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Jacko's Forex House of Pleasure and Pain

  • #9,101
  • Aug 31, 2009 6:09am Aug 31, 2009 6:09am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Hi,
This is my first post on this thread. I have been looking at the Jacko material with interest and I have attempted to apply some trend lines to today's euro chart. However, I am a little unsure of where the best place is to position the trend lines. As seen on the chart, I have support & resistance lines in orange that go back a little further in time but only have two touches (does only two touches make them invalid?). I also have drawn support & resistance lines in purple, that do not go back in time quite so far however, one has five touches and the other has three. Please can anybody with experience of the Jacko method advise me on this issue?
Regards, Kean
Attached Image (click to enlarge)
Click to Enlarge Name: euro.gif Size: 23 KB
  • #9,102
  • Aug 31, 2009 12:26pm Aug 31, 2009 12:26pm
i believe the orange lines are the correct ones
  • #9,103
  • Aug 31, 2009 1:08pm Aug 31, 2009 1:08pm
Hi Kean,

I am a recent and proud member of Jackos Trading Group. It is a great experience to learn from Jackos experience and his very accurate interpretation of the charts. Very KISS!

My chart looks exactly the same as yours, and I have adressed that question as well to Jacko, and I am looking forward to his reply. Time has told us, as I write this, that price finally has bounced off that purple trendline for a 100+ pips upmove.

I personally was short at 1.4375 and asked myself this morning after the close of the first 4h spike that touched the trendline, if I should take profit nearby trend line for a nice 100+ pips profit. I didnt, because my target was to get under 1.4250, but I most probably will in the future whenever a similar situation arises.

On a longer time frame, the orange trendlines are more important, as price is swinging between these two boundary lines.
I suppose the answer depends on the time horizon you are looking at: Shortterm: purple lines are more important. Longterm: orange lines are more important and the purple lines become less important.

Just a thought of someone who is just starting to understand how this market works....

Regards, Daniel
  • #9,104
  • Aug 31, 2009 1:34pm Aug 31, 2009 1:34pm
Jacko's method is to connect the recent highs and the recent lows ona 4H chart set to 300 periods...thus your orange lines are the same ones Jacko would have.

Obviously there are other support and resistance points, a couple of which you have highlighted on your chart, but Jacko would use the orange lines as areas to take a trade with the recent 50% fib from the high / low between the lines (around the 1.4210 area you have highlighted) as a potential price target.


I'm looking for the price to move towards the falling trendline as per your orange line and to take a trade near that area.
  • #9,105
  • Aug 31, 2009 1:48pm Aug 31, 2009 1:48pm
Funny thing is, if you take today's fiber action then the purple support line sure looks better to me.
  • #9,106
  • Aug 31, 2009 1:49pm Aug 31, 2009 1:49pm
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting lovejoy80
Jacko's method is to connect the recent highs and the recent lows ona 4H chart set to 300 periods...thus your orange lines are the same ones Jacko would have.

Obviously there are other support and resistance points, a couple of which you have highlighted on your chart, but Jacko would use the orange lines as areas to take a trade with the recent 50% fib from the high / low between the lines (around the 1.4210 area you have highlighted) as a potential price target.


I'm looking for the price to move towards the falling trendline as per your...
Hi, would you not consider the purple support line more valid as there were five touches on it?...in fact, since my original post, there are now six touches and it has rejected price up by over 100 pips. I am not disputing Jacko's judgement, I am just trying to understand the best way to draw the trendlines.
Kind regards, Kean
  • #9,107
  • Aug 31, 2009 2:18pm Aug 31, 2009 2:18pm
Quoting kean
Hi, would you not consider the purple support line more valid as there were five touches on it?...in fact, since my original post, there are now six touches and it has rejected price up by over 100 pips. I am not disputing Jacko's judgement, I am just trying to understand the best way to draw the trendlines.
Kind regards, Kean
Yes the 'inner' trendlines are holding as support and resistance at the moment and you would have had some nice trades of these. I have these lines on my chart too as per below. As you can see the price will breakout of this range quite soon as the two trenlines are converging to a point. Thus, in summary the inner trendlines (in my opinion) are perfectly fine to trade off, but for me, I want to wait for a breakout and hopefully take a short off / near the upper yellow trendline.

Just my £0.02 worth.

http://i25.tinypic.com/n4jsrp.png
  • #9,108
  • Aug 31, 2009 8:14pm Aug 31, 2009 8:14pm
Quoting teddybearhug
The system set out on the first page IS first class. But it is Wayne's maturity and long term view that has impressed me the most. He sees this as a life time career and not an attempt at becoming a millionaire overnight. His results have definitely shown me that forex trading is the career I want to have. My trading has already shown a big improvement from his advise. I can only get better at this.
My improvement in my trading and the improvement to my account dollars over the last two months since this post have been way far beyond my expectations. Thank you Jacko for doing what you do. I am one of the silent ones who is in awe of how you are helping traders such as me. You make it all so easy.
  • #9,109
  • Sep 1, 2009 3:38am Sep 1, 2009 3:38am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting lovejoy80
Yes the 'inner' trendlines are holding as support and resistance at the moment and you would have had some nice trades of these. I have these lines on my chart too as per below. As you can see the price will breakout of this range quite soon as the two trenlines are converging to a point. Thus, in summary the inner trendlines (in my opinion) are perfectly fine to trade off, but for me, I want to wait for a breakout and hopefully take a short off / near the upper yellow trendline.

