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Jacko's Forex House of Pleasure and Pain

  • #9,681
  • Oct 31, 2009 12:36pm Oct 31, 2009 12:36pm
Quoting dart
Don't do anything w/o price action confirmation, I don't think jacko looks at weekly charts but there is a reversal signal (dhlc) . That's not to say it won't go up but be careful. At this point you should wait
Is it better to wait for the close of the daily candle before entering a trade or is it better to place an order?
  • #9,682
  • Oct 31, 2009 4:38pm Oct 31, 2009 4:38pm
Quoting dart
Don't do anything w/o price action confirmation, I don't think jacko looks at weekly charts but there is a reversal signal (dhlc) . That's not to say it won't go up but be careful. At this point you should wait
hmm im a little confused now, nowhere in his original post does he mention waiting for price confirmation...every other sign is there. it just touched the trend line which happenned to also be a round number..
  • #9,683
  • Oct 31, 2009 6:41pm Oct 31, 2009 6:41pm
Quoting fxnoob08
hmm im a little confused now, nowhere in his original post does he mention waiting for price confirmation...every other sign is there. it just touched the trend line which happenned to also be a round number..
Maybe more experienced members can share their view on this, but from my own understanding Jacko doesnt use the candle close as confirmation, he just uses bounces and (if i understand correctly) a margin of pips as "confirmation" to enter...

s/r, trendlines, round numbers and fibs 50. thats it.
  • #9,684
  • Oct 31, 2009 7:24pm Oct 31, 2009 7:24pm
Before jumping on a TL bounce, look for a break, and failure to close below.

just my 0.02
  • #9,685
  • Oct 31, 2009 8:43pm Oct 31, 2009 8:43pm
Quoting garrye
coolshades just unhappy that the thread was moved here in the first place same as jacko,
I think that most of us disagree with the decision to move this thread and the James16 thread to this area. It doesn't make any sense.
But I don't believe it was a result of what was being posted in it by people here or in the James 16 thread. It looks like a big bureaucratic mistake to me.
  • #9,686
  • Oct 31, 2009 9:25pm Oct 31, 2009 9:25pm
Quoting Pipalicious
Maybe more experienced members can share their view on this, but from my own understanding Jacko doesnt use the candle close as confirmation, he just uses bounces and (if i understand correctly) a margin of pips as "confirmation" to enter...

s/r, trendlines, round numbers and fibs 50. thats it.
it did bounce...and its up 17 pips now.
  • #9,687
  • Oct 31, 2009 10:25pm Oct 31, 2009 10:25pm
Quoting fxnoob08
it did bounce...and its up 17 pips now.
I think what you want to look for is price action here.(correct me if I am wrong please)

What I think is price usually tries to break trendline, fail to do so, bounce up abit and back to trendline but fails again and finally after a few failed attempts to break bounces off the trendline and goes back up on uptrend.

(assuming our beloved eurusd doesnt fail us and continue with its uptrend instead of breaking daily support.)

However this is what I think only and I am only posting here to see if others have the same view or I am completely wrrrrong

I look forward to see views from other traders/jacko turtles
  • #9,688
  • Oct 31, 2009 10:59pm Oct 31, 2009 10:59pm
I think noobistrader has it right, and this is in regards to tL's or SR, look for price to show you what it wants to do.

Jacko may not use PA, but he's been trading for almost 2 decades, 7 years eurusd only. The man has crystal balls I hear.

Since I lack that level of experience, I would employ PA as a tool to identify my entries. I only replied because I tried using a limit buy at the TL once and only once. Price blew right through my entry and stop. So I don't want to enter unless I can see something at the TL giving me a good reason.

One noteworthy non-Jacko thing to be aware of, weekly MACD is showing hidden bearish divergence, and daily regular bearish divergence.

I
  • #9,689
  • Nov 1, 2009 1:14am Nov 1, 2009 1:14am
Hi Low :

I also saw the MACD bearish divergence and S & P down so I wait see how Euro want to go. I think it is starting to reverse so take care if traders want to jump in. Market talk also that FED would want to hike interest rate. So to all if you want to Long euro please keep your SL tight so not to loss much.

Happy trading to all.
  • #9,690
  • Nov 1, 2009 8:32am Nov 1, 2009 8:32am
I agree, i would be looking for support at the TL followed by HLs above that level providing an entry to BUY.

If its does break the "Round Number" I would be looking for signs that the downward movement is non-progressive, in other words by dipping under the round number it cannot get lower but instead retraces to find a HL above the round number offering and entry to BUY.

Obviously if the price is progressive downwards (suggesting weakness), you are looking for a good retracement back above the round number, indicated by LHs.

Regards

ST


Quoting noobistrader
I think what you want to look for is price action here.(correct me if I am wrong please)

What I think is price usually tries to break trendline, fail to do so, bounce up abit and back to trendline but fails again and finally after a few failed attempts to break bounces off the trendline and goes back up on uptrend.

(assuming our beloved eurusd doesnt fail us and continue with its uptrend instead of breaking daily support.)

