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Jacko's Forex House of Pleasure and Pain

  • #10,021
  • Dec 11, 2009 6:48am Dec 11, 2009 6:48am
Dear All

I am thinking of joining Jacko's group - i have done a lot of trading in the past 2 years with some success but i am just not there yet

would the members of his group kindly advise as to what they think of the mentoring program and that if i need to be aware of certain aspects before i join - for example do i need to be able to draw trendlines etc

many Thanks in advance and all the best to you all
  • #10,022
  • Dec 11, 2009 7:28am Dec 11, 2009 7:28am
Quoting knuckledrag
I'm not really trying to get anyone to follow this trade logic. I'm speculating on what may happen between now and sometime in January. Oil has broken to the down side (end of year profits?) and gold is doing the same. If both of these find resistance when they retest the support they may keep going south until the second half of January. [b]Buying in late January looks like a good idea, (big if) if the market continues to sell off and the money on the sidelines comes back in January....
OK. Sorry I was reading more into what you had said and the chart.

One thing to keep in mind is Europe (Euro zone) may be having a bigger influence than the US at the moment. the last big drop for the E$ coinsided with the Greece rating drop, Spain, Portugal and Ireland problems (http://online.wsj.com/article/BT-CO-20091209-710984.html?mod=rss_Bonds). A drop going into Jan could be a possibility and a good opportunity.

Your welcome for the PDF.
  • #10,023
  • Dec 11, 2009 9:53am Dec 11, 2009 9:53am
Quoting Fx_Genius
OK. Sorry I was reading more into what you had said and the chart.

One thing to keep in mind is Europe (Euro zone) may be having a bigger influence than the US at the moment. the last big drop for the E$ coinsided with the Greece rating drop, Spain, Portugal and Ireland problems (http://online.wsj.com/article/BT-CO-20091209-710984.html?mod=rss_Bonds). A drop going into Jan could be a possibility and a good opportunity.

Your welcome for the PDF.
I actually have a lot of points that line up with this view...just updated it on my blog (http://bgin2end.wordpress.com/2009/12/11/this-is-how-we-do-it-its-friday-night/).

BTW - I love the marriage quote on your signature...it's great!
  • #10,024
  • Dec 11, 2009 10:13am Dec 11, 2009 10:13am
Quoting sibajnok
We could go south, I agree. This could be discovered on EUR/USD weekly and daily chart for me. However one weekly closes under trend line means nothing, we need at least one more closing under it.

Unless someone starts buying gold I think you'll have your close down. Next week it may be a good idea to sell tops.

Have a good weekend guys
  • #10,025
  • Dec 11, 2009 10:52am Dec 11, 2009 10:52am
Quoting knuckledrag
Unless someone starts buying gold I think you'll have your close down. Next week it may be a good idea to sell tops.

Have a good weekend guys
It could be a good idea, we'll see next week.

Until then: for short-term, EUR/USD is oversold, and if some short position holders taking out profits before daily/weekly closes, it could pull the price higher. but only a little bit, I don't expect significant movement for this couple of hours.

Have a nice weekend.
  • #10,026
  • Dec 11, 2009 11:01am Dec 11, 2009 11:01am
Quoting sibajnok
It could be a good idea, we'll see next week.

Until then: for short-term, EUR/USD is oversold, and if some short position holders taking out profits before daily/weekly closes, it could pull the price higher. but only a little bit, I don't expect significant movement for this couple of hours.

Have a nice weekend.

I agree, getting short now would not be my first choice.
I believe we'll get a pull back to the upside next week. Later guys.......
  • #10,027
  • Dec 11, 2009 11:39am Dec 11, 2009 11:39am
Hello all,

Given that this method includes long term trends and trading the one currency, when you have a price correction of some 500 pips a number of things take place as it evolves that I would appreciate some help understanding.

1. When price is correcting, is there a rule of thumb - as to how many attempts over time you try? Meaning as it drops do you try every 100 or 200 pips?

2. Once the long term buy trend has been broken, what does it take to either establish a sell trend or regain the confidence in the buy trend?

3. How long might #2 take to evolve?

Have a great weekend and
Thank you in advance!!

