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Igrok Method. Q's & A's. Comments, thoughts and ideas

  • #741
  • Dec 20, 2007 1:33am Dec 20, 2007 1:33am
Quoting Blackinc
I would say no to the above diamond due to the upper left border not being defined properly
You're right.
  • #742
  • Dec 20, 2007 10:57pm Dec 20, 2007 10:57pm
Quoting Igrok
I have never had anyone to learn from. Everything I do in the market or have written about here or in the book is based on my own research and experience only. The first ever book about Forex was published three years after I became a pro trader. By the time I got it in my hands I already learned about trading from my personal experience more than the author put into his book. Most of my book's material, that you are reading now, I wrote in 1998. There is nothing else that I can recommend you as a source of additional information about the issue. The only credit I can give goes to John Murphy's "Technical analysis for futures markets", but I have already found a lot of mistakes there as well.
I see. Thank you for sharing Igrok. Also, I was wondering what is the best work/sleep schedule might be for someone using your strategy? One cannot stay awake for full 24 hrs days at a time. At least I can't.
  • #743
  • Dec 20, 2007 11:44pm Dec 20, 2007 11:44pm
Quoting Mr. Pips
I see. Thank you for sharing Igrok. Also, I was wondering what is the best work/sleep schedule might be for someone using your strategy? One cannot stay awake for full 24 hrs days at a time. At least I can't.
When I trade alone I usually sleep some time between NY close and London open.
  • #744
  • Dec 21, 2007 7:53pm Dec 21, 2007 7:53pm
Quoting Igrok
When I trade alone I usually sleep some time between NY close and London open.
Makes perfect sense! Wish I'd thought of that myself
  • #745
  • Dec 31, 2007 4:40am Dec 31, 2007 4:40am
I think it makes sense to mention that over the last 13 years the yearly range's tops or bottoms on the EURO have been formed in January 10 times out of 13.
  • #746
  • Jan 1, 2008 6:21pm Jan 1, 2008 6:21pm
Quoting Igrok
I think it makes sense to mention that over the last 13 years the yearly range's tops or bottoms on the EURO have been formed in January 10 times out of 13.

Would it be wise to wait until later in January when the main move of the month is clear and look for a good entry then?

Thats a conservative approach to it I suppose, but safer in my opinion. And as the stop would have to be placed at the yearly high/low you'd have to work out how much you can invest based on the stop.
  • #747
  • Jan 1, 2008 8:01pm Jan 1, 2008 8:01pm
Seems 2008 is going to be a USD year. There is a crossover on Cable monthly MACD from the open of the current month with the minimal target to the low of 2005 at 1.7050. It is also very likely that the EUR/USD, AUD/USD and (what is even more important) USDX will follow as well. Still the market has some debts to pay on the USD downside but on the big picture USD is becoming to look more and more bullish to me.

Levels like 2.02+ on Cable, 0.91+ on AUD/USD, 1.50+ on the EUR/USD, 0.9400- on the USD/CAD look like good potential levels for taking longer-term strategic longs on the USD to target the other ends of the trends that started in 2005.
  • #748
  • Edited 1:12pm Jan 2, 2008 3:08am | Edited 1:12pm
It also worth mentioning that two previous years both began with USDX and some majors forming huge diamonds on weekly charts.
  • #749
  • Jan 3, 2008 11:12am Jan 3, 2008 11:12am
wish you all the best
  • #750
  • Edited 2:31am Jan 4, 2008 1:49am | Edited 2:31am
Quoting ayejkt
wish you all the best
Thank you. I wish the best of luck to all of us in 2008.

