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Jacko's Forex House of Pleasure and Pain

  • #9,221
  • Sep 4, 2009 7:04am Sep 4, 2009 7:04am
Quoting shahram261
hi

i understand how A-H strategy works but i have a question yet.
if after we stopped price goes side way around our stop point what will be our decision?
i.e

long at 1.4200
A-H stop ( 1.4150)

market hits our stop and going nowhere ,,,, price moves between 1.4120 to 1.4180
how much room you give to price to move before you put another buy order at 1.4150?

regards
Whilst Wayne has a very simple set of rules he also watches prices as it moves towards his target are before entering the trade.

With the 50 point move past his stop for his AH trade you need to watch price as you need to make sure it had finished it's pullback that stopped you out in the first place before heading back in the direction of the original trade and the main trend. I seem to remember this is what he did on his last AH trade.

Cheers
Dave
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,222
  • Sep 4, 2009 7:06am Sep 4, 2009 7:06am
thanks for your replies
just to clarify
long at 1.4200
A-H stop/loss at 1.4100

market hits stop ( 1.4100 hits)
then market moves to 1.4050
now it is time to put my buy order at 1.4100

am i correct?
thanks again
  • #9,223
  • Sep 4, 2009 7:26am Sep 4, 2009 7:26am
Quoting shahram261

market hits stop ( 1.4100 hits)
then market moves to 1.4050
now it is time to put my buy order at 1.4100

am i correct?
thanks again
Yes, but as the previous poster states, Jacko watches price from 4050 to 4100 to ensure price now continues in the right direction correctly
  • #9,224
  • Sep 7, 2009 2:57am Sep 7, 2009 2:57am
ccdev, still reading this thread ? hahaha
Trading Forever !!!
  • #9,225
  • Sep 7, 2009 7:46am Sep 7, 2009 7:46am
Hi everyone, I will be joining Jackos private forum any day now.

Looking foward to the education and mentorship

ST
" Dont wait for your boat to come in ..... swim out and meet it"
  • #9,226
  • Sep 7, 2009 7:57am Sep 7, 2009 7:57am
Quoting speedtrip
Hi everyone, I will be joining Jackos private forum any day now.

Looking foward to the education and mentorship

ST
Hi Speedtrip

Been with Jacko a year now and really enjoying it and making some nice money too.

Are you new to forex or have you tried other methods??

Cheers
Dave
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,227
  • Sep 7, 2009 8:49am Sep 7, 2009 8:49am
Quoting speedtrip
Hi everyone, I will be joining Jackos private forum any day now.

Looking foward to the education and mentorship

ST
welcome to the group speedtrip ! im new to jacko group too !
Trading Forever !!!
  • #9,228
  • Sep 7, 2009 8:56am Sep 7, 2009 8:56am
Hi Dave, i dabbled last year before I knew anything about trading. Wish I had read FF back then.

New job made it really hard to progress but been using a naked trading method demo/part time aroiund work on the Dow since Jan.

I lost my job last month so have been oberving oil very closely in demo and improving my understanding of my day trading system with some very promisiong results. Dow poor in July/Aug but looking for improvement in September.

My understanding of price action and how the market responds to pps/big round numbers, s&r has vastly improved over the last month as a result and have made some good pips in demo. Will prob crash and burn when i go live.

I have read some of the 5 star threads such as J16, Silent Method, No Brainer etc but this one attracted me as it seemed simple and with less noise on the chart. All I have on the chart for my day trading is pps and s&r I have picked up on. I dont use indicators and I mostl dont understand them and how do i know they work.

Plan is to day trade for income (Dow/Oil/GG) and trend trade for capital growth on the USD.

What about you? I know it can he hard to adapt any system to a ranging market.

Bill



Quoting madpommie
Hi Speedtrip

Been with Jacko a year now and really enjoying it and making some nice money too.

Are you new to forex or have you tried other methods??

Cheers
Dave
" Dont wait for your boat to come in ..... swim out and meet it"
  • #9,229
  • Sep 7, 2009 9:21am Sep 7, 2009 9:21am
Quoting speedtrip
Hi Dave, i dabbled last year before I knew anything about trading. Wish I had read FF back then.

New job made it really hard to progress but been using a naked trading method demo/part time aroiund work on the Dow since Jan.

I lost my job last month so have been oberving oil very closely in demo and improving my understanding of my day trading system with some very promisiong results. Dow poor in July/Aug but looking for improvement in September.

My understanding of price action and how the market responds to pps/big round numbers, s&r has...
Hi Bill

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. have you been to Thailand yet and have you read it?

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 making good money and good pips.

