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Jacko's Forex House of Pleasure and Pain

  • #11,001
  • May 28, 2010 3:11pm May 28, 2010 3:11pm
Quoting Arfer Daily
Yes it is. If you're using 100 pip stops and trading AT s/r then I suppose you'd have room for your trade to work out. My point was just that it's not a good idea to trade directly into s/r which is what the AH strategy would sometimes suggest. Notice Jacko's other method for dealing with a loss... clear your head and enter a better trade next time.
Understood. Thanks.
  • #11,002
  • May 29, 2010 10:45pm May 29, 2010 10:45pm
Waiting to see what happens tomorrow.
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd.gif Size: 34 KB
Position trader - Anything intraweek is just noise...
  • #11,003
  • May 29, 2010 10:49pm May 29, 2010 10:49pm
Quoting Arfer Daily
Waiting to see what happens tomorrow.
Wow, that is pretty nice looking Bullish Flag.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #11,004
  • May 29, 2010 11:18pm May 29, 2010 11:18pm
Quoting LasVahGoose
Wow, that is pretty nice looking Bullish Flag.
Yep, this has to break sometime and when it does it will probably be pretty explosive.
Position trader - Anything intraweek is just noise...
  • #11,005
  • May 30, 2010 12:49pm May 30, 2010 12:49pm
I have been reading this thread on and off for a little while, I am very new to this and have on demo just been experimenting numerous strategies just to get a basic grasp etc., including support/resist, flags, head and shoulders etc. I like the sound of this Jacko chap and his methods.

Do I have this right :
Check the Mthly/Weekly trend, enter the Daily/hourly on a pullback and round numbers and look at where the fib numbers are in relation to the 50% area.
Put a 50 pip sl on entry, if it gets hit, hedge, by allowing a 30 pip run-on before re-entering in the original direction.

Have I got this correct, anything else?

Many thanks for any help and answers.

Kind Regards to Jacko and everyone here.
  • #11,006
  • May 31, 2010 2:11am May 31, 2010 2:11am
Quoting morfisher
Put a 50 pip sl on entry, if it gets hit, hedge, by allowing a 30 pip run-on before re-entering in the original direction.

Have I got this correct, anything else?

Many thanks for any help and answers.

Kind Regards to Jacko and everyone here.
Hi - well, I'm far from an expert, but it's been changed to 100 pip stop to deal with the current volatile markets and the AH run-on is now 50 pips. Hope that helps - there may be other stuff I've missed.
When in doubt, sit on your hands...
  • #11,007
  • May 31, 2010 3:10am May 31, 2010 3:10am
When trading Jacko style, many people are worried bout "what if the trend had reversed but I didn't realize it?" .. or "the trend line is broken but how do I know if this is a steep correction or a reversal?" ..

To solve these problem, trader can use the weekly COT reports. COT reports is truly valuable for mid/long term trend-trading strategy. It tells u the direction big boys are betting. With this information , new and old traders can use Jacko strategy with confidence.

However if u trade short-term or scalping, COT reports is useless because COT reports is 1 week old. But anyway, it takes more than 1 week for a mid/long term trend to reverse.

Below is the COT reports charts for Fiber since January this year. Note that when the Futures non-commercial open positions are net-short, Fiber is on the down trend.
Attached Image (click to enlarge)
Click to Enlarge Name: EUR-COT-JAN-2010.png Size: 36 KB
  • #11,008
  • May 31, 2010 5:53am May 31, 2010 5:53am
Really thanks guys.
Ok, please correct me either way. My first attempt at analysis for the above at the moment is:

Looked on the monthly and I see a resistance breakout, on the weekly a support breakout, on the daily a resistance breakout. Is it me, or is their also a head and shoulder forming on the monthly?

The position on the monthly fibo is around the low and below 23.6%. I would be tempted to go long for a little while, however, I would be too scared to buy anything at the moment given the current economic climate and I would probably stay out. Ofcourse I am only still on demo.

Jacko looks for a 50% level on the fibo and round numbers to take action?

What are your views.

I apologise in advance!

Thanks.
  • #11,009
  • May 31, 2010 6:00am May 31, 2010 6:00am
Quoting morfisher
Really thanks guys.
Ok, please correct me either way....
Use the news to help, what's going on with the euro and greece spain etc at the moment? with the sentiment take a bias and trade with it
  • #11,010
  • May 31, 2010 7:46am May 31, 2010 7:46am
My view is to just keep shorting. If I'm wrong, I'll use Anti-Hedge to get back the losses.

