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Jacko's Forex House of Pleasure and Pain

  • #10,281
  • Jan 28, 2010 2:13am Jan 28, 2010 2:13am
Still watching EU and I do not like the look of the PB on H4 right off the 50 fibo, if I were short. Also a look at the Monthly and weekly show some serious resistance at 1.3930 which also shows up significantly on D1.

Any views on this folks?
Attached Image(s) (click to enlarge)
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Starting to see instead of just looking.
  • #10,282
  • Jan 28, 2010 3:48pm Jan 28, 2010 3:48pm
Quoting seanmathes
What daily trend line and what kind of a retrace are you looking for? Using what tools, etc?
The trendline running from 3rd March 2009 until it was broken on 4th December 2009.
Fibs from 1.4550 to 1.3928 giving 50% @ 1.4240 area. I only use S&R, Trendlines ,50% Fibs.
Enjoy.
  • #10,283
  • Jan 29, 2010 10:12am Jan 29, 2010 10:12am
I went short at 1.4080 and will get out for the weekend at 1.3900 for 180 pip profit. Nice stressfree week. Hope everyone made pips this week.
  • #10,284
  • Jan 29, 2010 10:55am Jan 29, 2010 10:55am
Quoting bez3000
The trendline running from 3rd March 2009 until it was broken on 4th December 2009.
Fibs from 1.4550 to 1.3928 giving 50% @ 1.4240 area. I only use S&R, Trendlines ,50% Fibs.
Enjoy.
So I noticed the 50% fib off the entire move is at about 138. So will you be looking for a retrace at 4240 and the look for an entry short again?
  • #10,285
  • Jan 29, 2010 11:25am Jan 29, 2010 11:25am
Not me! I will be looking with great interest at the direction of the new monthly/weekly charts, and if they continue down, I will confirm direction with the daily and enter on a pullback on the H4. 4240 is too remote.
  • #10,286
  • Jan 29, 2010 6:42pm Jan 29, 2010 6:42pm
Quoting lovejoy80
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.
I am with you on that one. His blogs this week have been sensational. If he misses an opportunity, he admits it and moves on. But his thousands of pips in profits over the year demonstrate that he is one cool cat. Anyone who can cruise through a financial crisis and cooly click up thousands of pips in profits has got my respect.
  • #10,287
  • Jan 29, 2010 7:45pm Jan 29, 2010 7:45pm
Just reading Jacko, latest post about the retracement he is expecting.
I would like to ask fellow turtles about the fibo Jacko drew.

Jacko drew the fibo from 1.2328-1.5143, from C-D in the pic.
We have the very substantial retracement from A-B so would we usually not draw the fibo from B-D?

That is how I would normally draw it so I am just trying to get this straight in my head.

Thanks in advance
Attached Image (click to enlarge)
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Starting to see instead of just looking.
  • #10,288
  • Jan 29, 2010 8:05pm Jan 29, 2010 8:05pm
i agree B to D is how i drew it to as a fib is suppose to be from the most recent swing low to swing high.

not that i am disagreeing with jacko but b to d seems alot more logical and obvious then random C to D but fibs are subjective just like trendlines and such i suppose.

i dont think it will make that much of a difference as points c and b arent that far away from each other and i still look at fib levels as zones and both fib levels seem to be around the same zone. not sure
  • #10,289
  • Jan 29, 2010 8:15pm Jan 29, 2010 8:15pm
I was confused about this at first too, but i rationalised it by looking at it like this.

Jackos trading style uses whole numbers and looks at the bigger picture. he is not trying to curve fit the graph to his way of thinking, but takes the bigger targets and time frames for strategy.

the usual "take the most recent lows/highs" way of thinking is fine if you are trading of 1h or 15m charts, but we are not doing that. you have to take the fibs of the tf you are trading, and that is what jacko is doing, trading the weekly/monthly/yearly(maybe) trend.

hope that makes sense
  • #10,290
  • Jan 29, 2010 8:23pm Jan 29, 2010 8:23pm
true, and jackos fib does line up better with past support and resistance flip zone. lines up perfectly actually.
  • #10,291
  • Jan 29, 2010 9:13pm Jan 29, 2010 9:13pm
I think that B-D 50% fib would be the next target. but C-D 50% fib is the ultimate target.
C-D is the the major low and major high.
And i agree with supermatt that i dont think it will make that much of a difference as points c and b arent that far away from each other and i still look at fib levels as zones and both fib levels seem to be around the same zone.
  • #10,292
  • Jan 29, 2010 9:16pm Jan 29, 2010 9:16pm
Yes, I think Jacko's fibo is slightly more accurate when we look at past PPZ on the Monthly as in the screen shot below.
Jacko Fibo=Green More recent low (Orange)


