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

I was a GBP bull today on geppy and cable and it has played out very well. Nothing more just simple lines

Good on you Bel

Both seem to be having touches right now, must admit I am tempted to short EURJPY with tight stops.

4H:

1st post here..... when is Sir Igrok gonna drop by with his golden nuggets of info again? Great thread Sir, have been following it silently for quite some time!



aediaz1, belekas, BentRod,
nice trades

Did I miss some setups on gbp

Wouldn't it be nice to see 100 or how about 200 !

Even harder to tell than tomorrows price

I just wanted to pop in a moment.

Months ago, forget how long ago I stumbled across this thread.

It definitely put me on the right path. Got me out of the rut with trying to trade with moving averages and other stuff like that.

Ordered Igroks book, and wished I had never touched a book prior to reading his or I would had been a lot better of weeding out the BS material I had read prior.

I've noticed that the general formations that we use can be relevant even down to M1 charts. It's almost difficult to believe it works on all time frames, but it does (opinion).

I travel a lot, the only book I've been carrying around for months is Igroks in my duffel bag.

I am anything but wildly proficient, but I have a lot better understanding of the markets language when I look at a chart and am able to pick up on what the market is doing a whole lot better than I was able to before.

I still have a terribly difficult time finding diamonds. It's one thing for one of you to post a valid diamond, another is to find a diamond out there in the rough for yourself.

I need to re-read the book again, it has been a while.

Thanks to all of you contributors for keeping this thread on-going.

And thanks to you, Igrok. I hope whatever projects you are working on that keeps you busy are working out for you.

Welcome Zwolfe. To this end some of us are looking forward to March's issue of Currency Trader.

Swissey ascending channel? Looks like a perfect 3rd touch on the upper border.

Came out to be right. GBP/CHF also a perfect UTL touch.

Closed nearly 900 pips as i was short from the top of those channels i posted above. Cant get any better. Plan worked out perfectly Thank you Igrok Im shocked as this has to be the trade of my life, oh man its some feeling...

congrats bro.

Thanks buddy Definetly more pips to come next week. But today - oh man, setups were everywhere LOL

Don't worry about those diamonds. It takes time and a lot of practice to identify 'em. If you read through this thread you'll notice that everyone struggled in the start. Rule of thumb; look for a broadening pattern followed by triangle

Well done Belekas ! Saw that your upper line was penetrated on the 3 touch. Except from this trade, how does it work using lines like that? I had bad results trading of broken lines.

Thanks mate.It was never penetrated( i see that way). Perfect touch and bounce on both pairs aediaz1 If you talk about GBP/CHF so i ignored that little spyke up on 3rd touch and put my line where the bar highs were and you see that i managed to catch a perfect top. Feels great

Right on!

I know all too well that math doesn't help you in this game. Mathematics is beautiful, clean, and elegant. Trading is ugly, dirty, and messy.

Great book by the way! It is truly one of a kind.

what do you think about price respecting certain fib numbers?
they do have some degree of alignment with mathematics, don't you agree?
i've seen some cases that reversal dates had been calculated by time and price, and they do seem to work like a charm.

Oh yes, there's all kinds of mathematics related to the Fibonacci stuff, but it has nothing to do with the market. I'm not saying that fibo levels don't work. Apparently they do work quite well, so people use them. Actually, the very fact that people do use them is what makes them work. It's a "self-fulfilling prophecy." If millions of traders decided to buy EURUSD every time there is a full moon, then a full moon would act as an indicator for the market. Of course the fact that the moon is full would have nothing to do with the number of US dollars it takes to buy a euro. In the same way, the intricate mathematics behind the Fibonacci sequence and related ideas have no direct force on the market.

:nerd:Just in case you're interested...The Fibonacci sequence is: 0, 1, 1, 2, 3, 5, 8, 13, ... The pattern is that the next term in the sequence is the sum of the previous two twems, e.g. 3 = 2 + 1, 5 = 3 + 2, 8 = 5 + 3, etc. The sequence never ends. So these are the Fibonacci numbers. Many traders think they have some sort of magical significance, so they might start using them for everything, like the number of periods in a moving average or some other indicator. Some of the famous ones are 13, 21, 34, 55, and 89. In fact, those are the next numbers in the sequence.

The Fibonacci sequence is related to The Golden Ratio, (1+sqrt(5))/2 = 1.61803... This number is also known as the Greek letter phi. If you take a rectangle, you can cut off part of one side to make a square. Ever need square paper but all you had was 8.5"x11"? There is a very special type of rectangle that has the following property: When you cut off a strip in order to make it square, that rectangular strip has the exact same width-to-height ratio as the original rectangle you started with. By width-to-height ratio, I mean the length of the longer side, divided by the shorter side. This rectangle is called The Golden Rectangle. It's width-to-height ratio is called The Golden Ratio. The ancient Greeks loved this stuff. They saw how this pattern of rectangles could continue forever, getting smaller and smaller. It was, perhaps, the first fractal discovered. If you connect the dots, you get a spiral found in nature (like some shells or plants). Look at my avatar.

What does all this have to do with the Fibonacci sequence? Take the original Fibonacci sequence: 0, 1, 1, 2, 3, 5, 8, 13, ... Now take the ratio of consecutive terms to make a new sequence: 1/0, 1/1, 2/1, 3/2, 5/3, 8/5, 13/8,... That sequence approaches the Golden Ratio. It never quite gets there because it's infinite, but the Golden Ratio is the limit that it's approaching.

Here are some algebraic properties of the Golden Ratio. This is where the "Fibonacci Levels" come from:
What's the multiplicative inverse of, say, the number 2? It's a number such that 2*(that number) = 1. Of course the answer is 1/2. What's the inverse of 3? It's 1/3. Sometimes this is called the reciprocal. Now what's the inverse of the Golden ratio, phi? Of course it's 1/phi, but this also happens to be phi - 1.

phi = 1.61803...
1/phi = phi - 1 = 0.61803...
(phi -1)*(phi - 1) = 1 - (phi - 1) = 2 - phi = 0.38196...

These three numbers should look familiar to you if you've studied Fibo levels. While all of this is very elegant and interesting, it won't give you some miracle epiphany about trading the markets.

Sorry for the long post. I couldn't help it.

It's not done yet. The previous low at 7197.49 must be taken out first. Then two different scenarious are most probable.
#1. DOW makes a bounce back to around 10000 and then goes down to around 3500-3700 level.
#2. Dow goes straight to 3500-3700 levels from here.

On my opinion, the first scenario is more probable. However, the longer-term target at 3500-3700 is a must in any case. GBA.

nice to "almost catch" u in here, Sir.


were your 2 predictions based on purely technicals, or is there a dose of fundamentals? I asked because it seems to align w/ some fundamentals.



belekas,
bet u feel like....
what can i say? throw a party.....

I never consider any fundamentals and don't read news.