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

  • #1,281
  • Aug 15, 2008 6:59am Aug 15, 2008 6:59am
Quote
Greed is a sin.

I know, I just don't want to loose some of my positions considering how hard it was to get them without getting stopped out in the first place.
  • #1,282
  • Aug 15, 2008 7:08am Aug 15, 2008 7:08am
Quoting BentRod
I know, I just don't want to loose some of my positions considering how hard it was to get them without getting stopped out in the first place.
There are some signs of short-term bullishness on the EUR/USD at the moment and no reliable levels for trailing stops nearby. A couple of years back I twice didn't take over 600 pips profits and had to close both trades at break even. That was a major frustration then and a complete waste of time.
  • #1,283
  • Edited 7:26am Aug 15, 2008 7:16am | Edited 7:26am
Generally speaking, you can keep that short EUR/USD position forever. From the recent tops it's heading to .96 level, which is likely to be a "must reach" longer-term target. But it will require a lot of patience as it might take 3-5 years to get there. Not worth it. Life is too short for such trades.
  • #1,284
  • Aug 15, 2008 7:18am Aug 15, 2008 7:18am
Quote
There are some signs of short-term bullishness on the EUR/USD at the moment and no reliable levels for trailing stops nearby. A couple of years back I twice didn't take over 600 pips profits and had to close both trades at break even. That was a major frustration then and a complete waste of time.

Thanks for the advice mate
  • #1,285
  • Aug 17, 2008 1:53am Aug 17, 2008 1:53am
Dear Igor,

Do you allways put a trade with stop loss ratio higher then 1:1 ?
Never risk more that you can gain.

Thank you for your time
  • #1,286
  • Aug 17, 2008 3:56am Aug 17, 2008 3:56am
Quoting Peter1234
Dear Igor,

Do you allways put a trade with stop loss ratio higher then 1:1 ?
Never risk more that you can gain.

Thank you for your time
I think answer is in the Igrok's book.
Sorry, if I am not right,

"...No stops must be placed based on reasons of money management only.
The binding of a stop should always be done to a specific technical
level. If the nearest suitable technical level lies on a distance more than
a trader can afford to lose in one transaction, he should refrain from
making a trade until the market comes close enough to such an
appropriate level...."
Igrok's Forex Main Course
  • #1,287
  • Edited 4:28am Aug 17, 2008 4:15am | Edited 4:28am
Quoting fx1618.com
I think answer is in the Igrok's book.
Sorry, if I am not right,

"...No stops must be placed based on reasons of money management only.
The binding of a stop should always be done to a specific technical
level. If the nearest suitable technical level lies on a distance more than
a trader can afford to lose in one transaction, he should refrain from
making a trade until the market comes close enough to such an
appropriate level...."
Igrok's Forex Main Course
Thanks for quoting me. That's right. Over the last 30 days I made about 350% returns without ever risking more than 1,5% of the capital per trade. All the initial stops and then trailing stops were placed in accordance with those basic principles mentioned above.

(BTW my book has also been translated and published in Russian and Japanese. Russian version is now available in Russia, Belarus and Latvia.)
  • #1,288
  • Aug 17, 2008 8:07am Aug 17, 2008 8:07am
Yes, I read russian version of your book. (I'm from Belarus.)
I like this book. It's written simply and clearly. The only thing that was not pleasant - is focused on intraday trading. However I've found you at this forum and have seen that you trade not only inside day. Wonderfully!

p.s.: Do you have other books?
  • #1,289
  • Aug 17, 2008 1:36pm Aug 17, 2008 1:36pm
Quoting Igrok
Murhpy's book about the futures is a very good one and was already available then. I first got it in my hands about a year into my trading career. However there were two problems with that: first, the book is more about the futures while TA on forex is quite a bit different; and second, I barely spoke any English that time. So, when I got it, I mostly relied on the pictures comparing them to the historical charts and often just guessing what the autor means by saying this or that. Most of his text was beyond my understanding capability and I had to formulate a lot of TA rules, concept and other stuff by myself. The very first book directly related to forex has been published by Cornelius Luca in 1995 or 1996. By the time it went out of print I already knew about the market from my own experience and research more than he put into it.

