the thread.

Keep the pips rolling.
  • #8,333
  • Jun 23, 2009 10:53am Jun 23, 2009 10:53am
There has been a lot of analyzing to determine if this is keeping an uptrend or starting a downtrend. I thought it was interesting to look at a chart that was posted on post 205, page 14 of this thread. It is almost a duplicate, and back then the price shot up, just like it did through 1.4 in the last couple of hours. This may be more trivia than an indicator, but it proves a continuation up from the present position could certainly occur.
  • #8,334
  • Jun 23, 2009 10:55am Jun 23, 2009 10:55am
Quoting fxtrader29
My CPA mentor has saved me 100’s of thousands of dollars from not making mistakes. A good mentor is like a good Franchisor, they have been through all the problems and have streamlined an effective system that reduces loss and has maximised profitability
My philosophy about mentors is that If you are a novice trader, an experienced mentor will save you more in time and money than you can possibly believe. [font=Verdana][size=2]If you are...
Unfortunately trading is the most difficult business to find a true mentor. The reason for this is that a successful trader can make more money than they can spend in a lifetime. So if not for the money, why be a mentor? The standard guru response is that they want to help people. Well, if that was true they could donate part or all of their profits to one of the many great charities out there. There is a professional poker player, Barry Greenstein who donates all of his winnings to charity.

I have never heard of anyone finding a successful trading mentor on the internet. The only people I know who have truly had mentors were either a friend, friend of the family, or the person was hired by a trading firm and had a mentor assigned to them.

I would be careful about any mentor who tries to convince you that there way is the only way to make money in the markets. If they scalp and tell you that it's the only way to be profitable. If they trade the 4 hour chart and tell you lower time frames are just noise. If they don't use MAs and tell that they are absolutely worthless. If they don't use candlesticks and say that they are meaningless.

There are many ways to skin a cat in this game. If you find a "guru" who tells you that their way is the only way then run don't walk while you still have some money left in your trading account.
  • #8,335
  • Jun 23, 2009 10:59am Jun 23, 2009 10:59am
Quoting Money Man
There has been a lot of analyzing to determine if this is keeping an uptrend or starting a downtrend. I thought it was interesting to look at a chart that was posted on post 205, page 14 of this thread. It is almost a duplicate, and back then the price shot up, just like it did through 1.4 in the last couple of hours. This may be more trivia than an indicator, but it proves a continuation up from the present position could certainly occur.
Hey Money Man,

Just went back to see what you're talking about. Seems like Deja-vu. Very interesting indeed
  • #8,336
  • Jun 23, 2009 11:13am Jun 23, 2009 11:13am
I think this what we have now.
Attached Image (click to enlarge)
Click to Enlarge Name: cht3.gif Size: 37 KB
  • #8,337
  • Jun 23, 2009 11:21am Jun 23, 2009 11:21am
http://i42.tinypic.com/23kt30p.png
  • #8,338
  • Jun 23, 2009 11:39am Jun 23, 2009 11:39am
Those Euro-bulls must've had their wheaties today.
  • #8,339
  • Jun 23, 2009 11:49am Jun 23, 2009 11:49am
seems whatever side i am the opposite side always has some wheaties
  • #8,340
  • Jun 23, 2009 11:49am Jun 23, 2009 11:49am
stopped out at TSL ;-) A-H.

@fxtrader29/threei: basically I see it the same way, with mentorship like you. e.g. a handicraft, you (as novice) can learn it when you have a foreman. As I see trading as a handicraft, also here are good/bad foremans and good/bad trainees. (btw, also a lot of scammers)
But also in trading "many roads lead to rome" so if scalping fits to one guy perfect, this doesn't mean that this trading style (way) fits to me (or who else)

bye, AT
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