Jacko's Forex House of Pleasure and Pain | Page 522 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Chicky's House of Pleasure and Pain 11 replies

Carry Backet w/ Jacko's AH 10 replies

Hello Guys is a pleasure to be here. I'm new to MT4 1 reply

Jacko's P&P Trend Trading Method 73 replies

Attachments: Jacko's Forex House of Pleasure and Pain
Exit Attachments

Jacko's Forex House of Pleasure and Pain

  • #10,421
  • Feb 7, 2010 12:37pm Feb 7, 2010 12:37pm
Quoting captmilkdud
I got in on Jacko's CT trade at 1.3949 for my first entry.

Price seemed to confirm that 1.3950 was not going to hold as resistance, so I added another position at a little bit better price of 1.3940.

Liked what I was seeing and opened another at 1.3949

When price broke 1.4000 convincingly I opened up a fourth position at 1.4016.

Then I saw a pinbar/shooting star on the H1 at 1.4026 which sent up a red flag and exited all positions at 1.4005.

I then did an about-face and sold at 1.3992 and rode it all the way down to 1.3727 where a hammer...

Capt, Are these the candles you saw that indicated a reversal to you I have not paid much attention to candle formation, but like the "fine tuning" it offers.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd h1.gif Size: 22 KB
  • #10,422
  • Edited 3:12pm Feb 7, 2010 3:05pm | Edited 3:12pm
Yes on the shooting star. No on the hammer. It was the one earlier (the first touch of 1.3725). I was watching things on the 5-15 min TF at that point because the 25 areas seem to be significant for some reason as it was at 1.4025. So I had the heebee geebees and was happy with my profits and didn't want to see a retrace gooble the little boogers up.

I use the smaller TF's (H1-5m) for fine tuning entries and exits but determine if I want to enter based on H4.

Yes candles are cool. Easier to recognize patterns than bars for me.

I also like averaging in. But not a big fan of taking profits but prefer just moving stops. I'd be interested in knowing how others manage their trades. Jacko moves his stops. I've never seen him take partial profits. I've only been a turtle since 11/08 but have studied all his trades since he started the group.

Love that man!!
  • #10,423
  • Feb 7, 2010 4:09pm Feb 7, 2010 4:09pm
Quoting captmilkdud
Yes on the shooting star. No on the hammer. It was the one earlier (the first touch of 1.3725). I was watching things on the 5-15 min TF at that point because the 25 areas seem to be significant for some reason as it was at 1.4025. So I had the heebee geebees and was happy with my profits and didn't want to see a retrace gooble the little boogers up.

I use the smaller TF's (H1-5m) for fine tuning entries and exits but determine if I want to enter based on H4.

Yes candles are cool. Easier to recognize patterns than bars for me.

I also like...
Thanks so much for your explanations. Very beneficial to me and I hope others. Can't wait to see what the market will do this week....just opened!
  • #10,424
  • Feb 8, 2010 12:47pm Feb 8, 2010 12:47pm
Hi, its not that countertrend trades can't work....
I learn from someone else, and he posts the occasional countertrend using Elliot Wave.....His success ratio is much better than Waynes.
That being said I do find his group useful in so much that his general trades work out quite well. Also its interesting to see his thinking process before putting on a trade.


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...
  • #10,425
  • Feb 8, 2010 4:36pm Feb 8, 2010 4:36pm
Quoting artieboy
Hi, its not that countertrend trades can't work....
I learn from someone else, and he posts the occasional countertrend using Elliot Wave.....His success ratio is much better than Waynes.
That being said I do find his group useful in so much that his general trades work out quite well. Also its interesting to see his thinking process before putting on a trade.

Hi Artieboy,

Yes of course counter trend trades can work, but when we look back over "Jacko's" most profitable trades we find they are mostly trades that are taken with the trend.

Now if "Jacko" is stopped out with a loss on a trade taken with the trend he will wait a for price to go a further 50 to 100 pips against him before he places a order to enter with the trend at the price he was stopped out at. He doesn't afford himself that same edge when trading against the trend.

