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

  • #141
  • Mar 28, 2007 7:54am Mar 28, 2007 7:54am
Quoting hornet
Yep, got in at 155.60 on a limit order, stop at 154.70
Placing stops like that you must have a really good target. Trading from technical levels I never place stops more than 20 pips. Also hate trading against the momentum and against the direction of the main move.
  • #142
  • Mar 28, 2007 7:58am Mar 28, 2007 7:58am
Quoting Igrok
Placing stops like that you must have a really good target. Trading from technical levels I never place stops more than 20 pips. Also hate trading against the momentum and against the direction of the main move.
I see 154.70 as the next tech level, hence I am willing to stay in for a target of 157.75
The quality of your life is brought about by the quality of your thinking.
  • #143
  • Mar 28, 2007 8:01am Mar 28, 2007 8:01am
If not met before the 10th of april I'll review my target
The quality of your life is brought about by the quality of your thinking.
  • #144
  • Mar 28, 2007 8:02am Mar 28, 2007 8:02am
Quoting Igrok
Placing stops like that you must have a really good target. Trading from technical levels I never place stops more than 20 pips. Also hate trading against the momentum and against the direction of the main move.
plus consider the fact that I am only doing 1 lot
The quality of your life is brought about by the quality of your thinking.
  • #145
  • Mar 28, 2007 1:34pm Mar 28, 2007 1:34pm
...and i'm a bit more enlightened and certainly encouraged by the idea that there is hope for this gadget junkie to trade without the gadgets (indicators). I just ordered your book after reading this thread from beginning to end this morning. It should be a breath of fresh air in the midst of what i've come to think of as "the chaos of indicatoritis".

Today marks nearly 2 months since i've utilized a moving average or related indicator. For those who know me, that in itself is just this side of a miracle.

The deciding factor on placing the order for your book came from realizing you are utilizing no indicators as such, but simple S/R and patterns. This i feel is just what is needed to help solidify my trading style.

Over the last year i have gained much from James16s' simple price action teaching and feel your book/knowledge should continue and add to that knowledge base.

Best wishes, and thank you for your time and energies.

: ) Thom
  • #146
  • Mar 28, 2007 3:45pm Mar 28, 2007 3:45pm
Hi Accrete,

I received & read his book last week - I don't think you will be disappointed!!! While most of it is fairly common information regarding price action, I found Igrok's interpretation & implementation of signals to be quite unique.. And the templates will be extremely useful!!

Take care,

Derek

Quoting accrete
...and i'm a bit more enlightened and certainly encouraged by the idea that there is hope for this gadget junkie to trade without the gadgets (indicators). I just ordered your book after reading this thread from beginning to end this morning. It should be a breath of fresh air in the midst of what i've come to think of as "the chaos of indicatoritis".

Today marks nearly 2 months since i've utilized a moving average or related indicator. For those who know me, that in itself is just this side of a miracle.

The deciding factor on placing the order for your book came from realizing you are utilizing no indicators as such, but simple S/R and patterns. This i feel is just what is needed to help solidify my trading style.

Over the last year i have gained much from James16s' simple price action teaching and feel your book/knowledge should continue and add to that knowledge base.

Best wishes, and thank you for your time and energies.

: ) Thom
  • #147
  • Edited 4:38pm Mar 28, 2007 4:17pm | Edited 4:38pm
Quoting hornet
plus consider the fact that I am only doing 1 lot
It doesn't really matter. Capital preservation is a very important part of money management. I never take positions with such stops. Besides, trading on technical patterns rather than on technical indicators always gives you an opportunity to pick precise levels for entries and stops. If the desired price is not given then it's better to wait some more than to take what's available at the moment.
With this medium importance support at 155.80 being broken today, there is nothing significant has left on the EUR/JPY all the way down to 147-8 zone.
  • #148
  • Mar 28, 2007 4:29pm Mar 28, 2007 4:29pm
Quoting Igrok
It doesn't really matter. Capital preservation is a very important part of money management. I never take positions with such stops. Besides, trading on technical patterns rather than on technical indicators always gives you an opportunity to pick precise levels for entries and stops. If the desired price is not given then it's better to wait some more than to take what's available at the moment.
With this medium importance support at 155.80 being broken today there is nothing significant has left on the EUR/JPY all the way down to 147-8 zone.
Ok, but has support really been broken ? You think I should get out while I'm still in the position to do so ?
The quality of your life is brought about by the quality of your thinking.
  • #149
  • Mar 28, 2007 4:32pm Mar 28, 2007 4:32pm
I've been going short all day of the bloody thing. Always a bit too early, got it right in the end and took some good pips, but I thought that around 155.50-60 it would have bounced straight up above 156.
The quality of your life is brought about by the quality of your thinking.
  • #150
  • Edited 5:18pm Mar 28, 2007 4:53pm | Edited 5:18pm
Quoting hornet
I've been going short all day of the bloody thing. Always a bit too early, got it right in the end and took some good pips, but I thought that around 155.50-60 it would have bounced straight up above 156.
I’m not in a position to criticize anyone’s trading especially when it comes to a particular trade. I’m just saying that the stops placed that far from the open price are useless and ( if taken out) will cause an unnecessary large loss. The fact that you got that lucky initially with your short position should be attributed to the fact that EUR/JPY has recently changed the direction of the main move of the year and thus statistically and logically every short position has a better chance to become profitable in the longer run than any long position. I doubt very much that pushing your luck both ways is going to work. Also, if your profit target is just slightly above 156.00 then it means that you have a negative r/r ratio, which also doesn’t make sense to me.
  • #151
  • Mar 28, 2007 5:40pm Mar 28, 2007 5:40pm
Quoting Igrok
I’m not in a position to criticize anyone’s trading especially when it comes to a particular trade. I’m just saying that the stops placed that far from the open price are useless and ( if taken out) will cause an unnecessary large loss. The fact that you got that lucky initially with your short position should be attributed to the fact that EUR/JPY has recently changed the direction of the main move of the year and thus statistically and logically every short position has a better chance to become profitable in the longer run than any long position. I doubt very much that pushing your luck both ways is going to work. Also, if your profit target is just slightly above 156.00 then it means that you have a negative r/r ratio, which also doesn’t make sense to me.
No no, my pofit target is at 157.75 to be reached by the 10th of April, but I was expecting it to bounce straight up above 156 from 155,50-60. I agree with you on all other comments. It doesn't look like it's going to bounce. I'll take your advice, better let it go.

