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Jacko's Forex House of Pleasure and Pain

  • #9,081
  • Aug 28, 2009 2:37am Aug 28, 2009 2:37am
Quoting lovejoy80
Price spiked up and closed above 4H trend line...that should mean we now looking for a pullback to that line which should act a support in order to go long?

Or are we careful as the spike yesterday was caused for no fundamental reason just low liquidity, and just ignore the extreme spike and thus looking to go short?

I'm with the former based on pure technical reasons. Price is sitting near the 4H line and horizontal support is just below. Thus long with stop below the 4H and horizontal support line...if it breaks then support broken...
Hi lovejoy80,

I think you will find that the spike yesterday afternoon NY time was caused by a very successful (well bought) $28 Billion auction of 7 year T-Bills. (Look out, China is back in buying up USD assets again).

And I love your charts...they are exactly identical to mine... Netdania??? (Free, accessible anywhere, easy to use, and saves me opening up my platforms in insecure connections when traveling)
  • #9,082
  • Edited 3:19am Aug 28, 2009 2:54am | Edited 3:19am
Hi,

that is up to personal choice - I prefer to lock in some profits at various points in time of the trade (if I'm not away) - however there is a possibility the trade will go back stop you out then proceed onto your original target - if that happens and I feel the move isn't over I will reenter with a new position - if i don't/can't I'm happy I made a profit - albeit smaller - and try never (though not easy sometimes) to go the woulda,coulda,shoulda route - as it's no use - the market is always there.

EDIT: on the other hand - just watching what Wayne does and his results should give anyone the patience to wait for a trade to reach the intended target.

Quoting Bernard
I am a recent member of Jacko's group and I have a question that I would appreciate an answer either from Jacko himself or the members who have been with Jacko for a longer time.

After you enter the trade and after the trade goes in to profit, lets say by 90 pips, do you secure the profit some how on your own? by moving the S/L, or applying trailing stop, or even closing the trade?

I have been burnt two times by fooling around with the trade on my own, but it is very tempting!!
Thank you Jacko for being such an excellent mentor.
Bernard
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,083
  • Aug 28, 2009 3:10am Aug 28, 2009 3:10am
Quoting jacko
Hi lovejoy80,

I think you will find that the spike yesterday afternoon NY time was caused by a very successful (well bought) $28 Billion auction of 7 year T-Bills. (Look out, China is back in buying up USD assets again).

And I love your charts...they are exactly identical to mine... Netdania??? (Free, accessible anywhere, easy to use, and saves me opening up my platforms in insecure connections when traveling)

Ahhh, yes that sounds like a more rationale reasoning! Can you explain to us all why that causes a broad sell of off the USD?

I used the dailyfx chart which I presume is Netdania...do not need anything else or any fancy 'pay for our charts we've got 1001 indicators' charting package! I used Oanda to trade and thus use their charts too, but they have 3H not 4H for some reason and you can't zoom out that much...so just use daily fx each time...doesn't take long to load up and draw a few lines on.

Congratulations on the anniversary of the fund by the way, very impressive
  • #9,084
  • Aug 28, 2009 4:32am Aug 28, 2009 4:32am
Quoting lovejoy80
Ahhh, yes that sounds like a more rationale reasoning! Can you explain to us all why that causes a broad sell of off the USD?

I used the dailyfx chart which I presume is Netdania...do not need anything else or any fancy 'pay for our charts we've got 1001 indicators' charting package! I used Oanda to trade and thus use their charts too, but they have 3H not 4H for some reason and you can't zoom out that much...so just use daily fx each time...doesn't take long to load up and draw a few lines on.
Hi lovejoy80

1. Sale of T-Bills = more US debt = weaker US currency= Euro goes up

2. DailyFX charts / Netdania are the best...I agree, Why does anyone ever pay for charting packages??? They must have more money than me, because there is no way I would pay for them when the free and easily accessible DailyFX /Netdania charts are good enough for me

.
  • #9,085
  • Aug 28, 2009 4:52am Aug 28, 2009 4:52am
This weeks candle close will provide useful clues


Attached Image (click to enlarge)
Click to Enlarge Name: weekly 1 year.GIF Size: 87 KB


currently a long legged doji right at the trend line going back one year
signaling bulls could be running out of steam
Some drink at the fountain of knowledge. Others just gargle !
  • #9,086
  • Edited 10:21am Aug 28, 2009 7:07am | Edited 10:21am
Quoting Bernard
I am a recent member of Jacko's group and I have a question that I would appreciate an answer either from Jacko himself or the members who have been with Jacko for a longer time.

