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

  • #2,321
  • Edited 8:23am Nov 5, 2008 7:59am | Edited 8:23am
Quoting rudenstein
Hi Igrok,

Could you explain this a bit more? Why will forex be the only way to invest?
In case you have a better idea, please, let me know. Other financial markets, incuding the real estate, are unlikely to recover within the lifetime of my generation.
  • #2,322
  • Nov 5, 2008 12:17pm Nov 5, 2008 12:17pm
4H comb on aud/usd.
Measure twice, cut once
  • #2,323
  • Nov 5, 2008 12:30pm Nov 5, 2008 12:30pm
Quoting Igrok
In case you have a better idea, please, let me know. Other financial markets, incuding the real estate, are unlikely to recover within the lifetime of my generation.

I don't have a better idea. I wanted to know the reasoning behind your thoughts that all (I think I actually agree with you, as depressing as the facts are).
  • #2,324
  • Nov 5, 2008 3:52pm Nov 5, 2008 3:52pm
Good evening Mr Igrok. My question is a little offtopic but i hope you answer it. Whats your point of view on Andrew's Pitchfork. As per my studies they make sense. Do they make sense to you? Im asking because these last days i have been observing price as its respecting those lines. Thanks for your time. Cheers.
  • #2,325
  • Nov 5, 2008 6:04pm Nov 5, 2008 6:04pm
Here's the comb on aud/usd;
Attached Image (click to enlarge)
Click to Enlarge Name: comb.jpg Size: 118 KB
Measure twice, cut once
  • #2,326
  • Nov 5, 2008 7:06pm Nov 5, 2008 7:06pm
Quoting rudenstein
I don't have a better idea. I wanted to know the reasoning behind your thoughts that all (I think I actually agree with you, as depressing as the facts are).
Sure. But it's not depressing. Rather seems like a good opportunity for an FX trader.
  • #2,327
  • Nov 5, 2008 7:08pm Nov 5, 2008 7:08pm
Quoting belekas
Good evening Mr Igrok. My question is a little offtopic but i hope you answer it. Whats your point of view on Andrew's Pitchfork. As per my studies they make sense. Do they make sense to you? Im asking because these last days i have been observing price as its respecting those lines. Thanks for your time. Cheers.
I don't generally trust any mathematical models and prefer to trade the market as it is.
  • #2,328
  • Nov 5, 2008 7:09pm Nov 5, 2008 7:09pm
Quoting aediaz1
Here's the comb on aud/usd;
Yeah. Looks like one.
  • #2,329
  • Nov 5, 2008 9:05pm Nov 5, 2008 9:05pm
Quoting Igrok
Sure. But it's not depressing. Rather seems like a good opportunity for an FX trader.

You'd think it would be easier than this to get a straight answer for a master fx trader.
  • #2,330
  • Nov 6, 2008 6:54am Nov 6, 2008 6:54am
I haven't finished reading the book yet so excuse me if I'm being tarded, but is this a diamond on the GBP/USD 4hr?
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.tpl.gif Size: 12 KB
  • #2,331
  • Nov 6, 2008 7:15am Nov 6, 2008 7:15am
Quoting Norman1
I haven't finished reading the book yet so excuse me if I'm being tarded, but is this a diamond on the GBP/USD 4hr?
I've posted this before but maybe it could help you to understand diamonds.

Remember that you need a broadening pattern for a start. Here's an example of broadening bottom. The low and high market on the chart is ok, but after that you'll need a low lower followed by a higher high. If you don't have a broadening for a start, you can't have a diamond.


From the chapter about diamonds;
(...)such a conclusion can be made only
after the market has already formed the left side of the formation (which is
nothing but a broadening triangle) and at the moment is forming a second
half of the formation. The second half is also a triangle, but a regular one.

Broadening + triangle = diamond
Attached Image (click to enlarge)
Click to Enlarge Name: help.jpg Size: 63 KB
Measure twice, cut once
  • #2,332
  • Nov 6, 2008 7:39am Nov 6, 2008 7:39am
Thanks for the info aediaz...
Guess I need to finish the book...
Just to clarify, If this last bar goes a bit lower and touches the lower border of the broadening triangle then it would be ok as a start of a diamond? This way it would've made 2 lower lows and 2 higher highs??

