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Jacko's Forex House of Pleasure and Pain

  • #9,161
  • Sep 2, 2009 10:50am Sep 2, 2009 10:50am
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.

Nice entry - 14200 is a round number and albeit the major TL (Jacko parameters) is lower (on my feed 1.4130'ish) the price was hovering in that area for the last 16 hours - finally going back down within 7 pips of the minor TL (as I define them) which was created when price broke south yesterday - ( LL of 17 Aug to LL 1 Sep).

If in doubt bring up your SL to BE or cover some pips and then just wait (TSL?) - I have the upper TL at 1.4360'ish - but we need to see if the bulls will have the strength to take it up there.

In anycase as I see it you're about 50 pips better off than when you entered.

Cheers
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,162
  • Sep 2, 2009 10:50am Sep 2, 2009 10:50am
Coscorp

Was yesterdays move not enough to take profits?

Sorry for all the questions, I'm such a noob

Lloyd

Also how far back in time do you go to draw the fib?
  • #9,163
  • Sep 2, 2009 10:53am Sep 2, 2009 10:53am
Hi,

yes as a general rule he doesn't because as you correctly stated price could go anywhere....

I totally agree with the wheel part - but often times the only way to really learn is to get your knees a bit scruffed... - a year here too btw

Cheers

[quote=madpommie;3016192]
Quoting coscorp

Hi Cos

I wasn't saying that you can't trade 50% fibs, but that Wayne does't trade them....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,164
  • Edited 11:11am Sep 2, 2009 10:57am | Edited 11:11am
Quoting RadMan
Coscorp

Was yesterdays move not enough to take profits?

Sorry for all the questions, I'm such a noob

Lloyd

Also how far back in time do you go to draw the fib?
I'm not sure I understood your question - I definitely did take profits albeit initially at a higher level (Jacko's patience is phenomenal in certain conditions LOL) then waited for the break lower of the minor TL and took some there too.

Fibs are usually drawn between the most relevant swing high and low of the timeframe we are looking at - H4 in this case. I also have a major fib which goes back 300 bars - but that's me.

No problem on the questions - they help all of us.

EDIT: the .50 fib we would be looking at in this case for a possible target area would be by connecting the low of 17 Aug to the high of 5 Aug giving us 1.4250.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,165
  • Sep 2, 2009 11:00am Sep 2, 2009 11:00am
I have not been following Jacko for long but I believe the biggest lesson I have to learn from him is patience Jacko will wait for the market to retrace to provide what he believes is the best entry and I think that is what gives him his exceptional win / loss ratio. Rule 1 Do not lose money
Dance with the market .. I have two left feet
  • #9,166
  • Sep 2, 2009 11:01am Sep 2, 2009 11:01am
thanks for your reply Coscorp, I will redraw my chart.
  • #9,167
  • Sep 2, 2009 11:10am Sep 2, 2009 11:10am
case in point - price went long reaching the .50 fib and stopped dead - now...where will it go? If it breaks the upper TL is the next target.

all this imho of course
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,168
  • Sep 2, 2009 11:21am Sep 2, 2009 11:21am
[quote]
coscorp case in point - price went long reaching the .50 fib and stopped dead - now...where will it go? If it breaks the upper TL is the next target.

all this imho of course /QUOTE]

I want to ask where 50% fib is on your chart, but if I have it right, it doesn't matter where it is on yours, it matters where it is on mine, correct?


Lloyd
  • #9,169
  • Sep 2, 2009 11:22am Sep 2, 2009 11:22am
as a further illustration of what I see...blue are the major TL's - red the minor ones

[IMG]http://img4.imageshack.us/img4/1434/64093871.gif (http://www.postimage.org/)[/IMG]
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,170
  • Sep 2, 2009 11:27am Sep 2, 2009 11:27am
Ok I lied, I'm back posting again. Thanks very much for the feedback, I've taken out 50% of my trade and have moved my stop to breakeven so fingers x'd.