Quoting morfisher
Really thanks guys.
Ok, please correct me either way....
  • #11,011
  • May 31, 2010 7:57am May 31, 2010 7:57am
Quoting luqmanz
My view is to just keep shorting. If I'm wrong, I'll use Anti-Hedge to get back the losses.
What you shorting on, the eur/use or gbp/usd.
Thanks
  • #11,012
  • May 31, 2010 8:08am May 31, 2010 8:08am
Quoting morfisher
What you shorting on, the eur/use or gbp/usd.
Thanks
Jacko only trades eur/usd but lots of people struggle with doing that. I'm short eurnzd and eurcad at the moment.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurcad 4 hour 31 05 10.gif Size: 39 KB
Click to Enlarge Name: eurnzd 4 hour 31 05 10.gif Size: 42 KB
Position trader - Anything intraweek is just noise...
  • #11,013
  • May 31, 2010 5:20pm May 31, 2010 5:20pm
Quoting morfisher
What you shorting on, the eur/use or gbp/usd.
Thanks
Short EU and GBP ... long AUD
  • #11,014
  • Jun 1, 2010 12:33am Jun 1, 2010 12:33am
My eurnzd short got stopped out on that huge spike yesterday. All trades combined I banked over 2000 pips. I'm out of eurcad with a small profit too as I want to wait and see what happens next with these pairs. I'm not sure I'd be long AUD or sort GBP, they're not exactly trending smoothly but good luck.
Position trader - Anything intraweek is just noise...
  • #11,015
  • Jun 1, 2010 2:18am Jun 1, 2010 2:18am
Quoting Arfer Daily
My eurnzd short got stopped out on that huge spike yesterday. All trades combined I banked over 2000 pips. I'm out of eurcad with a small profit too as I want to wait and see what happens next with these pairs. I'm not sure I'd be long AUD or sort GBP, they're not exactly trending smoothly but good luck.
After Daily

Wow! nice results! great work.
What you do is a reflection of you....what I do is a reflection of me.
  • #11,016
  • Jun 1, 2010 2:51am Jun 1, 2010 2:51am
Quoting Arfer Daily
My eurnzd short got stopped out on that huge spike yesterday. All trades combined I banked over 2000 pips. I'm out of eurcad with a small profit too as I want to wait and see what happens next with these pairs. I'm not sure I'd be long AUD or sort GBP, they're not exactly trending smoothly but good luck.
Well done. If I give you my trading accounts will you make me some money. Any problems call me, I've got a satellite phone on the yacht.
  • #11,017
  • Jun 1, 2010 3:23am Jun 1, 2010 3:23am


Quoting Tenapenny
Well done. If I give you my trading accounts will you make me some money. Any problems call me, I've got a satellite phone on the yacht.
What you do is a reflection of you....what I do is a reflection of me.
  • #11,018
  • Jun 1, 2010 10:45am Jun 1, 2010 10:45am
Quoting Tenapenny
Well done. If I give you my trading accounts will you make me some money. Any problems call me, I've got a satellite phone on the yacht.
Lol, I'd like to say it always goes that well for me but we all know it's not that easy!
Position trader - Anything intraweek is just noise...
  • #11,019
  • Jun 1, 2010 1:33pm Jun 1, 2010 1:33pm
Must be a great feeling, can I follow you on your next analysis. When I woke up this morning, swear I can't believe this, hopefully a good omen, probably more to do with 'wishful thinking'. I could see me on some fantastic beach, outside my own beachfront property, waves slowly rolling back and forth, sipping on a gin, fantastic tan as I turned to go back inside and place another pip filled trade on.....

Oh well, back on demo.

The gbp/usd has done well today, I wonder if it will get towards the 50% fibo mark, if it does, do we look at shorting in line with Jacko's thinking. I only stick with two pairs, the gbp/usd & eur/usd. Anyone?
  • #11,020
  • Jun 1, 2010 2:40pm Jun 1, 2010 2:40pm
Quoting morfisher
Must be a great feeling, can I follow you on your next analysis. When I woke up this morning, swear I can't believe this, hopefully a good omen, probably more to do with 'wishful thinking'. I could see me on some fantastic beach, outside my own beachfront property, waves slowly rolling back and forth, sipping on a gin, fantastic tan as I turned to go back inside and place another pip filled trade on.....

Oh well, back on demo.

The gbp/usd has done well today, I wonder if it will get towards the 50% fibo mark, if it does, do we look at shorting...
Why not eurgbp? I put a pending order below the recent lows and it clicked in today. I wouldn't be too surprised to see a pullback after today but I'm happy so far.

You might want to watch usdchf too, pull out to a monthly view and put a downwards trendline on it
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp 01 06 10.gif Size: 34 KB
Position trader - Anything intraweek is just noise...
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