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

  • #2,181
  • Edited 11:53pm Oct 21, 2008 11:43pm | Edited 11:53pm
Quoting Igrok
According to both feeds that I have, the gap is still there: at .6427 on one of them and at .6429 on another.
I've got a low of 63.28 on 10/10 for AUDUSD?

Edit: Ah..think I found it on the 1 minute chart
  • #2,182
  • Oct 22, 2008 2:52am Oct 22, 2008 2:52am
There're three key levels on the cable have left. One, at 1.6200 is the trendline connecting the lows of 2004 and 2005 was hit today and held so far. If it gets broken, then the next one comes only at around 1.5100-50 area (trendline connecting the lows of 1985 and 2001). The last one is connecting the lows of 1993 and 2001(at around 1.3400 currently). Then there will be no major supports all the way down to the parity. Considering that .9550-600 on the EUR/USD is a must, then it would be resonable to assume that 1.33-34 is the most likely longer-term target and the really good support for the cable if no major changes on their own cross occur. (EUR/GBP cross is currently forming a broadenng triangle on monthly and it might take another 6-7 months to form a diamond there without leaving the most current trading ranges between .77 and .82).
  • #2,183
  • Oct 22, 2008 3:00am Oct 22, 2008 3:00am
Do you still believe that we may get a correction up to 1.93 in 2009 on the cable?

Thanks Igrok
  • #2,184
  • Oct 22, 2008 3:04am Oct 22, 2008 3:04am
Quoting Norman1
Do you still believe that we may get a correction up to 1.93 in 2009 on the cable?

Thanks Igrok
It's not a correction. It must be the target for the top of the next diagonal in case the cable is in the process of forming a diamond. It's already became obvious now that the diamond (if it's really one to be formed) will have only one main diagonal.
  • #2,185
  • Oct 22, 2008 3:08am Oct 22, 2008 3:08am
Thanks for posting your thoughts Igrok.

I ordered your book a while back, I'm always interested in new ways to look at the market.
  • #2,186
  • Oct 22, 2008 3:17am Oct 22, 2008 3:17am
Quoting Norman1
Thanks for posting your thoughts Igrok.

Welcome. I bet we're to see some more really interesting stuff in the near future. I have never seen times as exciting as these ones being for over 15 years in trading. The most significant poits are that longer-term targets have become not so longer-term in terms of timing but still are quite significant in terms of trading ranges.
  • #2,187
  • Oct 22, 2008 5:12am Oct 22, 2008 5:12am
Mr I, can i ask your thoughts about current USDX? Are we in for a possible pullback? 85 is beyng tested right now, and i see a possible 15m ascending tl break comming...
  • #2,188
  • Oct 22, 2008 5:36am Oct 22, 2008 5:36am
Quoting belekas
Mr I, can i ask your thoughts about current USDX? Are we in for a possible pullback? 85 is beyng tested right now, and i see a possible 15m ascending tl break comming...
I don't have a real-time feed on USDX. But in any case there is a bullish divergence on monthly MACD with minimum target at 92.63 and another projected one pointing at about 99.50 - 100.00
  • #2,189
  • Oct 22, 2008 6:01am Oct 22, 2008 6:01am
Quoting Igrok
I don't have a real-time feed on USDX. But in any case there is a bullish divergence on monthly MACD with minimum target at 92.63 and another projected one pointing at about 99.50 - 100.00
Thank you for the answer Mr I. Im looking at weekly Loonie chart and price is approaching a possible key area @ 1.2685 that is the high of 2005. We might get sellers out there. What do you think?
  • #2,190
  • Oct 22, 2008 6:23am Oct 22, 2008 6:23am
Quoting belekas
Thank you for the answer Mr I. Im looking at weekly Loonie chart and price is approaching a possible key area @ 1.2685 that is the high of 2005. We might get sellers out there. What do you think?
On CAD 1.4190 seems like a must. I have no idea what is going to happen in between. USD in general is coming into somewhat overbought conditions and might require more or less decent retracements near-term.
  • #2,191
  • Oct 22, 2008 6:48am Oct 22, 2008 6:48am
Quoting Igrok
On CAD 1.4190 seems like a must. I have no idea what is going to happen in between. USD in general is coming into somewhat overbought conditions and might require more or less decent retracements near-term.
Understood Sir. One more question about EUR/JPY as i see its approaching the low of 2004 @ 125.85 From your expierence do the yearly hi/lo's have technical significance like in this case for example?
  • #2,192
  • Oct 22, 2008 6:55am Oct 22, 2008 6:55am
Quoting belekas
From your expierence do the yearly hi/lo's have technical significance?
You don't need me to answer this question as you can come up with your own conclusion just by looking at the charts.
  • #2,193
  • Oct 22, 2008 6:58am Oct 22, 2008 6:58am
Quoting Igrok
You don't need me to answer this question as you can come up with your own conclusion just by looking at the charts.
  • #2,194
  • Oct 22, 2008 8:41am Oct 22, 2008 8:41am
Seems like a comb on 4h cable.
Measure twice, cut once
  • #2,195
  • Oct 22, 2008 10:28am Oct 22, 2008 10:28am
Sure looks like a continuation diamond as main diagonal is pointing upwards, but price is climbing back inside the formation. Was it a fake breakout or even not a diamond pattern?
Attached Image (click to enlarge)
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  • #2,196
  • Oct 22, 2008 11:08am Oct 22, 2008 11:08am
Hi Igrok,

