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Jacko's Forex House of Pleasure and Pain

  • #11,121
  • Jun 30, 2010 8:18pm Jun 30, 2010 8:18pm
It would appear that the only thing a knowledge-hungry trader needs to read in this gargantuan thread would be the first few pages. Which I did. Ravenously.
And because I'd rather not go through the "I read the whole J16 thread and survived" experience again, can I get an "Amen" on this assessment?

This sounds like the greatest system I've ever seen, mostly because of its simplicity. Well, actually, mostly because of its profitability. But the simplicity part is super-nice. Even a dummy like me can do it.

Lemme see if I've got this right:

1) Find the trend.
2) Enter w/50P SL in direction of trend after retrace off Fib 50, TL, BRN or S&R area. Or not, thanks to AHS.
3) If you're wrong, use AHS.
and 4) Scale in frequently after train leaves station.

Is that about it? Cuz if it is, I'm ready to start trading it. If I wait until I finish reading this thread . . . . . well, that's not gonna happen. Have there been any major modifications or improvements? I'd really appreciate any time saving help.

And Jacko, you have my heartfelt appreciation, if you're still around these parts. Very generous contribution.

Mike
  • #11,122
  • Jul 1, 2010 2:28am Jul 1, 2010 2:28am
Some big news coming through for us Private Members, I agree with
Jacko - he will do better, trading just for himself

Keith
  • #11,123
  • Jul 1, 2010 2:37am Jul 1, 2010 2:37am
Quoting Pinhead
It would appear that the only thing a knowledge-hungry trader needs to read in this gargantuan thread would be the first few pages. Which I did. Ravenously.
And because I'd rather not go through the "I read the whole J16 thread and survived" experience again, can I get an "Amen" on this assessment?

This sounds like the greatest system I've ever seen, mostly because of its simplicity. Well, actually, mostly because of its profitability. But the simplicity part is super-nice. Even a dummy like me can do it.

Lemme see if I've got this right:...
I believe the SL has been incresed to 100 if any Jacko member could confirm this.
  • #11,124
  • Jul 1, 2010 3:10am Jul 1, 2010 3:10am
Quoting Dupont
I completely agree on that one.

As Jacko stated in this thread, trading is a business and nobody in its right mind would start a business about something that he/she doesn't understand.

...

Are you people agreeing with that?
I partially aggree with you, maybe will write about it later

However

i would like to propose to those of you that are serious in this business,(i have been following this and other threads and there are a lot of great guys) to discuiss the possibility of creating a separate blog or site where to discuiss not only technical but fundamental issues, post news, try to analyse , give oppinions, maybe even post tradings. I think it will be a positive experience . The idea is not to use other peoples opinions for substitute for own thinking, but rather to provoke thinking and hopefully some constructive dialogues.

Those of you that are interested just PM
  • #11,125
  • Jul 1, 2010 4:22am Jul 1, 2010 4:22am
Quoting fenlander
Some big news coming through for us Private Members, I agree with
Jacko - he will do better, trading just for himself

Keith
Yes he will but I hope he changes his mind as far as the blog goes.
  • #11,126
  • Jul 1, 2010 7:51am Jul 1, 2010 7:51am
Regarding the blog closing: I joined this group early this year, the cost of the group + the trades reco's I have taken have cost me more than I have made.

I have patiently waited and waited and waited to watch how Jacko trades when he actually takes a trade. The method of trading is a good one, but I am quite un-impressed as to Jacko's own trading.

I will continue to trend-trade according to my own judgement profitably and will certainly not mourn the blog closing.
  • #11,127
  • Jul 1, 2010 10:35am Jul 1, 2010 10:35am
Quoting Dupont
I completely agree on that one.

As Jacko stated in this thread, trading is a business and nobody in its right mind would start a business about something that he/she doesn't understand.

Try
It's still the case now, just that the recovery is less evident for both US and EU.


