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Jacko's Forex House of Pleasure and Pain

  • #10,301
  • Jan 30, 2010 10:25am Jan 30, 2010 10:25am
Quoting kon5t
not forgetting that if 6 pips a day doesnt tickle your R:R, you can always use higher leverage.......
sure mate hope ur enjoying cali
student
  • #10,302
  • Jan 30, 2010 10:30am Jan 30, 2010 10:30am
Quoting garrye
sure mate hope ur enjoying cali
oops rumbled
  • #10,303
  • Jan 30, 2010 11:12am Jan 30, 2010 11:12am
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.
naive whatever,live trades from this week
student
  • #10,304
  • Jan 30, 2010 7:47pm Jan 30, 2010 7:47pm
Looks like we have a serious PPZ in front of price, time to watch for PA.
Attached Image (click to enlarge)
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Starting to see instead of just looking.
  • #10,305
  • Jan 30, 2010 8:00pm Jan 30, 2010 8:00pm
Quoting Rastaman
Looks like we have a serious PPZ in front of price, time to watch for PA.
Rastaman,

Where did you get that indicator on your chart?

Thanks
rptrader
  • #10,306
  • Jan 30, 2010 8:11pm Jan 30, 2010 8:11pm
Quoting rptrader
Rastaman,

Where did you get that indicator on your chart?

Thanks
rptrader
Which one are you referring to?
Starting to see instead of just looking.
  • #10,307
  • Jan 30, 2010 8:46pm Jan 30, 2010 8:46pm
Quoting Rastaman
Which one are you referring to?

The wide bands, I think they're yellow in color, or yellowish/green.

rptrader
  • #10,308
  • Jan 30, 2010 9:08pm Jan 30, 2010 9:08pm
Quoting garrye
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
Don't want no war but ANY trader that has been consistent in (a) being profitable every Quarter, (b) is thousands of pips in profits each year, (c) is using only 2% of his capital for every trade and (d) has done all that in the middle of the worlds financial crisis, deserves respect.
He has shown his live trading here and on another forum for six months and for two years with his private group.
If you want to say that I am another of his marketing crew, then so be it, I don't want any flame wars here. But I am a member of his second group and I am a very satisfied member. He has given me the tools and knowledge to become a fulltime trader. And I know 11 other members that have become fulltime traders under Jackos tutelege because I talk to them every day.
I would vouch for Wayne in an instant as a trainer to anyone wanting to learn to trade. That is not meant as marketing, it is a straightforward and honest fact.
  • #10,309
  • Edited 10:03pm Jan 30, 2010 9:32pm | Edited 10:03pm
Quoting rptrader
The wide bands, I think they're yellow in color, or yellowish/green.

rptrader

Oh, I see.

These lines are not drawn by an indicator, they are drawn using the rectangle function in MT4, they are referred to as PPZ (Price Pivot Zones). As the name implies they are zones where former resistance has changed to support & visa vi. We look for price action around these areas such as Inside bars, Pin Bars, Bullish Engulfing Outside Bars etc, to show us where price may break out.

You draw them from the Monthly, Weekly, Daily, H4 & H1 time frames, although the PPZ in these screen shots are drawn only on the Weekly. When we move down to a lower time frame we can see they are more defined and if they coincide with a serious fibo number & Round Numbers, we pay Great attention to this area.

This is the core of many successful traders charts and I believe that it is the only way to trade successfully. You can see how on the weekly a PPZ from years ago is still being respected by price and either bounces off them or the PPZ gets violated and price moves on in the direction of the trend.
It is important to understand that these PPZ are not exact and we don't just take a trade when one gets broken slightly, they are Zones we look for price action at and nothing more.

Round numbers combined with PPZ and fibos are indeed the real deal.


Hope this helps.

EDIT: Changed the Daily pic to be clearer and moved the fibo to correspond with the daily chart.
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Starting to see instead of just looking.
  • #10,310
  • Jan 30, 2010 10:03pm Jan 30, 2010 10:03pm
Quoting Rastaman
Oh, I see.

These lines are not drawn by an indicator, they are drawn using the rectangle function in MT4, they are referred to as PPZ (Price Pivot Zones). As the name implies they are zones where former resistance has changed to support & visa vi. We look for price action around these areas such as Inside bars, Pin Bars, Bullish Engulfing Outside Bars etc, to show us where price may break out.

You draw them from the Monthly, Weekly, Daily, H4 & H1 time frames, although the PPZ in these screen shots are drawn only on the Weekly. When we move...

