Jacko's Forex House of Pleasure and Pain | Page 514 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #10,261
  • Jan 24, 2010 4:35am Jan 24, 2010 4:35am
As you can see price bounced off the 50% fib line which was also previous S/R asea and near the round number...was a decent probaility that this was going to happen so worth a counter trend trade in my opinion (50pip SL).

I would be looking to short above 1.4300, but will be watching above 1.4250 - there is previous bars lows in that area which may act as resistance.

But overal, I'll be looking to build up some shorts upon a retracement back up to the broken TL, alternatively if the price just breaks the 1.4000 I'll be having a short entry upon the break and then adding to it if it comes back and retests (and confirms) the 1.4000 area as support turned resistance (classicbreakout trading strategy).
Attached Image(s) (click to enlarge)
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  • #10,262
  • Jan 24, 2010 9:41am Jan 24, 2010 9:41am
Don't you think horizontal s/r lines have more significance than fibs or trendlines. That being the case, 1.4250 looks like a good one for a resistance line.
  • #10,263
  • Jan 24, 2010 9:52am Jan 24, 2010 9:52am
Quoting captmilkdud
Don't you think horizontal s/r lines have more significance than fibs or trendlines. That being the case, 1.4250 looks like a good one for a resistance line.
Generally I do. The multiple lows on the 4H at 1.4250 represents a resistance area for me. however, this is not the clearest resistance line and is not clear at all on the daily chart.

For me the areas I will be watching as a target for price to retrace are as follows:

1. 1.4250 - 4H previous support (note it hasn't been tested and proven as resistance yet).

2. 1.4300 - 50% of the very recent swing to the nearest round number

3.1.4350 - currently where the previous support TL intersects price

4. Lastly the falling TL (only has two touches thus far so off less significance to me).

So I will be watching how price is reacting at those levels...starting with 1.4250, anything above this area is a potential short trade area for me, but it's a case of watching and seeing how price reacts to these potential resistance areas.
  • #10,264
  • Jan 24, 2010 10:16am Jan 24, 2010 10:16am
Excellent analysis. Thanks
  • #10,265
  • Jan 26, 2010 4:26am Jan 26, 2010 4:26am
Quoting cyberfx
Jacko. Even tho i am not a member of your group, i respect and appreciate what you have done for the FF. I believe that you are one of only a few truly succesfull traders here and I always read your posts. Please post here more often. All the best in 2010
Jacko. Please post here more often. All the best in 2010.
  • #10,266
  • Jan 26, 2010 8:14am Jan 26, 2010 8:14am
Quoting lovejoy80
Generally I do. The multiple lows on the 4H at 1.4250 represents a resistance area for me. however, this is not the clearest resistance line and is not clear at all on the daily chart.

For me the areas I will be watching as a target for price to retrace are as follows:

1. 1.4250 - 4H previous support (note it hasn't been tested and proven as resistance yet).

2. 1.4300 - 50% of the very recent swing to the nearest round number

3.1.4350 - currently where the previous support TL intersects price

4. Lastly the falling TL (only has two touches...
Good work lovejoy80 I joined Jackos second group early this month. Reading all his thoughts and reasons in the lead up to each trade and why he takes the trade, then seeing all his trades, and then reading all his reactions to the outcome of each trade (both wins and losses) has been a massive education for me in how to trade. It is 180 degree different to how I was trading. There is a good summary on a pdf file here It is a good outline of the system. It is good to read this thread again now I understand his system better
  • #10,267
  • Jan 26, 2010 8:37am Jan 26, 2010 8:37am
Some of the things I have learned is that patience is very important. Jacko does not overtrade. If you are wanting a fast action scalping system, then this system is not for you. But Jacko's signals as printed in his blog make profits. Over the time of his blog, his system has generated thousands of pips in profits. Fxtrader29 was right when he posted that Jacko has been profitable every quarter. Jacko has been in good profits every time. http://www.forexfactory.com/showpost.php?p=3018303&postcount=539 That post was important to me in my decision to join. After reading his blog right through from start to finish, I can see that my vision of trading was made from watching movies and professional trading is different to the movies. Enough said.
  • #10,268
  • Jan 26, 2010 9:29am Jan 26, 2010 9:29am
Quoting rendezvous65
Good work lovejoy80 I joined Jackos second group early this month. Reading all his thoughts and reasons in the lead up to each trade and why he takes the trade, then seeing all his trades, and then reading all his reactions to the outcome of each trade (both wins and losses) has been a massive education for me in how to trade. It is 180 degree different to how I was trading. There is a good summary on a pdf file here It is a good outline of the system. It is good to read this thread again now I understand his system better
Reading through his entire blog from start to finish and having a chart in front of you is a valuable teaching tool within itself.

