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Jacko's Forex House of Pleasure and Pain

  • #8,581
  • Jul 24, 2009 12:43pm Jul 24, 2009 12:43pm
I had the misfortune of trying to learn Jacko's method, right as the EU started to consolidate a few months back, and, honestly, I have moved on because trend-following system rules are very frustrating to apply in a sideways market.

The chart below has SR lines I drew about 3 months ago, and as soon as price gives us some positive direction, outside of those lines, I'll be spending more time here.

IlliaM, thanks for providing some analysis, sooner or later this baby will break, and it will be time to start hunting for opportunities again.

http://i26.tinypic.com/2i78ni9.png
  • #8,582
  • Jul 24, 2009 6:20pm Jul 24, 2009 6:20pm
Quoting garrye
jamie,james 16 and danuk are right,most of the blog now contains nothing but how many pips we are making,im guilty too,and so are few more of us,newbies are coming in and thinking it a easyway to riches,most the good traders dont post on here anymore because of this, danuk being one of them.lets stop talking about what we are making,and talk about the method we use,where we are entering, on our own trades why we are entering,w here the trend is going,then this tread will be back in its rightfull place.im sure jacko but like it this way too,jackos...
It is a thin line that we have to tread here. I am a member of Jackos second group and it has been brilliant. I have learned an incredible amount from him and my own trading has improved in leaps and bounds. This month has been a sensational month for me. I have won more pips (close on 800 pips) this month than in any other month of my trading. Other traders in Jackos groups would be doing the same. So if we come here and are excited, it is because we have found something special and want to tell other traders about it. It is not because we want to bang our own drum
The other line that we have to tread is not to divulge jackos calls here because that would be unfair on Jacko. He has been incredibly generous outlining the basics of his system on the first page on this thread, but his private blog calls demonstrate that he is an sensation trader and gives us members some easy pips.
So please don't jump on me when I post here about how happy I am with my progress as a trader.
  • #8,583
  • Jul 24, 2009 7:02pm Jul 24, 2009 7:02pm
Quoting DanUK
I totally agree with you Garrye - I tried to warn people some time ago that this place was going way off track. No longer is it a place for people interested in learning how to trade this method; it has become a boasting ground for how many pips people are making and how to follow Jacko's private group.

Dan
Hey dan

When I come here it is not to boast. It is because I have found something special and want to tell other traders about it.
  • #8,584
  • Jul 25, 2009 12:45am Jul 25, 2009 12:45am
Quoting jamiewhite
It is a thin line that we have to tread here. I am a member of Jackos second group and it has been brilliant. I have learned an incredible amount from him and my own trading has improved in leaps and bounds. This month has been a sensational month for me. I have won more pips (close on 800 pips) this month than in any other month of my trading. Other traders in Jackos groups would be doing the same. So if we come here and are excited, it is because we have found something special and want to tell other traders about it. It is not because...
I am with you 100% on what you have said here.
  • #8,585
  • Jul 25, 2009 1:11am Jul 25, 2009 1:11am
Quoting jamiewhite
Hey dan

When I come here it is not to boast. It is because I have found something special and want to tell other traders about it.

Since Jacko only trades and give updates on the EUR/USD pair, you folks think it would be okay to use his method on different pairs on this forum?

We can see which of the turtles understands the stuff the best by calling targets on GBP/USD or other pairs. Not as signals to trade, but as analysis on where we think price will react. It would be interesting how good the material has been absorbed and keep the tread fairly active.

Just an idea and we may learn a lot from doing it, without compromising the integrity of the private service.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #8,586
  • Jul 25, 2009 7:23am Jul 25, 2009 7:23am
I like Equilibrium6's idea on a private forum. I assumed when I joined Jackos 2nd group there would be one to openly discuss his trades with other interested turtles. Being completely computer illiterate I wouldn't know how to go about it. It's great that we can do this on FF but I would like to know if the person who is commenting is actually reading and studying Jacko and applying his strategy and not his own. I would like my road to success to be straight without a lot traffic.
  • #8,587
  • Jul 25, 2009 12:04pm Jul 25, 2009 12:04pm
I originally landed in this thread last year thanks to a friend's recommendation and I will not stop saying that It's been the best thing that happened to my trading career. Thanks to this thread I was able to contact Wayne and through his mentoring I've been able to improve my trading skills exponentially . My trading results for the past 6 months speak for themselves (I'm not gonna go into how many thousand pips I've earned as this seems to be the point of discussion here... LOL). I can only say that I'm now trading full time and having a great time.

