Hi Igrok, nice to meet you. I bought your book this year and i am reading it for the third time. It is a great learning experience. This opportunity to talk to you directly is awesome.
I want to ask you a question related to your book and the market hours. In the book Average Daily Range Templates, the European open is 6 GMT. I read in some places that the Euro market open is 7 gmt and the UK open is 8 gmt.....
So , my question is .....the right time the Euro market open is 6 gmt( now with dst 5 gmt) ,and the UK open is 8 gmt ( now 7 gmt because of dst), right??
Thanks for the help.
Bruno
Hi Igrok, nice to meet you. I bought your book this year and i am reading it for the third time. It is a great learning experience. This opportunity to talk to you directly is awesome.
I want to ask you a question related to your book and the market hours. In the book Average Daily Range Templates, the European open is 6 GMT. I read in some places that the Euro market open is 7 gmt and the UK open is 8 gmt.....
So , my question is .....the right time the Euro market open is 6 gmt( now with dst 5 gmt) ,and the UK open is 8 gmt ( now 7 gmt because of dst), right??
Thanks for the help.
Bruno
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European session actually starts when German market opens. It's one hour ahead of London time. But in any case those "splits" into several trading sessions are not very important for applying my method. The most important time line should be 24-hour period which is a full "trading day". A "trading day" starts and ends at 5 p.m. NY time and thus the lows and highs formed in the market during this period have the biggest technical significance for the templates.
Thank you Igrok. I do exactly what you said. When i open a chart i put different colours for different days. I do almost everything you teach in the book. I keep looking all the time for those important levels that divide the market in two.
I wanted to know about the market openings to be sure that i was correctly watching the market. It is important in my opinion to know the right time to make the best use of the average daily range templates. So , the day starts 21 GMT and the Euro open described in your book as 6 GMT is actually 7 GMT?
Please give me your opinion....I bought the GBP/USD yesterday as i saw that the pair was close to a strong support zone( 1.9730 area) . I got filled at .9745 and cashed 90 pip of profit later in today's London session. I dont fell so good with this trade because it was a counter-trend one, and in my opinion very risky. I just entered the trade because the pair was in a very important level/point at that moment.
Do you think it is better to avoid these trades, and wait for "safer" ones?
Thanks again.
Thank you Igrok. I do exactly what you said. When i open a chart i put different colours for different days. I do almost everything you teach in the book. I keep looking all the time for those important levels that divide the market in two.
I wanted to know about the market openings to be sure that i was correctly watching the market. It is important in my opinion to know the right time to make the best use of the average daily range templates. So , the day starts 21 GMT and the Euro open described in your book as 6 GMT is actually 7 GMT?
Please give me your opinion....I bought the GBP/USD yesterday as i saw that the pair was close to a strong support zone( 1.9730 area) . I got filled at .9745 and cashed 90 pip of profit later in today's London session. I dont fell so good with this trade because it was a counter-trend one, and in my opinion very risky. I just entered the trade because the pair was in a very important level/point at that moment.
Do you think it is better to avoid these trades, and wait for "safer" ones?
Thanks again.
Ignored
I can't comment on a particular disretionary trade. It just makes no sense at all.
I bought the GBP/USD yesterday as i saw that the pair was close to a strong support zone( 1.9730 area) . I got filled at .9745 and cashed 90 pip of profit later in today's London session. I dont fell so good with this trade because it was a counter-trend one, and in my opinion very risky.
Ignored
Burns,
Which template did you use for this trade(if you did use one??)?
If not a template, what was the technical significance of 1.9745? Why 90 pips? Where was your stop and why? It sounds like you just took it because of an itchy trigger finger and an area of "support".
There's really not much you can say about this trade, because there's little to no good reasons for taking it.
Which template did you use for this trade(if you did use one??)?
If not a template, what was the technical significance of 1.9745? Why 90 pips? Where was your stop and why? It sounds like you just took it because of an itchy trigger finger and an area of "support".
There's really not much you can say about this trade, because there's little to no good reasons for taking it.
Ignored
Hello Blackinc,
I haven't used any template for this trade. I just saw that after some good downtrend move, the market stoped at the 1.9720-1.9740 level. If you take a look at the 4hr and daily charts, you will realize that the market had touched this level some time ago. The market stayed at this level for some hours, so i decided to make a buy position and of course opened a limit order to stop and reverse . The stop loss was placed at 1.9720, outside the market space, at a not recently touched level. After several hours, the pair was almost 100 pips up, and i closed my position because the market was slow and the price was consolidating.
I understand my reasons were not good enough, but i can't resist to these extreme levels where you can make a trade with very tight stops.
Could you please tell me examples of trades where there are good reasons for taking them?
