Website : Forex Jackal Website
Cost : £40 - £295, depending on products/services chosen
Author : A guy called Andy
Review Date : May/June 2009

WHAT IT SAYS ON THE WEBSITE

Two products on sale here, a system and a signal service.

The "Fabulous Jackal Juicer", "an independent and simple day trading system using one indicator. Ideal for the inexperienced or for those traders requiring a jargon free and simplistic approach. The Jackal Juicer is tradable anywhere at any time and on any forex market you are familiar with"

Jackal "Superior" Signals Service which provides "unbeatable signal predictions obtainable every evening in the members area, 6 currency pairs and the FTSE 100, giving remarkable accuracy. More suitable to the trader with the ability to make decisions. Can be used in conjunction with the Jackal Juicer or completely independently".

The Jackal Juicer

"Originally designed specifically for traders with limited experience", however, "over half the present users are in fact experienced traders, enjoying it because of its simplicity, profitability and ease of operation", it is easy to use and is "low stress, jargon and virtually indicator free".

Some highlights include; clear, concise and easy to use, no jargon or numerous indicators, day trading (on 15 minute charts), any market, one indicator, maximum stop is 35 pip/point, risk/reward always at least 1:1, no trades left overnight, very high probability trades with a strike rate "as high as 80%+".

It is not; a means to get rich quick, stressful, set and forget, a robot or EA, for someone who has not got the first clue about trading, a method for time wasters, dreamers or idle traders.

What you get for your money; the Jackal Juicer system, lifelong membership of the Forex Jackal Services Club, support within 24 hours (usually 4), Jackal Superior Signals FREE (for 20 days, usually £40), a Traders checklist, a promise of no future harassment to buy a trading book or DVD, the offer of Jackal Superior Signals at a 50% discount if you wish to continue the service and, finally, "a friendly, humorous, reliable and honest service from a simple hard working individual committed to his business".

This is a system where you do not have to use fibs, elliot waves, gann, patterns, breakout techniques, pivots, reversal bars, double tops and bottoms, head and shoulders, flags, price channels, etc.

The Money back guarantee comes in the following form. One must provide a list of all trades taken whilst following the system during the 4 week guarantee period, this means, Instrument, Date & Time, Number of lots (we don’t see this as being relevant), Entry and Exit price. So, for your refund you will need the above to "prove that it doesn’t (work) and I will gladly refund your money. You will not be able to because it (the system) most certainly produces the goods".

Jackal Superior Signals

£40 for 20 trading days. Signals are issued between 21:30 and 23:30 GMT and instruments covered are FTSE, EUR/USD, AUD/USD, USD/CHF, USD/CAD, GBP/USD and EUR/JPY. These signals come with the following guarantee - "you will be amazed by their accuracy".

The signals are more suited to "the more accomplished trader, those with the ability to read the market conditions and then act upon their interpretation of it."

There are eight levels, including potential reversal, breakout and retracement levels which "you as a trader will use … as a major tool for your trading". "They are very accurate" and "I have members who earn their living from the daily predictions". The signals can be used in conjunction with the Jackal Juicer system or independently.

This is not a service for, Timewasters, Dreamers, Idle So & So's or Anyone that can't trade to a decent standard. There "are easily 100's of pips to be taken using this system every single week", "Let's just say you manage 300 (very low) at £3 per pip, be happy wouldn't you!".

The website then lists some performance figures and accompanying narrative.

THE PURCHASE

We purchased the Jackal Juicer for £195, remember this includes the Jackal Juicer System, membership of the club, Superior Signals (for 20 trading days) and the Traders Checklist. Payment is made on-line and is pretty straight forward.

THE MATERIAL

The Jackal Juicer (system)

A 9 pager and which is, in the main, plain speaking and easy to read. No waffle about what spread betting is, how to open an account, candle types, etc. This was quite a welcome relief to us in this day and age.

The system is based on one indicator (a Moving average on a 15 minute chart) and Price action around that Moving average. There is also the mention of the usage of another industry standard indicator, used for divergence purposes, "now and again".

To be fair, the "system" is not particular new to us (same as/variation of many a popular simple systems based on a similar time frame) and does make common sense if used diligently.