I was staking $0.50 per point a few months ago and I'm now up to $10 per point on the latest trade. When you join the blog you can do some analysis on his previous years trades. I am not yet up to 2% of my total investment cash and would probably like to stop at about $40 per trade. As I win I raise my stake by what I've made with Wayne so far divided by his biggest losing streak divided a safety number currently 1.25. I then ask myself if I can sleep with my $ per point and if I am willing to let profit run to where Wayne is and maintain the 100 pip stop loss. If I can't I raise my safety number.

I'm trying to apply his rules to a few other pairs and made some good pips on GBP and AUD last week. Looking at USDCAD today to go long about 1.0750. It seems to have bottomed but will watch to see which way it breaks out of the range and then maybe wait for the first pullback.

Happy Trading
Cheers
Dave
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,230
  • Sep 7, 2009 11:59am Sep 7, 2009 11:59am
Hi Dave, sounds u r doing well.

Lookd like u have a winning formuale.

Hopefull, I can get close to that.

I look forward to reading the books in Thailand, i leave i in a few weeks.

Bill
" Dont wait for your boat to come in ..... swim out and meet it"
  • #9,231
  • Sep 7, 2009 12:06pm Sep 7, 2009 12:06pm
thats big time money. can i ask what % of your account you are risking on each trade?

Quoting madpommie
Hi Bill

I'm now up to $10 per point on the latest trade.
Happy Trading
Cheers
Dave
  • #9,232
  • Sep 7, 2009 12:37pm Sep 7, 2009 12:37pm
Quoting coolshades
thats big time money. can i ask what % of your account you are risking on each trade?
Hi Coolshades

I only keep enough in my account for 3 losing trades of 100 pips so right now about $3000. My liquidish assets are about $80000 so my risk is about 1.25% per trade, I'd like to get that up to $40 per point which I estimate will be about 4% by the time I get there. I'll then cap it at $40 per point until it is down to 2%.

I may even raise it at a slower rate, depends on sleep and there hasn't been a losing run for a while so that is also due and will affect my sentiment / sleep at night factor.

I have another mentor that I am only risking $50 per trade and when I have enought data and I'm confident in the system I'll apply the same mentality to that. Early days yet so we'll see...

Hope that helps
Cheers
Dave
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,233
  • Sep 7, 2009 3:16pm Sep 7, 2009 3:16pm
I’ve been lurking on FF for a few months and finally decided to log in and start posting. Mainly because I wanted to share my experiences with this thread and to get some feedback on a question I have.

I have been trading stocks for around 5 years with moderate success. I started trading forex around a year ago, with the thought that I would use forex as a vehicle to day trade.

It didn’t take me long to realize that day trading was not going to be a profitable venture for me, so I cut my loses and moved on—lesson learned. However, I also recognized that forex offers so many advantages over stocks as a trading instrument.

That lead me to Forex Factory and I feel fortunate to have found it. I have read this thread (in addition to a couple others) in it’s entirety. It’s been an amazing discovery and I feel indebted to not only Wayne, but also to those posters who have shared their trading insight and experiences as well.

While I felt that I had a good understanding of the method, I went ahead and joined Wayne’s mentoring service about a month ago. I would like to share that I have absolutely no regrets. I’ll be honest, the fact that my subscription is already close to being paid for by the profits from Wayne’s trades is sweet. But even sweeter is being able to “see” a true “master-trader” in action has been worth every penny.

I have been reviewing all Wayne’s trades [and his thoughts behind every trade] from 2007 to current. It’s a time intensive endeavor but I feel like it’s been one of the most valuable experiences in my trading education. It’s not only helped me visualize how to be [widely] successful in trading but I’ve also realized some things about my own trading that needs to be corrected.

I have come to believe that Wayne does have a crystal ball (and that he must be very careful when he sits down). I would love to learn to be as successful as Wayne is, and I have no reason to believe I won’t get there. But even if I end up only ½ as successful, I’d still be doing better than 99% of the traders out there.

Okay enough rambling, just want to share my experience with those who are now considering this method of trading and/or Wayne’s mentoring service.

I know there has been a lot of talk about trading this method on other pairs previously in this thread. I’m considering trading another pair. I know Wayne trades the EU because of the volume and “trendiness” it offers. For myself, I’m thinking of trading another pair to apply what I’ve learned apart from Wayne’s mentoring on the EU to complement my education and gain the confidence needed to trade succesfully.

I’m looking for a pair with volume and trendiness closest to the EU. It would be even better if it had a low correlation to the EU.

Do those of you that have experience trading this method have any suggestions? I was considering the AUDJPY but not sure that it meets the criteria.