BTW there is a fully formed diamond on the EUR/CHF weekly and daily charts that has just been finished moments ago. It shoud be a reversal pattern that crowns the entire uptrend. The minimal target for the moment is located at 1.6174, which is a must, but most likely it will get significantly lower than that.
However short-term this pair is oversold and given the larger than average weekly range it is likely to make some retracement first.
  • #751
  • Jan 4, 2008 4:29am Jan 4, 2008 4:29am
Quoting Igrok
BTW there is a fully formed diamond on the EUR/CHF weekly and daily charts that has just been finished moments ago. It shoud be a reversal pattern that crowns the entire uptrend.
Very aesthetic... This is what I like so much in your approach.
Elegant = simple = correct. This equation works for everyhing in life, including trading...
sans peur et sans reproche
  • #752
  • Jan 10, 2008 11:26pm Jan 10, 2008 11:26pm
After changing the direction of the main move of the month and of the year the level 0.9100-20 on AUD/USD is a must. Most likely either today or early next week the level has to be reached.
On the USDX .7508 level is a must, but the most likely medium-term target is located at around .7390-7400 where it would make sense to go long on the buck.
  • #753
  • Jan 12, 2008 6:34am Jan 12, 2008 6:34am
Igrok--I found your book a great read--helped me to polish my trading skills further---I have a question on Nzd/Usd daily picture---Do you think there's a H & S formation in the making---as per your book, is it wise to inititiate a short position w/ SL & reverse order above 0.7885 or do you think it is too early to comment on?
TIA
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  • #754
  • Jan 13, 2008 4:47am Jan 13, 2008 4:47am
Quoting mysticgenie
Igrok--I found your book a great read--helped me to polish my trading skills further---I have a question on Nzd/Usd daily picture---Do you think there's a H & S formation in the making---as per your book, is it wise to inititiate a short position w/ SL & reverse order above 0.7885 or do you think it is too early to comment on?
TIA
If you mean that this might be a H&S formation you're not even close. Nothing like that can be seen on the picture you have posted here. But somehow any real H&S usually has a great chance of failure to match its promises as for some reason it has become every idiot's around favorite pattern, that in fact almost never works as prescribed. I had a great deal of disappointment while looking for one that would work properly just in order to illustrate my own book. Eventually I has found only one that looked exactly like a textbook picture but, as far as I remember, it happened back in mid 90's and I haven't seen anything like that since.
  • #755
  • Jan 13, 2008 2:37pm Jan 13, 2008 2:37pm
Quoting Igrok
If you mean that this might be a H&S formation you're not even close. Nothing like that can be seen on the picture you have posted here. But somehow any real H&S usually has a great chance of failure to match its promises as for some reason it has become every idiot's around favorite pattern, that in fact almost never works as prescribed. I had a great deal of disappointment while looking for one that would work properly just in order to illustrate my own book. Eventually I has found only one that looked exactly like a textbook picture but, as far as I remember, it happened back in mid 90's and I haven't seen anything like that since.

Thanks Igrok---your points duly noted---

GL/GT
  • #756
  • Jan 13, 2008 2:44pm Jan 13, 2008 2:44pm
Quoting Igrok
I had a great deal of disappointment while looking for one that would work properly just in order to illustrate my own book. Eventually I has found only one that looked exactly like a textbook picture but, as far as I remember, it happened back in mid 90's and I haven't seen anything like that since.
Isn't the formation we see on GBPJPY weekly a perfect H&S that is playing very well now?
sans peur et sans reproche
  • #757
  • Edited 4:50pm Jan 13, 2008 4:23pm | Edited 4:50pm
Quoting ilanr
Isn't the formation we see on GBPJPY weekly a perfect H&S that is playing very well now?

I have to admit I thought the same. But i think it falls into being a diamond in nature. (http://www.forexfactory.com/showpost.php?p=1693662&postcount=655)

Why its a diamond but not technically a H&S i'm not sure..
  • #758
  • Jan 13, 2008 5:37pm Jan 13, 2008 5:37pm
Quoting Blackinc
I have to admit I thought the same. But i think it falls into being a diamond in nature. (http://www.forexfactory.com/showpost.php?p=1693662&postcount=655)

Why its a diamond but not technically a H&S i'm not sure..

In this case it's a dual-diagonaled diamond on GBP/JPY. Usually such a formation looks somehow similar to the H&S, but works differently in terms of projected targets and can be either reversal or continuation, while real H&S is always a reversal pattern.
  • #759
  • Edited 6:22pm Jan 13, 2008 5:58pm | Edited 6:22pm
It is easy to define the difference between the two as in real H&S the top of the right shoulder should never be higher than the top of the left one if to measure the distance from what appears to be a potential neck-line.
  • #760
  • Jan 13, 2008 6:39pm Jan 13, 2008 6:39pm
Quoting Igrok
In this case it's a dual-diagonaled diamond on GBP/JPY. Usually such a formation looks somehow similar to the H&S, but works differently in terms of projected targets and can be either reversal or continuation, while real H&S is always a reversal pattern.
Quite frankly I am highly interested in these(projection targets / size) since I am trying to match up monthly s/r areas with all this

If you'd like to share any of the methods on how to calculate the target or the target itself, it'd always be useful =)

Hope you're off to a good start to the new year and rid of all the viruses et al(friend of mine just caught the flu again...so far I have escaped that stuff well!)

Seeking
Trust price. Know yourself.
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