After you enter the trade and after the trade goes in to profit, lets say by 90 pips, do you secure the profit some how on your own? by moving the S/L, or applying trailing stop, or even closing the trade?

I have been burnt two times by fooling around with the trade on my own, but it is very tempting!!
Thank you Jacko for being such an excellent mentor.
Bernard
Hi Bernard

I spent 9 months trying to reason that I was better than Wayne. Then I read trading in the zone by Mark Douglas and saw the light.

I went back and looked at Jackos results and saw the light.

My rule now is that I will not enter or exit a trade until he tells me too. Everyday I look for what I think he will do and then I work out why I'm not thinking like him.

If you second guess his trades you will end up cutting your profits and letting your losses run.

I am now profitable.

Cheers
Dave
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,087
  • Aug 28, 2009 7:15am Aug 28, 2009 7:15am
Quoting flyer415
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
Hi Brian

It is truly an amazing book and I think one that people should read before even opening a chart. I think it was about my 40th book... DOH..

How long have you been applying Jacko's methods to AUDUSD and AUDJPY and what are your results to date. What stops are you using for them??

Cheers
Dave
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,088
  • Aug 28, 2009 7:50am Aug 28, 2009 7:50am
Hi, I am going on holiday to Thailand for a month in a few weeks.

I am looking for some recommended trading reading i can read while by the pool

Trading in the Zone sounds like a good, any others out there I should consider.

Cheers

ST

Quoting madpommie
Hi Brian

It is truly an amazing book and I think one that people should read before even opening a chart. I think it was about my 40th book... DOH..

How long have you been applying Jacko's methods to AUDUSD and AUDJPY and what are your results to date. What stops are you using for them??

Cheers
Dave
" Dont wait for your boat to come in ..... swim out and meet it"
  • #9,089
  • Aug 28, 2009 10:38am Aug 28, 2009 10:38am
Quoting speedtrip
Hi, I am going on holiday to Thailand for a month in a few weeks.

I am looking for some recommended trading reading i can read while by the pool

Trading in the Zone sounds like a good, any others out there I should consider.

Cheers

ST
Funny but I read Trading in the Zone whilst in Thailand. Enjoy!!!
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,090
  • Aug 28, 2009 4:51pm Aug 28, 2009 4:51pm
Quoting Bernard
I am a recent member of Jacko's group and I have a question that I would appreciate an answer either from Jacko himself or the members who have been with Jacko for a longer time.

After you enter the trade and after the trade goes in to profit, lets say by 90 pips, do you secure the profit some how on your own? by moving the S/L, or applying trailing stop, or even closing the trade?

I have been burnt two times by fooling around with the trade on my own, but it is very tempting!!
Thank you Jacko for being such an excellent mentor.
Bernard
same here, i just joined last week. sometimes im tempted to lock in profits or move my stops to BE, but i decided to listen to jacko and so far so good.
  • #9,091
  • Aug 28, 2009 4:51pm Aug 28, 2009 4:51pm
Quoting madpommie
Hi Brian

It is truly an amazing book and I think one that people should read before even opening a chart. I think it was about my 40th book... DOH..

How long have you been applying Jacko's methods to AUDUSD and AUDJPY and what are your results to date. What stops are you using for them??

Cheers
Dave
does any have the e-book they can post?

edit: nm, found it
  • #9,092
  • Aug 28, 2009 5:05pm Aug 28, 2009 5:05pm
I bought the hard copy but if you Put this into google....

trading in the zone pdf

... you get plenty of options

... though I have to say that since reading the book 2 months ago I have made it's cover price back 100 fold. To me that is good karma.

Happy reading
Cheers
Dave
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,093
  • Aug 28, 2009 7:52pm Aug 28, 2009 7:52pm
Quoting speedtrip
Hi, I am going on holiday to Thailand for a month in a few weeks.

I am looking for some recommended trading reading i can read while by the pool

Trading in the Zone sounds like a good, any others out there I should consider.

Cheers

ST
Hi Speedtrip,

This one's more of a novel than a textbook, but between the lines there's a lot of insight into the psychology of trading.

I like how some things never seem to change; as Jacko says,

'This market will be here long after you and I...'

