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Jacko's Forex House of Pleasure and Pain

  • #10,061
  • Dec 18, 2009 2:09am Dec 18, 2009 2:09am
im not sure just had two bad trades one was a counter trend so its my own fault the other was a bad entry missed a great trade while drinking coffee and surfing the netthe other trade i missed was a friend who trades told me he was placing a big orderthat would have been a great trade they allways are the ones that get away last 5 months only up about 150 pips dont think i will get a winning trade now before christmas.i cant trade this method now any help from you guys running out of excuses its so easy when its trending but i cannot cut it now in these markets. all i want for christmas is a winning trade
  • #10,062
  • Dec 18, 2009 4:50am Dec 18, 2009 4:50am
Quoting goodfellow
im not sure just had two bad trades one was a counter trend so its my own fault the other was a bad entry missed a great trade while drinking coffee and surfing the netthe other trade i missed was a friend who trades told me he was placing a big orderthat would have been a great trade they allways are the ones that get away last 5 months only up about 150 pips dont think i will get a winning trade now before christmas.i cant trade this method now any help from you guys running out of excuses its so easy when its trending but i cannot cut...

I don't follow this thread so I'm a little hesitant to give advice. If anything I suggest conflicts with the true Jacko method ignore it.

First define your time frame and trend. The trend is up and has been for some time. Drop your charts down to the four hour----- the retrace is now the trend. Just keep in mind it is not the major trend so take profit a little quicker. Throw a channel and some points of support on the chart.
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Zoom out a little----- can you see the next potential short?

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  • #10,063
  • Dec 18, 2009 5:00am Dec 18, 2009 5:00am
Quoting goodfellow
im not sure just had two bad trades one was a counter trend so its my own fault the other was a bad entry missed a great trade while drinking coffee and surfing the netthe other trade i missed was a friend who trades told me he was placing a big orderthat would have been a great trade they allways are the ones that get away last 5 months only up about 150 pips dont think i will get a winning trade now before christmas.i cant trade this method now any help from you guys running out of excuses its so easy when its trending but i cannot cut...
The thing to remember is that markets change based on sentiment and who is participating in it - at this time of year liquidity is always low (which I can only assume is down to all the big boys living it up with lots of Champagne Christmas parties!). You can still follow this method but you have to adapt to the market conditions - like knuckledrag has suggested - if you had followed the current 1H downtrend you would have had some good trades.

Regards,

Dan
  • #10,064
  • Dec 18, 2009 7:32pm Dec 18, 2009 7:32pm
As another successful trading year inches nearer to a close, we should all be thankful for the opportunity that we all have as traders. In this industry we have many reasons to be thankful for everything that has been given to us.

Firstly, I am thankful for finding this extraordinary business of forex trading where there is incredible flexibility in establishing, running and financing the business.
Given the huge leverage in this business, anyone can enter the industry and establish a trade... and establish their subsequent trading business.
Also, the leverage and compounding allows extraordinary growth and profits.
During the last fifteen months of the Great Financial Crisis, property and stocks took major hits, and banks were imploding. But, thanks to very conservative trading strategies we continued to generate excellent profits.

Secondly, I am thankful for a market that trends so regularly that opportunities are around every corner. Even though I have missed an opportunity or two in the past, I can remain confident because I know that there are plenty more opportunities to come.

Thirdly, I am thankful for the fact that I can conduct my business from anywhere in the world with just my laptop and an international cell phone.

Fourthly, I am thankful for being able to “think out” the Anti-Hedge strategy which turned my initial losers into winners and escalated my win rate from high to very high levels

Fifthly, I am thankful for having some excellent resources (in the form of books about earlier successful traders) which have been a beacon in those times when I have been sitting on the sidelines, wanting to rush in. Those resources have all emphasized the waiting as a precondition for becoming a winner.

