Jacko's Forex House of Pleasure and Pain | Page 428 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #8,541
  • Jul 18, 2009 2:52am Jul 18, 2009 2:52am
first look at the weekly, then the daily,then the four hour,for trend.for me i use 4 hour for entry,i think alot of others do too,at the moment im seeing 4 hour up but for me not a complete change of trend,the weekly does,nt agree with 4 hour,hope you had a look on youtube for fibs,drawing trend lines,lots of good free stuff on there,its where i started,so i know how you feel,best of luck i hope this helps.the reason i use 4 hour is look how rangey the market is.big stops for the swings
student
  • #8,542
  • Jul 18, 2009 11:06am Jul 18, 2009 11:06am
Quoting jat011
Does anyone know of a good place where I can learn to draw fib lines. Jacko says he pays attention to the 50% level but I really have no idea what that is. I am playing around with the fib retracement tool in MT4 but its really like a 2 yr old drawing a picture. Any help here would be great.
Hey jat011,

Google is a good friend, but if you're feeling a bit lazy to google FIBs, this is a good place to start http://www.babypips.com/school/fibonacci_retracement.html.

Keep in mind that Jacko recommends using only 50% level as he once mentioned that the others are not "statistically robust enough to trade off with confidence" so you'll probably want to delete the other levels from your charts. Hint: While you are deleting the other levels (going into your Fibo properties - Fibo Levels) add '(%$)' right after the description so instead of reading '50.0' it reads '50.0 (%$)'. That way, your charts will not only display the fib level ('50.0') but the price in parenthesis as well (ie. '50.0 (1.4135)').
  • #8,543
  • Edited 12:31pm Jul 18, 2009 11:33am | Edited 12:31pm
Quoting jat011
I just wanted to get everyone's opinion here. What TF have yall chosen. I would especially like to here from any turtles. Is there a TF jacko recommends?
Under current market conditions, although I keep a good eye on the Weekly, my market studies are all based on D1/H4 charts.

My 0.02 pips.
  • #8,544
  • Jul 18, 2009 1:06pm Jul 18, 2009 1:06pm
Quoting jat011
There was a significant pull back and I could have waited. Although the price never did reach 1.4050 and I am still in this trade due to the 100pip SL. Like I said before I am still learning and would like some pointers for those more experienced on the forum. I am still hoping someone could point me in the right dirrection to a thread or free info on how to draw Fib retracement.
Let me help you out with this, because I remember last year when I started trading I didn’t know what the hell I was doing either until I figured it out. I used a strategy called PATAHAP, most newbies use this one and it doesn’t work it stands for Place A Trade And Hope And Pray

On the chart look at the first arrow on the bottom, that’s where price broke the trendline and a new up trend started, so you gotta wait for the price to break an a trendline, comeback to the trendline from the other side to test it, then it starts heading back up and that’s when you buy. After that you just keep buying when it gets closer to the trendline and use fibs and round numbers to guide you into a position. Keep buying until the 2nd arrow where the trendline was broken and at that point you sell once price comes back from the other side to test the trend line. Here the price uses the old support line as resistance so you would keep selling when it hits the resistance (old support line). Right now the trend is still down, because you can see the upper trendline is sloping down, it will be down until we break 1.4331 level.

I use a 4hr chart anything less you will see that the price is all over the place.
Attached Image (click to enlarge)
Click to Enlarge Name: chart.jpg Size: 63 KB
It's NOT GAMBLING when the odds are in your favor
  • #8,545
  • Jul 18, 2009 1:21pm Jul 18, 2009 1:21pm
Turn the lights on will ya, that chart is DARK! http://www.forexfactory.com/images/icons/icon10.gif
Guess you must eat a lot of carrots.
  • #8,546
  • Jul 19, 2009 12:21am Jul 19, 2009 12:21am
Hey yall I really appreciate all the tips and pointers. Thank you jpnek, garrye, and user name. I will be putting my head down and really start studing so I will understand how to trade. I am sure there will be more substantive questions to come in the near future.
  • #8,547
  • Jul 19, 2009 6:58am Jul 19, 2009 6:58am
Quoting User Name
On the chart look at the first arrow on the bottom, that’s where price broke the trendline and a new up trend started, so you gotta wait for the price to break an a trendline, comeback to the trendline from the other side to test it, then it starts heading back up and that’s when you buy....
Jmho, When price backs up and retests a broken line or support/resistance area it is something to take notice... but it is not a given that price will do that every time. Sometimes price will reverse and never look back. If your signal to enter and more importantly exit is based on that presumption you might find your self standing on the wrong tracks and staring at a speeding train.

