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Jacko's Forex House of Pleasure and Pain

  • #9,021
  • Aug 26, 2009 11:58am Aug 26, 2009 11:58am
Quoting jacko
Oh...OK..

Did you close your trades on the 50% fib at 1.4211 ??
We all closed out at 1.4210 for 130 pips.
Will go short again later
Just above that after it bounced. Took some profit anyway.

I posted earlier that that was my plan.
  • #9,022
  • Aug 26, 2009 11:59am Aug 26, 2009 11:59am
Quoting Snr Dinero
Ok, so all that put together I am short from just below 1.43 with a view to taking profit somewhere near the 50% fib of the last move up... just above 1.42 but it could go lower (don't want to be greedy). A bounce from 1.41 would signal a nice long.

Am I viewing that about right?
Here
  • #9,023
  • Aug 26, 2009 12:53pm Aug 26, 2009 12:53pm
I have just found this site and am very interested in learning from all of you.
  • #9,024
  • Aug 26, 2009 9:11pm Aug 26, 2009 9:11pm
Nice trading on the EURUSD Jacko. Well done.

fxpilot
  • #9,025
  • Aug 26, 2009 10:40pm Aug 26, 2009 10:40pm
Quoting fxpilot
Nice trading on the EURUSD Jacko. Well done.

fxpilot
A nice and easy 130 pips is always pleasant.

But then again I have only had one losing trade in the last two months, so I am having lots of pleasant moments

.
  • #9,026
  • Aug 26, 2009 10:53pm Aug 26, 2009 10:53pm
Quoting jacko
A nice and easy 130 pips is always pleasant.

But then again I have only had one losing trade in the last two months, so I am having lots of pleasant moments

.
That's something to aspire to!

With these ranging markets are you sometimes using the 1 hour charts to choose entry points with fibonacci?

The 50% level of the last move down would give a short entry point for the next move at 1.4277 or do you think the resistance between 1.4250 and 55 will hold it and prove to be the top of the retrace?
  • #9,027
  • Aug 26, 2009 11:14pm Aug 26, 2009 11:14pm
Quoting jacko
A nice and easy 130 pips is always pleasant.

But then again I have only had one losing trade in the last two months, so I am having lots of pleasant moments

.
Actually I was being a little bit selfish there...

Each of the members of the group are also having lots of the same "pleasant moments"

.
  • #9,028
  • Aug 27, 2009 2:10am Aug 27, 2009 2:10am
where is the next good shorting level?

i placed a small one at 1.4250 and another limit entry if we get to 1.43
Some drink at the fountain of knowledge. Others just gargle !
  • #9,029
  • Aug 27, 2009 3:51am Aug 27, 2009 3:51am
Plan-b jacko has already told you.
Its a ranging market ie: its bouncing from upper trendline to lower trendline.
hes already said where his last entry and exit was so you have a good idea of which trendlines hes using.- in this ranging market
Im not trying to be awkward or rude but Jacko is not - correct me if Im wrong - a tip service.
Even if he was a tip service you would learn nothing from just taking the trades.ok you would make some money but you wouldnt be tapping the potential.
he has given a method to deal with both trends and ranging markets...and for free!
I joined jacko groups about a year ago.
I dont email him with questions...but I could if I needed to.
I try and work out why
It has cost me ...cos i dont demo .I backtest on for maybe a year poss 2 at most - manually- and when I think I know what Im doing (!)) then I trade my own money ...not a recommendation but it works for me...real money sort of focuses my attention!
Anyway its paying dividends.
Bit of a rant there ...sorry for that
  • #9,030
  • Aug 27, 2009 3:54am Aug 27, 2009 3:54am
Quoting jacko
Actually I was being a little bit selfish there...

Each of the members of the group are also having lots of the same "pleasant moments"

.
Hi Wayne

Being part of your group is an honour. This was my best trade ever and your ability to pick the exit point is uncanny.

Whilst I've been with you for nearly a year I spent much of that time thinking that I knew better than you and trying to prove why I could pick better entries and exits. Only after reading Trading in the Zone by Mark Douglas did I stop and review how you'd been doing.

LOL You'd been doing great whilst I'd been losing money.

My only rule now is I must do as my mentor, Wayne Jackson says!! This includes not entering too early and not exiting too soon as well as not trading when Wayne goes shopping on a Friday when there is a big news event due.

Your exit point yesterday was incredible in how close it was to the low yet perfectly logical. I had very jittery fingers wanting to exit and twice watched it start to move upwards for 25 pips but you held so I did too.

If I wore a hat it would come off to you sir.....

Extremely happy to be part of this and now that I understand I don't know better than you I have my second year to learn.