BTW thanks for posting the 4hr comb earlier..I doubt I will ever trade Igrok's method on the account but I love to learn new ways of looking at the market!!
  • #2,333
  • Nov 6, 2008 8:06am Nov 6, 2008 8:06am
Quoting Norman1
Thanks for the info aediaz...
Guess I need to finish the book...
Just to clarify, If this last bar goes a bit lower and touches the lower border of the broadening triangle then it would be ok as a start of a diamond? This way it would've made 2 lower lows and 2 higher highs??

BTW thanks for posting the 4hr comb earlier..I doubt I will ever trade Igrok's method on the account but I love to learn new ways of looking at the market!!
For a diamond to form you need the opposite to happen after broadening triangle have been formed so the next sequence would then be a triangle.

Don't say that It's not enough to read the book once or twice, you also need to practice yourself. And I don't mean scrolling back on your charts applying some lines, I mean live testing or at least back-testing with a proper software.

I've applied some of he's methods for half a year and I see what great potential this particular method reveals for me although I still have a lot to learn, before Igrok demands an ever more expensive Cognac lol. You just need to build up your confidence which is a time-consuming process.

Read and test some of the parts yourself and exploit that we still can exchange words with the creator. I'm not trying to kiss any ass here but in 20 years we can tell people that we've talked with the creator of this method, exploit it while you can !
Measure twice, cut once
  • #2,334
  • Nov 6, 2008 9:53am Nov 6, 2008 9:53am
Quoting aediaz1
Here's the comb on aud/usd;
Combo here ?? ... 15min chart
Attached Image (click to enlarge)
Click to Enlarge Name: combo.gif Size: 22 KB
  • #2,335
  • Nov 6, 2008 10:19am Nov 6, 2008 10:19am
Quoting giusepp8
Combo here ?? ... 15min chart
Seems like a comb on 1h chart. Remember that he advices us to have another technical reasons to enter a comb on lower TF, although your example turned out pretty good
Measure twice, cut once
  • #2,336
  • Edited 11:40am Nov 6, 2008 10:52am | Edited 11:40am
Some exempts from the article "Disputable truth" that I wrote and posted on my site in May, 2000:

"The correction approximately equal to 50% of all historical growth of the DJIA index must and will take place eventually. We can only argue from what level it will begin, and if there was a market already at its maximum or not. From my point of view, this issue is not so essential. If the correction already began and the level 11750.28 remained of maximum significance DJIA for many years ahead, the fall of the market to the level 5700-6000 would be painful, but both the economics and investors will be able to survive. It might be much worse if, after a small correction, the market goes again to storm record heights. In this case, the 50% fall from the very top of DOW will most likely cause much more serious consequences. Going down from a level (for example, at 20000, the correction should be seen at least to the level 10000), what is significantly bigger in absolute numbers of the index and can become more painful both for the investors and for the U.S. economy in general."

"From all reasonable points of view, the significant correction of the U.S. stock market not only can but also must take place. Of course, I can’t predict the exact time for that, but it seems to me that the major correction may start even this year and most likely in October-November 2000."
  • #2,337
  • Nov 6, 2008 11:10am Nov 6, 2008 11:10am
Some more from the same article:

"The investment industry mainly serves the purpose of satisfying its own needs.
Even if the investor does not trust the broker to manage his capital and so makes decisions independently using accessible information or advice of the same broker or adviser, he can turn out being deceived or deluded freely or involuntarily. Usually I do not read the financial newspapers or journals, but I have the television business channel CNBC constantly turned on. It strikes me that the overwhelming majority of guests on the programs talk a lot about when and what to buy, but practically nobody tells you when and what to sell in order to save an accumulated profit. Achieving the constant presence of an investor in the market, investment of large capitals and profit reinvestment is the basic purpose of the majority of the workers of the financial industry, since it allows them to exist comfortably. First of all, they care about their own profits and interests. As for the investor, he has to be lucky to be able to generate a good return on his investments under such tough conditions. Constant pressing and aiming an investor on a purchase creates unjustified frenzy in the market and over-evaluates many securities. Have you heard the joke, “Two out of every three market participants are always profitable. One is a dealer, the second is a broker. How about an investor? Well, someone has to lose!”