Thanks in Advance! I’m looking forward to getting to know you all and participating in this community…
  • #9,234
  • Sep 7, 2009 4:54pm Sep 7, 2009 4:54pm
Hi David

Here's a link to some forex correlation tables.
http://www.mataf.net/en/tools/correlation-table

I've started trading really small amounts with AUDUSD and GBPUSD, started last week and made some nice pips but not as confident about trading the pullbacks as I am the trendline bounces.

I'm pretty much full time at this and have another mentor with a different style but it's early days with him yet.

I'd be more than happy to swap ideas daily on other pairs either here or by private email.

Impressed that you read so far back. Did you read James16, if so what are your thoughts?

Cheers
Dave

Quoting DavidFX
I’ve been lurking on FF for a few months and finally decided to log in and start posting. Mainly because I wanted to share my experiences with this thread and to get some feedback on a question I have.

I have been trading stocks for around 5 years with moderate success. I started trading forex around a year ago, with the thought that I would use forex as a vehicle to day trade.

[font=Times New Roman][size=3]It didn’t take me long to realize that day trading...
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,235
  • Sep 7, 2009 6:47pm Sep 7, 2009 6:47pm

Hi Dave,

Yes, I actually read a great deal of the James16 thread and it's obviously a very effective and proven strategy. You can certainly find lots of correlations between Jacko’s and James16 methods.

For me, the advantage of the Jacko method is that you only have to monitor one pair (I realize some may say this is a disadvantage), you get into trades sooner-- without having to wait for PA confirmation, the A-H strategy, a clean chart with just trend lines, 50% Fibonacci, and large numbers), plus I can trade around life’s more important commitments. And lastly, that a successful proven trader is willing to mentor me to success.

I don’t feel I need anything else. My goal is to continue to learn and study this method until I have it mastered in all market conditions. If believe by pursuing this course my financial goals will take care of themselves.

It appears by reading this thread that there are many like minded traders and like you mentioned I’m excited to have a place to come and share thoughts and ideas with other traders.

David

PS. thanks for the correlation table. Thats helpful.

Quoting madpommie
Hi David

Here's a link to some forex correlation tables.
http://www.mataf.net/en/tools/correlation-table

I've started trading really small amounts with AUDUSD and GBPUSD, started last week and made some nice pips but not as confident about trading the pullbacks as I am the trendline bounces.

I'm pretty much full time at this and have another mentor with a different style but it's early days with him yet.

I'd be more than happy to swap ideas daily on other pairs either here or by private email.

Impressed that you read so far...
  • #9,236
  • Sep 7, 2009 7:08pm Sep 7, 2009 7:08pm
i have to agree

Bill



Yes, I actually read a great deal of the James16 thread and it's obviously a very effective and proven strategy. You can certainly find lots of correlations between Jacko’s and James16 methods.

For me, the advantage of the Jacko method is that you only have to monitor one pair (I realize some may say this is a disadvantage), you get into trades sooner-- without having to wait for PA confirmation, the A-H strategy, a clean chart with just trend lines, 50% Fibonacci, and large numbers), plus I can trade around life’s more important commitments. And lastly, that a successful proven trader is willing to mentor me to success.

I don’t feel I need anything else. My goal is to continue to learn and study this method until I have it mastered in all market conditions. If believe by pursuing this course my financial goals will take care of themselves.

It appears by reading this thread that there are many like minded traders and like you mentioned I’m excited to have a place to come and share thoughts and ideas with other traders.

David

PS. thanks for the correlation table. Thats helpful.[/quote]
" Dont wait for your boat to come in ..... swim out and meet it"
  • #9,237
  • Sep 7, 2009 7:51pm Sep 7, 2009 7:51pm
I agree, I started reading Jacko's thread again from page 1 and currently on page 50 and was impressed at his accurate predictions of the euro. I wish he would post again but now he just seems to pop up a bit from time to time.
  • #9,238
  • Sep 8, 2009 3:06am Sep 8, 2009 3:06am
Just broken through the major trendline. Need to see if support will hold and whether or not the 1.4450 level is broken.....
  • #9,239
  • Sep 8, 2009 3:40am Sep 8, 2009 3:40am
Quoting Xenaga03
I agree, I started reading Jacko's thread again from page 1 and currently on page 50 and was impressed at his accurate predictions of the euro. I wish he would post again but now he just seems to pop up a bit from time to time.
He posts several times a day, 5 days a week on his blog!!

Chris
  • #9,240
  • Sep 8, 2009 4:24am Sep 8, 2009 4:24am
that's a bit different...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
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