Jacko's Forex House of Pleasure and Pain | Page 519 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #10,361
  • Feb 4, 2010 2:17am Feb 4, 2010 2:17am
wise move,
student
  • #10,362
  • Feb 4, 2010 3:08am Feb 4, 2010 3:08am
Quoting Rastaman
BABEFX, thanks for the info but to be honest, I am not a fundamentalist, I really believe more in price action and PPZ than fundamentals.

I also believe that fundamentals are figured into the markets and price action.

Hi Rastaman,

Those were my original thoughts. However, possibly due to the the way I am wired up I have a burning desire to better understand how this huge "Foreign Exchange Monster " works.

In my case this means exploring all avenues of research with a totally open mind.

Fundamentals I find really boring, so for me it is even harder to force myself to do it. The time I used to spend searching for the "Holy Grail System" and listening too the latest trading "Guru" is now mostly spent finding out how this huge "Order Machine" called Forex really works.

Now then you talk about "Price Action" & "PPZ" what do you really mean, are you telling me that what you see can only be seen by yourself, no of course not, everybody else can see exactly the same thing.

When you see a "Pin bar" at what appears to be the bottom of down leg what are you seeing, you are seeing evidence of a huge buy order hitting the market, what caused that huge buy order is what I am looking for.
All you & I, together with everyone else who follows the market has seen is evidence of the buy order.

In other words I want to trade beside the group who placed the order that created the "Pin bar", hey everyone is entitled to dream.

Regards,


BabeFX.
  • #10,363
  • Feb 4, 2010 3:16am Feb 4, 2010 3:16am
Quoting lawgirl21
I went away from my desk to get a cup of coffee, came back and wham, saw that hugh spike down. I think its good to know why the market does the things it does, although I also agree with Jacko who says we can't trade in antipication of the news. I got caught in this move
lawgirl,

Take care, remember the reason why you first started to follow "Jacko's Thread".

Follow the trend. "The Trend is your Friend"

Regards,

BabeFX.
  • #10,364
  • Feb 4, 2010 4:59am Feb 4, 2010 4:59am
Quoting BabeFX
Hi Rastaman,

Those were my original thoughts. However, possibly due to the the way I am wired up I have a burning desire to better understand how this huge "Foreign Exchange Monster " works.

In my case this means exploring all avenues of research with a totally open mind.

Fundamentals I find really boring, so for me it is even harder to force myself to do it. The time I used to spend searching for the "Holy Grail System" and listening too the latest trading "Guru" is now mostly spent finding out how this huge...

Exactly, pin bars can be seen by everyone,but many probably see them as Head & shoulders patterns on lower TF, thus it becomes another self fulfilling prophecy, like the 50 fibo, it is just more confirmation.
Starting to see instead of just looking.
  • #10,365
  • Feb 4, 2010 8:31am Feb 4, 2010 8:31am
Quoting BabeFX
Hi Rastaman,

Those were my original thoughts. However, possibly due to the the way I am wired up I have a burning desire to better understand how this huge "Foreign Exchange Monster " works.

In my case this means exploring all avenues of research with a totally open mind.

Fundamentals I find really boring, so for me it is even harder to force myself to do it. The time I used to spend searching for the "Holy Grail System" and listening too the latest trading "Guru" is now mostly spent finding out how this huge...
well put babe,rastaman good to see a honest trader on here hats of to you the price is always right.many people licking there wounds this week
student
  • #10,366
  • Feb 4, 2010 8:44am Feb 4, 2010 8:44am
Hi everybody, my first post in here.
E/U is rapidly approaching 1.38 that is also a 50% retracement. I believe if it goes below the support there will be a lot of space for a short.
Any thoughts?
Cheers
Ogeid
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  • #10,367
  • Feb 4, 2010 9:21am Feb 4, 2010 9:21am
This is what I'm looking at. I think the 3740-3750 level is going to be significant.

What Jacko's strategy in general is, he waits for price to go behind the 50fib by 50 pips or more. And when the price comes back to the 50fib, then he enters the trade.

So ideally price should go to 3750 or lower and when again at 3800, the long position should be opened with a 100 pip SL.

Quoting ogeid
Hi everybody, my first post in here.
E/U is rapidly approaching 1.38 that is also a 50% retracement. I believe if it goes below the support there will be a lot of space for a short.
Any thoughts?
Cheers
Ogeid
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  • #10,368
  • Feb 4, 2010 9:22am Feb 4, 2010 9:22am
Quoting ogeid
Hi everybody, my first post in here.
E/U is rapidly approaching 1.38 that is also a 50% retracement. I believe if it goes below the support there will be a lot of space for a short.
Any thoughts?
Cheers
Ogeid
Hi Ogeid,

Not too sure how long you have been trading so all I can advise is don't jump in at this current level.
Best wait for the market to test the next technical level lower. That is between 1.3700 to 1.3750 then wait for a retrace up towards the previous support level which should now act as resistance.

Not before a failure to break through that resistance should you be looking to enter the market on the sell side.

Take care,use protective stops & most importantly read all the previous posts starting at the beginning.

Regards,

BabeFX
  • #10,369
  • Feb 4, 2010 9:26am Feb 4, 2010 9:26am
Quoting lawgirl21
What a ride! I pyramided three orders long. All three triggered. First 2 orders yielded +54 pips. Third triggered just before the wild ride down and is negative 35. Hasn't hit stop yet, although has been flirting with it most of the day.
My third trade hit my stop..left me with +4. I had a pending short order ready and am now up +50 again. That was fun!
  • #10,370
  • Feb 4, 2010 9:36am Feb 4, 2010 9:36am
Quoting artov
This is what I'm looking at. I think the 3740-3750 level is going to be significant.

