Jacko's Forex House of Pleasure and Pain

Nazeri, thanks alot!!! This is the one...

Quote from Jacko's blog removed indefinitely unless approval to re-post it is received.

Beautiful call Wayne. I'll admit it was tough to watch price grind away as long as we did but it paid off. Your lessons in patience regarding entries and especially exits have been the biggest help to me thus far...Thank you.

DS

damn, i put my TP at 1.4250 and didnt re-enter.

if I may...

I would advise to respect Jacko's wish for confidentiality....even if done with best of intentions -


only he should be the one to post excerpts from the private area - imho.



unless of course it was previously ok'd with him which would bring my apologies for even raising the issue.

Point taken...but I was careful to only post a very small excerpt of the information around the entire trade and only after the trade was completed. I do not think there is enough information there to upset Jacko, if it does my apologies in advance...

DS

Hey DS and congrats on your trade

I know mistakes happen sometimes and it is exciting to see everyone make money but just in case you or anyone else missed this post, one FF member asked jacko to post old info from the blog and he said the answer is no. I think I did see Jacko post something once at his discretion, but lets leave it up to him to decide


Andrew

back to our friend...as far as I see it we're in no man's land (or for those with long positions open like yours truly - between a potential rock and a hard place). However the lower main TL is, on my H4 feed at 1.4128 and just above that at 1.4140 I have the .50 fib thus if it does decide to go down there and pay a visit there may be enough support for it to bounce off. On the positive side it does seem to have found support on the 61.8 fib after bouncing off of the 1.4180 level.

I say maybe because this is a week with lots of important news coming out and the USD is - for once in a while - behaving normally - ie strengthening on the back of good news.

Let's see if some of Jacko's proverbial patience rubs off on me allowing me to make a few pips on the ride back up - providing there is one in the near future...

my lower trendline is also around 1.4130 area, which also happens to be the 76% fib. I don't use fibs other than fib 50%, but if they line up with another strong indicator such as the trendline I take them into consideration, but by themselves they mean nothing to me.

I have been reading this thread for the last 2 weeks or so, you guys are amazing, confident traders , trading!

Jacko, you are the bomb, I agree with others who have posted, thankyou for this thread, you are very generous with your time.

This style of trading makes so much more sense than the way I was doing it, on the tick chart, m1, m5, nuts! I got nowhere.

I look forward to much learning.

Lloyd

Hi all,

I am new to forex.. Less than one year of exposure. Begin with live trade and regretted so now am just demo trade till I find my consistency. I have read the thread and find it very useful and best of all NO INDICATORS.

Just one question to confirm I am in the right direction for this method. Is the trend for Euro/Usd still up? From the way i drew my trend line It was up until yesterday which the daily went below the trend line. But I still see from the slope of the weekly and Monthly, the trend is up. But pls do correct me if I am wrong.

I got a stop out at 1.4250. Have placed an buy order at the stop out price waiting for the AT to kick it.

Thank you.

We've been in a ranging market which is why we have been buying and selling off the Trend Lines and the .50 fib - on daily some indication of a trend did begin from apr 09 which is long - but considering market conditions I would rely more on the TL's (if the .50 fib isn't in a "better" area)
than anything else.

just my.02

I just wanted to clarify this briefly.
I really wasn't going to reply anymore at all, since, well, reasons.

But what I really asked for was a(n expired) trade along with the reason.
Main emphasis, or rather ALL emphasis on the reason.

The one thing in terms of learning that goes towards improving your trading comes from understanding a trade's reasoning and market logic.
Jacko has repeatedly pointed towards the initial posts and old threads, yet my whole point - stated repeatedly, too - and intent of my post was to say "a 50% and 00 number isn't a clean cut enough ruleset to my mind".
Just like saying "buy support, sell resistance" is just 4 words, but if those 4 words were enough to make a trader then neither J16 nor jacko nor really anyone educating traders at all would have any pull.
Then again, maybe it's just a personal shortcoming of me.
I'm just trying to voice what makes sense to me in my mind.

