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Jacko's Forex House of Pleasure and Pain

  • #9,141
  • Sep 2, 2009 8:42am Sep 2, 2009 8:42am
Quoting francish
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
Attached my current chart (It may be wrong)
Attached Image (click to enlarge)
Click to Enlarge Name: eu h4 sep 09.JPG Size: 135 KB
Dance with the market .. I have two left feet
  • #9,142
  • Sep 2, 2009 8:43am Sep 2, 2009 8:43am
How do you set up 300 periods in MT4? I cannot figure out.
Thanks

Quoting coscorp
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
  • #9,143
  • Edited 8:49am Sep 2, 2009 8:48am | Edited 8:49am
Quoting smartfx
How do you set up 300 periods in MT4? I cannot figure out.
Thanks
Zoom in as far as possible then out 3 times is roughly 300 bars - found this elsewhere on this thread so no credit to me
Dance with the market .. I have two left feet
  • #9,144
  • Sep 2, 2009 8:50am Sep 2, 2009 8:50am
[quote=narberth;3015721]Attached my current chart (It may be wrong)[/quot

thanks

what is 50 fib for? tp?
  • #9,145
  • Sep 2, 2009 8:59am Sep 2, 2009 8:59am
[quote=francish;3015749]
Quoting narberth
Attached my current chart (It may be wrong)[/quot

thanks

what is 50 fib for? tp?
The fib is measured using the most recent swing and the 50% level is used to guage the likely area to enter when the market retraces. This works best when the market is in a good trend.

Regards,

Dan
  • #9,146
  • Sep 2, 2009 9:02am Sep 2, 2009 9:02am
So 6 four hr periods per day divided into 300 = 50 days?

roughly 2 months of candles then draw the trendlines & 50% fib?

Lloyd
  • #9,147
  • Sep 2, 2009 9:11am Sep 2, 2009 9:11am
Quoting RadMan
So 6 four hr periods per day divided into 300 = 50 days?

roughly 2 months of candles then draw the trendlines & 50% fib?

Lloyd
Sounds about right!
  • #9,148
  • Sep 2, 2009 9:17am Sep 2, 2009 9:17am
Thanks Dan

It is clear to me that i did not have enough weight to plot my fib lines
Attached Image (click to enlarge)
Click to Enlarge Name: sep2 09.gif Size: 42 KB
  • #9,149
  • Sep 2, 2009 9:27am Sep 2, 2009 9:27am
[quote=DanUK;3015795]
Quoting francish

The fib is measured using the most recent swing and the 50% level is used to guage the likely area to enter when the market retraces. This works best when the market is in a good trend.

Regards,

Dan

thank you buddies for enlightening me and other newbies

will put it on demo next week.

i would like to share my experience with one method of mine which might interest some of u.

"identify high and lows after day close"
"place sell limit on high and buy limit on low"
"tp = 50 pips"

it has given me 9k over a 10k demo account over the last 2-3 weeks.

cheers
  • #9,150
  • Sep 2, 2009 9:33am Sep 2, 2009 9:33am
Francish, are my fib lines like yours?

You are up 9k in two weeks! yikes!

Lloyd
  • #9,151
  • Sep 2, 2009 9:44am Sep 2, 2009 9:44am
[quote=francish;3015900]
Quoting DanUK


thank you buddies for enlightening me and other newbies

will put it on demo next week.

i would like to share my experience with one method of mine which might interest some of u.

"identify high and lows after day close"
"place sell limit on high and buy limit on low"
"tp = 50 pips"

it has given me 9k over a 10k demo account over the last 2-3 weeks.

cheers
Hi Guys

50% fib is used for exit only, NEVER ENTRY

Cheers
Dave
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,152
  • Sep 2, 2009 9:48am Sep 2, 2009 9:48am
Quoting narberth
Attached my current chart (It may be wrong)
I would say your chart is perfect!!

Cheers
Dave
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,153
  • Sep 2, 2009 10:02am Sep 2, 2009 10:02am
Did anyone catch the move yesterday?

My chart says get out at 1.4220ish, (even numbers, right?)

I would have had no idea when to get in tho


Lloyd
  • #9,154
  • Sep 2, 2009 10:02am Sep 2, 2009 10:02am
I'm long at 1.4200.
Price fell to 4200, the nearest round number closest to the 50% fib that I have drawn.

When it retraced back up after going through it I entered long. Time will tell. Hope I've got the strategy right.
  • #9,155
  • Sep 2, 2009 10:06am Sep 2, 2009 10:06am
[quote=madpommie;3015969]
Quoting francish

Hi Guys

50% fib is used for exit only, NEVER ENTRY

Cheers
Dave
Hi Madpommie-saw your post so went back to the rules and Jacko says:
1. buy/ sell ONLY in the direction of the major trend and
2. buy/sell on dips.(Use support lines to guide you as to price...also "round" numbers ... I also use the 50% Fib ratio..)