While making my own research I was looking for something more reliable and efficient than that classic TA approach. I immediately threw away all the "fortunetelling" theories like Fibo, Gann and Elliott, most of the indicators and candlesticks, concentrating on natural market behaviour and mostly searching for some repetitive characteristics that can't be changed over time. I filtered and refined some of the classic concepts, also formulated completely new ones and developed sone brand new tools. So, I guess, I really did find a more effective way to deal with the issues. By the time I got the job done and could read Murphy's "bible" freely I already knew what is effective and what is not in his and others TA versions descriptions.
Amazing. And still you dedicate some of your time to post here with us (amateurs) ! Much appreciated

This looks like material for some of Jack D. Schwager books (author of the "world-famous" Market Wizards which contains interviews with some of the greatest traders from every market) if you've read it by any chance.

I saw you made an incredible return so far this year. This must be an personal record (?) and I guess your clients are pretty happy
Measure twice, cut once
  • #1,290
  • Aug 17, 2008 2:46pm Aug 17, 2008 2:46pm
Quoting fx1618.com
Yes, I read russian version of your book. (I'm from Belarus.)
I like this book. It's written simply and clearly. The only thing that was not pleasant - is focused on intraday trading. However I've found you at this forum and have seen that you trade not only inside day. Wonderfully!

p.s.: Do you have other books?
1. I mentioned that it was published in Russian just because I noticed that you're from Belarus.
2. The translation is not ideal, but acceptable. I haven't read it until today. A friend of mine just came from Moscow and brought me a few copies of the book. I finished reading it for the first time just a few minutes ago.
3. I have already collected some material for a new book, but have no time for finishing it. Perhaps I will write and publish it only after my retirement.
  • #1,291
  • Aug 17, 2008 2:58pm Aug 17, 2008 2:58pm
Quoting aediaz1
Amazing. And still you dedicate some of your time to post here with us (amateurs) ! Much appreciated

This looks like material for some of Jack D. Schwager books (author of the "world-famous" Market Wizards which contains interviews with some of the greatest traders from every market) if you've read it by any chance.

I saw you made an incredible return so far this year. This must be an personal record (?) and I guess your clients are pretty happy
1. I did read Schwager's book and liked it a lot.
2. This is a personal record in terms of how fast it has happened because of the market's speed, but not in terms of annual returns. The biggest annual profit so far was about 500%, while the average results are much more modest. My normal target for an annual profit is about 50-60% while using 3:1 average leverage with risk of 0.5-1.5% per trade.
  • #1,292
  • Aug 17, 2008 7:29pm Aug 17, 2008 7:29pm
Igrok i like your trading style.
  • #1,293
  • Aug 17, 2008 7:48pm Aug 17, 2008 7:48pm
Quoting forextrend
Igrok i like your trading style.

Me too.
  • #1,294
  • Aug 18, 2008 3:31am Aug 18, 2008 3:31am
Change in the direction of the main move of the year on USDX (in case it goes above 77.35) will very likely lead EUR/USD straight to around 1.38 level.
  • #1,295
  • Edited 5:07am Aug 18, 2008 4:58am | Edited 5:07am
здравствулте Mr Igrok,

please excuse me if this was discussed before because i failed to find it if it was. can that yellow tl (neckline) could be holding a huge H&S pattern from your point of view? According to profit target calculations the outcome from this possible formation leads us to around 1860 points from the break point that i assume has happened on 8th this month. Price has fallen around 860 points so we are 1k points till the possible target of this H&S pattern (if that can be it). I observe that this yellow tl (neckline) has been holding price from March 2007 and was strong, but as you mentioned in your book every tl will be broken sooner or later, so it was broken. Now my question: from your professional view and long years in this bussines, the bigger part of such tl's (necklines) like these gets retested once broken or not? As i also see that the lower tl (blue) of this weekly bullish channel was broken as well, so price might not be able to reach that neckline. Excuse me if i have written in so complicated way though im trying my best.

ps. looking at gbpyen's big H&S pattern formed in 2007, i see that the broken neckline was retested this year @ 23.07.2008 around price 215.50 and was a great pleace to sell.