There is an obvious conflict of interest that exists between a broker and his client.

The conflict is that the incomes of different parties are generated from different sources. A broker's income is formed from the commissions from each trade, and consequently a broker is interested in the trades’ quantity and volume. An investor's interest is in the greater profitability of transactions, small commissions and in the best overall result. At the same time, a broker's paycheck generally does not depend on an eventual return on a client’s investment. Ask yourself: whose interests will appear more important for the broker if you entrust him to manage your investment capital - his or yours? You have thought correctly. The broker, too, has a family to support."

The investments industry enjoys the large trust of an investor because, for a long period, the market was in a constant uptrend.

The unique historical cut of a constant and fast rise in prices on the shares allowed for making profitable investment portfolio without any trouble. An investor almost always gains some profit by purchasing and holding shares during a more or less long period of time. The situation will be changed radically if the market enters the long stage of consolidation when the prices of shares will fluctuate on a bigger scale. The formation of a balanced investment portfolio will be considerably more cautious and selective. The time frame of keeping the purchased shares will be narrowed, and the portfolio should be renewed much more often. The correct choice of stock for a purchase or even the financial market for investments will be much more difficult, and not many brokers have the experience to productively function in such a situation."


Information and recommendations offered to an investor can be misleading.

This can take place intentionally, as the result of incompetence or simply an unintentional mistake. Even good professionals are not free from mistakes and miscalculations, which basically an investor pays for. There are many examples, but I will show only one. Here is DJIA chart represented on the picture. (Figure 3)
When the market has reached the point indicated by the arrow, the comment I heard on CNBC was as follows: “The market has formed three consistently raising tops and three consistently raising bottoms, that in accordance with technical analysis should be considered as a bullish signal.” However, ten out of ten technical traders will tell you that the pattern you can see on this picture is called a “triple top formation”, which in our case was slightly displaced horizontally. Triple top is a reversal pattern, and in this case, is also confirmed by triple divergence on the MACD indicator. According to the principles of technical analysis, it is considered as a strong bearish signal, which then was confirmed by a deep market correction. That was a perfect time to get out of the market, at least temporarily, but not to buy more. Who has paid for a misleading advice? I think the answer is obvious – the investor has.
  • #2,338
  • Edited 1:10pm Nov 6, 2008 11:59am | Edited 1:10pm
A couple of thoughts regarding the future of the DJIA:

As you can see here on the DJIA monthly chart there was a clear reversal diamond formation formed over some period of time from May 2007 and till January 2008. After the break of the lower border in the first week of January in became quite obvious that the market is entering a longer-term bearish trend. This view got confirmed in May of 2008 after the market made some correction in an attempt to get back into a diamond and has failed. Since than it became quite obvious again that there is no other choice but to run down to satisfy its target for divergnce, which is the previous correction's low at 7197 that was established in October 2000. So, the blue line for the moment is a "must reach" level, which can also become a neckline for a huge H&S formation. If the markets stops there and then makes a retracement back to around 10K-11K level it would be a great opportunity to short it there again with the minimal measured objective target located somewhere at around 2,5K-3K zone. Then a long lasting range trading roughly between 2K and 7K likely to be expected.
Attached Image
  • #2,339
  • Nov 6, 2008 12:22pm Nov 6, 2008 12:22pm
Quoting aediaz1
Seems like a comb on 1h chart. Remember that he advices us to have another technical reasons to enter a comb on lower TF, although your example turned out pretty good
I saw it on the 1h, just scaled down for a better view.
Very fast trade .. took out +120 pips with no stress
  • #2,340
  • Nov 6, 2008 3:20pm Nov 6, 2008 3:20pm
Caught this nice GBP/USD triangle breakout. +105 floating pips. Nice breakout as i expected.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.jpg Size: 88 KB
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