Thank you for an interesting thread (I am going through your book now too ).

Do you mainly trade higher TFs (D1, W1), or during times as volatile as we have now you also do some intra-day trades? Considering that FX should be fractal, I guess the same principles would apply to any TF?..

Do you base your trades primarily on patterns or do you use use Price Action too (e.g. for timing entries)?

MANY THANKS in advance!
One Chart is Worth Ten Thousand Words.
  • #2,197
  • Oct 22, 2008 12:55pm Oct 22, 2008 12:55pm
Igrok, you wrote in your book that profit always comes at somebody's expense.

It's not always so: when I go short that could mean a profitable exit of somebody's long; when I close my short profitably that means someone opened long which could become profitable too. And so on...

Also, "loss" could also relative - when I buy, the seller could be "forced" to sell, but he doesn't care, e.g. a big corporation selling currency to pay their suppliers (the cost of FX is already factored into the cost of their goods).
One Chart is Worth Ten Thousand Words.
  • #2,198
  • Oct 22, 2008 3:51pm Oct 22, 2008 3:51pm
Speaking of EUR/GBP look what we have on 4hr timeframe Mr I, what do you think, is it legit one?

Going to bed now. Be back around Frankie open. Good nite.
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  • #2,199
  • Oct 22, 2008 4:35pm Oct 22, 2008 4:35pm
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  • #2,200
  • Oct 22, 2008 9:19pm Oct 22, 2008 9:19pm
Quoting Forex007
Igrok, you wrote in your book that profit always comes at somebody's expense.

It's not always so: when I go short that could mean a profitable exit of somebody's long; when I close my short profitably that means someone opened long which could become profitable too. And so on...

Also, \"loss\" could also relative - when I buy, the seller could be \"forced\" to sell, but he doesn't care, e.g. a big corporation selling currency to pay their suppliers (the cost of FX is already factored into the cost of their goods).
Reasoning behind those transaction doesn't really matter. What matters is the eventual outcome. Since the market is unable to create any additional value, it means that whenever you got some profit then someone else have lost that money and your profit came out of someone else's pocket, but when you lose it means thaty someone else took your money as a profit for his transaction. Big corporations by losing on currency trasactions eventually get their losses back from the consumers of their products. It's the same thing as the loosing end in this case are the eventual consumers who have to pay higher prices for the products they buy even in they are not directly involved in the foreign exchange business.
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