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

Gday Ig,

So the stop would go above the intraday high during the Asian session at roughly 1.0008 or do we look at the Daily chart for stop placement because it is a weekly range trade?
Quoting BentRod
Gday Ig,

So the stop would go above the intraday high during the Asian session at roughly 1.0008 or do we look at the Daily chart for stop placement because it is a weekly range trade?
If you have chosen to go short on USD/CAD then yes, the reliable stops are only above current intraday highs. However this pair has been unable to change the direction of the main move of the month today and gave a perfect level to enter longs with just a few pips stops right ahead of .9915 which is the current month's bottom(template #18.4 if to use it for intra-month trading). Given the fact that Cable started a correction I would say that the probability for USD gains today is relatively solid.
No worries, thanks.
Also given the fact that Saxo guys today have chosen to go short on USD/CAD I would say that taking longs is preferable because they are usually wrong 70-80% of the time.

But leaving jokes aside I would say that critical levels for today are:
EUR/USD - 1.4700 (if not taken out, then the correction into 1.4550-70 is likely);
USD/CHF - 1.0900 ( if not broken, then the correction back to the high of the week is possible);
Cable - yesterday's high at 1.9738 (seems already too late to go short at the moment but there is a bearish divergence targeting at least 1.9547 level initially);
AUD/USD - .9100 (if it doesnt change the direction of the main move of the month it might retract back into .8950 level).
BTW the current week's range on AUD/USD, USD/CAD and even EUR/USD seem too short. Monthly ranges on AUD/USD and USD/CAD are also insignificant. Given that fact those critical levels that I have mentioned above are in danger. If not today, then some time next week they all are likely to be taken out.
I guess today USD/CAD has shown us just as a perfect example of Friday's trading in a case of unusually short weekly range.
What I fail to understand is the specific way this pair decided to go to extend the weekly range. It went down making the new weekly low. It would be much easier for it to continue down, thus making for the range with half the effort. No, instead it chose to go up, wasting so much energy. Do you think this can be explained - or the direction is unpredictable in such situations, only the final result (a standard weekly range) can be forseen?
sans peur et sans reproche
Quoting ilanr
What I fail to understand is the specific way this pair decided to go to extend the weekly range. It went down making the new weekly low. It would be much easier for it to continue down, thus making for the range with half the effort. No, instead it chose to go up, wasting so much energy. Do you think this can be explained - or the direction is unpredictable in such situations, only the final result (a standard weekly range) can be forseen?
Obviously initially only the final result could be forseen. But we should also take into consideration some other reasons, clues and signals. In today's USD/CAD case the additional reasons for it to extend the range on the upside were as following: inability to change the direction of the main move of the month; bullish divergence pointing to above the top of the current week's range; unfilled gaps above initial intraday's high; comb formation on the top that usually attracts the market normally working as a magnet for it. This is why from the very beginning I was rather in favor of the extension being on the upside. But in case you can't see those clues in advance then you would be better off just by following the direction of the main move of the day and using stops with reversals if the initial position goes wrong.
Quoting ilanr
It went down making the new weekly low.
I forgot to mention that it didn't make a new weekly low but rather extended a bit the old one as the direction of the main move of the week up till today was down. You could even sit on you hands and do nothing until it changes the direction of the main move of the day and then the direction of the main move of the week entering your positions via stops and keeping in mind projected target.
Thank you - and enjoy your weekend!
sans peur et sans reproche
Quoting ilanr
Thank you - and enjoy your weekend!
You too have a nice w/e.

BTW the USD/CAD is likely to get back down next week. Now it left down there and few more gaps and the flat surface at the low of the month should work as a magnet once again.
Igrok does it looks like cable is putting in a diamond on the daily charts.
Would u go long here when the direction for the week changes from down to up and put a stop at the weekly lows in anticipation of a reversal diamond.
Quoting jotty
Igrok does it looks like cable is putting in a diamond on the daily charts.
Would u go long here when the direction for the week changes from down to up and put a stop at the weekly lows in anticipation of a reversal diamond.
Yeah... Seems like that. I have been watching it since it formed the major diagonal. However, the borders are not so clearly defined and because the direction of the main diagonal is up then it should rather become a continuation pattern. Don't also forget that after the closing of January the Cable has confirmed its longer-term target as being at 1.70 minimum.
EUR/CHF daily chart.
Attached Image (click to enlarge)
Click to Enlarge Name: Daily EURCHF A0-FX.jpg Size: 78 KB
Ig,
Would you ever trade the bounce off the top off the diamond with stops above or would you wait for the diamond to be fully formed and trade the breakout of that only?

I'm still waiting for the book sorry if this has been covered.
Quoting BentRod
Ig,
Would you ever trade the bounce off the top off the diamond with stops above or would you wait for the diamond to be fully formed and trade the breakout of that only?

I'm still waiting for the book sorry if this has been covered.
Usually as soon as I get a recognition of a diamond formation I trade inside the borders.
Thanks Mate.

I should receive the book tomorrow, looking forward to it.
Quoting BentRod
Thanks Mate.

I should receive the book tomorrow, looking forward to it.
Come on pal. You shouldn't worry too much about that book. In any case it's not going to make you smarter than you're now but, hopefully, just a bit better informed. The rest is entirely up to you.
It seems to me that levels .9955 on CAD/USD, 1.4825 on EUR/USD and 1.0835 on USD/CHF are the most likely targets for today. Even if not today, those areas are "must reach" levels for this week.
Quote
Come on pal. You shouldn't worry too much about that book. In any case it's not going to make you smarter than you're now but, hopefully, just a bit better informed. The rest is entirely up to you.

Yeah I know but from reading this thread and also the Currency Trader article, I can relate to your methodology.

It make sense to me and I want to read some of your other idea's.

Expect more questions:
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