Rastaman,

Thanks for the clarification and the explanation. I see what you're talking about now.

Thanks
rptrader
  • #10,311
  • Jan 30, 2010 10:09pm Jan 30, 2010 10:09pm
Quoting rptrader
Rastaman,

Thanks for the clarification and the explanation. I see what you're talking about now.

Thanks
rptrader

You are perfectly welcome, we are all here to help each other & I am sure you will be able to help me out with some things.

Thanks
Starting to see instead of just looking.
  • #10,312
  • Edited Jan 31, 2010 1:34am Jan 30, 2010 10:21pm | Edited Jan 31, 2010 1:34am
You can use this indicator to draw PPZ BUT, I do not use it anymore because. I prefer to draw them by hand with my own eye.

However, this indicator is good for getting one used to drawing them, if you set it up to only draw them on say W1, then move to D1 and draw you own PPZ, then move back to W1 to check if they line up with the PPZ drawn by this indicator.

You can also change the setting to only draw a couple of PPZ.

Just using it for practice purposes, sounds reasonable to me.
Attached Image (click to enlarge)
Click to Enlarge Name: pic.jpg Size: 236 KB
Attached File(s)
File Type: mq4 mikko_autosr.mq4   4 KB | 435 downloads
Starting to see instead of just looking.
  • #10,313
  • Jan 31, 2010 5:52am Jan 31, 2010 5:52am
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
It's clear from your post that you don't understand what successfull trading is about, you've also displayed your ignorance in a rude manner. Success is being profitable over the long term. There'll be periods of losses, sometimes one after another, some periods will be more profitable than others. The markets trend, change direction and range. It's a skill recognising and adapting to the changes. Some periods are easier than others. If you could make 6 points a day you'd not need to be here learning and would make a great deal of money.
I hope you'll understand what i'm saying and realise your rudeness to someone who is successful and is magnanimously trying to help others.
  • #10,314
  • Jan 31, 2010 8:39am Jan 31, 2010 8:39am
I've only been a member a month or so guys,
As i havn't traded enough of Jackos trades yet to be fully confident ,
would ye guys consider 3% per trade as being excessive ?,or would i be better sticking with 2%.
I'd be very greatfull for an insight from somebody that has been trading Jackos (fund)trades for a year or 2.

Replys from fellow turtles most welcome
(not some of the other messers knocking about this thread)

Regards

Arrow
  • #10,315
  • Jan 31, 2010 9:13am Jan 31, 2010 9:13am
I'm looking for 3700 this week.
  • #10,316
  • Jan 31, 2010 9:43am Jan 31, 2010 9:43am
I think people need to realize that the amount of pips you make per month is insignificant when you compare it to what ONE pip is worth to you personally.

In Jackos case, 2000 pips a year is what?

Well if he trades 200 *standard* contracts per pip....do your math.

it is sh*tloads of money.

So no, 6 pips a day isnt bad at all.

Its consistant.

Sorry for rambling. In fact, no im not.
  • #10,317
  • Jan 31, 2010 9:51am Jan 31, 2010 9:51am
I'm looking at maybe an aggressive short from 14020 area...with a less risky short area being near 14200.

overal main target at the moment on the downside has to be 13750 area - 50% fib strong PPZ etc.
  • #10,318
  • Jan 31, 2010 9:58am Jan 31, 2010 9:58am
looking forward to next week with anticipation. IMHO EURUSD looks oversold at the moment. there might be a retrace in store next week. i might be wrong though. let's see what the chart tells us

have a good week ahead.
  • #10,319
  • Edited 11:06am Jan 31, 2010 10:18am | Edited 11:06am
Quoting lovejoy80
I'm looking at maybe an aggressive short from 14020 area...with a less risky short area being near 14200.

overal main target at the moment on the downside has to be 13750 area - 50% fib strong PPZ etc.
I agree with your downside area target of 1.3750 ish...although like I said earlier..I am looking at 1.3700.
  • #10,320
  • Jan 31, 2010 10:22am Jan 31, 2010 10:22am
Quoting herzog21
looking forward to next week with anticipation. IMHO EURUSD looks oversold at the moment. there might be a retrace in store next week. i might be wrong though. let's see what the chart tells us

have a good week ahead.
You may certainly be correct that the market is oversold although I am not seeing it. I always love Sunday afternoons (PST) to see what is happening at the market open.
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