Fwiw,

Regards
  • #8,548
  • Jul 19, 2009 5:44pm Jul 19, 2009 5:44pm
Quoting equilibrium6
Well jacko went short at 1.4130 lol. But now at 1.4097 i wouldn't tell anyone to go short since it's friday and there's a considerable difference between 1.4130 and 1.4097. Although the market is looking bearish.
That was another good call by jacko that I made more $'s from. We start with new trades again this week. You gotta love the man.
  • #8,549
  • Jul 19, 2009 5:50pm Jul 19, 2009 5:50pm
Quoting jat011
I just wanted to get everyone's opinion here. What TF have yall chosen. I would especially like to here from any turtles. Is there a TF jacko recommends?
He is trading the 4H TF. The increase in volatility since the beginning of the financial crisis made him move to the shorter TF to make it safer. The 100 pip TSL has been changed to react to the ranging prices in the 1.3800 -1.4200 price band.
  • #8,550
  • Jul 19, 2009 5:51pm Jul 19, 2009 5:51pm
what was your stop and t/p on this call?

Quoting fxtrader29
That was another good call by jacko that I made more $'s from. We start with new trades again this week. You gotta love the man.
Its all in the mind.
  • #8,551
  • Jul 19, 2009 10:19pm Jul 19, 2009 10:19pm
Quoting 5abi
what was your stop and t/p on this call?
If I understand it correctly the SL is 100 pips and it trails until you get stopped out, and there is no TP.
  • #8,552
  • Jul 19, 2009 10:25pm Jul 19, 2009 10:25pm
Quoting fxtrader29
He is trading the 4H TF. The increase in volatility since the beginning of the financial crisis made him move to the shorter TF to make it safer. The 100 pip TSL has been changed to react to the ranging prices in the 1.3800 -1.4200 price band.
Has the increase in volatility had an adverse affect on traders or have these changes helped to make trades more profitable?
  • #8,553
  • Jul 20, 2009 6:08am Jul 20, 2009 6:08am
We made a new 30 day high today.

Thinking of going long, but waiting for a better entry, possibly 1.4000. Any opinions?
  • #8,554
  • Jul 20, 2009 10:20am Jul 20, 2009 10:20am
never got above 250,if it gets below 13900,then 13888,got something to work with,anyone.
student
  • #8,555
  • Jul 20, 2009 10:29am Jul 20, 2009 10:29am
Quoting digitil
One of the things I'm really jealous about is the fact that while Jacko sleeps, his partner watches the market - occasionally I've seen mention of his partner closing positions while he was asleep.

I'm trying to think of ways how to set up something similar.

One idea is to find a platform or service where I can get an SMS if a certain pip is hit - I'm sure some of you out there use something like this... anyone know something?
Hey digitil,

Something I forgot to mention in my previous post is the idea of finding a trading partner who lives in a polar opposite time zone. That's what a good buddy from the group and I are doing now (me being GMT+9, my partner at GMT -4) so, as Jacko, we cover each other’s back 24x5. We are even testing a little internal blog system where we update each other’s market views/ideas/alerts and they are automatically emailed or sms-ed to our mobile phones as necessary. That way, if I'm sleeping, my trading partner can text me if he considers necessary while I also watch the market for him when he hits the sack.
  • #8,556
  • Jul 20, 2009 10:32am Jul 20, 2009 10:32am
i respect your view what u seeing mate,been long from friday
student
  • #8,557
  • Jul 20, 2009 10:40am Jul 20, 2009 10:40am
think i will take what i got for now,see what tomorrow brings,the markets not trending.live to fight tomorrow
student
  • #8,558
  • Jul 20, 2009 1:26pm Jul 20, 2009 1:26pm
Quoting jat011
It looks to me like Eur/Usd is on its way up. However I am not sure if there will be a retracement at 1.4200 or if will breakout at 1.4200. My guess from your rule is that it will probably breakout. Any thoughts? I hope I understand this right.
Price broke 4200 and my TSL has me locked in at over 100pips. This is the most amt of fake money I have ever made in my life. I really didn't expect to get it right on the very first try.
  • #8,559
  • Jul 20, 2009 5:32pm Jul 20, 2009 5:32pm
Quoting jat011
Has the increase in volatility had an adverse affect on traders or have these changes helped to make trades more profitable?
Increased volatility kills traders, especially trend traders. Wouldn't it be great if price never had any volatility, if it only went one way? Everyone would be rich

Quoting jat011
Price broke 4200 and my TSL has me locked in at over 100pips. This is the most amt of fake money I have ever made in my life.
Great call
freedom
  • #8,560
  • Jul 20, 2009 6:19pm Jul 20, 2009 6:19pm
Quoting fxtrader29
He is trading the 4H TF. The increase in volatility since the beginning of the financial crisis made him move to the shorter TF to make it safer. The 100 pip TSL has been changed to react to the ranging prices in the 1.3800 -1.4200 price band.
And we had the first counter trend trade in a long time.
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