There's a bit of Gatsby-esque cool about it too. Ideal holiday reading!
Attached File(s)
File Type: pdf Reminiscences Of A Stock Operator.pdf   1.7 MB | 815 downloads
  • #9,094
  • Aug 28, 2009 8:14pm Aug 28, 2009 8:14pm
“One of the greatest threats to trader success and longevity is isolation and insularity. Without the free flow of ideas from different sources and perspectives, individual traders become trapped in limited ways of viewing and doing… I have consistently found that successful traders and portfolio managers have well-developed networks of contacts.” -Brett Steenbarger
  • #9,095
  • Aug 28, 2009 8:40pm Aug 28, 2009 8:40pm
Quoting jacko
I have been asked by a couple of traders in the group to post an unedited copy of my blog today to demonstrate the trade. Below is part of todays blog (All times are NY time or EST)
Hi Jacko,

It's great to see you here. Your posts always lend a great deal of moral support and help me to stick to my trading plan (and I know I don't just speak for myself in this respect).

You should indeed be proud of this thread.

Thanks.
  • #9,096
  • Aug 28, 2009 9:14pm Aug 28, 2009 9:14pm
Closed out a short from 1.4400 that I've been holding since price spiked yesterday.

My main reason for taking the trade was the trendline visible on the daily over 300 bars - this resistance has been well respected so far. My target was the 50Fib @ 1.4300 from 1.4205-1.4405; I haven't let it run because I feel that the 4H resistance may be retested and we're still ranging. Also, I didn't want to hold the position over the weekend.

Looking at the triangle on the chart, I have a feeling the market may be making a decisive move sooner rather than later! Let's hope so.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd13.gif Size: 17 KB
  • #9,097
  • Aug 28, 2009 9:32pm Aug 28, 2009 9:32pm
Alert: Rumor in high circles in china , china will sell down their stock market in early october chinese golden week if this happens usd will sky rocket...

Put a note in your diary...
  • #9,098
  • Aug 29, 2009 10:55am Aug 29, 2009 10:55am
for now I'd be happy of we hit my target of 4210... but I'm ready to close my shorts up to 50 pips above that - 4270 shouldn't hold up as support....I hope LOL.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,099
  • Aug 29, 2009 1:14pm Aug 29, 2009 1:14pm
Quoting Snr Dinero
User Name, thanks for your reply. If I understood that right you are advocating entering once price meets the support of the top of the downwards trendline it has recently been following without waiting for confirmation of that support holding?

The theory behind this I am guessing is that this pattern comes good more often than it fails and for the times it does come good I can make an extra 30 or 40 pips per trade over waiting for confirmation which will easily cover any losses I may make along the way?
Snr Dinero,

I never enter blindly, if a price breaks resistance, I watch how far it goes and how the price reacts when it gets back to the resistance line (which now would be support) If there is big news coming out and we are around those levels, I let the dust settle after the news and then decide if I wanna enter or not. A lot of the times, because of the news price violates trendlines such as what happened on 8/27/09 when it shot up to 1.4404 and came right back into the range, which is a false breakout.

Quoting Snr Dinero
As far as a target is concerned I have two ideas. The 50% fib extension of the last move would be 1.4530 but I have 1.45 as a strong historic s/r level from the weekly chart. Which would you use? I'm thinking of entering the target as 1.4530 and watching carefully if/when price meets 1.45. Is that a plan?
I don't use fib extension only fib retracement levels. As far as target, if we do break out to the bull side, I would look at I would look at 1.4650 - 1.4700, The 1.4650 is support level for 8/15/2008-8/30/08 and 1.4700 is an resistance level for 12/18/08 and there is also some consolidation in that area late 2007 to early 2008, bur I would also look at how price reacts around round numbers. IMO, I highly doubt we will see a move up, maybe at retest to of the 1.4550 level before it goes down, but I wouldn't put my money on a move up
It's NOT GAMBLING when the odds are in your favor
  • #9,100
  • Aug 30, 2009 1:11am Aug 30, 2009 1:11am
Quoting Pipped
Hi Jacko,

It's great to see you here. Your posts always lend a great deal of moral support and help me to stick to my trading plan (and I know I don't just speak for myself in this respect).

You should indeed be proud of this thread.

Thanks.
Hey Jacko

Its good to see you posting here again. Your trading last week was top stuff.
Your trading in the last two months has been a terrific inspiration to us all.Two full months with only one losing trade which was immediately followed by an AntiHedge trade which got all the loss back and then a whole lot more. Sensational trading.
Same with your mentoring. Sensational mentoring as you show us the way to trade like a big pro.
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