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Jacko's Forex House of Pleasure and Pain

  • #10,881
  • May 8, 2010 8:53am May 8, 2010 8:53am
What is the price for Jacko's service ?

Paypal ?

Can't find a link to this ...
  • #10,882
  • May 9, 2010 1:40am May 9, 2010 1:40am
Quoting Cocoflanel
What is the price for Jacko's service ?

Paypal ?

Can't find a link to this ...
Here it is http://waynejacksonfx.blogspot.com Its the best investment in forex training i have seen. You will be stoked at how good it is when you become a member. He is a heavy duty trader.
  • #10,883
  • Edited 3:10am May 10, 2010 2:56am | Edited 3:10am
Wow, if price doesn't go down soon Jacko will suffer a massive loss. It cannot possibly be wise to remove a SL and keep a trade over the weekend in these major-news-filled volatile times. Talk about marrying a position!

(Before all the defenses start, no I'm not a Jacko basher, I like the guy and I like his fundamental analyses but I'm calling this trade like I see it. Even if this trade does eventually work out it's an unacceptable risk imo.)
  • #10,884
  • May 10, 2010 3:18am May 10, 2010 3:18am
Have to agree with you Eurotrash. Whichever way this goes its not
within "safe" boundaries.
Regards,
Keith
  • #10,885
  • May 10, 2010 3:32am May 10, 2010 3:32am
Profesionals also makes mistakes, and learn from it, thats part of the business. It is ok.
  • #10,886
  • May 10, 2010 3:46am May 10, 2010 3:46am
Quoting eurotrash
Wow, if price doesn't go down soon Jacko will suffer a massive loss. It cannot possibly be wise to remove a SL and keep a trade over the weekend in these major-news-filled volatile times. Talk about marrying a position!

(Before all the defenses start, no I'm not a Jacko basher, I like the guy and I like his fundamental analyses but I'm calling this trade like I see it. Even if this trade does eventually work out it's an unacceptable risk imo.)

Hi eurotrash

Trouble when trading this way is to panic & bail out at just about the same time the longs are about to ditch as the market approaches a "Supply" zone.

Nothing wrong with trading with huge stops, but much better to enter a short at the extreme of a "Supply" zone, not just above a "Demand" zone as "Jacko" has done.

Next "Supply" zone is somewhere between 1.3200 & 1.3400 so even if we enter short at 1.3200 we could still see our 100 pip stop taken out as the top of the zone comes in at around 1.3400.
Regards,

BabeFX
  • #10,887
  • May 10, 2010 4:02am May 10, 2010 4:02am
Quoting BabeFX
Hi eurotrash

Trouble when trading this way is to panic & bail out at just about the same time the longs are about to ditch as the market approaches a "Supply" zone.

Nothing wrong with trading with huge stops, but much better to enter a short at the extreme of a "Supply" zone, not just above a "Demand" zone as "Jacko" has done.

Next "Supply" zone is somewhere between 1.3200 & 1.3400...
Nothing wrong with trading with huge stops, sure, but his risk was calculated on a much smaller stop. When he removed his stop, his risk became much greater. Now he has closed this trade for a loss large enough to wipe out his previous May trades, which were pretty good.

Sure professionals can make mistakes, this was a mistake and I'm pointing it out.
  • #10,888
  • May 10, 2010 5:50am May 10, 2010 5:50am
how things can change.what a nice spike today lol
student
  • #10,889
  • May 10, 2010 10:10am May 10, 2010 10:10am
Bans been lifted
Quoting garrye
how things can change.what a nice spike today lol
Working on another one Forexgarrye?
  • #10,890
  • May 11, 2010 1:03am May 11, 2010 1:03am
Very emotional week it was indeed. I am a member of Jacko`s group. However, I didnt take his last trade. BUT i got a bit higher at 1.2900 and got burned.

Yesterday i made a short at 1.2800 and currently am in the money,
also AUDUSD position , that i opened at exactly the same time as the burned E/U is still running and in the money.

Considering to move them at BE soon

Now about the greek situation- as i far as i am concerned, the trend has already taken place, and the news about the greek situation came a bit later. Its just that the US is relatively stronger than the EU, and based ot the premise that "capital is a coward", it just moves to safer dollars. However, this is my opinion, and it doesent cost much, if it does not coincide with the big players opinion. But then again, i must be proven marketwise that i am wrong/correct.

Wish you all good trading and pips in the pocket.
  • #10,891
  • May 11, 2010 2:57am May 11, 2010 2:57am
Quoting JustPassing
Very emotional week it was indeed.
It is emotional as much as we let it. If we are emotional ussually means we are not certain what we do or risk too much.
  • #10,892
  • Edited 9:02am May 11, 2010 8:32am | Edited 9:02am
Quoting Saintsurfer
It is emotional as much as we let it. If we are emotional ussually means we are not certain what we do or risk too much.
I think he's referring more to the "The thrill of victory and the agony of defeat."

I'm not a Bible thumper, leaning more towards the Zen side of viewing things but there are many things in the Bible which have correlations (confluence) in many other religions and because of this I consider them universal truths.

One that I feel applies especially well to Forex is, "Pride goes before destruction, a haughty spirit before a fall." Sometimes this is quoted as stating "Pride cometh before the fall."

When we get emotional/prideful about our success we get equally (if not more) emotional about our defeats. If we are aware of this and curb our pride on our wins it's much easier to do the same (curb our emotions) when we experience defeat. With these emotions in check they won't affect our present decisions.

