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Jacko's Forex House of Pleasure and Pain

  • #9,601
  • Oct 21, 2009 4:01am Oct 21, 2009 4:01am
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting garrye
jacko is still trading the 4 hour,he was going to change back to daily but not done so yet,he is also breaking alot of his trading rules set out on the first page you might have to email him for his reasons,he wont post on here after the thread was moved
Hi, Yes I think you are right, I am starting to see that there are two things going on...Jacko's trading method (Great) and what Jacko is actually trading.
Kean
  • #9,602
  • Oct 21, 2009 11:53am Oct 21, 2009 11:53am
Quoting Interceptor
So far this has been a 70 pip bounce.
The one thing which must be strived for in trading is consistency. We must see, and criticise, support and resistance lines equally.
It is utterly pointless drawing a very short, steep resistance line one day, and trading off it, but then a few days later ignoring a longer, stronger support line on the pretext that it is too short and/or steep.
Have a plan and trade it.
Otherwise you are entering discretionary trading Hell.
Simples.
Hi, I took the long on the bounce from that trend line too. Also 1.49 seemed to offer a little bit of support.

I'm in at 1.49017 and up just over 100 pips. I'd be interested to know how other traders are going to play this. There are a couple of fairly well defined top channel lines where profit could be taken or will you be just trailing your stop behind s/r?

If it stays above 1.5 now I'll probably move my stop to 50 pips below that and assess the situation then. I'm not sure whether to take profit at the upper channel line while the going is good or just sit tight through the inevitable retrace and add to the position if I get a good signal at 1.5.

In regards to the first few pages of this thread versus Jacko's current trading style I suppose it is inevitable that given changing market conditions a trader needs to change his/her style in accordance with those changes in the market traded. Saying that though it doesn't really help any newbies who come along and read the first bit of this thread and think they can jump in and profit that way straight away. I'm a big fan of Jacko and James16 and when all said and done they are both trading in a similar fashion albeit differently explained. Support and resistance in all it's forms including trendlines and fibonacci combined with price action is still the holy grail in my opinion, it's all down to how you interpret it and how you trade it. I took a short on GbpUsd last night due to the daily candle indicating a possible down trend resumption, it didn't work and I got stopped out for -150 pips or so but I don't care as my eurjpy and eurusd longs have more than made up for it. Isn't that the essence of trading?

Sorry for the essay.
  • #9,603
  • Oct 21, 2009 1:35pm Oct 21, 2009 1:35pm
Quoting Eduardo
Hi, I took the long on the bounce from that trend line too. Also 1.49 seemed to offer a little bit of support.

I'm in at 1.49017 and up just over 100 pips. I'd be interested to know how other traders are going to play this. There are a couple of fairly well defined top channel lines where profit could be taken or will you be just trailing your stop behind s/r?

If it stays above 1.5 now I'll probably move my stop to 50 pips below that and assess the situation then. I'm not sure whether to take profit at the upper channel line while the going...
Hi
Price is up at the top trendline on my charts now, which gets me thinking about profit taking. A return to the 1.50 may give an opportunity for a re-entry long though.
I still can't work out why we are sticking on the 4 hour charts any longer.
The VIX, for instance, seems to be saying that it's safe to take the tin hats off.
  • #9,604
  • Oct 21, 2009 1:53pm Oct 21, 2009 1:53pm
Quoting Interceptor
Hi
Price is up at the top trendline on my charts now, which gets me thinking about profit taking. A return to the 1.50 may give an opportunity for a re-entry long though.
I still can't work out why we are sticking on the 4 hour charts any longer.
The VIX, for instance, seems to be saying that it's safe to take the tin hats off.
My trendlines are a little bit higher yet but they are drawn from the weekly and daily and refined on the 4h. I've got one along the recent 4h swing highs and one from the daily 24th June along the tops. Looking at it though I can see the last swing high didn't quite make the 4h trendline in which case it's way above that.

I'm inclined to sit and watch for a little while and see what happens. My stop loss is at 1.4950, 50 pips below the round number and behind the swing high at 1.4965. The 50% fib extension also corresponds with the 4h trendline at 1.5112. Might put my tp there, it would be a good 200 pip trade in one day. Then like you say watch for the PA at 1.50 on the retrace.

