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Jacko's Forex House of Pleasure and Pain

  • #11,021
  • Jun 1, 2010 3:22pm Jun 1, 2010 3:22pm
Quoting Arfer Daily
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
Grrrreat!! I will do just that and follow your charting methods. Thankyou, it will really help me, I must say, I prefer charting and would much rather trade this way, it fascinates me, unfortunately, I'm hooked!!! For scalping (too stressful) I am using Oanda because they have a 5sec t/f, for longer term and for no particular reason, I have chosen FXCM.

Tomorrow, I will try and post up my charts for the above (don't laugh).

I continue to read through Jacko's very fine thread, I think (hope) it should sink in;

Go with a strong trend, use a trailing s/l of 50 and if you are wrong about the entry, 'but not the trend' and your stop loss is hit, use your AH by allowing it to run by say 50 pips, before you resume your original position (or before you jump back in and continue on in your original direction 'with the trend' whilst buying or jumping in on dips in an uptrend or selling on rallies in a downtrend.

All said, above, I do appreciate that Jacko only trades this on the eur/usd, nevertheless.

Kind regards
  • #11,022
  • Jun 1, 2010 4:04pm Jun 1, 2010 4:04pm
Quoting morfisher
Grrrreat!! I will do just that and follow your charting methods....
i do believe that is 100 pips now.
  • #11,023
  • Jun 1, 2010 4:29pm Jun 1, 2010 4:29pm
Quoting TGpop
i do believe that is 100 pips now.
yes, sorry, 100, thankyou i forgot.
  • #11,024
  • Jun 1, 2010 4:31pm Jun 1, 2010 4:31pm
Well Jacko, where are u.............................................................everyone misses you here uno. TALK
  • #11,025
  • Jun 2, 2010 1:13am Jun 2, 2010 1:13am
Would have loved to be in the "new group" if there is one. I think his system makes so much sense. Pity I only found this a few days ago. I can see why he must have got frustrated here though... there are some people here with very poor manners.
  • #11,026
  • Jun 2, 2010 1:44am Jun 2, 2010 1:44am
Quoting Arfer Daily
Too many idiots, I've a feeling the whole Jacko group have moved to a different thread or even a different forum.
Oh well....

USD/CHF
I see a resistance breakout? I would say long.

EUR/GBP
A support breakout for go short?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurgbp43200.csv_7_10.gif Size: 25 KB
Click to Enlarge Name: usdchf43200.csv_7_10.gif Size: 24 KB
  • #11,027
  • Jun 2, 2010 2:19am Jun 2, 2010 2:19am
Quoting morfisher
Oh well....

USD/CHF
I see a resistance breakout? I would say long.

EUR/GBP
A support breakout for go short?
Hold your horses on usdchf, wait to see what the weekly candle looks like, this could go either way at this point.

Eurgbp has broken support already. I wouldn't enter unless it pulls back to 8450 and tests it from below. A failure to break above would be a good short signal. It may carry on to 82 support before it pulls back. A break of 82 and a retest from below would be another good signal. As I'm already in a trade I'm waiting for the latter.
Position trader - Anything intraweek is just noise...
  • #11,028
  • Jun 2, 2010 2:40am Jun 2, 2010 2:40am
Quoting Arfer Daily
Hold your horses on usdchf, wait to see what the weekly candle looks like, this could go either way at this point.

Eurgbp has broken support already. I wouldn't enter unless it pulls back to 8450 and tests it from below. A failure to break above would be a good short signal. It may carry on to 82 support before it pulls back. A break of 82 and a retest from below would be another good signal. As I'm already in a trade I'm waiting for the latter.
Yes, the usd/chf still has to reveal itself yet, I see what you mean, normally I would have jumped straight in. So what entry signal would you wait for?
Obviously I'm only on demo and when I do go live it will be very small steps (.10 p/p) or at a push £1.....
  • #11,029
  • Jun 2, 2010 3:44am Jun 2, 2010 3:44am
Quoting morfisher
Yes, the usd/chf still has to reveal itself yet, I see what you mean, normally I would have jumped straight in. So what entry signal would you wait for?
Obviously I'm only on demo and when I do go live it will be very small steps (.10 p/p) or at a push £1.....
A clear close above or below that monthly trendline.

This is more complicated than it seems. Eurusd and usdchf move in opposite directions for the most part. So, if everyone is bearish eurusd at the moment then it follows that usdhcf should carry on up but take another look at eurusd, it is a long way away from it's daily trendline at the moment, could it be ready to pullback a little before dropping further? It does seem to be finding incredible support at the moment. If that happens it would suggest that usdchf could pullback to 1.13 or maybe 1.09 before going higher again and possibly breaking that monthly trendline. Maybe it will break straight through it and eurusd will break it's support too?

The truth is I just don't know what will happen but it's good to keep in mind some possibilities. When it happens it should be obvious. Until then I'm just watching. There's no need to be so eager to trade. You'll make more money in the long run with less trades that you waited longer for than more trades that you take more often.
Position trader - Anything intraweek is just noise...
  • #11,030
  • Jun 2, 2010 4:35am Jun 2, 2010 4:35am
Quoting Arfer Daily
A clear close above or below that monthly trendline.