Thank You
Dave Barnett
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,031
  • Aug 27, 2009 5:06am Aug 27, 2009 5:06am
Just gone short at 1.4268 just below 50% fib of the last move down and second touch of this mornings high.
  • #9,032
  • Aug 27, 2009 5:21am Aug 27, 2009 5:21am
Quoting begbrook
Plan-b jacko has...
No disrespect to the man but the question was not directed to jacko specifically.I was simply trying to start a discussion on the current levels.
There is nothing wrong with having a mentor but is'nt going on solo flights eventually part of the learning?
I also do not see anything wrong with discussing trades if it makes us better at the end of the day- Dineros post above is one such example
Some drink at the fountain of knowledge. Others just gargle !
  • #9,033
  • Aug 27, 2009 5:42am Aug 27, 2009 5:42am
Quoting plan-b
No disrespect to the man but the question was not directed to jacko specifically.I was simply trying to start a discussion on the current levels.
There is nothing wrong with having a mentor but is'nt going on solo flights eventually part of the learning?
I also do not see anything wrong with discussing trades if it makes us better at the end of the day- Dineros post above is one such example
Also sometimes it's good to put your neck on the line... If I'm wrong about this I'll look a bit silly and have to be more careful next time, if I'm right it will be a positive learning experience for me, give a little boost in confidence too and aid other people by them seeing my thought process before I took a successful trade. (although I'm sure they're far more interested in Jacko's pre-trade thinking)
  • #9,034
  • Aug 27, 2009 5:56am Aug 27, 2009 5:56am
Quoting jacko
A nice and easy 130 pips is always pleasant.

But then again I have only had one losing trade in the last two months, so I am having lots of pleasant moments

.
Thats phenomenal Jacko! Clearly you have mastered the art of trading. I look forward to learning from you, participating here and one day to achieve trading success similar to yours. Well done.

fxpilot
  • #9,035
  • Aug 27, 2009 6:15am Aug 27, 2009 6:15am
Quoting Snr Dinero
Just gone short at 1.4268 just below 50% fib of the last move down and second touch of this mornings high.

I would watch that trade very carefully...news out shortly...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,036
  • Aug 27, 2009 6:16am Aug 27, 2009 6:16am
Quoting Snr Dinero
Just gone short at 1.4268 just below 50% fib of the last move down and second touch of this mornings high.
Hi Snr Dinero,

I also sold at 1.4265. 50% Fib level, strong resistance zone (daily pivot point) and second test of the mornings high as you said. Lets see how this works out. Happy trading.
  • #9,037
  • Aug 27, 2009 6:23am Aug 27, 2009 6:23am
zooming out the charts sometimes works wonders...but with news anything could happen...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,038
  • Aug 27, 2009 6:36am Aug 27, 2009 6:36am
Quoting Snr Dinero
Also sometimes it's good to put your neck on the line... If I'm wrong about this I'll look a bit silly and have to be more careful next time, if I'm right it will be a positive learning experience for me, give a little boost in confidence too and aid other people by them seeing my thought process before I took a successful trade. (although I'm sure they're far more interested in Jacko's pre-trade thinking)

True that.

There are many positives in jackos method and i apply them often.
For purposes of learning i will briefly explain a simple method that has served me well this year.
The strength of my method is in money management

I examine charts(4H and above) to determine where price is likely heading.
I then enter 1 position in 1:1 gearing preferably at a support or resistance although its not really that important if you got direction right.
1:1 gearing means that if you have a capital of $10,000 you enter 1 mini lot of $10,000
If price goes against me say another 50 pips i enter another lot for 2:1 gearing upto a maximum of 3:1 which means if i have a $10,000 the maximum leverage i can use is $30,000 on a trade

Today for example i went short at 1.4250, i will add another one at 1.43 and maybe a last one at 1.4350 before i draw a line where i will get out if the trade goes further against me..for example i might put a stop at 1.445 but mostly it never gets so far off.
when my trade turns green i will take profit off the table at between 2-5% of my account while using trailing stops to lock it in when i'm not in front of the screen.

I also try to trade only EUR/USD

I like the simplicity because it takes the stress out while still offering a decent return..misuse of leverage is the number one killer in trading.
Some drink at the fountain of knowledge. Others just gargle !
  • #9,039
  • Aug 27, 2009 6:39am Aug 27, 2009 6:39am
hmmm sounds like martingale.....

I much prefer russian roulette with a loaded gun....

to each his own

I would add that misuse of Money Management (aka Risk Management) is also a prime candidate for the N.1 spot...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,040
  • Aug 27, 2009 6:43am Aug 27, 2009 6:43am
Quoting madpommie
Hi Wayne

Being part of your group is an honour. This was my best trade ever and your ability to pick the exit point is uncanny.

Whilst I've been with you for nearly a year I spent much of that time thinking that I knew better than you and trying to prove why I could pick better entries and exits. Only after reading Trading in the Zone by Mark Douglas did I stop and review how you'd been doing.

LOL You'd been doing great whilst I'd been losing money.

My only rule now is I must do as my mentor, Wayne Jackson says!! This includes not entering...
Hi Dave

Thanks for your kind words I appreciate thatyou have ad the "Ah Ha" moment and will now turn your trading around

.
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