Thank you.
Attached Image (click to enlarge)
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  • #1,296
  • Aug 18, 2008 7:57am Aug 18, 2008 7:57am
I'm wondering if this triangle-formation correct?
Attached Image (click to enlarge)
Click to Enlarge Name: 111.gif Size: 10 KB
  • #1,297
  • Aug 18, 2008 8:02am Aug 18, 2008 8:02am
You're wrote:
"...The second interesting factor of dealing with triangle-like formations is that, actually, a
false break is in many cases even better for a trader than a real one. It arms him with a
high degree of probability to forecast the further course of events, since a false break is
nothing else but a perfect confirmation of the market choosing the opposite direction for
its next sizable move (Figure 3.33)...."

But I don't have pictire # 3.33 ( In my book Figure 3.33 - missing )

We can see false break. So, if a true, target for long- 0.79 or 0.90 ?
Am I right?
  • #1,298
  • Edited 9:48am Aug 18, 2008 9:35am | Edited 9:48am
Quoting belekas
здравствулте Mr Igrok,

please excuse me if this was discussed before because i failed to find it if it was. can that yellow tl (neckline) could be holding a huge H&S pattern from your point of view? According to profit target calculations the outcome from this possible formation leads us to around 1860 points from the break point that i assume has happened on 8th this month. Price has fallen around 860 points so we are 1k points till the possible target of this H&S pattern (if that can be it). I observe that this yellow tl (neckline) has been holding price from March 2007 and was strong, but as you mentioned in your book every tl will be broken sooner or later, so it was broken. Now my question: from your professional view and long years in this bussines, the bigger part of such tl's (necklines) like these gets retested once broken or not? As i also see that the lower tl (blue) of this weekly bullish channel was broken as well, so price might not be able to reach that neckline. Excuse me if i have written in so complicated way though im trying my best.

ps. looking at gbpyen's big H&S pattern formed in 2007, i see that the broken neckline was retested this year @ 23.07.2008 around price 215.50 and was a great pleace to sell.

Thank you.
This is not a H&S formation on Cable, but it was indeed a perfect comeback to the neckline on the GBP/JPY followed by the rejection. The level at 215.50 was the most obvious place to sell it not just because it happened to be a neckline, but also because by coming back to this level the market was fulfilling its target for the billish divergence formed below.
  • #1,299
  • Aug 18, 2008 9:42am Aug 18, 2008 9:42am
Quoting fx1618.com
You're wrote:
"...The second interesting factor of dealing with triangle-like formations is that, actually, a
false break is in many cases even better for a trader than a real one. It arms him with a
high degree of probability to forecast the further course of events, since a false break is
nothing else but a perfect confirmation of the market choosing the opposite direction for
its next sizable move (Figure 3.33)...."

But I don't have pictire # 3.33 ( In my book Figure 3.33 - missing )

We can see false break. So, if a true, target for long- 0.79 or 0.90 ?
Am I right?
You seem to have some strange pirat's copy of it. I have already seen several different versions. They are full or mistakes, misconceptions and fake charts.
  • #1,300
  • Aug 18, 2008 9:53am Aug 18, 2008 9:53am
Quoting Igrok
This is not a H&S formation on Cable, but it was indeed a perfect comeback to the neckline on the GBP/JPY followed by the rejection. The level at 215.50 was the most obvious place to sell it not just because it happened to be a neckline, but also because by coming back to this level the market was fulfilling its target for the billish divergence formed below.
Thank you for the answer. Appriceated.
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