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Jacko's Forex House of Pleasure and Pain

  • #10,381
  • Feb 4, 2010 7:14pm Feb 4, 2010 7:14pm
rasta man looking at the macd daily down,4hr down protecting my trade bringing stop down to d/p crazy day today be nice to have retrace from this 750 level can only watch p/a now and tight stops
student
  • #10,382
  • Feb 4, 2010 7:17pm Feb 4, 2010 7:17pm
Quoting garrye
rasta man looking at the macd daily down,4hr down protecting my trade bringing stop down to d/p crazy day today be nice to have retrace from this 750 level can only watch p/a now and tight stops
Yeah, the H1 BEOB got me in.

Well, we broke the low of the H4 PB & the 38.2 seems to be holding.
The H1 shows a Bearish Engulfing Outside Bar right off the 38.2

Are we starting to get into the groove here.


EDIT: I am in at 1.3676 SL 10 pips + spread above 38.2 at 1.3756

Now, let the market decide.
Attached Image (click to enlarge)
Click to Enlarge Name: in.jpg Size: 127 KB
Starting to see instead of just looking.
  • #10,383
  • Feb 4, 2010 7:25pm Feb 4, 2010 7:25pm
Quoting artieboy
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.
its hard to understand why he takes those c/t trades sometimes im shocked he always says he wont and like u say 90% lose thats why i hope people are careful with copying his trades and yes i like to use pivots with the fibs as a guide we have to use what we can to win the battle
student
  • #10,384
  • Feb 4, 2010 7:27pm Feb 4, 2010 7:27pm
Yes, what just happened was very interesting. I had two short trades going, different entries, both with take profits at 3700. TP was hit. +72 and +32. I have hit my goal for the week. Did anyone else make money?
  • #10,385
  • Feb 4, 2010 8:11pm Feb 4, 2010 8:11pm
Jacko may be in general profitable. But it is not completely necessary to trade higher timeframe in order to be profitable as Jacko said.
http://www.forexfactory.com/showthread.php?t=219005


Quoting artieboy
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.
  • #10,386
  • Feb 5, 2010 2:21am Feb 5, 2010 2:21am
Quoting artieboy
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.
Hi Artieboy,


This is reason why I keep trying to keep folks away from joining his private group.

I have seen a paradigm shift in the way "Jacko" trades, one of the reasons for this is the pressure on him to produce trade recommendations for his growing army of students, I mentioned this too him soon after I joined his 1st group of traders.
His reply was that he was under increasing pressure to produce more frequent trades.

I feel fortunate enough to have learnt a great many lessons from "Jacko"
the most important being the benefit of waiting for the right setup to form before jumping into the market.

The second most important thing I learnt from "Jacko" was that nobody knows for sure where the market is going.

The third most important thing I have learnt by being in the group is to move my stop loss to break even as soon as possible, if I was to show my trading statement you would see many very small losses,lots of trades closed out at break even,a cluster of small wins and the occasional big win.



Regards,

BabeFX.
  • #10,387
  • Feb 5, 2010 2:34am Feb 5, 2010 2:34am
The best damn post ive seen on this forum in months.

Babe will be wealthy someday because Jacko has taught him right.

The only thing you didnt add is he will also take a partial or "small" profit when he can.

Ive never belonged to his group but i know Jacko because i know the ingredients to almost all succesful traders. They almost always say the same thing. I was here long before Wayne but i knew within one month he had travelled the same hard ass road i had and learned the same hard ass lessons.

Great post man.

People should print it and paste it to the wall.

Quoting BabeFX
[/b][/color]

I feel fortunate enough to have learnt a great many lessons from "Jacko"
the most important being the benefit of waiting for the right setup to form before jumping into the market.

The second most important thing I learnt from "Jacko" was that nobody knows for sure where the market is going.

The third most important thing I have learnt by being in the group is to move my stop loss to break even as soon as possible, if I was to show my trading statement you would see many very small losses,lots of trades closed...
  • #10,388
  • Edited 3:41am Feb 5, 2010 3:14am | Edited 3:41am
Quoting BabeFX
Hi Artieboy,


This is reason why I keep trying to keep folks away from joining his private group.

I have seen a paradigm shift in the way "Jacko" trades, one of the reasons for this is the pressure on him to produce trade recommendations for his growing army of students, I mentioned this too him soon after I joined his 1st group of traders.
His reply was that he was under increasing pressure to produce more frequent trades.