Sixthly, I am thankful to each of the group members in my training group for being part of this new tribe of traders that have decided to join with me in this lifelong business of trading. Also, some (most?) of you have also been more aggressive in your trading than me and I have been happy to read that many of you have made excellent profits. We have all embarked on a journey that, God willing, will allow us to have a simple yet profitable business for the rest of our lives. (For any of you who think that retirement is good, let me tell you something....playing golf every day is boring ...and the people who do play golf every day are even more boring!!!! I am old...and getting older...but I still get an adrenalin buzz from a successful trade.)

Seventhly, I am thankful for Forex Factory, without which I would never have met any of you. In my communications with each of you to date, you have ALL shown that you want to be serious and committed traders, and are willing to learn. Some of you will always be more aggressive in your willingness to take positions and some of you will be more safety-conscious. There is no right or wrong way, as long as your profits are maximized AND any losses are minimized. I think that a number of you are potentially better traders than me. If I can just help show you how I trade, I hope that many of you will use my experience and style and modify it to suit your own personalities. You can then go on to have as rewarding a time as I have had in this business. I. personally, am enjoying the group dynamics and hope that the group goes on for years as we all get to know each other and start to share our trading experiences in the near future.

Finally, I think everyone on the Forum should know that the Moderators here do a truly excellent job. Guys like Twee and the others all do it as a free service to all of us who post here.
This is easily the best forum for forex anywhere on the internet and it is primarily due to the efforts of these guys. I have seen another site where the chattering rabble and kids came in and totally destroyed the credibility of the forum.
And even though the site brought in a new moderating team and have much bigger resources behind them, they are still just a shadow of what they were.

It is good to see the efforts that Twee and the rest of the team here put in to keep this the most credible forex forum on the internet.

.
  • #10,065
  • Dec 18, 2009 8:44pm Dec 18, 2009 8:44pm
Quoting jacko
As another successful trading year inches nearer to a close, we should all be thankful for the opportunity that we all have as traders. In this industry we have many reasons to be thankful for everything that has been given to us.

Firstly, I am thankful for finding this extraordinary business of forex trading where there is incredible flexibility in establishing, running and financing the business.
Given the huge leverage in this business, anyone can enter the industry and establish a trade... and establish their subsequent...

Hi Jacko,
glad to see ur post. merry christmas! wonder if you have any views of the current trend of EURO/USD? thanks
  • #10,066
  • Dec 19, 2009 1:27pm Dec 19, 2009 1:27pm
Merry Xmas jacko, thank you for your teaching efforts.

Have a great xmas and new year guys.
  • #10,067
  • Dec 20, 2009 10:21pm Dec 20, 2009 10:21pm
Quoting jacko
As another successful trading year inches nearer to a close, we should all be thankful for the opportunity that we all have as traders. In this industry we have many reasons to be thankful for everything that has been given to us.

Firstly, I am thankful for finding this extraordinary business of forex trading where there is incredible flexibility in establishing, running and financing the business.
Given the huge leverage in this business, anyone can enter the industry and establish a trade... and establish their subsequent...
A merry Christmas to you Jacko. Your whole-of-life approach to trading is a dramatic difference to most of the other posters on this forum, most of who are dreamers and wannabe traders.
With your approach, I am trading much better than I expected. I am in the industry already, but on a different side being a trader for a multinational company hedging our postions but you are showing me another side of trading that I had not seen before.
Thank you for your incredible generosity and time both here and on your private blog. Not many traders of your experience would spend the time to help smaller traders.
  • #10,068
  • Dec 21, 2009 12:10am Dec 21, 2009 12:10am
I am deeply touched by those words Jacko. I wish you and your loved ones a Merry Holiday season. Thanks for the great trading experience over the last several months and i look forward to being in the group for sometime. I have come along way from where I started in trading forex and am so thankful for being tipped off to this great website and coming to this thread where I met one of the most talented and giving traders. It was the highlight of this year for me.

