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

  • #2,361
  • Nov 11, 2008 2:55pm Nov 11, 2008 2:55pm
Quoting ernesto
Should normally act as continuation pattern, right?
Most likely.
  • #2,362
  • Nov 11, 2008 2:59pm Nov 11, 2008 2:59pm
Quoting djambazov84
USD/CHF has reached major resistance levels on the daily. 1.1880 is the .61 retrace to the last swing down.

It looks like a great setup. Your thoughts on that will be greatly appreciated.
Don't think so. There is a must reach target for USDX located at above 92.60. In case it goes there, then the swissy also must be traded much higher. For swissy 1.53 is a must on longer-term. Besides euro has just changed the direction of the main move of the month that is likely to lead to further USD gains.
  • #2,363
  • Nov 11, 2008 3:05pm Nov 11, 2008 3:05pm
Quoting Igrok
Don't think so. There is a must reach target for USDX located at above 92.60. In case it goes there, then the swissy also must be traded much higher. For swissy 1.53 is a must on longer-term. Besides euro has just changed the direction of the main move of the month that is likely to lead to further USD gains.

Thank you very much for your prompt reply.

A question on eur/usd. That triangle has a 1000 pip range from 1.23 till 1.33. It broke after the last H&S on M5 @ 1.27. Should we keep that 1000 pip as an intermediate profit target. This means 1.17 eur/usd ? Or profit target should be at the local low of 1.23.
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #2,364
  • Nov 11, 2008 3:13pm Nov 11, 2008 3:13pm
Quoting djambazov84
Thank you very much for your prompt reply.

A question on eur/usd. That triangle has a 1000 pip range from 1.23 till 1.33. It broke after the last H&S on M5 @ 1.27. Should we keep that 1000 pip as an intermediate profit target. This means 1.17 eur/usd ? Or profit target should be at the local low of 1.23.
There is no projected target on the euro after the break of that triangle. Might possibly bottom out at or near the low of the previous month for a medium-term range trading.
  • #2,365
  • Nov 12, 2008 6:00am Nov 12, 2008 6:00am
Nice article to read: http://www.bloomberg.com/apps/news?pid=20601039&sid=aNCFKvAMUQ6w&refer=home
  • #2,366
  • Nov 12, 2008 6:40am Nov 12, 2008 6:40am
Even if ....

Quoting Igrok
There is no projected target on the euro after the break of that triangle. Might possibly bottom out at or near the low of the previous month for a medium-term range trading.
.. could this be a nice candy from eur/usd ??
Attached Image (click to enlarge)
Click to Enlarge Name: usd.gif Size: 16 KB
  • #2,367
  • Nov 12, 2008 7:14am Nov 12, 2008 7:14am
Hi Igrok,

Since reading your thread, I have a much better idea about stop placement, and the use of trendlines, for the entry of trades.

Even managed the odd diamond trade as shown attached, which worked out nicely with the construction lines pointing to the entry point with the risk level clearly defined at the recent high.

Currently I am looking at the use of trailing stops for taking profit, instead of trying to predict a price. Especially when the market is moving much more than the daily ranges.

I was wondering if you had any advice on how to determine the trailing stop size, especially for medium term trades.

Thanks for all your help.

mozzie
Attached Image
  • #2,368
  • Nov 12, 2008 9:49am Nov 12, 2008 9:49am
Quoting Igrok
Next reasonable Cable target is located at around 1.5150. Also seems that the buck might top out only after the DOW reaches its "must reach" target at below 6971. But for the moment the dollar and JPY crosses are clearly oversold. Some retracement might be expected.
Looks cable is at a key level (according to bucketshop data)
Attached Image (click to enlarge)
Click to Enlarge Name: cable.jpg Size: 83 KB
  • #2,369
  • Nov 12, 2008 10:10am Nov 12, 2008 10:10am
Just got popped well and truly.

Igrok,
Looks like it coincided with the triangle on Dow Daily.

EDIT: Notice Euro seems to be holding up well so far?
  • #2,370
  • Nov 12, 2008 11:10am Nov 12, 2008 11:10am
Quoting giusepp8
Even if ....



.. could this be a nice candy from eur/usd ??
Never take candies from strangers
However all those low look like the candy is melting down, maybe it's a chocolate candy....

Staying out of market for now.
Attached Image (click to enlarge)
Click to Enlarge Name: usd.gif Size: 16 KB
  • #2,371
  • Nov 12, 2008 12:35pm Nov 12, 2008 12:35pm
Quoting giusepp8
Never take candies from strangers
However all those low look like the candy is melting down, maybe it's a chocolate candy....

Staying out of market for now.
Might be a two-diagonaled diamond and to become a reversal pattern.
  • #2,372
  • Nov 13, 2008 6:26am Nov 13, 2008 6:26am
Hi, Mr. Igrok,

Could you please evaluate this trade setup?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_h4_indecision.png Size: 12 KB
  • #2,373
  • Nov 13, 2008 10:31am Nov 13, 2008 10:31am
Quoting Ulterior
Hi, Mr. Igrok,

Could you please evaluate this trade setup?
The target and the direction is usually not a problem to define. Stops placement is the biggest challenge a trader has to deal with. This is why I always start planning my trades by defining a level where to give up before considering the entry point. Your plan is missing the most important component and therefore makes no sense to me.
  • #2,374
  • Nov 13, 2008 3:25pm Nov 13, 2008 3:25pm
Quoting Igrok
The target and the direction is usually not a problem to define. Stops placement is the biggest challenge a trader has to deal with. This is why I always start planning my trades by defining a level where to give up before considering the entry point. Your plan is missing the most important component and therefore makes no sense to me.
Thank you for answering Cheers
  • #2,375
  • Nov 14, 2008 5:08am Nov 14, 2008 5:08am
Seems EUR/USD is getting ready for some correction along with JPY crosses and some other majors. 1.2620-40 is likely to provide a support for the next move into 1.39 area.
  • #2,376
  • Nov 14, 2008 5:36am Nov 14, 2008 5:36am
Hello Igrok!
Tell me please, you have use in your trade, patterns Pesavento or Gartley
  • #2,377
  • Nov 14, 2008 6:12am Nov 14, 2008 6:12am
Quoting Alex III
Hello Igrok!
Tell me please, you have use in your trade, patterns Pesavento or Gartley
Have never heard of them. Who are those people? And do I really look like I might need someone else's expertise to make my trades?
  • #2,378
  • Nov 14, 2008 6:27am Nov 14, 2008 6:27am
Quoting Igrok
Have never heard of them. Who are those people? And do I really look like I might need someone else's expertise to make my trades?

What !!!
I always thought that you were taking your trades based on a signal service !

  • #2,379
  • Nov 14, 2008 6:32am Nov 14, 2008 6:32am
Quoting Igrok
Have never heard of them. Who are those people? And do I really look like I might need someone else's expertise to make my trades?


I did not wish you to offend
  • #2,380
  • Nov 14, 2008 6:34am Nov 14, 2008 6:34am
Quoting giusepp8
What !!!
I always thought that you were taking your trades based on a signal service !

Yeah. Now I got it. You have been saving a few bucks by using me as a free "conductor" from those paid subscription services to this particular thread.
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