Just my £0.02 worth.

http://i25.tinypic.com/n4jsrp.png...
Hi Lovejoy80,
Thanks for your comments and your chart, as I am new to Jacko's trading, it is good to see someone else plotting similar trend lines...I must be on the right tracks. I suppose that I just need to carry on with what I am doing and give it a little more time to get used to this method.
Regards, Kean
  • #9,110
  • Sep 1, 2009 3:51am Sep 1, 2009 3:51am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting elmasmas
Hi Kean,

I am a recent and proud member of Jackos Trading Group. It is a great experience to learn from Jackos experience and his very accurate interpretation of the charts. Very KISS!

My chart looks exactly the same as yours, and I have adressed that question as well to Jacko, and I am looking forward to his reply. Time has told us, as I write this, that price finally has bounced off that purple trendline for a 100+ pips upmove.

I personally was short at 1.4375 and asked myself this morning after the close of the first 4h spike that touched...
Hi Daniel, thanks for your reply. So, if Jacko says that he is currently using the 4H timeframe, and that this is more of a short term time frame, (as opposed to the longer daily, weekly timeframes, where the orange trendlines would be more applicable) should Jacko therefore not look more towards the purple trend lines?
Regards, Kean
  • #9,111
  • Sep 1, 2009 4:34am Sep 1, 2009 4:34am
Quoting kean
Hi Daniel, thanks for your reply. So, if Jacko says that he is currently using the 4H timeframe, and that this is more of a short term time frame, (as opposed to the longer daily, weekly timeframes, where the orange trendlines would be more applicable) should Jacko therefore not look more towards the purple trend lines?
Regards, Kean
300 period 4H charts or you can look at it as 50 period daily.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #9,112
  • Sep 1, 2009 5:04am Sep 1, 2009 5:04am
Hello guys,

im on my way to become jacko turtle soon !
Trading Forever !!!
  • #9,113
  • Sep 1, 2009 5:26am Sep 1, 2009 5:26am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting LasVahGoose
300 period 4H charts or you can look at it as 50 period daily.
Hi LasVahGoose,
I know that Jacko uses the 4H/300bar time frames, the question that I have is...as this is a shorter timeframe than the daily, would the purple trendlines on my chart that has six touches on the support line be more valid than the orange trendlines (which Jacko has drawn) where the support line has only two touches?
Regards, Kean
Attached Image (click to enlarge)
Click to Enlarge Name: euro.gif Size: 19 KB
  • #9,114
  • Sep 1, 2009 5:53am Sep 1, 2009 5:53am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Hi, can a kind soul post the Trading in the Zone pdf here? I tried to download but the file appeared damaged. Thanks!
I have seen the enemy, and it is me.
  • #9,115
  • Sep 1, 2009 5:54am Sep 1, 2009 5:54am
Quoting kean
Hi LasVahGoose,
the purple trendlines on my chart that has six touches on the support line be more valid than the orange trendlines (which Jacko has drawn) where the support line has only two touches?
Regards, Kean
Technically, a trend line with more hits is more valid. The purple trend line is pretty steep, so I don't think it can be sustained for the long term. Sorry, I can't give you a better answer than that. I'm still learning myself.

I guess if we crash through it we'll know.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #9,116
  • Sep 1, 2009 7:15am Sep 1, 2009 7:15am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting LasVahGoose
Technically, a trend line with more hits is more valid. The purple trend line is pretty steep, so I don't think it can be sustained for the long term. Sorry, I can't give you a better answer than that. I'm still learning myself.

I guess if we crash through it we'll know.
Hi, yeah...see what happens...although I just noticed that price has dropped down 65 points on the current 4h bar and yet again bounced off the purple support line.

Thanks, Kean
  • #9,117
  • Sep 1, 2009 7:25am Sep 1, 2009 7:25am
Quoting Jey
Hi, can a kind soul post the Trading in the Zone pdf here? I tried to download but the file appeared damaged. Thanks!
hi Jey

Not sure whether this is the one you looking for. Just try to help.
  • #9,118
  • Sep 1, 2009 8:12am Sep 1, 2009 8:12am
Quoting kean
Hi, yeah...see what happens...although I just noticed that price has dropped down 65 points on the current 4h bar and yet again bounced off the purple support line.

Thanks, Kean
The trade off the higher minor TL today would have yielded 90 pips more or less...however now personally I want to wait and see whether the lower one will hold or not.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,119
  • Sep 1, 2009 10:39am Sep 1, 2009 10:39am
Well..I guess we can say it broke....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,120
  • Sep 1, 2009 10:55am Sep 1, 2009 10:55am
Quoting coscorp
Well..I guess we can say it broke....
And went right to 50% fib of 1.4220. Jacko's first initial target...WAY TO GO WAYNE. Yet another huge winner.
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