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Jacko's Forex House of Pleasure and Pain

  • #9,041
  • Aug 27, 2009 6:53am Aug 27, 2009 6:53am
Quoting fxpilot
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.
Hi fxpilot,

If you look at the 4H charts and put your Support line on and your Resistance line on, you will see that you are in no-mans land. You are a long way from the Resisistance line and a long way from the Support line. This price of 1.4265 is a very low probability trade...very close to 50/50.

You might get lucky and have guessed the right way but you have no strong technical positions to back-stop you if you are wrong.

Also, because you are in the middle of the Support and Resistance lines, the market is going to fluctuate between the two and probably take out your stops. (The market may go in your direction ..but not far enough for you to be happy to close it for a small profit.....Then it will go against you and your Stop Loss will be smaller than your Target profit..and you will be Stopped out...even after you have been in a profit situation).

Just trying to help

.
  • #9,042
  • Aug 27, 2009 7:02am Aug 27, 2009 7:02am
Quoting jacko
Hi fxpilot,

If you look at the 4H charts and put your Support line on and your Resistance line on, you will see that you are in no-mans land. You are a long way from the Resisistance line and a long way from the Support line. This price of 1.4265 is a very low probability trade...very close to 50/50.

You might get lucky and have guessed the right way but you have no strong technical positions to back-stop you if you are wrong.

Also, because you are in the middle of the Support and Resistance lines, the market is going to fluctuate between...
Hi Jacko,

I appreciate your expert advise. I followed your instructions and you are correct. I did look at the 4 hour chart, however, my decision was based on the 1 hour chart. The 4 hour certainly shows a clearer picture now that I have taken a more in-depth look. I am here to learn and this is the type of advise that I need to get to your level of success. I will wait on the sidelines for a better, high probability setup. Thank you.
  • #9,043
  • Aug 27, 2009 7:06am Aug 27, 2009 7:06am
Closed for a small loss. In hindsight it wasn't a very good trade. Live and learn...
  • #9,044
  • Aug 27, 2009 7:49am Aug 27, 2009 7:49am
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.

...
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...
Dave,

I'm in the same boat here. I have been with jacko for 6 months. I didn't take some of Jacko's trades earlier. I didn't SEE where he was coming up with his numbers. Finally, I walked away for a week, read Trading in the Zone, drew my Support and resistance lines religiously and watched. Then I traded. Then I made money.

Have also used it on AUDUSD and AUDJPY for lots of pips.

It makes sense, it's a clear cut process and it is repeatable.

Brian
  • #9,045
  • Aug 27, 2009 7:52am Aug 27, 2009 7:52am
Hi, Jacko

I am sure that you have answered this before many times. I have watched your thread for over a year now. I am finally getting it. You just trade the eurusd or other pairs like the gbpusd. Thanks.
KYSS - KEEP YOU SCREEN SIMPLE - GO WITH THE HEARD - TREND IS YOUR FRIEND
  • #9,046
  • Aug 27, 2009 7:54am Aug 27, 2009 7:54am
he trades only EU.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,047
  • Aug 27, 2009 8:01am Aug 27, 2009 8:01am
Thanks for you quick respone coscorp. I was thinking of signing up with his group. Are you in his group? How has it been. I have seen the great respect for him and his trades.
KYSS - KEEP YOU SCREEN SIMPLE - GO WITH THE HEARD - TREND IS YOUR FRIEND
  • #9,048
  • Edited 8:46am Aug 27, 2009 8:17am | Edited 8:46am
Quoting fxpilot
Hi Jacko,

I appreciate your expert advise. I followed your instructions and you are correct. I did look at the 4 hour chart, however, my decision was based on the 1 hour chart. The 4 hour certainly shows a clearer picture now that I have taken a more in-depth look. I am here to learn and this is the type of advise that I need to get to your level of success. I will wait on the sidelines for a better, high probability setup. Thank you.
Hi fxpilot,

Anything under the 4H chart is "noise"... the smaller the time frame, the "noisier" it gets. What that means is that the rules of technical analysis plays less part in the trading. It is basically random...or put another way, you are gambling on a guess. The opposite expression is that "The longer the times, the stronger the lines"

I suggest that you do not listen to anyone who says that scalping and trading of anything less than 1H is profitable. Those types of traders are invariably aggressive and loud traders because they have usually lost their jobs and have just started trading to try to earn some money and are trying to tell you (and convince themselves) that they are successful.