I was simply looking for an illustration of what the actual thought process and reasoning is.
What good is an old blog entry to me if it just says selling here to there? What I'd hoped/tried to ask for was a labeled chart along with 3-4 sentences that would enable anyone seeing it to understand the process behind the trade. The logic.
If we want to be engineers instead of electronics consumers then what we need is not the produced signal, but the knowledge of the core logic and components that are capable of producing it in the first place.

Jacko, I read a lot of "we" in your posts. "When the market started to Range earlier this year we quickly recognised it". Yet I can't help but feel that it's often less of a "we" and more of an "I".
To transform between the two, there has to be a "why" and a "how". That's the bit I'm looking for.
If you feel that's the sort of thing you don't / no longer want to share without being paid, that's fair enough. It just wasn't a help for me to be pointed to what's already been posted, as it's just not (in) there.
I will just assume that it wasn't an implication that I'd just blindly asked without already reading what's there, since I don't think there was any ill will involved.

Some other things to clear up:
"Finally, I apologise that I don't post here as much as you would like anymore. "
I've narrowed down FF visits to a very, very low frequency, for various reasons. I did mean to say that I feel that posts from you, if they contained the things outlined before, would be invaluable for me and others to learn, but I did not mean to say "Please, just for me, come back and post something, anything, otherwise my life is at a loss".
It just sounded really weird reading that line, but I think that is because a forum's text only format does not carry any kind of intonation / tone and therefore we are left to guess just what the real inflection of something is.

As for the misunderstanding of what to post:
I don't want private correspondence, I just would like to understand the thought process in your mind when examining a chart for a trade. That's essentially what everyone who is trying to learn is doing and it's what I try to do/show myself when helping others "get on the horse".

It doesn't do a thing for me to see posted entry and exit and profit numbers; it does help tremendously to have e.g. a once-a-week chart saying "This is what I saw, planned, did and why".
Again, I am very aware that you have good reason not to share anything with unsubscribed "outsiders" even if it's just a single dead trade's post and I respect that.

I just wanted to make sure I was properly understood in what I actually wanted and asked for, since, as is apparent, things can quickly get misunderstood.

So in short - this isn't me asking or begging again.
I'm just trying to make sure what I actually said and asked for is apparent.
I just wanted to learn something.


Best,

Patrick

Hey Kean

Your purple lines are not valid as they are not 300 x 4H bars that Jacko uses.

I put a vertical line in to mark where the start is. I currently make that from 24th June to now. Then I draw my lines and know I'm on the same pages as him.

His rules are actually incredibly simple and the hardest part of mastering his method is gettng over the need to try and complicate it. I know because I spent 9 months losing money trying to prove to myself that I was a better trader than him whilst he was making excellent returns.

My rules are to do as my mentor says and when I'm thinking differently than him to work out why until I'm thinking the same as him.

Also read Trading in the Zone that has been posted here.

Hope that helps

Cheers
Dave

Technically, that wouldn't be totally correct as a TL with more touches to it tends to have major validity - the problem is the amount of time that validity will hold. However you are correct in that Wayne uses those parameters. Personally, I have found that drawing both the major TL (Jacko parameters) and the Minor TL (price action in the short medium term) can give me a better overall picture to where price may bounce off.

Just my .02

Simplicity is the key that's for sure.
I'm a bit confused regarding Money Management on this, specifically in regards to when to take profit. Do people open multiple lots and scale out lot by lot when their targets are reached? Or do you enter one lot with the trailing stop that is mentioned, and just aim for the specific target?
Thanks for any help you can give.

bootsyjam

Hi,

I believe it is full lots only (not scaling in and out). That is how I do it and I think that is the way Jacko teaches.

Regards,

Dan

The one thing Wayne stresses all the time is never to risk more than 2%.

How one wishes to subdivide -if at all - that 2% is up to each individual.

hi dave and all, i found this thread yesterday and have been reading from the first page but i have not finished

just to hasten my trading process, can you post a plain KISS chart illustrating what 300 X 4H bars mean. I also understand that 50 fib is taken as tp?

pls correct me. i believe many others are also trying to figure out jackos thought process
thanks again

francis

4H mean the 4 hour chart - 300 is the amount of periods Wayne puts on his chart - thus in this case 300 bars (or candles) on the H4 chart

thanks. now i understand it a bit better. i was plotting 300ema
lol