It appears that there are 2 schools of thought on the strategy-is this divergence between people who have been taught by Wayne and those that have used this thread as their education? I haven't read all 600 pages yet, have read a fair whack though but am sure i'll wade through them in the next few weeks!
  • #9,171
  • Sep 2, 2009 11:29am Sep 2, 2009 11:29am
[quote=RadMan;3016304]
Quote
coscorp case in point - price went long reaching the .50 fib and stopped dead - now...where will it go? If it breaks the upper TL is the next target.

all this imho of course /QUOTE]

I want to ask where 50% fib is on your chart, but if I have it right, it doesn't matter where it is on yours, it matters where it is on mine, correct?


Lloyd

correct in that feed may differ slightly - however you should have it around the 14250 area....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,172
  • Edited 11:41am Sep 2, 2009 11:40am | Edited 11:41am
Ok, I am not a big chartist and only used to drawing basic lines for pivot points, s&r etc.

Only been using MT4 two weeks so beasr with me

I have attached two charts but despite zooming in and out find it does not look right.

Any ideas or is this good enough?

Cheers

ST

ps thanks for the e-books over the weekend guys
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" Dont wait for your boat to come in ..... swim out and meet it"
  • #9,173
  • Sep 2, 2009 11:42am Sep 2, 2009 11:42am
[QUOTEcorrect in that feed may differ slightly - however you should have it around the 14250 area....[/quote]

I am not drawing it correctly then, mine is at 14225
  • #9,174
  • Sep 2, 2009 11:57am Sep 2, 2009 11:57am
I draw my fibs from the touches of the trend lines my current line is at 1.4225
Dance with the market .. I have two left feet
  • #9,175
  • Sep 2, 2009 12:06pm Sep 2, 2009 12:06pm
Quoting madpommie

Hi Guys

50% fib is used for exit only, NEVER ENTRY

Cheers
Dave
Since when!????

I'm sorry I am a bit confused here... Jacko said that he buys/sells in retracements of a trend. The fib tool is used to measure retracements and Jacko stated "... I also use the 50% Fib ratio"

I can understand using the 50% level as a target when trading in a range but not when price is trending.
  • #9,176
  • Sep 2, 2009 12:07pm Sep 2, 2009 12:07pm
[quote]I draw my fibs from the touches of the trend lines my current line is at 1.4225/QUOTE]


Ok thanks
  • #9,177
  • Sep 2, 2009 12:48pm Sep 2, 2009 12:48pm
[IMG]http://img268.imageshack.us/img268/3294/21386934.th.gif (http://www.postimage.org/image.php?v=gx7XdOA)[/IMG]

hope this is a bit larger (note: my fib always gives 0.00 at the top albeit i drew it going back from the LL to the HH)
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,178
  • Sep 2, 2009 12:51pm Sep 2, 2009 12:51pm
Quoting DanUK
Since when!????

I'm sorry I am a bit confused here... Jacko said that he buys/sells in retracements of a trend. The fib tool is used to measure retracements and Jacko stated "... I also use the 50% Fib ratio"

I can understand using the 50% level as a target when trading in a range but not when price is trending.
Hi Dan

You may well be right and most things are open to interpretation so we are probably both right and both wrong all at the same time.

The point I was trying to make on the current posting was not my own but from Jacko's post on 27th August 2009:
http://www.forexfactory.com/showpost.php?p=2997724&postcount=9045

Cheers
Dave
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,179
  • Sep 2, 2009 1:08pm Sep 2, 2009 1:08pm
[quote]hope this is a bit larger (note: my fib always gives 0.00 at the top albeit i drew it going back from the LL to the HH)/QUOTE]

Ahhh, I see it now, you are using the high that came on aug 5, I used the high from aug 27, we used the same low that came on the 17th.

thanks for posting that graph , now my 50% is at1.42447, much closer to 1.4250

Lloyd
  • #9,180
  • Sep 2, 2009 1:14pm Sep 2, 2009 1:14pm
[quote]
EDIT: the .50 fib we would be looking at in this case for a possible target area would be by connecting the low of 17 Aug to the high of 5 Aug giving us 1.4250./QUOTE]


I have to slow down and read more carefully.......
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