At the end of the day you have to trade the chart that you see, if you're comfortable trading the daily, trade the daily. Jacko is obviously an outstanding trader and he can adapt to market conditions without thinking. If you're not quite as good a trader as him (yet) then you have to try and learn not only the system he is trading now but what he is actually thinking when he looks at a chart and that isn't going to be easy whichever way you look at it!
  • #9,605
  • Oct 21, 2009 2:22pm Oct 21, 2009 2:22pm
Quoting kean
Hi, Yes I think you are right, I am starting to see that there are two things going on...Jacko's trading method (Great) and what Jacko is actually trading.
Kean
given that it is in fact Jacko's method - I do believe he can modify it if when and how he sees fit ...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,606
  • Oct 21, 2009 2:43pm Oct 21, 2009 2:43pm
Quoting coscorp
given that it is in fact Jacko's method - I do believe he can modify it if when and how he sees fit ...
That kind of ties in a little with what I meant but you said it better
  • #9,607
  • Oct 21, 2009 3:10pm Oct 21, 2009 3:10pm
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting coscorp
given that it is in fact Jacko's method - I do believe he can modify it if when and how he sees fit ...
Hi, don't get me wrong, I am not having a go at Jacko, I am just trying to understand why so many recent trades are not in sync with the original lay out at the start of the thread and happen to have been dissapointing trades. Correct me if I am wrong but, I can not see any reason why we are not now trading Daily charts, using trailing stop losses, drawing trend lines that go back further than a few days, trading ONLY with the trend etc. It seems to me that it may not be a coincidence that so many changes to a successful method have resulted in some poor trading results.
Kean
  • #9,608
  • Oct 21, 2009 3:32pm Oct 21, 2009 3:32pm
Quoting kean
Hi, don't get me wrong, I am not having a go at Jacko, I am just trying to understand why so many recent trades are not in sync with the original lay out at the start of the thread and happen to have been dissapointing trades. Correct me if I am wrong but, I can not see any reason why we are not now trading Daily charts, using trailing stop losses, drawing trend lines that go back further than a few days, trading ONLY with the trend etc. It seems to me that it may not be a coincidence that so many changes to a successful method have resulted in...
Ok,

as stated many times the reason Wayne tweaked his method was due to changed market conditions - without that tweaking i'm not too sure whether he would have posted the returns he did - also, there will always be losing trades - (yes he can be wrronnnggg )

Now, if you are in his private groups then you should not be discussing it here (as per his repeated requests regarding confidentiality) but writing him an email to which he will most certainly reply. Secondly, if you are a member of the private groups then you should be able to read his explanations as to why he chose to proceed in a certain manner over another regarding certain trades or setups. Thirdly, again - considering he has chosen to illustrate and discuss HIS trades, if HE has chosen to proceed differently its a choice I feel we need to respect - if you feel better trading on a different TF then by all means do so.


Cheers
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,609
  • Oct 21, 2009 9:03pm Oct 21, 2009 9:03pm
Quoting kean
Hi, don't get me wrong, I am not having a go at Jacko, I am just trying to understand why so many recent trades are not in sync with the original lay out at the start of the thread and happen to have been dissapointing trades. Correct me if I am wrong but, I can not see any reason why we are not now trading Daily charts, using trailing stop losses, drawing trend lines that go back further than a few days, trading ONLY with the trend etc. It seems to me that it may not be a coincidence that so many changes to a successful method have resulted in...
Poor trading results? His results are still great..

He just changed his method to accomodate changed market conditions.... it's this highly proactive stance of his that makes traders like Jacko be the very exception to the norm of losing traders that make up the big, vast majority of traders in this market.

By the way, now that the market is slowly stabilizing, he has already mentioned a couple of times that he may soon go back to trading higher timeframes and adjusting his strategy accordingly.
freedom
  • #9,610
  • Oct 22, 2009 12:16am Oct 22, 2009 12:16am
think you should all stop talking about what jacko is or isnt doing, there is a method, just work with that.

rhoughts on this please?

Attached are the daily, 4hr and 1hr tf's of current price. im looking for a place to buy into the bull run that begun middle of march. 7months about 2500 pips

looking at the daily tf: by linking the lows from 1.2450, 1.2880, 1.4198 and 1.4692 we get the trend line(jacko gets his lines by linking the lows)
by linking the high of last night and the low of oct2nd: the 50 fib is at 1.4829. So we long at 1.4850?

4hr chart: the 50 fib is still in the same place as before, however there is a support line at 1.4900 and 1.4963.
Therefore long at 1.4900 or 1.4963.

1hr chart: i have moved the 50 fib to link up the low of 17thoct and the high of last night. the 50 fib is at 1.4962. coinciding with the support at 1.4963 this would be my area to go long at. with any luck it will also hit the trendline at this price. So i would go long at 1.4950... if price gets that low... what yall think?
Attached Image(s) (click to enlarge)
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  • #9,611
  • Oct 22, 2009 2:40am Oct 22, 2009 2:40am
I raised two issues recently, which the odd person took issue with:

- That touchy-feely 'market wizard type opinions' were in danger of over-ruling and weakening this excellent method, and

- That the 'needs' of some of Jacko's undercapitalised students to trade ever more frequently were, in effect, feeding-back to Jacko himself and potentially creating a negative and distorting pressure on his/our own trading.