The trick is to nip it in the bud and not allow it (pride/defeat) to develop in the first place and our reward is an untainted view of the present so we can make the right decisions regarding our trades.

My 2 cents.
  • #10,893
  • May 11, 2010 10:04am May 11, 2010 10:04am
Actually I was referring to the fear and greed behind those fast and huge moves.

What Saintsurfer said is absolutely correct, that things are emotional as much as we let them. But I have learned to contain them and dont let them get in my way while trading. So that wasnt what i really meant, by emotional week.

Captmilkdud, nicely said. I also believe in the so called universal truths , and you can find them everywhere , even in the most basic stories for children. The worlds is kind of fractal, as i may say it that way, patterns repeat, only in different sizes and places. And most of all, human nature doesent change(my 2 cents). Sorry about the offtopic chatter.

About the trading. Moved my AUD/USD to BE.
The E/U is still in play , and the stop loss is at (entry 2800)1.2900. I will observe the PA closely. I am wiling to give it some space to move, even if it goes against me. If it fails to retrace higher, i will be looking to add to my position. I am still very confident in the down move. There are interesting political developments in UK and some speculation about their new ""opinion"" about the EZ.
The yields on 10 y bonds in greece have fallen sharply after sunday, but are still more than twice as german 10 y bunds. Spain 10 year are 100 bps higher. They still cant borrow from the markets, which means that the problem is far from over . Then Again , i can be WRONG.
  • #10,894
  • May 11, 2010 10:38am May 11, 2010 10:38am
Quoting captmilkdud
... there are many things in the Bible which have correlations (confluence) in many other religions and because of this I consider them universal truths.
Or universal falsehoods.
  • #10,895
  • May 12, 2010 2:54am May 12, 2010 2:54am
Quoting eurotrash
When he removed his stop, his risk became much greater.
Granted I don't know all the details here, but wow...... was last Thursday that long ago already?
  • #10,896
  • May 12, 2010 6:26am May 12, 2010 6:26am
Quoting JustPassing
But I have learned to contain them and dont let them get in my way while trading.
Interesting. How do you do this?


Quoting JustPassing
Sorry about the offtopic chatter.
The psychological aspects of trading is very important and not off-topic in my opinion.

Quoting JustPassing
About the trading.
Nice analysis. I'd like to hear more of your views.
  • #10,897
  • May 12, 2010 11:13am May 12, 2010 11:13am
Hi to all

Captmilkdud, about your first question, i dont stare at charts. I learned to do this in a rather interesting way. I dont seem to have the right to PM, because i am a juinior member, and dont want to clog the blog with sort of things, so PM if you want the story. In fact this "strategy"if i may call it, worked today again. Yesterday I shorted again at 2700( i posted the trade live here, but it wasnt confirmed by moderators and removed). So now when i look at the charts, there was a time during the day, when it went against me by 38 pips. If i was in front of the screen, i would be rather annoyed and pissed at that. I had a 100 SL. The thing is that waiting for the trade to play itself out is one of the hard things. As it was said in one movie "waiting is the worst part - it gives you too much time to wonder "what if"?"". SO after i have taken the decision for the trade, i dont revise it, the market does. Currently the market is at 2640, so i am in the money.

In fact, i will decide later today, what to do with the trades, if it goes down, i will be tempted to open another smaller sell.
  • #10,898
  • Edited 11:55am May 12, 2010 11:42am | Edited 11:55am
Quoting captmilkdud
Interesting. How do you do this?



The psychological aspects of trading is very important and not off-topic in my opinion.


Nice analysis. I'd like to hear more of your views.
I will try to mix the psychological matter with my ""analysis"". I am not some king of guru or expert or anything near it. But I am learning.
So, in psychology there is a paradox i think it was called "paradox ot wittgenstein" (sorry dont have time to search it) which basicly states that every statement is true, because if you look too hard , you will always a rule to justify it. So i dont try to look too hard for something to justify my bias. Or not to fall in the trap which Livermore describes as ""dont let your possesions do the thinking for you"" Just because I am short right now, doesent mean that i am right, right?

I think, the thing to do, which mr.Jackson does very accurately and profesional , is to see at what the big playes and the whole "sensible"market is looking at. Curently - Greece, Spain, Portugal, ECB etc.

By the way, the yields on greek bonds fell today as well. The yield curve is normal now (It was inverted before 1 week), but still the spread between greek yield curve and bunds is significant. The yields fell, because greece can borrow from EZ to repay, which eased the tension with investors. But going for a debt, to cover a debt doesent make much sense?

There is something else at which I am currently looking at. In fact, i will ask mr Jackson about his oppinion on this. And I am very interested in his answer. I will write about it a bit later.
  • #10,899
  • May 12, 2010 12:05pm May 12, 2010 12:05pm
Quoting JustPassing
so PM if you want the story.
I tried and the feature is unavailable. I left you a comment though.

I didn't know there was a moderator here. Considering some of the posts that have been spewed on here by obnoxious people trying to ruin the thread, I can't imagine why someone would not allow yours.
  • #10,900
  • May 13, 2010 6:00pm May 13, 2010 6:00pm
Quoting daringdave
Yo are trying to make it sound as though it is a special, hidden and secret area known only to special gifted traders ( like yourself http://cdn.forexfactory.com/images/s..._the_floor.gif )
Couldn't find a more dedicated ass-lick of a spammer if I tried
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