I think I've said this previously, the method is simple (TL joining highs and lows, 50% fib and round numbers - a 5 year old could learn it) but the insight he adds into the reasoning for a trade, his thoughts on the fundamentals, how he adapts to a non-trending market, copes with losing trades, fear and greed etc. is the most valuable part of the membership IMO.
  • #10,269
  • Jan 26, 2010 10:31am Jan 26, 2010 10:31am
Just got confirmation from Jacko of my membership.
He is going to give me access to the bog tomorrow. DroooooL.

Hopefully will see you guys around there.


EDIT. Well maybe he will give me access to the bog but hopefully the BLOG as well. LOL
Starting to see instead of just looking.
  • #10,270
  • Jan 26, 2010 2:16pm Jan 26, 2010 2:16pm
There was a young bull and an ould bull standing at the top of a hill,over looking a field full of maiden heifers,
The young bull said "lets run down there and mount one of those heifers"
The ould bull replied "lets walk down a mount em all"
  • #10,271
  • Jan 26, 2010 4:02pm Jan 26, 2010 4:02pm
  •  Bam Fx
  • | Joined Apr 2009 | Status: Using Small Live Account as Demo | 28 Posts
Hey Rasta,
I just wanted to point out that there is no forum for the members to talk with eachother. It is a blog site that Jacko posts entries to... Just thought I would give you a heads up... If I am wrong, someone please correct me... but i don't think I'm am.
  • #10,272
  • Jan 26, 2010 6:19pm Jan 26, 2010 6:19pm
Quoting Bam Fx
Hey Rasta,
I just wanted to point out that there is no forum for the members to talk with eachother. It is a blog site that Jacko posts entries to... Just thought I would give you a heads up... If I am wrong, someone please correct me... but i don't think I'm am.
Yes, I think you are correct.

I suppose this one is good enough.

It is probably a good idea that Jacko doesn't have a forum as while reading other people's post can be enlightening, I suppose it can also be distracting.
Starting to see instead of just looking.
  • #10,273
  • Jan 26, 2010 6:40pm Jan 26, 2010 6:40pm
Quoting Rastaman
Yes, I think you are correct.

I suppose this one is good enough.

It is probably a good idea that Jacko doesn't have a forum as while reading other people's post can be enlightening, I suppose it can also be distracting.
i think its more the grief he gets from non-members who dont understand what he does, and ask for proof of his trades. some people get quite aggressive with their demands
  • #10,274
  • Jan 26, 2010 7:05pm Jan 26, 2010 7:05pm
So looking at the daily of EU it definitely looks to be in a large retrace and ready to resume the bullish trend. Is this correct and as per Jacko's method?
EU is currently at the 38.2 fib from the lows set in Oct. 08 and the high of Oct 09.
  • #10,275
  • Jan 26, 2010 7:05pm Jan 26, 2010 7:05pm
Quoting kon5t
i think its more the grief he gets from non-members who dont understand what he does, and ask for proof of his trades. some people get quite aggressive with their demands
Maybe, and I can quite understand that deal.

There again, if the forum was part of Jacko's blog, only members could access it.
Starting to see instead of just looking.
  • #10,276
  • Jan 26, 2010 11:14pm Jan 26, 2010 11:14pm
Quoting Rastaman
Maybe, and I can quite understand that deal.

There again, if the forum was part of Jacko's blog, only members could access it.
i think he might have had past experiences with that too, not good.....

tbh discussions on FF are probably sufficient
  • #10,277
  • Jan 26, 2010 11:17pm Jan 26, 2010 11:17pm
Quoting seanmathes
So looking at the daily of EU it definitely looks to be in a large retrace and ready to resume the bullish trend. Is this correct and as per Jacko's method?
EU is currently at the 38.2 fib from the lows set in Oct. 08 and the high of Oct 09.
looking at the fundamentals and the recent recovery of the USD, i would suggest it is bearish waiting for a retrace before continuing its downward journey
  • #10,278
  • Jan 27, 2010 11:47am Jan 27, 2010 11:47am
Quoting seanmathes
So looking at the daily of EU it definitely looks to be in a large retrace and ready to resume the bullish trend. Is this correct and as per Jacko's method?
EU is currently at the 38.2 fib from the lows set in Oct. 08 and the high of Oct 09.
I would say we are now in a bearish market since the Daily trend line was broken and we are looking for a retrace to enter short, just my view.
  • #10,279
  • Jan 27, 2010 8:21pm Jan 27, 2010 8:21pm
I am watching this EU short and wondering if price is going to flip around the 1.3880 area.
Attached Image (click to enlarge)
Click to Enlarge Name: pic.jpg Size: 120 KB
Starting to see instead of just looking.
  • #10,280
  • Jan 27, 2010 10:22pm Jan 27, 2010 10:22pm
Quoting bez3000
I would say we are now in a bearish market since the Daily trend line was broken and we are looking for a retrace to enter short, just my view.
What daily trend line and what kind of a retrace are you looking for? Using what tools, etc?
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