There are also some pointers in the document on when not to take a trade which are useful, although again, pretty much common sense and practice when trading this time-frame.

As mentioned on the website, Stops are never more than 35 points/pips and Targets are always at least 1:1 risk/reward.

Superior Signals

So, the signals are not actually signals, they are a series of price levels, 8 in total for each instrument, issued on a daily basis.

We did a little bit of digging and spent quite some time analysing these "signals", our findings are detailed below.

THE SYSTEM IN THEORY

Implementation of the Jackal Juicer system, in terms of chart set up is straight forward. A 15 minute chart, your instrument of choice, a Moving Average (MA) and an optional industry standard indicator (should you wish). Adding the settings for the Superior signals is also straight forward if using them as its just a case of setting the Price levels (horizontal lines) on the charts.

The Jackal Juicer system makes sense, we can see the method, pretty standard and simple stuff. Attention to Trend, Price action around the afore mentioned MA, divergence and the Superior signals (if using) is quite a straight forward trading principle.

One last note in here on Money and Risk management, Andy never risks more than 5% and usually 2% of his bank on any single trade, so a sound money management approach for intra-day trading in our opinion (we stuck to our usual 2%).

THE SYSTEM IN PRACTICE

In practice, opportunities are quite restrictive, we will explain why.

First we have to find a trend on a 15 min chart. Then we have to wait for specific price action around the MA and keep an eye on divergence. If there is an opportunity, we need to ensure we can get our stop at a technically suitable level, not more than 35 pips/points away. Then, we have to ensure we can set a target of at least 1:1 Risk/Reward, e.g. make sure there is no nearby resistance, previous support/resistance levels, no big numbers (00, 000), and of course significant Superior signal levels.

Many trades are missed because 15 minute charts do not present very clear trends a lot of the time so one has to have a keen eye for trends. The 35 point/pip stop rule kept us out of quite a few trades as a suitable technical level was too far away. The equal risk/reward rule (although completely valid and appropriate) because of nearby big numbers or a Superior signal level stood in the way quite often too. It's true though that if trading with the trend the rules of the strategy are quite reasonable and can be used effectively. Albeit a great amount of patience is required.

This is an appropriate time to comment on the "Superior signals". If one takes the time to google "Camarilla", there are many websites offering information on the subject including it's theory. If one further investigates one will find calculators, formula's and even sites that provide the daily Camarilla levels for you, e.g. Live Charts UK - Free live trading charts, stock market prices, historical data, share prices, day trading.. After observing these levels and the signals for a number of weeks we noticed a striking resemblance between the key levels. Occasionally they were exactly the same but the majority of the time, within 10 pips of each other. We considered the reason for this being the calculation, Camarilla levels are calculated based on Previous High, Low, Close values so outcome is determined on those values (even some websites providing Camarilla levels differ slightly from each other (as prices used are not consistent)).

CAN IT WORK

Yes it can, but it has its limitations, based on our own back-testing and limited exposure to some live trading. We didn’t lose money trading this system, nor did we make back the money we paid for the service, albeit we only traded the FTSE and EUR/USD for a few weeks on small stakes.

So, in our opinion, this style of trading can be profitable and some of the advice contained in the documentation may well provide a sound base or starting point for some new to trading or requiring some direction.

The set-up is something we keep an eye on if we are ever trading the 15 minutes (or less) timeframe, if, for nothing else, as a guideline.

As for the "superior" signals, we see no reason at all not to use Camarilla levels (FREE) as opposed to paying for the "Superior signals". In our experience they were close enough to be the same.

SUPPORT

Support was as per the website, within 24 hours and usually within 4.

A daily email details the maximum amount of pips/points that could have been made in relation to the extreme and lesser extreme (Superior signal) levels. Not much use to us really as it's quite easy to work out, you have the signals, you have the charts, you can do it yourself.

CONCLUSION

PRO's
• A simple system.
• Some sound advice.
• A potential base level for some.
CON's
• Patience required, lots of it, so, a lot of screen time.
• (FREE) Camarilla levels replicate (or almost replicate) the values of the Superior signals.


Do remember, your comments are important, if you decide to purchase this system, please support us by using our link and by reporting back your findings, both are valuable to us and the service.

ReviewTeam - www.systemsfortraders.com