I will let you in on some good advice. I have a friend who used to be an Executive at one of the large brokerage houses for many years. He has managed large teams of brokers. He has seen the trading results of literally thousands of traders. If a trader was consistently profitable, his staff would get the results and reverse engineer them to see how it worked. That is how him and I met. He now works and trades with me.

He has NEVER seen a scalper last more than 12 months as a fulltime trader. So when I read all the loud and aggressive traders here talk about how they are scalping their way to riches, I just have a quiet laugh with my friend.
  • #9,049
  • Aug 27, 2009 8:31am Aug 27, 2009 8:31am
Jacko, I agree with you 100%. Run with the big dogs. 4hr and up. Ride there backs to profits.
KYSS - KEEP YOU SCREEN SIMPLE - GO WITH THE HEARD - TREND IS YOUR FRIEND
  • #9,050
  • Aug 27, 2009 8:43am Aug 27, 2009 8:43am
Quoting jacko
Hi fxpilot,

Anything under the 4H chart is "noise"... the smaller the time frame, the "noisier" it gets. What that means is that the rules of technical analysis plays less part in the trading. It is basically random...or put another way, you are gambling on a guess. The opposite expression is that "The longer the times, the stronger the lines"

I suggest that you do not listen to anyone who says that scalping and trading of anything less than 1H is profitable. Those types of traders are invariably aggressive and loud traders because...
just as a follow on to the above post.....

Have a look around this forum and look at who the long term posters are. They are longer term traders like James16 who has been here 5 years, I have been here for about 3 years, Strat (who was a member of my group ) is another who has been around for a while. Unfortunately some other very good traders from here decided not to put up with the scalper/trolls and quietly went away to do their own thing

Now tell me who the scalpers are that have show ANY evidence of their profitability, either by live trading on an open forum OR by trading with a group who see every trade and can measure the profitability of the scalper/trader.(such as my group or the James16 group)
In the three years I have been here, I haven't seen one.

As I said above, the short term scalpers come here and make a lot of aggressive noise because they have usually lost their day jobs and have just started trading to try to earn some money and are trying to tell you (and convince themselves) that they are successful.

I would welcome ANY scalper to start a live journal trading in real time here on FF and prove me wrong.
  • #9,051
  • Aug 27, 2009 8:45am Aug 27, 2009 8:45am
Quoting jacko
Hi fxpilot,

Anything under the 4H chart is "noise"... the smaller the time frame, the "noisier" it gets. What that means is that the rules of technical analysis plays less part in the trading. It is basically random...or put another way, you are gambling on a guess. The opposite expression is that "The longer the times, the stronger the lines"

I suggest that you do not listen to anyone who says that scalping and trading of anything less than 1H is profitable. Those types of traders are invariably aggressive and loud traders because...
cant tell u how happy that makes me feel hearing this coming from u...
  • #9,052
  • Aug 27, 2009 9:11am Aug 27, 2009 9:11am
Quoting nAVIN2007
cant tell u how happy that makes me feel hearing this coming from u...
hi nAVIN,

I am old and been involved in large businesses all my life...And I think that trading forex is the best business on the Planet.

I listed some of the reasons on the first page of this thread http://www.forexfactory.com/showpost.php?p=1425723&postcount=2

But, like in any business, you have to tilt the conditions in your favor. The reason brokers encourage faster and faster trading is because they are tilting the conditions in THEIR favor. The more you tend to scalp trading, the more you are putting yourself at a disadvantage. You are gambling on the guess of where the random noise is going to go. Don't play their game.

Having said that, if you do learn to trade properly, the profits from trading forex are beyond exceptional...
  • #9,053
  • Aug 27, 2009 9:18am Aug 27, 2009 9:18am
Hi Jacko,

I agree with you. You speak with conviction and have the facts and the results to prove it. Your words of advise are invaluable and already, I am seeing the market in a different way, simply by using larger timeframes for analysis.