Although I've been reading this thread for a long time, I was never keen on posting, until a couple of months back when I saw a few interesting charts that I thought I may be able to contribute with. After a few posts, however, I decided to stop posting regularly (as can be tell by my posts count) as I also noticed that the thread was not as much focused on Jacko style trading as it was on how many pips us turtles had made on our last trade. At first it was fine, until it got boring. I may also have been guilty of this behavior initially until I was brought back to planet Earth. Having said that, I've been visiting the forum regularly, mostly as an spectator and -as a few group members may agree- I have never denied helping new members via PM when asked.

Quoting garrye
jamie,james 16 and danuk are right,most of the blog now contains nothing but how many pips we are making,im guilty too,and so are few more of us,newbies are coming in and thinking it a easyway to riches,most the good traders dont post on here anymore because of this, danuk being one of them.lets stop talking about what we are making,and talk about the method we use,where we are entering, on our own trades why we are entering,w here the trend is going,then this tread will be back in its
rightfull place.im sure jacko but like it this way too,jackos...
I may get flamed by other group members but I'm with you on this, Garrye.

Quoting jamiewhite
Hey dan
When I come here it is not to boast. It is because I have found something special and want to tell other traders about it.
jamiewhite, I do believe you are right as well, as I share your excitement.

Quoting schlaps
I like Equilibrium6's idea on a private forum. I assumed when I joined Jackos 2nd group there would be one to openly discuss his trades with other interested turtles. Being completely computer illiterate I wouldn't know how to go about it. It's great that we can do this on FF but I would like to know if the person who is commenting is actually reading and studying Jacko and applying his strategy and not his own. I would like my road to success to be straight without a lot traffic.
Equilibrium6 , schlaps, Once I asked Jacko about creating a private forum for us group members only, as I've always felt uneasy about discussing his calls in an open forum. Jacko was worried, however, that this would leas us into poor trade because of some group members trading 'in a totally undisciplined manner'. I was lucky, though, to get in contact with another group member whom I do not only consider a trading partner now, but a good buddy as well. After a few days (weeks?) emailing charts back and forth, we decided to create a blog for our trades as emailing was not only bandwidth consuming (especially when we are working from our mobile phones) but time lagging. I consider this has been a great initiative as either of us can now update or comment our market vews, trading ideas, charts, etc as much as we want to and have this automatically forwarded to our email or mobile phones. A few days back, we were even commenting how lucky we are being on 'polar opposite time zones' as we cover each others back 24x5, across all sessions. You should try something along these lines.

It a sad Day, indeed. If the FF mods decide to leave this thread in the Commercial Forum -along with all the snake oil scams- it will probably be forever forgotten.
  • #8,588
  • Jul 25, 2009 1:18pm Jul 25, 2009 1:18pm
Quoting jamiewhite
Hey dan

When I come here it is not to boast. It is because I have found something special and want to tell other traders about it.
Hi,

I appreciate that point; however if this thread is just Jacko turtles posting how much they have made by following Jacko in his private group then it becomes just an advert for something that goes on outside of this forum. If that happens then this thread is no longer the great thread it used to be - a place to discuss the actual trading aspect.

I also appreciate that the Jacko turtles should not be posting Jacko's calls - that would be unfair. But again, if we are not talking about trading this method, what are we doing?

Regards,

Dan
  • #8,589
  • Edited 1:39pm Jul 25, 2009 1:38pm | Edited 1:39pm
Quoting Jpnek
....it will probably be forever forgotten.
Jpnek,

The only reason this thread is mostly dormant can be seen below

http://i31.tinypic.com/x3dbva.png



Anybody trying to trade this as per the rules on page one would be at a loss, or break-even. I give Jacko big props for trying to provide value for his students by giving trade calls, and I am happy the turtles are making money, but for those of us who are not enrolled, why go BK trying to use a trend-following method in a sideways market?

I'm sure this thread will come back to life once the EU picks a direction.

I look forward to it.

And its obvious, that once you have access to Jacko's calls, it would be difficult to seperate your own analysis from his, and therefore posting any analysis here, may violate the privacy of his group.