This is more complicated than it seems. Eurusd and usdchf move in opposite directions for the most part. So, if everyone is bearish eurusd at the moment then it follows that usdhcf should carry on up but take another look at eurusd, it is a long way away from it's daily trendline at the moment, could it be ready to pullback a little before dropping further? It does seem to be finding incredible support at the moment. If that happens it would suggest that usdchf could pullback to 1.13 or maybe...
Possible short from 1.2285 with the tl closer?
  • #11,031
  • Jun 2, 2010 5:34am Jun 2, 2010 5:34am
Quoting Arfer Daily
A clear close above or below that monthly trendline.

This is more complicated than it seems. Eurusd and usdchf move in opposite directions for the most part. So, if everyone is bearish eurusd at the moment then it follows that usdhcf should carry on up but take another look at eurusd, it is a long way away from it's daily trendline at the moment, could it be ready to pullback a little before dropping further? It does seem to be finding incredible support at the moment. If that happens it would suggest that usdchf could pullback to 1.13 or maybe...

Yep, I'll buy that for a dollar. Tell me, I appreciate that MAs are lagging indicators, however, do you use any yourself. I tend to stick to the fib numbers and sometimes a Lwma60 or 200wma.
There are so many thousands of strategies/indicators, but personally feel the trendlines/channels and fibs give you a bigger picture.
  • #11,032
  • Jun 2, 2010 6:17am Jun 2, 2010 6:17am
looks like the eur/usd is still shorting nicely.
  • #11,033
  • Jun 2, 2010 5:43pm Jun 2, 2010 5:43pm
EUR/USD should be short till 12:00am est. After that who knows
I would like to help out here just giving my 2 cents on direction...If thats ok?
  • #11,034
  • Jun 3, 2010 8:04am Jun 3, 2010 8:04am
Quoting jfxnc
EUR/USD should be short till 12:00am est. After that who knows
I would like to help out here just giving my 2 cents on direction...If thats ok?
It's OK to give advices, but you should also say why you think it's going down.
Also, people here (on this thread) are more into understading the (long term) trend; Jacko's strategy is not about jumping on every little movements.
Once you have identified the trend, you try to get confirmations from bounces on support/resistance lines and then sell/buy at those resistances/supports.

To sum it up:
In a downtrend, sell at the resistance.
In a uptrend, buy at the support.

The resistance is the descending line that touches every highs on your chart.
The support is the ascending line that touches every lows on your chart.
  • #11,035
  • Jun 3, 2010 1:01pm Jun 3, 2010 1:01pm
Anyone use a 365wma here? Do you find it useful.
  • #11,036
  • Jun 3, 2010 1:07pm Jun 3, 2010 1:07pm
Thanks jfxnc and dupont. I seem to have done quite well these past few days, more luck you understand.

I am currently trying to read about pin bars and pivot points at the moment!! I've just ordered a book by Mark Dougles, Trading in the Zone, it is supposed to be very good.
  • #11,037
  • Jun 3, 2010 2:06pm Jun 3, 2010 2:06pm
Quoting morfisher
I've just ordered a book by Mark Dougles, Trading in the Zone, it is supposed to be very good.
I give that book a 4/10 rating. It is extremely repetitive and I wouldn't buy it unless I was more interested in becoming a psychologist than a trader (unfortunately I had to read it to find out). If you want a SOLID trading book that you will not be able to put down, go buy MARKET WIZARDS (10/10 rating). I have learned more about money management/the realities of trading psychology through that than trading in the zone (yes I have read both). But that's just my obscene opinion.
Many choose unhappiness over uncertainty.
  • #11,038
  • Jun 3, 2010 2:45pm Jun 3, 2010 2:45pm
Quoting morfisher
Thanks jfxnc and dupont. I seem to have done quite well these past few days, more luck you understand.

I am currently trying to read about pin bars and pivot points at the moment!! I've just ordered a book by Mark Dougles, Trading in the Zone, it is supposed to be very good.
I enjoyed this book, good reading. Market Wizards is also a good read.
Can i also recommend (Reminiscences of a stock operator) as a fantastic trading book.
  • #11,039
  • Jun 3, 2010 7:27pm Jun 3, 2010 7:27pm
Quoting Dan Gilbert
I give that book a 4/10 rating. It is extremely repetitive and I wouldn't buy it unless I was more interested in becoming a psychologist than a trader (unfortunately I had to read it to find out). If you want a SOLID trading book that you will not be able to put down, go buy MARKET WIZARDS (10/10 rating). I have learned more about money management/the realities of trading psychology through that than trading in the zone (yes I have read both). But that's just my obscene opinion.
Truly thanks, Market Wizards, do I buy this from Amazon. Bez3000 what does 'very happy turtle mean' just that I have come across this turtle thing a couple of times, I think as a title, turtle method or something. What are your opinions on the 365 wma. You must know it seems to align with the 38 % fib retracement.
  • #11,040
  • Jun 3, 2010 7:52pm Jun 3, 2010 7:52pm
Quoting Dan Gilbert
I give that book a 4/10 rating. It is extremely repetitive and I wouldn't buy it unless I was more interested in becoming a psychologist than a trader (unfortunately I had to read it to find out). If you want a SOLID trading book that you will not be able to put down, go buy MARKET WIZARDS (10/10 rating). I have learned more about money management/the realities of trading psychology through that than trading in the zone (yes I have read both). But that's just my obscene opinion.
"Unfortunately I had to read it to find out" fantastic............
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