How many times after suffering a counter trend loss has "Jacko" pledged not too enter into anymore counter trend trades, but time after time he breaks the pledge and enters yet another ill-timed counter trend trade.

Regards,

BabeFX.
  • #10,426
  • Feb 8, 2010 7:41pm Feb 8, 2010 7:41pm
Quoting BabeFX
Hi Artieboy,

Yes of course counter trend trades can work, but when we look back over "Jacko's" most profitable trades we find they are mostly trades that are taken with the trend.

Now if "Jacko" is stopped out with a loss on a trade taken with the trend he will wait a for price to go a further 50 to 100 pips against him before he places a order to enter with the trend at the price he was stopped out at. He doesn't afford himself that same edge when trading against the trend.

How many times after suffering a counter trend...
everytime babe its a shame when he has a winning trade,he blows up and gambles
student
  • #10,427
  • Feb 8, 2010 8:28pm Feb 8, 2010 8:28pm
This thread is sounding more and more like, I may have joined the wrong group!
Starting to see instead of just looking.
  • #10,428
  • Feb 8, 2010 8:45pm Feb 8, 2010 8:45pm
Is anybody else looking to sell around 1.4200?
That is the round number closest to my daily trendline.
The 50% retracement of this move from 1.5141 to 1.3585 would put the price at 1.4350, We could see that level but I think it is less likely since the E/U seems to be picking up momentum to the downside.
My plan is to sell at 1.4200 (if it gets there) with 2% at risk with a 50 pip stop and then again at 1.4350 if needed and I will use the antihedge strategy if the first trade is stopped out.
If anyone else would like to post comments about their interpretation of Jacko's system that might get this thread back on track.
Camptrader
  • #10,429
  • Feb 8, 2010 8:48pm Feb 8, 2010 8:48pm
Quoting BabeFX
Hi Artieboy,

Yes of course counter trend trades can work, but when we look back over "Jacko's" most profitable trades we find they are mostly trades that are taken with the trend.

.
If you stay with trading ONLY his trend trades you will do fabulously well. I agree with babefx that the reason he takes the counter trend tradings is the pressure on him to produce trade recommendations by impatient new student traders. I ignore all the countertrend trade recommendations. Jacko is a trend trading specialist. Trade only his strong suite and you wont look back.
  • #10,430
  • Feb 8, 2010 9:12pm Feb 8, 2010 9:12pm
this has to be 1 of the most controversial threads ever
  • #10,431
  • Feb 8, 2010 10:59pm Feb 8, 2010 10:59pm
One would think....
The losses would produce more pressure from the new members, then waiting for a proper setup.

Whole thing sounds like an accident waiting to happen.

He should refund the money so the imaginary obligation is lifted. If someone is close to him... shake him till he hears you.

BR

Quoting garrye
everytime babe its a shame when he has a winning trade,he blows up and gambles
  • #10,432
  • Feb 8, 2010 11:18pm Feb 8, 2010 11:18pm
Quoting daringdave
If you stay with trading ONLY his trend trades you will do fabulously well. I agree with babefx that the reason he takes the counter trend tradings is the pressure on him to produce trade recommendations by impatient new student traders. I ignore all the countertrend trade recommendations. Jacko is a trend trading specialist. Trade only his strong suite and you wont look back.
hes a big boy dave and they are not signals so why should he have any excuse to trade non trend trades bit contradictory dont you think excuses dont cut it.pratice what you
preach comes to mind
student
  • #10,433
  • Feb 9, 2010 1:16am Feb 9, 2010 1:16am
Quoting Rastaman
This thread is sounding more and more like, I may have joined the wrong group!

Hi Rastaman,

No I disagree, as it is always a lot cheaper to learn from someone else's mistakes rather than the mistakes you make yourself.

So learn from his mistakes.


Regards,

BabeFX.
  • #10,434
  • Feb 9, 2010 1:26am Feb 9, 2010 1:26am
Quoting camptrader
Is anybody else looking to sell around 1.4200?
That is the round number closest to my daily trendline.
The 50% retracement of this move from 1.5141 to 1.3585 would put the price at 1.4350, We could see that level but I think it is less likely since the E/U seems to be picking up momentum to the downside.
My plan is to sell at 1.4200 (if it gets there) with 2% at risk with a 50 pip stop and then again at 1.4350 if needed and I will use the antihedge strategy if the first trade is stopped out.
If anyone else would like to post comments about...