What Jacko's strategy in general is, he waits for price to go behind the 50fib by 50 pips or more. And when the price comes back to the 50fib, then he enters the trade.

So ideally price should go to 3750 or lower and when again at 3800, the long position should be opened with a 100 pip SL.

Same here...I would expect a bounce at this area as it is very significant.
  • #10,371
  • Feb 4, 2010 9:49am Feb 4, 2010 9:49am
Tx to both of you for the advices.

To Artov. I was more looking for entering a short but I ll se your thinking.
To BabeFx. I read most of the thread very interesting and I also just joined the private group. Waiting for approval.

I see the entire area 1.38 / 1.375 acting as a good PPZ, especially looking back in May / June 09. My intention was not to wait for a retracement but just jump on the down train in the middle of its swing.

Anyway I do appreciate your help and I hope I can use your advise also in the near future.

Tx
Ogeid
  • #10,372
  • Feb 4, 2010 10:22am Feb 4, 2010 10:22am
Quoting ogeid
Tx to both of you for the advices.

To Artov. I was more looking for entering a short but I ll se your thinking.
To BabeFx. I read most of the thread very interesting and I also just joined the private group. Waiting for approval.

I see the entire area 1.38 / 1.375 acting as a good PPZ, especially looking back in May / June 09. My intention was not to wait for a retracement but just jump on the down train in the middle of its swing.

Anyway I do appreciate your help and I hope I can use your advise also in the near future.

Tx
Ogeid

Ogeid,

My previous advice still stands.

Don't jump in at this current level.

If you load a 5 or 15min chart you will see price oscillating or pulsating this is the precursor to either a drive through or a rejection of a level. Which way it is going to break nobody knows.

Wait for clear rejection and bounce upwards before entering a sell position.

Regards,

BabeFX.
  • #10,373
  • Feb 4, 2010 10:31am Feb 4, 2010 10:31am
Quoting BabeFX
Ogeid,

My previous advice still stands.

Don't jump in at this current level.

If you load a 5 or 15min chart you will see price oscillating or pulsating this is the precursor to either a drive through or a rejection of a level. Which way it is going to break nobody knows.

Wait for clear rejection and bounce upwards before entering a sell position.

Regards,

BabeFX.
Don't forget tomorrow is NFP. Another good reason to wait.
  • #10,374
  • Feb 4, 2010 10:34am Feb 4, 2010 10:34am
why short now.no point wait for retrace and sell high.unless ur scalping.e/u in the toilet the rules are set.but be careful still short from 550 happy as fook
student
  • #10,375
  • Edited 10:42am Feb 4, 2010 10:36am | Edited 10:42am


Ogeid,

Lets put it another way.

If you do decide to enter a sell at this level how much are you prepared to lose before you are proved right.

In other words what stop loss are you going to use ?

The further you are away from a resistance level will increase the stop loss used.

I am not sure that a 100pip stop loss will be enough it could well require a stop in excess of 150pips.


I see that you are about to join "Jacko's private group" If you were already a member the most important thing you would have learnt is to wait for the right set up, there is no way "Jacko"would consider a sell at this level.

Regards,

BabeFX.
  • #10,376
  • Feb 4, 2010 10:39am Feb 4, 2010 10:39am
Quoting garrye
im short from 14550 looking for it to go below 14456 ds1 and i think were on a ride down my stops at be so if it retrace to 14550 and takes a close above dr1 then we could ride to old fib level 14700 but im short bias
easy peasy
student
  • #10,377
  • Feb 4, 2010 11:11am Feb 4, 2010 11:11am
I am so happy I have got so many replies on my first post on this thread, LOL.

I understand and take on board all your points. I did not open any position.

I like this thread especially because it is focussing on one pair.
Your reaction to my first message was unbelievably positive to me. I believe people should participate more often to the discussion on EU and share more points of view, just to keep the thread alive and prosperous.

Thanks again everybody
Ogeid

P.S. I know you do not pay to much attention to bars but there is a nice Pin Bar forming on H4 at least on my broker IBFX
  • #10,378
  • Feb 4, 2010 11:47am Feb 4, 2010 11:47am
Quoting ogeid
I am so happy I have got so many replies on my first post on this thread, LOL.

I understand and take on board all your points. I did not open any position.

I like this thread especially because it is focussing on one pair.
Your reaction to my first message was unbelievably positive to me....
Hi Ogeid,

It is a bit too early to say if this latest 4 hour bar is a "Pin bar"or not.

Now if you have read the earlier posts by "Jacko" there is no mention of entering a counter trend trade, better wait for a possible retrace first, then enter a sell trade.

The original rules will stand you in good stead, fail to observe them & you could end up as "Road Kill".

Jacko's original method works " if it isn't broke don't fix it".


Regards,

BabeFX
  • #10,379
  • Feb 4, 2010 5:11pm Feb 4, 2010 5:11pm
I just wanted to comment, in general JAcko is profitable. For the frequent trader, his style would make you crazy.
But if you have the patience he does just fine. You need a large account to make sizable gains though.

What I also noticed about Wayne is that his countertrend trades are wrong 90% of the time. Thats why I tend to avoid his countertrend trades. I have combined his method with someone elses approach. It has been pretty good so far.
  • #10,380
  • Edited 6:57pm Feb 4, 2010 6:38pm | Edited 6:57pm
Morning people.
Yes, I am also not convinced we are in the groove yet, check out the MACD divergence, in the sense that we are over 500 pips from the last swing low, yet the MACD is at or around the same level.

EDIT: I will probably be saying the same thing all the way to the 1.000 Mark. LoL
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Starting to see instead of just looking.
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