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Jacko's Forex House of Pleasure and Pain

  • #10,221
  • Jan 13, 2010 2:44am Jan 13, 2010 2:44am

Quoting lovejoy80
Sitting and waiting for direction...if the price breaks the recent congested channel to the upside I'd be looking for a breakout style trade...ie breakout and pull back...I would expect the price to then reach the 50% fib which would be my target.

If I see some price action on the lower time frames (4H and 1H) at the top of the channel suggesting some downward movement I'd be going short there (i.e. J16 methods)

Also, On the downside I have an AH trade potentially pending further down from a Jacko style recent trafe after the NFP.

Thus in...
  • #10,222
  • Jan 13, 2010 6:24am Jan 13, 2010 6:24am
Quoting lovejoy80
Sitting and waiting for direction...if the price breaks the recent congested channel to the upside I'd be looking for a breakout style trade...ie breakout and pull back...I would expect the price to then reach the 50% fib which would be my target.

If I see some price action on the lower time frames (4H and 1H) at the top of the channel suggesting some downward movement I'd be going short there (i.e. J16 methods)

Also, On the downside I have an AH trade potentially pending further down from a Jacko style recent trafe after the NFP.

Thus...
OK you have a plan. At what point/price will you decide up or down?

Not trying to nitpick, just looking to see your thoughts/decision process leading into a trade.

Very good so far.
  • #10,223
  • Jan 13, 2010 6:53am Jan 13, 2010 6:53am
Quoting Fx_Genius
OK you have a plan. At what point/price will you decide up or down?

Not trying to nitpick, just looking to see your thoughts/decision process leading into a trade.

Very good so far.
Just looked at a chart...price is obviously looking to break upwards at the moment but there is a previous S/R area at the 1.4600 round number on the 4H chart. I'm waiting to see how it reacts to this area and whether we have any price action to assist.

To be honest I'm happy to sit on the sidelines as this pair is quite choppy at the moment and there are better setups on other pairs.

From a Jacko style perspective we would be looking at the 50% fib to the nearest round number on the daily chart which is 1.4700. This is also a previous S/R area too...so unless I see something in the meantime that I consider an A+ setup in terms of price action at 1.4600 I'll be waiting until we get to that area.

Sorry for the longwinded answer it would be easier to show on a chart but can't share one at the moment
  • #10,224
  • Jan 13, 2010 7:00am Jan 13, 2010 7:00am
Quoting lovejoy80
Just looked at a chart...price is obviously looking to break upwards at the moment but there is a previous S/R area at the 1.4600 round number on the 4H chart. I'm waiting to see how it reacts to this area and whether we have any price action to assist.

To be honest I'm happy to sit on the sidelines as this pair is quite choppy at the moment and there are better setups on other pairs.

From a Jacko style perspective we would be looking at the 50% fib to the nearest round number on the daily chart which is 1.4700. This is also a previous...
Excellent!
Honestly, a long winded answer is better than a chart to see the thought process.
  • #10,225
  • Jan 13, 2010 8:38am Jan 13, 2010 8:38am
Quoting BullsAndBear
Babefx,

You have serious mental problems. i am now starting to see your view of things is seriously twisted and distorted. And your manners are very weak. BUT, just incase my pm to you is the cause of your misconception about this thread, which it would not be had you talked to me personally about it, let me explain.

I was laid off from my job back in June. At that time, i closed my trading acct because the way the economy was, i wasnt going to play with money i may need because this changes the whole mindset of the trader and i wasnt going to...

I'm not trying to ruffle any feathers here but have you payed the $700 when you don't trade live? Even though you have had 450% on demo in a few months?

When do you plan to trade live if you haven't already?

Regards Seb.
The greatest force on earth is compound interest.
  • #10,226
  • Jan 13, 2010 9:12am Jan 13, 2010 9:12am
Took a short on EU a short while ago...based on 1HR inside bar off upper TL identified in previous posts. Quite often we see a change in direction when US opens and with the upper TL, IB and divergence on the RSI(6) that was enough for me to enter a small position (0.5%) short...1st target is 1.4470 area where I'll either take full profit or move stop to BE (stop is currently at 1.4605)...obviously not a Jacko trade so won't go into further details.

With regards Jacko...we either have to wait until 50% fib and round number @ 1.4700 or we have an AH trade pending from a previous trade lower than the current price (with the initial target being the 1.4300 lower TL area).
  • #10,227
  • Jan 13, 2010 4:34pm Jan 13, 2010 4:34pm
Quoting sebastionay
I'm not trying to ruffle any feathers here but have you payed the $700 when you don't trade live? Even though you have had 450% on demo in a few months?