Hi Camptrader,

I would personally be calculating my retracement from 1.4577 down to 1.3586 & would then look for a sell between 1.4083 & 1.4200 I will wait patiently then for price action to show me the way.

I would add that this might not be strictly "Jacko" style.

Regards,

BabeFX.
  • #10,435
  • Feb 9, 2010 3:09am Feb 9, 2010 3:09am
Hey guys,

This is my first post on this thread but just wanted to share with you my Jackos style ideas.

The 2 red rectangles on the chart are areas where I am looking for a possible turnaround from this correction. I think even If I were to get stopped out on the first entry I could leave as an anti hedge and then wait for the nextentry close to the daily trend line.

Hope I am thinking the same as you guys as I am after all a Jacko Turtle.

All the best.

James
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 32 KB
  • #10,436
  • Feb 9, 2010 4:10am Feb 9, 2010 4:10am
Quoting garrye
hes a big boy dave and they are not signals so why should he have any excuse to trade non trend trades bit contradictory dont you think excuses dont cut it.pratice what you
preach comes to mind
What a load of bollocks. In case ypu had not noticed, Jacko had another winning Quarter to the end of January.
THE MAN HAS NOT HAD A LOSING QUARTER. EVER. To be sure, he has his ups and downs like any any other trader but he has been in positive profits EVERY quarter.
No wonder the senior members are leaving at an alarming rate. The place is being overrun by yobbos and kiddies.
  • #10,437
  • Feb 9, 2010 4:23am Feb 9, 2010 4:23am
Quoting forexmick
What a load of bollocks. In case ypu had not noticed, Jacko had another winning Quarter to the end of January.
THE MAN HAS NOT HAD A LOSING QUARTER. EVER. To be sure, he has his ups and downs like any any other trader but he has been in positive profits EVERY quarter.
No wonder the senior members are leaving at an alarming rate. The place is being overrun by yobbos and kiddies.
Really? I didn't know Sr. members were leaving at an alarming rate, why do you think that is?
What do you mean by Winning Quarter at the end of January? Usually Jan is the start of the new Quarter. Q1 January - March.

Thanks
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #10,438
  • Feb 9, 2010 5:24am Feb 9, 2010 5:24am
Quoting camptrader
Is anybody else looking to sell around 1.4200?
Quoting redbaron1981
Hey guys,
The 2 red rectangles on the chart are areas where I am looking for a possible turnaround from this correction. I think even If I were to get stopped out on the first entry I could leave as an anti hedge and then wait for the nextentry close to the daily trend line.
I am also looking to sell at the resistance, currently at 1.4150-1.4200 (even though the price won't reach it today). But the resistance is getting down every day...
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-02-09-eur_usd_chart.JPG Size: 29 KB
  • #10,439
  • Feb 9, 2010 6:57am Feb 9, 2010 6:57am
Quoting forexmick
What a load of bollocks. In case ypu had not noticed, Jacko had another winning Quarter to the end of January.
THE MAN HAS NOT HAD A LOSING QUARTER. EVER. To be sure, he has his ups and downs like any any other trader but he has been in positive profits EVERY quarter.
No wonder the senior members are leaving at an alarming rate. The place is being overrun by yobbos and kiddies.
two deep breaths mick .im confused with ur post.pm if you want
student
  • #10,440
  • Feb 9, 2010 8:14am Feb 9, 2010 8:14am
Quoting LasVahGoose
Really? I didn't know Sr. members were leaving at an alarming rate, why do you think that is?
What do you mean by Winning Quarter at the end of January? Usually Jan is the start of the new Quarter. Q1 January - March.

Thanks
I think he meant senior members leaving this thread due to the level of constant unconstructive criticism.

A quarter does not need to be a calender quarter does it...it just needs to constitute 3 months.
11 traders viewing now