Thanks for you time.
The quality of your life is brought about by the quality of your thinking.
  • #152
  • Mar 28, 2007 11:28pm Mar 28, 2007 11:28pm
#18.3 on Cable, right? If it reaches 1.9666 within the next three hours, I'll go short, SL 1.9687, TP 1.9564.
sans peur et sans reproche
  • #153
  • Edited 4:39am Mar 29, 2007 4:27am | Edited 4:39am
Quoting ilanr
#18.3 on Cable, right? If it reaches 1.9666 within the next three hours, I'll go short, SL 1.9687, TP 1.9564.
Hello Igrok and everybody. I finally got the book and I'm able to understand
what you're talking about.

Hey Accrete, nice seeing you around. I think you'll love the book, specially the
templates. Awesome indicator detox program too.

Ilanr, I have my charts GMT, if I'm correct, the new day starts at 23:00 GMT and I see
a 20.4b on cable instead?

Henry
  • #154
  • Mar 29, 2007 5:50am Mar 29, 2007 5:50am
Quoting hensch
Ilanr, I have my charts GMT, if I'm correct, the new day starts at 23:00 GMT and I see a 20.4b on cable instead? Henry
Welcome aboard, Henry. I was wrong. These daylight saving time changes drive me crazy. My country is switching to summer time only tonight. For the last two weeks, I have two calendar sites open all the time, but still make mistakes. Anyway, the price didn't reach the target for opening.
sans peur et sans reproche
  • #155
  • Edited 2:32pm Mar 29, 2007 12:54pm | Edited 2:32pm
Some time ago (post #108) I provided some statistics regarding average daily ranges by weekdays. Some differences were found betwen the weekdays. Igrok suggested, that
Quoting Igrok
---snip--- there are simple explanations why Mondays are having relatively narrow ranges and Fridays have the biggest ones. It is because the news releases are distributed unevenly over the course of the week. It would be even more effective not just to compare same days of the week but also to tie up those daily ranges to the news calendar. For example it might make sense to put every first Friday of every month in the league of its own and compare those ranges only between themselves because these are the days when monthly US employment numbers get released.
I did that. Igrok's example was correct, but not the generalization.

Indeed, NFPR Fridays are more volatile than other Fridays by 13 pips.

However, the days when other major US news are released tend to be slightly LESS volatile than other days. In the last 1-2-3 years (the dates were taken from the official sites or from Burgerking's threads at the News trading forum here): on FOMC interest rate decision days, the average range is 133 - vs. 148 on other days. ISM manufacturing: 127 vs. 133. Trade Balance: 108 vs. 130. New home sales: 121 vs. 137. Retail Sales: 128 vs. 136. CPI: 117 vs. 130.

Quite surpising, isn't it?
sans peur et sans reproche
  • #156
  • Mar 30, 2007 12:37am Mar 30, 2007 12:37am
is cable today a good example of it changing the main direction of the day and breaking down
  • #157
  • Mar 30, 2007 4:58am Mar 30, 2007 4:58am
Quoting jotty
is cable today a good example of it changing the main direction of the day and breaking down

yeah... 18.2 template today.. got gbp.
The future depends on what we do in the present.
  • #158
  • Mar 30, 2007 5:13am Mar 30, 2007 5:13am
Quoting compro99
yeah... 18.2 template today.. got gbp.
After the beginning of the Asian session, the price went down and then up. It doesn't seem to me like a 18.2 In addition, the Cable is not in the list of pairs recommended for trading with 18.2...

To me, the situation looked more like 19.1...
sans peur et sans reproche
  • #159
  • Mar 30, 2007 5:58am Mar 30, 2007 5:58am
Quoting ilanr
After the beginning of the Asian session, the price went down and then up. It doesn't seem to me like a 18.2 In addition, the Cable is not in the list of pairs recommended for trading with 18.2...

To me, the situation looked more like 19.1...

Is 19.1, the one in horizontal channel and take breakout during Euro session...?
The future depends on what we do in the present.
  • #160
  • Edited 8:42am Mar 30, 2007 7:19am | Edited 8:42am
Quoting compro99
Is 19.1, the one in horizontal channel and take breakout during Euro session...?
Yes, a 'comb', then a breakout in one direction, then breakout in the other direction.

This has been a strange week for GBPUSD (assuming nothing dramatic will happen today). For 4 consecutive days, the daily ranges were below average. The weekly range was much less than average (which is about 320 pips during the last couple of years)... We'll see some action next week?

PS I wrote the above about an hour ago. Definitely, the fx market has an exquisite sense for drama... Igrok, was there any way to expect the timing, the direction, and the magnitude of this move (150 p. in 80 minutes till now)?
sans peur et sans reproche
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