Thanks
Could you please tell me examples of trades where there are good reasons for taking them?
Ignored
Discretionary trading is way more exciting that any systematic approach. But it is much riskier and much more rewarding if you know how to deal with it. I do it from time to time but there are a lot of details that might require a great deal of experience and study. For example, current overbought on the EUR/USD statistically should end up with a good sell-off for at least twelve big figures correction.
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Joined Mar 2007
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Status: XXXX Trader
|318 Posts
Burns,
I looked at the charts and can see this area of support that you referred to. I have found that using Igrok's idea's will lead to you re-thinking your decisions. Which is great, because when you see a setup, as you've seen above, with good support on a 4 hr/daily timeframe, and you couple that with good technical significance(Igrok's ideas) it leads to confident trading.
If you keep at it, you may start to see the market different, as things that you saw before don't make much sense, and you leave them be. But other moves make perfect sense, and feel so much more secure.
But your trade had as much chance of breaking down as it did stopping and moving back up IMHO. The main move of the week was down, its early in the month but the main move of month is down(yearly is up, but you're not taking long term position). There is no clear shapes to the market for a couple of weeks. If it were to stop and reverse, where do you place that take profit, and where do you place the stop??
When you weigh these things up, you start to see that the trade is just too risky.
But as for a simple example, last month i took a long trade on this pair on 19/20th at 1.9750. Maybe you can work out why..
I understand what you mean Igrok, this way of trading is much more riskier. I should think better before taking these trades.
Blackinc, i looked at the charts , but i have some questios about your trade...In the first place, have you used some of the templates?
I have ploted a fibo and realized that the level of 1.9750 is at 61.8 level , have you used this information in the trade?
In the weekly,daily,4 hr and hourly timeframes , the trend was down, so it was risky to take a buy, wasn't it?
I can see where you have placed your stop, but have you calculated any target?
Sorry for so many questions and thanks for the help.
Blackinc, i looked at the charts , but i have some questios about your trade...In the first place, have you used some of the templates?
I have ploted a fibo and realized that the level of 1.9750 is at 61.8 level , have you used this information in the trade?
In the weekly,daily,4 hr and hourly timeframes , the trend was down, so it was risky to take a buy, wasn't it?
I can see where you have placed your stop, but have you calculated any target?
Sorry for so many questions and thanks for the help.
Ignored
It was nearing the month low, although the pound had completed the average range for the month, i took the trade on risk:reward. Main move of the month was up but here it was near the low, i could place a relatively tight stop, with the potential for a longer term position (yearly move up). As well as this, i saw as well that this had been an area of resistance, and then support.
No fibo.
When i looked back on this trade, i didn't like it, because it had already completed its monthly range.
But the point of telling you, was to show that certain events mean different things with Igrok's ideas. So yes it was an area of resistance/support, but that was weak. Now add the point that it was the month low, and now it makes more sense, and a trade can be taken with a small stop.
Just a quick post on Euro Looking like a diamond. There is however a violation of the rule with double bottom. So i was wondering if I should dismiss it because of this.
Edit: I changed it to a 1hr and notice it didnt double touch the lower left side so I guess i am ok witht the formation
Attached Image (click to enlarge)
All I ask is a chance to prove that money can't make me happy.
It was nearing the month low, although the pound had completed the average range for the month, i took the trade on risk:reward. Main move of the month was up but here it was near the low, i could place a relatively tight stop, with the potential for a longer term position (yearly move up). As well as this, i saw as well that this had been an area of resistance, and then support.
No fibo.
When i looked back on this trade, i didn't like it, because it had already completed its monthly range.
But the point of telling you, was to show that certain events mean different things with Igrok's ideas. So yes it was an area of resistance/support, but that was weak. Now add the point that it was the month low, and now it makes more sense, and a trade can be taken with a small stop.
Ignored
I see what you mean, now i understood why you have entered the market at that point. Sometimes i forget to watch the big picture.
Just a quick post on Euro Looking like a diamond. There is however a violation of the rule with double bottom. So i was wondering if I should dismiss it because of this.
Edit: I changed it to a 1hr and notice it didnt double touch the lower left side so I guess i am ok witht the formation
Ignored
It's a tough call here and a long shot. At this moment this particular diamond formation is not supported by anything but your imagination. The broadening triangle on the left side is missing and the the narrowing one on the right side is yet to be seen.
At this particular trading levels everyone can predict USD major reversal. No need to be a genius for that. Every trend comes to an end sooner or later. It's obvious, and not only on NZD/USD.
Ignored
Yes, you may not need to be a genius, but you still need a reason. So far you haven't given one. How do "these particular trading levels" prevent the USD from continuing to weaken? And how can "everyone predict a USD major reversal". So this means that you don't need experts? This makes no sense.