When do you plan to trade live if you haven't already?

Regards Seb.
I am trying to get out of this messy conversation to let this thread go back to trading. I traded LIVE for nearly a year, mostly under jackos method. My LIVE acct was up over 450%. It was closed due to a layoff which babefx didnt know about when i sent her a pm trying to have a constructive exchange of trading ideas. apparently she doesnt like construcive. So I currently paper trade to keep my skills sharp so when i go live again i will be ready and not miss a beat. Pls shift the focus off of me and back to trading. This method works. The critics dont have a clue what there saying. The one way to find out for sure is to study it and try it on demo so it is risk free and when you have had several months in a row of success go live..

GL
bulls
Whats happening in EUR/USD should be happening to you!
  • #10,228
  • Jan 14, 2010 3:28am Jan 14, 2010 3:28am
It seems to me that the EUR/USD, is trying to make (slowly) its way back to the 50% fib at around 1.4650-1.4700 (i intend to sell here).
That would make a new high to draw our future resistances.
  • #10,229
  • Jan 14, 2010 3:37am Jan 14, 2010 3:37am
I am an ex-member of Jacko's trading group; not an ex-member due to any disillusionment with his method, but rather at the end of the year I came to the decision that I had taken what I needed. Staying after that time would have probably held me back.
Those joining with Jacko purely to learn how he trades, and then to copy him, are missing a trick.
The biggest benefits which I took from my time with Wayne were of a more psychological nature. Firstly, the execution of his plan. He really is very strong on this point.
Secondly, the fascination of watching a mentor having to deal with watching 'students' go 'off-piste' with their own trading, and sometimes being temporarily more successful than the teacher. The reverse pressure that this brought to bear upon Jacko, his struggle with it, and the eventual resolution and reversion to original methodology were fascinating.
Finally, the (more or less) sticking to a plan when the wheels came off for a period at the start of last year.
I'd recommend some time with Jacko to anybody, IF they are at the point in their trading journey where it would help them. It's not an end point, but it is a very useful step along the road.
Cheers.
  • #10,230
  • Jan 14, 2010 9:45am Jan 14, 2010 9:45am
  •  melba
  • | Joined Nov 2009 | Status: ...just surfing the wave... | 97 Posts
..hi everyone , this thread is very interesting but not very active anymore , I was wondering if one of Jacko's turtle , or ex-turtle could help me understand part of his trading method , the one concerning the anti hedging .I understand the broad idea but don't know what to do in the following ex , lets assume that we are back in an uptrend for the eur/$ , we are currently at 14480 . so lets say i buy it here , i would set my sl at 1.4380 , 100 bps lower due to higher vol .lets say the eur goes down and my sl is hit at 14380 . i'm hoping to go back long at some point .. the pair goes down to 14350 . ...but than bounces back up from 14350 ! ..we didn't go far enough for me to take back my position again on the way up and i'm left out of the market after reading correctly that we were in an uptrend .....would you say that it is just bad luck , just happens , or I was wrong to take a position on these levels to start with and should have been more greedy with my entry point? ........many thanks for your help
  • #10,231
  • Jan 14, 2010 9:56am Jan 14, 2010 9:56am
Quoting melba
..hi everyone , this thread is very interesting but not very active anymore , I was wondering if one of Jacko's turtle , or ex-turtle could help me understand part of his trading method , the one concerning the anti hedging .I understand the broad idea but don't know what to do in the following ex , lets assume that we are back in an uptrend for the eur/$ , we are currently at 14480 . so lets say i buy it here , i would set my sl at 1.4380 , 100 bps lower due to higher vol .lets say the eur goes down and my sl is hit at 14380 . i'm hoping to go...
You are correct in that the A-H would not have been entered as the AH principle is that once the price has moved 50pips+ past your initial SL and comes back you enter a trade at your initial SL in the original direction i.e. in your case we would be waiting until price hit 1.4330 and then an order to go long would be entered at 1.4380.

The reason for the 50 pips is we want to wait until price is defintely retracing back in our original direction i.e. back in the direction of the main trend i.e. to avoid the 'noise' and we have significant movement back up in the trend direction (I don't think I've explained this too well, sorry!)

I can't comment as to whether you were wrong to take the trade in the first place as don't know the reasons for the trade...did you take this trade?