I feel fortunate enough to have learnt a great many lessons from "Jacko"
the...

Well, maybe Jacko should go back to teaching us how to fish, instead sending fish via sms.
Sure, I can go back and study how he took the trades but hey, it is still guessing to some extent.
I asked him a question about the reasons for his entry several days ago by email, I did not get a reply and then the thing that has taken him back to the US occurred.

I agree with Babe & J16, TP1 and taking some off the table and leaving the rest as a free trade after BE to possibly catch the big moves is the ONLY way to go about it. I like to scale out 2/3 at TP1 and let the last 1/3 run, scaling out is the best way I have managed to become profitable.
Starting to see instead of just looking.
  • #10,389
  • Feb 5, 2010 3:54am Feb 5, 2010 3:54am
To BabeFX
I read your note on the 3 main points you learned from “Jacko” and I would like to ask you a question, just for a better understanding.

Beside the things you underlined, the number one rule of “jacko”’s way of trading was/is: “1. buy/ sell ONLY in the direction of the major trend”.

If we agree the the E/U is in a bearish mode (at least from a daily prospective), why a lot of people are, at the moment, waiting for a set up to go long?
Are these counter trades part of the initial program or they are just a way to jump into the market because we must have a trade in at any given moment?

Thanks in advance.
Ogeid
  • #10,390
  • Feb 5, 2010 4:02am Feb 5, 2010 4:02am
Quoting Rastaman
Well, maybe Jacko should go back to teaching us how to fish, instead sending fish via sms.
Sure, I can go back and study how he took the trades but hey, it is still guessing to some extent.
I asked him a question about the reasons for his entry several days ago by email, I did not get a reply and then the thing that has taken him back to the US occurred.

I agree with Babe & J16, TP1 and taking some off the table and leaving the rest as a free trade after BE to possibly catch the big moves is the ONLY way to go about it. I like to scale out 2/3...
Yes, you shouldn't let a winner turn into a loser, taking a full loss when a trade is in profit is nuts and will cause you no end of grief mentally...a newbie seeing a nice profit turn into a full loss will most likely take their next trade based on emotions...the emotion associated with the previous loss will live with them. That 4H PPZ area on the previous trade was an obvious trouble area, I took full profit partial profit and left the rest at break even and did not enter a second trade. Entering a second trade on a counter trend is a big no for me...unless it convincingly broke that PPZ area it was a no for me.

Waiting for a pull back now...wont be trading EU today cos it's a friday and NFP.

The EU is in a nice trend now...it's just a case of waiting for pull backs to PPZ areas and entering a short "at a discount" ...no counter trend trades needed...no need to be greedy!

You can learn a lot from Jacko, he manages a fund which brings a different kind of pressure (trading someone elses money), but he is an experience successful trader who can teach any new trader a lot about simplistic trading...but in the end you will develop your own style of trading which suits your personality and mindset...he is not a signal service so merely copying his trades is not the purpose of his group, his blog should stimulate people into creating their own thoughts, ideas and trading style.
  • #10,391
  • Feb 5, 2010 6:11am Feb 5, 2010 6:11am
Quoting lovejoy80
he is not a signal service so merely copying his trades is not the purpose of his group, his blog should stimulate people into creating their own thoughts, ideas and trading style.
Excellent advice IMHO
Dance with the market .. I have two left feet
  • #10,392
  • Feb 5, 2010 7:30am Feb 5, 2010 7:30am
Yes, indeed. I have no intention copying anyone's trades, as doing that is not going to teach one to think for themselves.

I closed the EU trade and took a 20 pips profit, it was obviously not ready to pop, this late on a Friday.

Now, another weekend of study.

I love it......Will probably go over the whole blog and trades, again.
Starting to see instead of just looking.
  • #10,393
  • Feb 5, 2010 8:07am Feb 5, 2010 8:07am
chart


Quoting ogeid
To BabeFX
I read your note on the 3 main points you learned from “Jacko” and I would like to ask you a question, just for a better understanding.

Beside the things you underlined, the number one rule of “jacko”’s way of trading was/is: “1. buy/ sell ONLY in the direction of the major trend”.