I just wanted to understand this for future reference.
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Starting to see instead of just looking.
  • #10,293
  • Jan 29, 2010 9:17pm Jan 29, 2010 9:17pm
Quoting lawgirl21
Not me! I will be looking with great interest at the direction of the new monthly/weekly charts, and if they continue down, I will confirm direction with the daily and enter on a pullback on the H4. 4240 is too remote.
Yes. I agree too
  • #10,294
  • Jan 29, 2010 10:54pm Jan 29, 2010 10:54pm
Quoting Rastaman
Yes, I think Jacko's fibo is slightly more accurate when we look at past PPZ on the Monthly as in the screen shot below.
Jacko Fibo=Green More recent low (Orange)


I just wanted to understand this for future reference.

Understanding this is the key to success, talking about it helps everyone.....

Jacko say "it really is that simple" and he is correct, but you need to think about it in simple terms, something i definately struggle with, its almost as if i want the method to be complex, just one of my failings i suppose....
  • #10,295
  • Jan 29, 2010 11:34pm Jan 29, 2010 11:34pm
Quoting rendezvous65
I am with you on that one. His blogs this week have been sensational. If he misses an opportunity, he admits it and moves on. But his thousands of pips in profits over the year demonstrate that he is one cool cat. Anyone who can cruise through a financial crisis and cooly click up thousands of pips in profits has got my respect.
hogwash since aug 2008 2000 pips 18 months thats 120 pips a month 30 pips a week 6 pips a day now who cant make 6 pips a day sensational absolutly sensational thousands of pips over the year what year we talking buddy it was not last year,or the year before. very unimpressed how can messing up all month be sensational
  • #10,296
  • Jan 29, 2010 11:53pm Jan 29, 2010 11:53pm
Quoting goodfellow
hogwash since aug 2008 2000 pips 18 months thats 120 pips a month 30 pips a week 6 pips a day now who cant make 6 pips a day sensational absolutly sensational thousands of pips over the year what year we talking buddy it was not last year,or the year before. very unimpressed how can messing up all month be sensational
this isnt really the thread for you is it?
  • #10,297
  • Jan 30, 2010 1:59am Jan 30, 2010 1:59am
Quoting mongreldog66
Top trading this week Jacko. I like the more aggressive trading pattern for 2010.
hi kon5t its been great to see this thread getting back on track but as always we get posts marketing crap from the likes of mongreldog66 and rendezvous65 as goodfellow points out .dont shoot the messenger when he,s speaking the truth.you should vent your post towards the marketing crew
student
  • #10,298
  • Jan 30, 2010 4:19am Jan 30, 2010 4:19am
Quoting Rastaman
Just reading Jacko, latest post about the retracement he is expecting.
I would like to ask fellow turtles about the fibo Jacko drew.

Jacko drew the fibo from 1.2328-1.5143, from C-D in the pic.
We have the very substantial retracement from A-B so would we usually not draw the fibo from B-D?

That is how I would normally draw it so I am just trying to get this straight in my head.

Thanks in advance
My 0.02c...the move from A-B is a downtrend and thus if using fijbs we use them as placed might stall when price retraces part of this move.


The move C-D is an uptrend and thus we use fibs as possible areas that price might stall on a retrace...ie. like we are in. 50% fib is the most common and powerful fib and looking at a chart you can see that target Jacko outlined is a strong support/resistance area.


EDIT: miss read you post sorry! It is rather subjective, but the C-D is the bigger move than the B-D...plus as outlined above the 50% fib falls on a PPZ area...so strong confluence
  • #10,299
  • Jan 30, 2010 6:52am Jan 30, 2010 6:52am
Quoting goodfellow
hogwash since aug 2008 2000 pips 18 months thats 120 pips a month 30 pips a week 6 pips a day now who cant make 6 pips a day sensational absolutly sensational thousands of pips over the year what year we talking buddy it was not last year,or the year before. very unimpressed how can messing up all month be sensational

I don't know anything about Jacko's trading performance, so I'm not going to comment on it.

However, regarding trading in general, I think that you are somewhat naive. I'm pretty sure 95 % of FF members cannot make even one single pip per month in the longterm. So if you think that 120 pips a month is bad, why don't you show us a trader that can do better than this.
  • #10,300
  • Jan 30, 2010 10:08am Jan 30, 2010 10:08am
Quoting Traderlarry
I don't know anything about Jacko's trading performance, so I'm not going to comment on it.

However, regarding trading in general, I think that you are somewhat naive. I'm pretty sure 95 % of FF members cannot make even one single pip per month in the longterm. So if you think that 120 pips a month is bad, why don't you show us a trader that can do better than this.
not forgetting that if 6 pips a day doesnt tickle your R:R, you can always use higher leverage.......
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