I'm on the sidelines...the price is too choppy at the moment and lacking direction...it is in 'wedge' consolidation on 4H and 1H so just waiting for clarity
  • #10,232
  • Jan 14, 2010 10:23am Jan 14, 2010 10:23am
  •  melba
  • | Joined Nov 2009 | Status: ...just surfing the wave... | 97 Posts
hi Lovejoy , many thanks for taking the time to answer , yes i have taken a small long position at 4480 but I agree with you , quite choppy and not very confortable with it . i'm trying to put into practice jacko's method and find it more "real" with a small live position ..the reason for the long is that looking at the daily chart , i draw my lower trend line at roughly 14330 (current bottom support ) starting from mars 09 at 12520 , and the 2 upper line res are currently at 1.48 and if broken next one at 1.55 ...of course i could be wrong if the former up trend was actually really broken when we broke 14650 , but starting my bottom line from mars 2009 , i beleive the uptrend is not yet broken ..and has been going on for 9 months now .....maybe the flaw , or mistake on my side is not to wait to get closer to the support line before taking the plunge , but on the other hand , maybe we won't get there ....anyway that's how i see it for the moment ......thanks again for your help
  • #10,233
  • Jan 15, 2010 9:30pm Jan 15, 2010 9:30pm
Top trading this week Jacko. I like the more aggressive trading pattern for 2010.
  • #10,234
  • Jan 15, 2010 9:32pm Jan 15, 2010 9:32pm
Quoting lovejoy80
You are correct in that the A-H would not have been entered as the AH principle is that once the price has moved 50pips+ past your initial SL and comes back you enter a trade at your initial SL in the original direction i.e. in your case we would be waiting until price hit 1.4330 and then an order to go long would be entered at 1.4380.

The reason for the 50 pips is we want to wait until price is defintely retracing back in our original direction i.e. back in the direction of the main trend i.e. to avoid the 'noise' and we have significant movement...
That is the right way to describe the AH principle. Thats the way I use it anyway.
  • #10,235
  • Jan 15, 2010 9:59pm Jan 15, 2010 9:59pm
Quoting BullsAndBear
I am trying to get out of this messy conversation to let this thread go back to trading. I traded LIVE for nearly a year, mostly under jackos method. My LIVE acct was up over 450%. It was closed due to a layoff which babefx didnt know about when i sent her a pm trying to have a constructive exchange of trading ideas. apparently she doesnt like construcive. So I currently paper trade to keep my skills sharp so when i go live again i will be ready and not miss a beat. Pls shift the focus off of me and back to trading. This method works. The critics...
Sorry to steer the thread off course, Just wanted to be clear, enjoy reading the thread and practicing the system and will probably subscribe someday myself.
The greatest force on earth is compound interest.
  • #10,236
  • Jan 16, 2010 10:35am Jan 16, 2010 10:35am
Quoting melba
hi Lovejoy , many thanks for taking the time to answer , yes i have taken a small long position at 4480...
This is how we (Jacko traders) would be viewing the EU right now.

Chart 1: Old Daily TL - this has been broken. When this convincingly broke our bias was short.

Chart 2: Current Daily TL - we have been looking to short retracements above this TL (or short a convincing break of this TL).

As you can see the 50% fib (to the nearest big round number) is 1.4700 so price may be heading up to this area, but in the meantime by using the daily and 4H charts we have seen plenty of areas to take more aggresive shorts from the hour of the recent sideways consolidation.

This is where Jacko adapts his method according to the current traditions and uses his years of experience to pick accurate entry and exit points on the more aggresive trades - if you were following his system purely you would be waiting until the 1.4700 area (i.e. the 50% fib) to wait for a bounce of thiss for a short entry.

Personally I use price action in conjunction with Jacko mehtods so enter slightly different trades.

Hope this helps
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 16 KB
Click to Enlarge Name: eu2.gif Size: 17 KB
  • #10,237
  • Jan 17, 2010 5:17pm Jan 17, 2010 5:17pm
Hi, can anyone here tell me how to join Jacko's trading group? Thank you in advance.
  • #10,238
  • Jan 17, 2010 6:23pm Jan 17, 2010 6:23pm
Quoting juanchy31
Hi, can anyone here tell me how to join Jacko's trading group? Thank you in advance.
http://waynejacksonfx.blogspot.com
  • #10,239
  • Jan 17, 2010 6:56pm Jan 17, 2010 6:56pm
Jacko group members,

Do we have a members forum,or is this the only place for us to contact each other ?
  • #10,240
  • Jan 17, 2010 11:46pm Jan 17, 2010 11:46pm
Quoting arrowloopboy
Jacko group members,

Do we have a members forum,or is this the only place for us to contact each other ?
You should ask jacko this question. If you are a member.
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