Don't worry, this thread will come back with a vengance once EU gives us a trend, and until then, it like a really long weekend, with nothing much to do but post things like this.
  • #8,590
  • Jul 25, 2009 6:39pm Jul 25, 2009 6:39pm
Quoting Low
Jpnek,

The only reason this thread is mostly dormant can be seen below

http://i31.tinypic.com/x3dbva.png



.
Hey Low

You are missing an important point. One of the best traits of a good trader is the ability to recognise a changing market environment and adapt to the changes.
Jacko quickly recognised the change in the market in August last year when the financial crisis started and adapted his basic system to compensate for the increased volatility. He brought his trading time frames in to the shorter 4H time frame and reduced his trailing stop losses to 50 pips or to using TPs for his exits.
These have been incredibly effective in maintaining his winning trades without any loss in the integrity of his system.
Even in the last few weeks when the range has been very small, he has continued to generate 100's and 100's of pips profits
  • #8,591
  • Jul 25, 2009 7:30pm Jul 25, 2009 7:30pm
Quoting jamiewhite
Hey Low

You are missing an important point. One of the best traits of a good trader is the ability to recognise a changing market environment and adapt to the changes.

I didn't miss the point, I started studying PA and SR in greater detail to make myself available to these market conditions.

Though I will admit I haven't had a good enough reason to trade the EU since this mess began, other pairs have given clearer entries even thought their just as consolidated.

I know that Jacko is skilled enough to make money from this, but I am not yet, so I've been trying to apply myself where my odds are better.

But....when this baby breaks, there should be a lot of fun to be had.
  • #8,592
  • Jul 25, 2009 10:17pm Jul 25, 2009 10:17pm
Quoting jamiewhite
Hey Low

These have been incredibly effective in maintaining his winning trades without any loss in the integrity of his system.
Even in the last few weeks when the range has been very small, he has continued to generate 100's and 100's of pips profits
This is the sign of a top trader. A trader who makes profits in any situation. And we have the privilege of being shown how he does it and passes his knowledge on to us.
  • #8,593
  • Jul 26, 2009 8:11am Jul 26, 2009 8:11am
jamie and mongeldog,your great at taking signals.i get exicited too.where you looking to enter next.or you waiting for your text,mongel go to jackos private blog and read 19th june.your out of order,jamie no ones jumping on you.you just dont get it
student
  • #8,594
  • Jul 26, 2009 10:06am Jul 26, 2009 10:06am
Quoting Low
Jpnek,
The only reason this thread is mostly dormant can be seen below

http://i31.tinypic.com/x3dbva.png

Anybody trying to trade this as per the rules on page one would be at a loss, or break-even. I give Jacko big props for trying to provide value for his students by giving trade calls, and I am happy the turtles are making money, but for those of us who are not enrolled, why go BK trying to use a trend-following method in a sideways market?
While I totally agree that we are on a sideways market (I posted this (http://www.forexfactory.com/showpost.php?p=2829337&postcount=8372) a month ago) and trying to trade this market as per the rules on page one would have left me B/E at best, I also believe that we, as traders, must adapt to any market conditions in order to survive (and make a living out of FX trading) and although E/U has been moving sideways for the past couple of months, all I had to do was zoom in a little bit in order to trade "the noise"... Take the following graph as an example. The golden dots show where PA bounced off this channel giving some clear entries.

Attached Image (click to enlarge)
Click to Enlarge Name: h1_channel.png Size: 48 KB


Although I haven't trade the LONG side of this channel, as I USUALLY only trade one way, would I have felt "more adventurous" I could have traded this both ways for some good pips.

Quoting Low
And its obvious, that once you have access to Jacko's calls, it would be difficult to seperate your own analysis from his, and therefore posting any analysis here, may violate the privacy of his group.
...
I give Jacko big props for trying to provide value for his students by giving trade calls, and I am happy the turtles are making money, but for those of us who are not enrolled, why go BK trying to use a trend-following method in a sideways market?
Not necessarily. Personally I've never taken Jacko's calls as signals and I never will. In fact I didn't even take his last 2 shorts (great, great entries by the way) as both times I stubbornly waited for my price (and I never got filled.. ouch!). The whole purpose of me enrolling in the second group was to properly learn how to trade the trend and not have a signal provider. Actually, one of the things I've been doing lately is "trying to call his calls", meaning that I try to have my market study right before Jacko's first daily post in order to compare mine to his. If both our market views are along the same lines, I take the trades *based on my entries and my T/Ps*. If my market view differs from Jacko's, most of the times I rather stay on the sidelines as I rather miss out on some pips than blindly follow Jacko's call thus treating him as a signal provider. Having said that, I believe Jacko is a GREAT TRADER who's been able to remain profitable in times most big traders have failed and I hope that someday I get at least a little bit of those uncanny abilities of his.