What are your views on the EURUSD going forward? I would appreciate your expert comments. I will be subscribing to your mentorship program. Thank you.
  • #9,054
  • Aug 27, 2009 9:27am Aug 27, 2009 9:27am
Jacko, I see a buy opportunity at the 1.4200 level. 50% fib of the recent more 1.4209 and 200ema ( I know you dont use the moving averages, but it helps me in my trading) 1.4190. Nice confluences.
KYSS - KEEP YOU SCREEN SIMPLE - GO WITH THE HEARD - TREND IS YOUR FRIEND
  • #9,055
  • Aug 27, 2009 10:08am Aug 27, 2009 10:08am
If I was a Broker I would love scalpers 10 or 100 trades a day = more spread and commission It figures then that brokers will encourage low time frame trading eg MT4 on Alpari defaults to 1 hour chart.....
Dance with the market .. I have two left feet
  • #9,056
  • Aug 27, 2009 10:40am Aug 27, 2009 10:40am
Quoting jacko
hi nAVIN,

I am old and been involved in large businesses all my life...[b]And I think that trading forex is the best business on the Planet....
thanks buddy..makes complete sense
  • #9,057
  • Aug 27, 2009 11:58am Aug 27, 2009 11:58am
Quoting jacko
Hi fxpilot,

Anything under the 4H chart is "noise"... the smaller the time frame, the "noisier" it gets. What that means is that the rules of technical analysis plays less part in the trading. It is basically random...or put another way, you are gambling on a guess. The opposite expression is that "The longer the times, the stronger the lines"

I suggest that you do not listen to anyone who says that scalping and trading of anything less than 1H is profitable. Those types of traders are invariably aggressive and loud traders because...
Quoting jacko;

As I said above, the short term scalpers come here and make a lot of aggressive noise because they have usually lost their day jobs and have just started trading to try to earn some money and are trying to tell you (and convince themselves) that they are successful.
If your looking for posters here on FF that post profitable calls, you won't find many if any, but there's plenty of people, in the real world, who trade smaller time frames in conjunction with a larger picture that make a very good living.

Your post is misleading imho.

Regards,
  • #9,058
  • Edited 3:20pm Aug 27, 2009 2:57pm | Edited 3:20pm
There are always going to be some exceptions, but overall and in general the statement is true, especially here on a public forum.
I don't feel misled at all.

Many experienced traders advice newer traders starting out to start on the longer time frame. They move slower and give you more time to react and think about what you are doing.

If you nit pick enough and zoom into micro detail, you can say (just about) any statement is misleading.



Quoting auxesis
If your looking for posters here on FF that post profitable calls, you won't find many if any, but there's plenty of people, in the real world, who trade smaller time frames in conjunction with a larger picture that make a very good living.

Your post is misleading imho.

Regards,
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #9,059
  • Aug 27, 2009 3:26pm Aug 27, 2009 3:26pm
I believe that there are people making money scalping but to me it's a waste of time. Why would you want to sit in front of the pc screen all day when you can just place a trade in the morning with a trailing stop, go and do something with your life and come back to count your pips. Scalping or trading the lower time frames in general is just trading for tradings sake, people who are trading for the rush or people who can't let go and walk away from a trade. Rant over.
  • #9,060
  • Aug 27, 2009 3:30pm Aug 27, 2009 3:30pm
Quoting Snr Dinero
I believe that there are people making money scalping but to me it's a waste of time. Why would you want to sit in front of the pc screen all day when you can just place a trade in the morning with a trailing stop, go and do something with your life and come back to count your pips. Scalping or trading the lower time frames in general is just trading for tradings sake, people who are trading for the rush or people who can't let go and walk away from a trade. Rant over.
Nice post, I think people forget sometimes this a TREND FOLLOWING method, hence, no scalping. Two different schools of thought. LOL

(not saying there aren't successful scalpers)
Don't wish it were easier, wish you were better. ~ Jim Rohn
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