Are you people agreeing with that?

actually no i dont agree. The US isn't doing particularly well at all, there is talk of a double dip recession, but that is complete BS, for a ,double dip there would have to be some kind of recovery, this simply hasn't happened. There is a huge 130-150trillion deficit and no way to pay it off (yes those figures are correct if you add all the bail outs up rather than believe the somewhat massaged official figures), and spending and printing of money is way way up. The whole financial system is completely confused on how to punish the bankers for creating the biggest FU in recent history, and off course this is not helped by the almost ubiquitous corruption which controls every major decision made. Whats more is that the Fed is now charging ever more money to lend US money back to its Citizens, with investments into the infrastructure and growth at an all time low. The threat of hyper-inflation is a very serious one at this point. Couple this with reduced exports to Eurpeo and China, and you have a pretty dire forecast.

Every single Euro country that has an exporting economy (that is all apart from the piigs) is doing very well out of the low Euro, check out recent GDP figure for France, Germany, Ireland, or any of the countries supporting these economies (eg. eastern europe for German manufacturing). As an example of what this means, Pernod (mid sized french drinks manufacturer), has announced that for every Cent the Euro drops it sees a 15mill € increase in profits!. This is something that is echoed across the board, Mercedes and BMW have order books so full there is now an extended waiting list, with customers in China and the US), Heidelberg Druck (largest print machine manufacturer) was restricting working hours for employees only two years ago, is now hiring at a record rate.

Fact is that the low euro is a god send to the majority of the European economies, bailing out the PIIGS is simply the price of doing business and of recovery. After all the US has manipulated $ exchange rates for many years, now the Europeans are waking up and doing the same, suddenly its a bad thing? It probably is, but not for Europe.

I suspect what will happen is that the € will find a comfortable median level around 1.2, where the increase in trade revenue is balanced against the threat of inflationary/deflationary pressure within the major EU economies, and stabilize there for several years. After that who knows, I suspect the bankers will screw it up again. Rinse, repeat
  • #11,128
  • Jul 1, 2010 11:06am Jul 1, 2010 11:06am
Quoting Chocol8Elvis
yep some thing like that. pinhead

also some other thing you may notice with this strategy is that even if you throw up fib lines all the way back to 2000 you will also notice some support around the %50 fib line....

%50 fib line is my first tool in the box now,

(BTW i am a student already)

Thanks. Yeah, I'm becoming a really big fan of the fib, too. When fibs and TLs meet, good things seem to happen. I'm also warming up to line charts. It makes it easier to plot things and the lack of clutter seems to calm my ADHD tendencies.
BTW, has the SL increased to 100 pips?

Mike
  • #11,129
  • Jul 1, 2010 12:37pm Jul 1, 2010 12:37pm
Anyone else have an opinion of the fund and blog shutdown?????
  • #11,130
  • Jul 1, 2010 12:55pm Jul 1, 2010 12:55pm
Hi jonpoler and other private members,

I think Jacko will trade much better without the Fund and the blog.
I have been a member for about 2 years, I think the methodology
is sound but Jacko's caution has left huge trends untapped. When he's not
worrying about the Fund?blog/reputation he'll do much better.

Perhaps private members should start their own group, but there again,
the same thing would probably happen
  • #11,131
  • Jul 1, 2010 1:04pm Jul 1, 2010 1:04pm
Quoting jonpoler
Anyone else have an opinion of the fund and blog shutdown?????
I think the constant criticism and questioning of Jacko's motives on various forums (including this one) played a big part in his decision. The latest
pathetic extortion attempt was probably the last straw.
  • #11,132
  • Jul 1, 2010 1:11pm Jul 1, 2010 1:11pm
Seems like there are some raving Jacko fans, I am trying to figure out why???

If anyone would like to pay me I will be happy to demonstrate how to draw a trendline on a chart.
  • #11,133
  • Jul 1, 2010 1:26pm Jul 1, 2010 1:26pm
Quoting fenlander

Perhaps private members should start their own group, but there again,
the same thing would probably happen
Perhaps they should just post here.

This thread is where it started and as of it late it has just become a place to argue about whether or not Jacko is any good.

Personally I don't have an opinion on the matter because I have not been part of the private group.

Then again if Jacko is retiring perhaps it is time to let this thread go...
  • #11,134
  • Jul 1, 2010 1:38pm Jul 1, 2010 1:38pm
Quoting fenlander
Hi jonpoler and other private members,

I think Jacko will trade much better without the Fund and the blog.
definitely....it's hell of a mental frustration to give so much attention to all the members and their questions. Especially when most of them are quite new to trading (i think). And after all that, he needs to be focused of what is going on in the markets and where he should place his trades.