Quoting Low
Jpnek,
... I'm sure this thread will come back to life once the EU picks a direction.
I look forward to it.
Don't worry, this thread will come back with a vengance once EU gives us a trend, and until then, it like a really long weekend, with nothing much to do but post things like this.
I REALLY HOPE SO.

Cheers,
  • #8,595
  • Jul 26, 2009 12:45pm Jul 26, 2009 12:45pm
Quoting Jpnek

I REALLY HOPE SO.

Cheers,
You are as asset to this thread Jpnek.
  • #8,596
  • Jul 26, 2009 8:01pm Jul 26, 2009 8:01pm
Quoting jamiewhite
It is a thin line that we have to tread here. I am a member of Jackos second group and it has been brilliant. I have learned an incredible amount from him and my own trading has improved in leaps and bounds. This month has been a sensational month for me. I have won more pips (close on 800 pips) this month than in any other month of my trading. Other traders in Jackos groups would be doing the same. So if we come here and are excited, it is because we have found something special and want to tell other traders about it. It is not because...
I want to say thank you for your openness and sharing. Most traders would have tried to keep this for themselves only. In a market as big as forex, us lttle guys will never change the market so it is tops when we see something or someone who can help us being shared here. I have decided that I want to get serious about my trading so I am sending jacko an email to find out if he will let me join the group.
  • #8,597
  • Jul 26, 2009 9:03pm Jul 26, 2009 9:03pm
Quoting Low
You are as asset to this thread Jpnek.
Thanks for your kind words Low, but I do not consider myself even remotely close to the most experienced traders who use to post here. I always try to do my best, however hard it may be

BTW, I read on a previous post that you've been studying PA in greater detail. Have you read Bulkowski's Encyclopdia of Chart Patterns (http://www.amazon.com/Encyclopedia-Chart-Patterns-Wiley-Trading/dp/0471668265/ref=sr_1_1?ie=UTF8&s=books&qid=1246522905&sr=1-1)? It's one of the books I usually have next to me all the time. I think I have the companion PDF on CD. Let me know if you want me to upload it to you.

Cheers,
  • #8,598
  • Jul 26, 2009 10:17pm Jul 26, 2009 10:17pm
Quoting mongreldog66
This is the sign of a top trader. A trader who makes profits in any situation. And we have the privilege of being shown how he does it and passes his knowledge on to us.
Yes sir. That is what it is all about. And I thank God that I have had this opportunity. Jacko has surpassed all my expectations.
  • #8,599
  • Jul 26, 2009 11:55pm Jul 26, 2009 11:55pm
Quoting Jpnek
Have you read Bulkowski's Encyclopdia of Chart Patterns (http://www.amazon.com/Encyclopedia-Chart-Patterns-Wiley-Trading/dp/0471668265/ref=sr_1_1?ie=UTF8&s=books&qid=1246522905&sr=1-1)? It's one of the books I usually have next to me all the time. I think I have the companion PDF on CD. Let me know if you want me to upload it to you.

Cheers,
I would love that jpnek. let me know where to find it.

Thanks so much,

Low
  • #8,600
  • Jul 27, 2009 2:07am Jul 27, 2009 2:07am
Quoting LasVahGoose
Since Jacko only trades and give updates on the EUR/USD pair, you folks think it would be okay to use his method on different pairs on this forum?

We can see which of the turtles understands the stuff the best by calling targets on GBP/USD or other pairs. Not as signals to trade, but as analysis on where we think price will react. It would be interesting how good the material has been absorbed and keep the tread fairly active.

Just an idea and we may learn a lot from doing it, without compromising the integrity of the private service.

My attempt to do a Jacko Style trade on the GBP/USD. I figure this would be considered a Counter Trend Trade, TL's drawn & 50% retracement. DEMO ONLY. Probably a better trade would be to wait for the retrace to the 50% @ 1.6300 and buy since the longer term trend is up.
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-07-26_2356.jpg Size: 112 KB
Don't wish it were easier, wish you were better. ~ Jim Rohn
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