If we agree the the E/U is in a bearish mode (at least from a daily prospective), why a lot of people are, at the moment, waiting for a set up to go long?
Are these counter trades part of the initial program or they are just a way to jump into the market...
Attached Image (click to enlarge)
Click to Enlarge Name: eu10.gif Size: 40 KB
  • #10,394
  • Feb 5, 2010 8:20am Feb 5, 2010 8:20am
There is a ton of news about the troubles of the EURO out today and in the last few days. Morgan Stanley predicts it will go to 1.24 by years' end. Interesting..gives a big prospective.
  • #10,395
  • Feb 5, 2010 8:22am Feb 5, 2010 8:22am
Quoting lawgirl21
There is a ton of news about the troubles of the EURO out today and in the last few days. Morgan Stanley predicts it will go to 1.24 by years' end. Interesting..gives a big prospective.
http://www.forexlive.com/82849/all/i-was-just-reading
  • #10,396
  • Feb 5, 2010 8:23am Feb 5, 2010 8:23am
Quoting BabeFX
Hi Artieboy,


This is reason why I keep trying to keep folks away from joining his private group.

The third most important thing I have learnt by being in the group is to move my stop loss to break even as soon as possible, if I was to show my trading statement you would see many very small losses,lots of trades closed out at break even,a cluster of small wins and the occasional big win.

traders need to understand the psychology of the above highlighted statement because it goes against the common paradigm in life but it is what will make you successful in the LONG RUN. It is quite alright to be wrong many times, the CAVEAT is that there small (compared to when you exit for a gain) . Also break even trades should be considered a WIN. And some of your gains most likely will be small just like some of your losses, but once you move to BE and the trade keeps going in your favor, those are the ones that make up for the small losses you sustain. These will be few compared to the rest of closed out trades but these few will make your acct grow. So keep the ego out of it and take the small jabs (think ALI and the rope-a-dope) instead of taking a haymaker to the acct. Its about survival..learn defense, defense, defense.
  • #10,397
  • Edited 9:58am Feb 5, 2010 8:27am | Edited 9:58am
well its definatly heading up then.

hello lawgirl. i always wonder if your a lawyer or a sheriff. lol.

God those "people" are idiots. (nothing personal but they have a long a terrible history of calling direction on anything)

anyone want to bet the talking heads are wrong? just my opinion of course.

Larry Williams continues to make fortune after fortune decade after decade by doing two things.

1. wait for ALL the idiots to be in agreement on direction.

2. load up in the opposite direction.

lol.


Quoting lawgirl21
There is a ton of news about the troubles of the EURO out today and in the last few days. Morgan Stanley predicts it will go to 1.24 by years' end. Interesting..gives a big prospective.
  • #10,398
  • Feb 5, 2010 9:08am Feb 5, 2010 9:08am
Quoting james16
well its definatly heading up then.

hello lawgirl. i always wonder if your a lawyer or a sheriff. lol.

God those "people" are idiots.

anyone want to bet the talking heads are wrong?

Larry Williams continues to make fortune after fortune decade after decade by doing two things.

1. wait for ALL the idiots to be in agreement on direction.

2. load up in the opposite direction.

lol.
They may very well be wrong, but why dismiss them out-of-hand? 1.24 would bring price back down to the double bottom, which I find very interesting. Don't forget Europe is in alot of trouble. Maybe more than we are in the US. The Euro has not been successful.

I am an attorney, by the way. It would not do for me to carry a weapon!
  • #10,399
  • Feb 5, 2010 9:54am Feb 5, 2010 9:54am
yes ma'am you could be right. Larry actually has an expert sentimate indicator. its the only real fundy indic ive ever seen.

when the experts are in agreement at 80 percent or larger and the "commercials" ( those that actually "use" the commodity/market) are in direct opposition he trades.

it is amazing to see what a huge percentage of the time they (the 'EXPERTS") are wrong.

following them is why so many new traders get killed over and over. all just my opinion of course. i could be wrong.

btw - all the attorneys here carry weapons.



jim



Quoting lawgirl21
They may very well be wrong, but why dismiss them out-of-hand? 1.24 would bring price back down to the double bottom, which I find very interesting. Don't forget Europe is in alot of trouble. Maybe more than we are in the US. The Euro has not been successful.

I am an attorney, by the way. It would not do for me to carry a weapon!
  • #10,400
  • Feb 5, 2010 10:05am Feb 5, 2010 10:05am
Quoting lawgirl21
It would not do for me to carry a weapon!
You never know before you actually try..........
http://www.youtube.com/watch?v=VfNbRhjy9HA
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