Godbless,
bulls
Whats happening in EUR/USD should be happening to you!
  • #10,069
  • Dec 21, 2009 3:09am Dec 21, 2009 3:09am
Quoting BabeFX
Dupont,

Support & resistance are area's where there is going to be a fight between buyers & sellers. Same trade off at 50% retracement levels and round numbers.

Perhaps a more in depth understanding of the fundamentals that are driving market sentiment might help.

Daily check list might look like this.

1. Where is the market today in relation to yesterday.
2. Where is the market today in relation to the 1st day of the week/month.
3. Is the market correlation with equities,gold,crude & treasuries holding.
4. What is the condition...
thanks i find this very valuable for newbies!! and thanks to jacko and everyone for helping people learn this forex world
  • #10,070
  • Dec 22, 2009 12:59am Dec 22, 2009 12:59am
This is great and relatively simple stuff!

I have been reading as much as I could, but this thread is really very long...

Let me summarize what I have found, and hope someone can complement.

1- EURUSD only.
2- H4 up only.
3- Take positions only with the Trend.
4- Key techniques: round numbers, Fib 50%, support/resistance.
5- Stop Loss at 40 or 50 pips.
6- If stopped out employ Anti-Hedge.
7- Anti-Hedge is waiting at stopped out position for trend to resume.
8- Trailing Stop of 50 pips.

Are these correct and still good in these volatile times?

Thanks!
  • #10,071
  • Dec 22, 2009 3:01am Dec 22, 2009 3:01am
Quoting B0ndY1ng
This is great and relatively simple stuff!

I have been reading as much as I could, but this thread is really very long...

Let me summarize what I have found, and hope someone can complement.

1- EURUSD only.
2- H4 up only.
3- Take positions only with the Trend.
4- Key techniques: round numbers, Fib 50%, support/resistance.
5- Stop Loss at 40 or 50 pips.
6- If stopped out employ Anti-Hedge.
7- Anti-Hedge is waiting at stopped out position for trend to resume.
8- Trailing Stop of 50 pips.

Are these correct and still good...
I came up with the conclusions, but :

2- I think that this is more like H4 when there is great volatility, and D1 when things are pretty normal.
5 and 8 - It seems to me that they also used 100 pips Trailing stop and/or fixed stop when the market is too volatile.

So, in "normal" time it should be 50 pips (trailing) stops and daily chart trading.
  • #10,072
  • Dec 22, 2009 9:34am Dec 22, 2009 9:34am
Juat thought i'd drop a line and say a big thankyou from myself for taking the time out to help the newbie like myself and others.It is truely a great thing you are doing taking the time out.Loving your thread KEEP IT GOING PLEASE.
Podge.
  • #10,073
  • Dec 22, 2009 9:54am Dec 22, 2009 9:54am
Just a simple post to say thanks to Mr. Jacko.

I'm a newcomer to forex with limited means but with the insights of your post, I hope to grab the bull by the horns and hopefully make some pips in the market.

Joyeux Noël et Bonne année (Merry X-Mas and Happy New Year)

K
  • #10,074
  • Dec 24, 2009 11:48am Dec 24, 2009 11:48am
Quoting B0ndY1ng
This is great and relatively simple stuff!

I have been reading as much as I could, but this thread is really very long...

Let me summarize what I have found, and hope someone can complement.

1- EURUSD only.
2- H4 up only.
3- Take positions only with the Trend.
4- Key techniques: round numbers, Fib 50%, support/resistance.
5- Stop Loss at 40 or 50 pips.
6- If stopped out employ Anti-Hedge.
7- Anti-Hedge is waiting at stopped out position for trend to resume.
8- Trailing Stop of 50 pips.

Are these correct and still good in these volatile...
For those that are new here trying to learn, here is a nice compilation of the methods talked about, right from the master himself. I know the thread is long but if you start at the beginning and just read the posts that jacko wrote or responded to, it will shorten things up alot and you can hit the most important stuff.