BR
  • #10,028
  • Dec 12, 2009 4:18am Dec 12, 2009 4:18am
I found Jackos thread after backtests proved to me the edge of buying dips and selling rallies in the direction of trend. Although unfortunately i'm not one of Jackos group, his method and strategies suit me well. The most important thing i've learnt here is patience.
I've been flat all week waiting for evidence of the end of this fall for maybe a long or more proof of a change in trend. I don't know if this is what Jacko would recommend but would like to know his views as i'm sure many would.
  • #10,029
  • Dec 12, 2009 3:17pm Dec 12, 2009 3:17pm
void
  • #10,030
  • Dec 12, 2009 3:46pm Dec 12, 2009 3:46pm
Her's my thoughts

Quoting Big1red9
1. When price is correcting, is there a rule of thumb - as to how many attempts over time you try? Meaning as it drops do you try every 100 or 200 pips?
I think Jacko relies upon his experience to make these calls. As a newer trader you can look for price action at levels that have previously provided support to determine if/when the trend may be resuming. There's nothing wrong with shorting or staying on the sidelines when a big daily trendline is broken, just do not get attached to an assumption of direction and do not average down.
Quoting Big1red9
2. Once the long term buy trend has been broken, what does it take to either establish a sell trend or regain the confidence in the buy trend?
It takes quite a bit to turn something like the eurusd around, if you look at the DXY, oil, gold or other strongly-dollar-correlated instruments, you can see that a correction was due, but it should be noted that it has not made a higher high.

Quoting Big1red9
3. How long might #2 take to evolve?
No one knows. There's an equally good chance it will just go sideways for a bit, especially considering volume is thin in December due to the holidays. Last summer we had a similar correction, and everybody wanted to know if the "trend was officially over", and well....it wasn't. Consolidation periods are natural and can be hard to trade witha trend-following method, but I understand Jacko does it with grace.

Hope this helps.
  • #10,031
  • Dec 12, 2009 4:09pm Dec 12, 2009 4:09pm
Hi All,

Posting a msg here to subscribe to this thread. All you guys are doing a great job. Keep it up.

Cheers,

Harman
  • #10,032
  • Dec 12, 2009 10:38pm Dec 12, 2009 10:38pm
Thanks for the reply.
BR

Quoting Low
Her's my thoughts



I think Jacko relies upon his experience to make these calls. As a newer trader you can look for price action at levels that have previously provided support to determine if/when the trend may be resuming. There's nothing wrong with shorting or staying on the sidelines when a big daily trendline is broken, just do not get attached to an assumption of direction and do not average down.




[color=red]It takes quite a bit to turn something like the eurusd around, if you look at the DXY, oil, gold or other...
  • #10,033
  • Dec 13, 2009 8:04pm Dec 13, 2009 8:04pm
I'm a buy at 1.4600.....if it works out I'll take profit at 1.4850ish.

Set-up looks good, so fingers crossed!
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd17.gif Size: 16 KB
  • #10,034
  • Dec 13, 2009 8:50pm Dec 13, 2009 8:50pm
im with you on this pip
student
  • #10,035
  • Dec 13, 2009 9:11pm Dec 13, 2009 9:11pm
Quoting Pipped
I'm a buy at 1.4600.....if it works out I'll take profit at 1.4850ish.

Set-up looks good, so fingers crossed!
gl
  • #10,036
  • Dec 14, 2009 12:38am Dec 14, 2009 12:38am
closed at 70 dont like p/a
student
  • #10,037
  • Dec 14, 2009 6:42am Dec 14, 2009 6:42am
The market dropped 500 pips from 1.51 (2nd december) to 1.46 (11th december). With such movements, it could easily go back to 1.4900 before the end of the week.
  • #10,038
  • Dec 14, 2009 6:45am Dec 14, 2009 6:45am
Quoting Dupont
The market dropped 500 pips from 1.51 (2nd december) to 1.46 (11th december). With such movements, it could easily go back to 1.4900 before the end of the week.
or she could easily continue the way down...
  • #10,039
  • Dec 14, 2009 6:48am Dec 14, 2009 6:48am
Quoting Dupont
The market dropped 500 pips from 1.51 (2nd december) to 1.46 (11th december). With such movements, it could easily go back to 1.4900 before the end of the week.
it sounds like a "what goes up must come down" theory, but I can't see what's exactly behind it.

weekly&daily trendlines has been broken, we are in downtrend.

by the way, it's forex, anything can happen...
  • #10,040
  • Dec 14, 2009 7:16am Dec 14, 2009 7:16am
Quoting sibajnok
it sounds like a "what goes up must come down" theory, but I can't see what's exactly behind it.

weekly&daily trendlines has been broken, we are in downtrend.

by the way, it's forex, anything can happen...
It seemed to me that when the support line was broken, it was supposed to become the resistance line. And the price going back to touch it was supposed to be a confirmation of that.

But i can't find a post of Jacko stating that
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