At the end of the day, Jacko is a better trader than any of us.
But, he is not infallible, he is only human, and therefore subject to the same stresses and psychological issues which we all face.
Help him, and yourself, by adhering faithfully to his method as outlined on Page 1.
Don't break something which isn't broken.
  • #9,612
  • Oct 22, 2009 4:10am Oct 22, 2009 4:10am
Quoting Interceptor
I raised two issues recently, which the odd person took issue with:

- That touchy-feely 'market wizard type opinions' were in danger of over-ruling and weakening this excellent method, and

- That the 'needs' of some of Jacko's undercapitalised students to trade ever more frequently were, in effect, feeding-back to Jacko himself and potentially creating a negative and distorting pressure on his/our own trading.

At the end of the day, Jacko is a better trader than any of us.
But, he is not infallible, he is only human, and therefore subject...

Heck, just trade however you wana trade... we are all gonna blow up eventually anyway.
  • #9,613
  • Oct 22, 2009 4:25am Oct 22, 2009 4:25am
Quote
I raised two issues recently, which the odd person took issue with:

- That touchy-feely 'market wizard type opinions' were in danger of over-ruling and weakening this excellent method, and

- That the 'needs' of some of Jacko's undercapitalised students to trade ever more frequently were, in effect, feeding-back to Jacko himself and potentially creating a negative and distorting pressure on his/our own trading.

At the end of the day, Jacko is a better trader than any of us.
But, he is not infallible, he is only human, and therefore subject to...
Could not agree more. If it aint broke dont fix it, and the age old principle of keepin it simple Silly
I live in a pineapple under the sea.
  • #9,614
  • Oct 22, 2009 8:06pm Oct 22, 2009 8:06pm
Quoting Pipscalibur
think you should all stop talking about what jacko is or isnt doing, there is a method, just work with that.

rhoughts on this please?

Attached are the daily, 4hr and 1hr tf's of current price. im looking for a place to buy into the bull run that begun middle of march. 7months about 2500 pips

looking at the daily tf: by linking the lows from 1.2450, 1.2880, 1.4198 and 1.4692 we get the trend line(jacko gets his lines by linking the lows)
by linking the high of last night and the low of oct2nd: the 50 fib is at 1.4829. So we long at 1.4850?...

Closed for +102
  • #9,615
  • Oct 22, 2009 8:45pm Oct 22, 2009 8:45pm
Quote
Closed for +102 http://cdn.forexfactory.com/images/s.../yim/happy.gif
Good work and nice posting, good information! I'm still long from the break at 1.50000. Nice round number. Keeping my trailing stop nice and tight to stay in the profit zone.
I live in a pineapple under the sea.
  • #9,616
  • Oct 22, 2009 9:16pm Oct 22, 2009 9:16pm
good work mate! I got a little scared about the 1.5080 resistance but it might not be too strong, when price breaks that line it should be clean sailing for 200pips.
  • #9,617
  • Oct 23, 2009 1:45am Oct 23, 2009 1:45am
Quoting Pipscalibur
think you should all stop talking about what jacko is or isnt doing, there is a method, just work with that.

rhoughts on this please?

Attached are the daily, 4hr and 1hr tf's of current price. im looking for a place to buy into the bull run that begun middle of march. 7months about 2500 pips

looking at the daily tf: by linking the lows from 1.2450, 1.2880, 1.4198 and 1.4692 we get the trend line(jacko gets his lines by linking the lows)
by linking the high of last night and the low of oct2nd: the 50 fib is at 1.4829. So we long at 1.4850?...
VERY VERY WELL called..just the sort of post we want...
  • #9,618
  • Oct 23, 2009 3:18am Oct 23, 2009 3:18am
For an entry, other than a preferred full pull back to rising support at 1.47, I'm currently looking at 1.4840 due to a potential s & r zone.
Attached Image (click to enlarge)
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  • #9,619
  • Oct 23, 2009 7:51am Oct 23, 2009 7:51am
After what Jacko said today, I reckon that you are right. 4840 for the first line and 4700 for the next.
And i reckon his blog yesterday and today were two of the best.
  • #9,620
  • Oct 23, 2009 8:44am Oct 23, 2009 8:44am
Quoting forexmick
And i reckon his blog yesterday and today were two of the best.
Absolutely. One really outstanding thing about Jacko is his ability to analyse his own trading without the encumbrance of ego.
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