Whether I've interpreted the rule correctly for my current trade is another matterdangnabbit
  • #9,156
  • Sep 2, 2009 10:16am Sep 2, 2009 10:16am
Quoting bootsyjam
I'm long at 1.4200.
Price fell to 4200, the nearest round number closest to the 50% fib that I have drawn.

When it retraced back up after going through it I entered long. Time will tell. Hope I've got the strategy right.
Nothing wrong with that BUT it is a high risk trade Market is range bound at the moment so best long is from resitance at 1.4150
Dance with the market .. I have two left feet
  • #9,157
  • Sep 2, 2009 10:37am Sep 2, 2009 10:37am
[quote=bootsyjam;3016066]
Quoting madpommie

Hi Madpommie-saw your post so went back to the rules and Jacko says:
1. buy/ sell ONLY in the direction of the major trend and
2. buy/sell on dips.(Use support lines to guide you as to price...also "round" numbers ... I also use the 50% Fib ratio..)

Whether I've interpreted the rule correctly for my current trade is another matterdangnabbit
Hey Bootsy

I went back and read the first page too so I would see how you can interpret that and trading there is cool but it is right in the middle of the upper and lower trend lines so it's really a 50/50 trade. If you are going to do them be consistent and keep your risk reward to a level that can cope with the riskier type of trade.

I've been with Wayne for nearly a year now and he only trades off a trendline, 95% of the time only with what he sees as the main trend. He sees a counter trend trade as risky. A counter trend trade would have been at 1.4150 or more likely 1.4100 to allow for the volatility and the fact that we are range bound.

The 50% fib is used as an exit guideline and works amazingly well.

I think if you read throught the whole thread, I haven't either you will find that Wayne clarifies this point. I've read it here in the last 2 weeks.

Cheers
Dave
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,158
  • Sep 2, 2009 10:38am Sep 2, 2009 10:38am
Hi Narberth, when you say resistance I assume you mean the upward sloping trendline?
If so I can see what you mean, but I tend to look for trendlines that also coincide with previous price S/R levels (trendlines seem to be stronger with them) which I don't see in this case.
But i don't know the subtleties of this strategy, and that could be one of them, so if so, apologies for confusing things a bit.

Thanks once again for any feedback/advice, I will refrain from posting for a while to give others a chance.
  • #9,159
  • Sep 2, 2009 10:39am Sep 2, 2009 10:39am
[quote=madpommie;3015969]
Quoting francish

Hi Guys

50% fib is used for exit only, NEVER ENTRY

Cheers
Dave
Not necessarily - you are correct that the .50 fib is used as a possible target area - but it can also be used at personal discretion as an entry for a trade back up (or down) to the TL where the first trade originated.

to clarify - we are short from 143X (upper TL) - .50 fib is at 1.41x where we expect it to bounce because the Lower TL is even lower. Based upon this analysis we could decide to go long at the bounce - however trades like that carry a higher degree of risk and Jacko generally prefers to wait for price to react to a TL (upper or lower according to what kind of market sentiment there is at any given moment) so in this case price bounces off the . 50 - we then wait for it to reach the upper TL to sell again - or viceversa if we were going long and market sentiment gives us indications in such a direction.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,160
  • Sep 2, 2009 10:47am Sep 2, 2009 10:47am
[quote=coscorp;3016174]
Quoting madpommie

Not necessarily - you are correct that the .50 fib is used as a possible target area - but it can also be used at personal discretion as an entry for a trade back up (or down) to the TL where the first trade originated.

to clarify - we are short from 143X (upper TL) - .50 fib is at 1.41x where we expect it to bounce because the Lower TL is even lower. Based upon this analysis we could decide to go long at the bounce - however trades like that carry a higher degree of risk and Jacko generally prefers to wait for price...
Hi Cos

I wasn't saying that you can't trade 50% fibs, but that Wayne does't trade them. I know that some of his mentees trade the other side of what he suggest so there will be some trading the fib bounce and others waiting to see if it heads south and trade the bounce up off the lower trend line.

The point I'm trying to get across is that in the year I've been with Wayne his returns are amazing so why try and reinvent the wheel in his thread.

I also trade with another mentor that trades breakouts with support and resistance as targets but that would confuse someone trying to come to terms with Waynes trading.

I spent the first 9 months trying to do that and if I can I'd like to save anyone else that pain by telling them my understanding of what Wayne has taught me.

Cheers
Dave
Each loss is one step closer to a winner!!! Cheers, Dave
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