Quoting fenlander
I have been a member for about 2 years, I think the methodology
is sound but Jacko's caution has left huge trends untapped. When he's not
worrying about the Fund?blog/reputation he'll do much better.
Here i have to disagree with you. Was he too cautious ? yes. Because of the fund and group ? Don't think so.

Here's why. Jacko has said he did good when he nailed the bull market from 2006. And now we had/have a nice downtrend in progress...So where's the problem? Problem lies in the differences of up and downtrends. U Know the saying: when markets go up they take the stairs and when markets go down they take the elevator (or smth like that) ? And that's what the eur did starting from 2010. It's very hard to take a TECHNICAL stand when markets dump like that. No swings at all and nothing to rely on.

Quoting fenlander
Perhaps private members should start their own group, but there again,
the same thing would probably happen
hehe, that's an idea but then again, you said it yourself.
  • #11,135
  • Jul 1, 2010 1:46pm Jul 1, 2010 1:46pm
So the market moved to fast for the "pro" Jacko and he completely missed the meat of the EUR move from 1.5 to 1.25? What a joke.

I will sweeten my deal: I am willing (for a fee, of course), not only to show anyone how to draw a straight line on a chart. But I will also tell you what the EUR is trading at 3x per day.
  • #11,136
  • Jul 1, 2010 1:56pm Jul 1, 2010 1:56pm
Quoting jonpoler
Seems like there are some raving Jacko fans, I am trying to figure out why???
We'll for starters, i learned to trust the trend.
I learned to look at TF higher than 1H
I learned how NOT to draw trendlines.

Quoting jonpoler
If anyone would like to pay me I will be happy to demonstrate how to draw a trendline on a chart.
yeah, but the problem is, i'm quite sure you don't know how to draw them. Plus, i'm afraid you lack the fundamental backround.
(excuse me if i'm wrong, i just had to reply like that to your statement).


Bottomline: did Jacko do anything special ? Did he had any holy grail ? Absolutely NO. But, nevertheless, i learned quite a deal from him.

thank you Jacko.
  • #11,137
  • Jul 1, 2010 2:48pm Jul 1, 2010 2:48pm
Don't worry Lumesh, I am not able to think of suitable way to prove a "fundamental" background. And I am certainly not really asking for anyone to pay me for anything.

Of course there is no 'holy grail' of trading. It's simply finding a good method and sticking to it. Jacko seemed to have a good method, but never seemed to get off the sideline. When he did make use of his trading style, the result was not impressive.

BTW, I hope none of you were unfortunate enough to take his most recent trade which just got stopped out -100 pips. Again, (in my opinion of course), this guy is a joke.
  • #11,138
  • Jul 1, 2010 3:29pm Jul 1, 2010 3:29pm
Quoting jonpoler
Don't worry Lumesh, I am not able to think of suitable way to prove a "fundamental" background....


i admit, the results in 2010, regarding the 3000p drop in eur, were not impressive (to be modest). And no, i didn't take the last trade simply because of price action and the way he drew that trendline.

I understand the frustration...believe me, i do ...but he is out there to help new traders which is a very big deal IMO. I can't even imagine the time he put behind the group. So, you must give some credit to him.
  • #11,139
  • Jul 1, 2010 4:09pm Jul 1, 2010 4:09pm
Iv been member of jackos blog for about 2 years. From Jacko I learnt fibs and although i dont use his method i do use his fib method and recently no counter-trending. I use these in t101's method.

Iv also in Jackos managed fund for nearly a year now. He has never had a loosing quater. This maybe the first but iv never had any issue with working with his fund and taken money in and out without any issues.

As the fund is closing end of July am going to be trading pro from aug onwards with my 100k jacko manged for me. Jackos fund has always been slow and steady but i can respect his need to get a bit of the lime light.

Russell
  • #11,140
  • Jul 1, 2010 5:46pm Jul 1, 2010 5:46pm
Trading on that up move was crazy Jacko!!!
Even I know that.

I am a member for one year.
Sorry to say I have felt only pain and no pleasure.
The problem is he breaks his own rules far to often.
Today's trade (I dident take) was a good exaple.
Why not wait for pa at the sr levels instead of using pending orders,
and why trade a day before strong news, it makes no sence.


CP
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