Enjoy
bulls
Attached File(s)
File Type: pdf Jacko trading style.pdf   144 KB | 911 downloads
Whats happening in EUR/USD should be happening to you!
  • #10,075
  • Dec 24, 2009 12:09pm Dec 24, 2009 12:09pm
Great suggestion, thanks for posting http://cdn.forexfactory.com/nfs/cust...tar93155_4.gif (http://www.forexfactory.com/member.php?u=93155) BullsAndBear (http://www.forexfactory.com/member.php?u=93155)...
  • #10,076
  • Dec 27, 2009 7:48pm Dec 27, 2009 7:48pm
may be a dumb question but if you dont ask you dont know.
with establishing a trend and what not I know jacko says trade the time frame you chose and go with the major trend etc.

I would like to just double check a few things.

I know eu weekly is in an uptrend and when you go to daily it shows the current down move as being a retracement of the long term weekly up move.

but if you go to 4 hour you could say its in a downtrend of the current retracement.

Do jacko traders still only take longs here no matter what or have some hopped on board this 4 hour downtrend to get some pips to?

thanks for any help
  • #10,077
  • Dec 28, 2009 6:35pm Dec 28, 2009 6:35pm
Quoting supermatt
may be a dumb question but if you dont ask you dont know.
with establishing a trend and what not I know jacko says trade the time frame you chose and go with the major trend etc.

I would like to just double check a few things.

I know eu weekly is in an uptrend and when you go to daily it shows the current down move as being a retracement of the long term weekly up move.

but if you go to 4 hour you could say its in a downtrend of the current retracement.

Do jacko traders still only take longs here no matter what or have some hopped on board...

I don't think it's a dumb question because I've been thinking the same thing!
  • #10,078
  • Dec 28, 2009 7:08pm Dec 28, 2009 7:08pm
Quoting supermatt
may be a dumb question but if you dont ask you dont know.
with establishing a trend and what not I know jacko says trade the time frame you chose and go with the major trend etc.

I would like to just double check a few things.

I know eu weekly is in an uptrend and when you go to daily it shows the current down move as being a retracement of the long term weekly up move.

but if you go to 4 hour you could say its in a downtrend of the current retracement.

Do jacko traders still only take longs here no matter what or have some hopped on board...
Quoting Checkz
I don't think it's a dumb question because I've been thinking the same thing!
When you have these kind of questions, sometimes the best thing to do is what I have been doing.... Sitting on my hands.

There are many TF's that traders here use. I like longer TF's (Daily mostly) due to work and availability of internet (My phone can't always connect in some locations I work). I will trade shorter TF's if I'm home or at my desk all day.

My thoughts are that after a big retreat that we had I am waiting for 1.47 (.5 fib, even #) before I go long.

Disclaimer: I do not trade pure Jacko style! But it's close.
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  • #10,079
  • Dec 28, 2009 7:14pm Dec 28, 2009 7:14pm
Quoting Checkz
I don't think it's a dumb question because I've been thinking the same thing!
hahha thats alright then, im sure there are alot of others who want to know to.

i dont sit on my hands because sitting on your hands means you know what to do but are waiting for a setup.

I just wanted to know if people treat this down move on the euro as a downtrend because on the 4 hour there have been plenty of chances to make money on the pullbacks.

I pretty much have answered it myself anyway. As you said fx genius if you were trading it on the daily tf you would probably just wait to go long perhaps as you can kind of see it as being a retracement of the overall up trend of the weekly.

Although i am even wondering if a new downtrend is commencing.
  • #10,080
  • Dec 28, 2009 7:16pm Dec 28, 2009 7:16pm
Quoting Checkz
I don't think it's a dumb question because I've been thinking the same thing!

were looking for entries to go short. On the daily chart it has broken the upwards trendline sharply with small retraces if any. I understand what your saying with the weekly being in a retracement period. What you can do is trade short on the daily until you think we have reached a strong support area (ex. 50% fib) on the weekly and wait to see what price will do from there
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