Jacko's Forex House of Pleasure and Pain | Page 464 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #9,261
  • Sep 8, 2009 9:19am Sep 8, 2009 9:19am
A little bit offtopic, but do you trade it J16 style and what broker?

Quoting Jigsaw
Don't get me wrong I trade around forty pairs on the Daily
  • #9,262
  • Sep 8, 2009 9:23am Sep 8, 2009 9:23am
Quoting artov
A little bit offtopic, but do you trade it J16 style and what broker?
I'll PM you to avoid offtopic chat here.
  • #9,263
  • Sep 8, 2009 9:25am Sep 8, 2009 9:25am
Sure, good idea.

Quoting Jigsaw
I'll PM you to avoid offtopic chat here.
  • #9,264
  • Sep 8, 2009 9:36am Sep 8, 2009 9:36am
Thanks for your feedback. But some of the posts asked about trading other pairs with Jackos concepts. Just thought it would be good to see correlations in pairs. Thanks for of your inputs.
KYSS - KEEP YOU SCREEN SIMPLE - GO WITH THE HEARD - TREND IS YOUR FRIEND
  • #9,265
  • Sep 8, 2009 9:43am Sep 8, 2009 9:43am
Eurusd just broke 1.4500,is this really a result of German Trade Balance results?
Anybody got any views on where the market is going?
  • #9,266
  • Edited 10:11am Sep 8, 2009 9:53am | Edited 10:11am
gold broke 1000 as well...but I feel there is far more in the pot than those 2 alone...

edit..stocks gained as well....
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,267
  • Sep 8, 2009 10:19am Sep 8, 2009 10:19am
My bet is wait for a retest of 1.4380 then long
Dance with the market .. I have two left feet
  • #9,268
  • Edited 11:34am Sep 8, 2009 10:57am | Edited 11:34am
You can see correlations here
http://www.mataf.net/en/tools/correlation-table

Quoting carlen68
Thanks for your feedback. But some of the posts asked about trading other pairs with Jackos concepts. Just thought it would be good to see correlations in pairs. Thanks for of your inputs.
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,269
  • Sep 8, 2009 11:19am Sep 8, 2009 11:19am
Quoting Jigsaw
You guys best be joking here,
All you will be doing is increasing your exposure to basically the same thing,
Instead of putting 1% on EURUSD and 1% on USDCHF you might as well put 2% on EURUSD....
they can trade both AS LONG AS they know what they are doing & they are good enough

if a trader is not good enough, why would he/she complicate the situation & the risk involved??
better trade 1 currency pair, study it, & get good at trading it, before trading other pairs. it's better to profit A LOT from just one pair, than profit a little from trading many pairs.

hope this helps someone out there, lurking or not
  • #9,270
  • Sep 8, 2009 1:00pm Sep 8, 2009 1:00pm
Hey Guys, it was only a question and yes my first target is to master one pair and do that well, but if there are other options then we can at least consider them.

I am here to learn and educate myself and like other new traders new to Forex Pairs ( i trade oil you see) so sometimes we might ask some daft questions.

It is good to see you guys are watching our backs though.

Trade Well

Bill

Quoting Jigsaw
You guys best be joking here,

All you will be doing is increasing your exposure to basically the same thing,

Instead of putting 1% on EURUSD and 1% on USDCHF you might as well put 2% on EURUSD

Don't get me wrong I trade around forty pairs on the Daily, if I see basically the same thing occuring on EURUSD and USDCHF I will have a quick look over at the EURCHF and then I will take the best looking one.

Regards,
Jig
" Dont wait for your boat to come in ..... swim out and meet it"
  • #9,271
  • Sep 8, 2009 5:21pm Sep 8, 2009 5:21pm
Can someone comment on Waynes blog, how its doing for them? I do know the price I got that from Wayne a few months ago. Thank you.
  • #9,272
  • Sep 8, 2009 5:54pm Sep 8, 2009 5:54pm
Todder,

Check this thread:

http://www.forexfactory.com/showthread.php?t=187432
  • #9,273
  • Sep 8, 2009 7:33pm Sep 8, 2009 7:33pm
Quoting narberth
My bet is wait for a retest of 1.4380 then long
Why 1.4380??

I have been away from this thread for awhile now. Lost most of my bankroll "trying" to trade Jacko style. I was killing it for the 30-60+ days before going live and then jumped in around Dec 08 and was crushed. Learned a lot about money management and just not enough about patience. That came later when I took my next bankroll down about 80-85% trying a daily breakout method. I don't have to be in the market everyday, still tough but I have to do it be successful. Currently I jumped in last week and rode the current wave up and jumped out at the 1.450 resistance level. Currently up 150%+, but that is only b/c of my small bank roll.


I am scaled back to a micro account and hope to build it from there.

I do believe in Jacko's trading method and now I feel that I have the patience to learn and hopefully be profitable and finish the year up.

Now back to why 1.4380? I can see 1.4350 (50% fib) and 1.4400-1.4410 (minor resistance level)

And with the EUR/USD trading in a defined range why would you wait until 1.435 or even 1.430 closer to the bottom of the current range?