However this is what I think only and I am only posting here to see if others have the same view or I am completely wrrrrong...
" Dont wait for your boat to come in ..... swim out and meet it"
  • #9,691
  • Nov 1, 2009 12:57pm Nov 1, 2009 12:57pm
how does Jacko plot the 50% fibonacci? it seems everyone and their dog have different ways of plotting it...
  • #9,692
  • Nov 1, 2009 4:47pm Nov 1, 2009 4:47pm
After trading with Jacko's group for eight months, I have finally taken the step of becoming a fulltime trader. I have made a sizable bucket of money in the last 8 months and now I have given myself 6 months to take this further and prove to myself that I can do this as a career.
Thanks for the support and guidance of Jacko, fxtrader29, coscorp and the other members that post here. My big adventure starts today.
  • #9,693
  • Nov 1, 2009 4:59pm Nov 1, 2009 4:59pm
Quoting forexmick
After trading with Jacko's group for eight months, I have finally taken the step of becoming a fulltime trader. I have made a sizable bucket of money in the last 8 months and now I have given myself 6 months to take this further and prove to myself that I can do this as a career.
Thanks for the support and guidance of Jacko, fxtrader29, coscorp and the other members that post here. My big adventure starts today.
Nice forexmick!! I wish you the best! I just started Jacko's group three weeks ago and I'm looking forward to learning as much as possible too.

rptrader
  • #9,694
  • Nov 1, 2009 6:02pm Nov 1, 2009 6:02pm
Quoting rptrader
Nice forexmick!! I wish you the best! I just started Jacko's group three weeks ago and I'm looking forward to learning as much as possible too.

rptrader
Mate, it is the best training you will get. Follow his trades and get into his head. Then start making money. Ask him anything you want to know. He gives it straight back to you with no bullshite.
  • #9,695
  • Nov 1, 2009 6:38pm Nov 1, 2009 6:38pm
no disrespect but is jacko really legit? no disrespect but i've been scammed and burned so many times i am naturally a little distrustful when it comes to shelling out such a large ammount of money..im so paranoid that im thinking even newbietrader01 who claimed to have visited might be lying.

anyway..how does jacko plot his 50% fib everyone and their dogs does it differently.

and i've got a buy order at 1.4753, should the stop loss be 1.4703 or a little below 1.4700

thanks to all..and again no disrespect meant to jacko.
  • #9,696
  • Nov 1, 2009 7:24pm Nov 1, 2009 7:24pm
Quoting fxnoob08
no disrespect but is jacko really legit? no disrespect but i've been scammed and burned so many times i am naturally a little distrustful when it comes to shelling out such a large ammount of money..im so paranoid that im thinking even newbietrader01 who claimed to have visited might be lying.

anyway..how does jacko plot his 50% fib everyone and their dogs does it differently.

and i've got a buy order at 1.4753, should the stop loss be 1.4703 or a little below 1.4700

thanks to all..and again no disrespect meant to jacko.
I will answer some of this. I have joined his group recently. I have checked his trades and they are legit. I also emailed fxtrader29 and went through his spreadsheets. Jacko's an very unusual trader. His results are way above average. I am in the industry and I can tell you that he knows what he is on about.
I sent him an email on Friday with 11 big questions and was totally gobsmacked when I had a reply in my inbox 4 hours later with full answers. I am in the industry so they were not newbie questions and his answers were what I would expect from a professional who has been around the traps for a long time.
If you think his fee is a large amount of money, then you are not ready to trade forex on a proper level. Trading forex is not a penny ante game. Brokers will rip you a new arsehole. My bosses are good traders but they will hardly give you the time of day. But if you want to be serious about trading, then Jacko is the best opportunity for traders I have seen so far.
  • #9,697
  • Nov 1, 2009 7:32pm Nov 1, 2009 7:32pm
Quoting forexmick
After trading with Jacko's group for eight months, I have finally taken the step of becoming a fulltime trader. I have made a sizable bucket of money in the last 8 months and now I have given myself 6 months to take this further and prove to myself that I can do this as a career.
Thanks for the support and guidance of Jacko, fxtrader29, coscorp and the other members that post here. My big adventure starts today.
Congrats man. I understand there is a large group of you that have gone professional. I hope to follow in your steps soon.
  • #9,698
  • Nov 1, 2009 10:05pm Nov 1, 2009 10:05pm
Hope that traders in this thread focusing on discussing trades, levels and targets and direction of the EU instead of talking about Jacko and bragging about how well they did and how much they made and all that. This is a thread where we explore about market directions and providing learning experiences for trading so we should talk about trades.
  • #9,699
  • Nov 1, 2009 11:32pm Nov 1, 2009 11:32pm
hmm i think as per the rules i should have entered as soon as it touched the round number 1.4700 and bounced a few pips in the direction of the trend instead of waiting for 1.4750...would have bagged a good ammount of pips.... i think some traders are over complicating his system.
  • #9,700
  • Edited 4:50pm Nov 2, 2009 1:03am | Edited 4:50pm
Hi, i see where you are coming from, just bear in mind that while the overall trend may be up there is downward pressure in the short term.

Since finding support end of last week @ 1.470 price has not been able to break 1.48591 and is making LHs

Watch the 1.477 support line very carefully if you are trading the bounces as you may find it reverses on you.

Regards

ST

Quoting fxnoob08
hmm i think as per the rules i should have entered as soon as it touched the round number 1.4700 and bounced a few pips in the direction of the trend instead of waiting for 1.4750...would have bagged a good ammount of pips.... i think some traders are over complicating his system.
" Dont wait for your boat to come in ..... swim out and meet it"
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