I am currently short at the top of the current range, and looking for a good TP around 1.43 or so. Am I crazy?
  • #9,274
  • Sep 8, 2009 8:14pm Sep 8, 2009 8:14pm
If you join the highs to get the upper trend line on the 300 period 4H Chart

1.4446 on 5th August
1.4406 on 27th August

then the upper trend line was broken today at about 1.4380, my chart says 1.4387.

As resistance becomes support this should be retested by price before resuming upwards.

Welcome back to Jacko.

I spent 9 months trying to prove that I was better than him and lost money whilst he made it. Hope you've got your money mangement right and are ready for a losing month and quarter as it is part of the game.

Cheers
Dave

Quoting truckjrt
Why 1.4380??

I have been away from this thread for awhile now. Lost most of my bankroll "trying" to trade Jacko style. I was killing it for the 30-60+ days before going live and then jumped in around Dec 08 and was crushed. Learned a lot about money management and just not enough about patience. That came later when I took my next bankroll down about 80-85% trying a daily breakout method. I don't have to be in the market everyday, still tough but I have to do it be successful. Currently I jumped in last week and rode the current wave up and...
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,275
  • Sep 8, 2009 9:52pm Sep 8, 2009 9:52pm
Quoting madpommie
If you join the highs to get the upper trend line on the 300 period 4H Chart

1.4446 on 5th August
1.4406 on 27th August

then the upper trend line was broken today at about 1.4380, my chart says 1.4387.

As resistance becomes support this should be retested by price before resuming upwards.

Welcome back to Jacko.

I spent 9 months trying to prove that I was better than him and lost money whilst he made it. Hope you've got your money mangement right and are ready for a losing month and quarter as it is part of the game.

Cheers
Dave...

Well my bankroll is still a little short so each trade is kinda large % wise.

I see now where it broke thru the trend line. I am working off a daily chart as FXCM only has 60 min and daily. Very odd.

My upper trend is:

1.4334 on 6/3
1.4444 on 8/3

that was my upper target for my long trade, which so far it has crossed once and bounced off of once.

I am thinking that it will fall to around 1.430 or 1.425 by next week. Any thoughts?
  • #9,276
  • Sep 9, 2009 1:50am Sep 9, 2009 1:50am
The break of the upper trend line of 1.4380 kind of signals a breakout in the bull direction after we have been ranging awhile. From here,the market should go back to the resistance line and make it the support meaning it will bounce off it(high chance) also known as a retest.

If like how you said it goes back to 1.4250,it probably means that the break was a false breakout.

Just me trying to analyse and have someone either tell me if I am right and please tell me if I am wrong.

Thanks in advance to all!
  • #9,277
  • Sep 9, 2009 3:06am Sep 9, 2009 3:06am
Now that resistance has turned support, I believe it is about a 75% chance that it will bounce of and continue upwards. This has the highest probability so would be the next trade. More risky but you could also counter trend trade it back down to that support.

I'm guessing that the new 50% fib is 1.4289 between 1.4045 on 17th August and the new high. If it breaks back down there is a 60% chance that it will bounce of the fib and 40% chance it will go through.

If it goes through then it should head for a 75% chance for a bounce off the lower trendlines.


Also note that lolatiltiy has decrease lately as it has got into a tight range. This can happen before a breakout so patience is also good here.

Quoting noobistrader
The break of the upper trend line of 1.4380 kind of signals a breakout in the bull direction after we have been ranging awhile. From here,the market should go back to the resistance line and make it the support meaning it will bounce off it(high chance) also known as a retest.

If like how you said it goes back to 1.4250,it probably means that the break was a false breakout.

Just me trying to analyse and have someone either tell me if I am right and please tell me if I am wrong.

Thanks in advance to all!
Each loss is one step closer to a winner!!! Cheers, Dave
  • #9,278
  • Sep 9, 2009 3:27am Sep 9, 2009 3:27am
thanks for the info guys ! Jacko really produced excellent traders !
Trading Forever !!!
  • #9,279
  • Sep 9, 2009 3:29am Sep 9, 2009 3:29am
Quoting madpommie
Now that resistance has turned support, I believe it is about a 75% chance that it will bounce of and continue upwards.
Has Resistance become support? I don't see any retests. What level are you referring too?

Quote
If it goes through then it should head for a 75% chance for a bounce off the lower trendlines.
How did you get 75% chance?
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #9,280
  • Sep 9, 2009 3:42am Sep 9, 2009 3:42am
Hi LasVahGoose

This is what Wayne teaches....

If you join the highs to get the upper trend line on the 300 period 4H Chart.

1.4446 on 5th August
1.4406 on 27th August

then the upper trend line was broken yesterday at about 1.4380, my chart says 1.4387.

As resistance becomes support this is now support with a 75% probability of holding and 25% chance of not. The probabilities I have learnt from Wayne and he is all about playing the high probability trades which is what gives him / us the great results.

Quoting LasVahGoose
Has Resistance become support? I don't see any retests. What level are you referring too?

How did you get 75% chance?
Each loss is one step closer to a winner!!! Cheers, Dave
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