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

  • #221
  • Apr 6, 2007 12:18am Apr 6, 2007 12:18am
Quoting Igrok
It's very simple but not what you might think it is. If intraday "low" has been formed before intraday "high" then the direction of the main move of the day is up. In case the "top" was formed before the "bottom" then it means that the direction of the main move of the day is down. Same on any other time frame.
Igrok sorry if it is obvious, but how do you judge when a top of bottom has been made
  • #222
  • Apr 6, 2007 12:28am Apr 6, 2007 12:28am
Quoting jotty
Igrok sorry if it is obvious, but how do you judge when a top of bottom has been made
No need to judge. Just take a look at the chart. You will see it in a glance.
  • #223
  • Apr 6, 2007 12:54am Apr 6, 2007 12:54am
Quoting Igrok
No need to judge. Just take a look at the chart. You will see it in a glance.
Do you call a top/bottom after it has break to the other side of the range past the 2pm PST price. Often I get price retracing to the 61.8 and what might seem like a top/bottom to me would get broken and its actually a trend continuation move.
  • #224
  • Apr 6, 2007 1:46am Apr 6, 2007 1:46am
Hello Igrok

I am a relative newcomer to forex trading & am currently reading you book which is needless to say an excellent collection of strategies & setups that are easy to follow. I have a couple of doubts that I'd like clarified please regarding your templates numbered 18.x:

1. Wat is meant by "Open"? Is it today's open OR Yesterday's open OR Asian Open?

2. You indicate on the drawings that the Asian session runs from 2100 GMT of the previous day. I understand that Sydney opens at 2200 GMT & Tokyo at 2400 GMT. Is this correct? If so then what do you consider as the Asian session specially in your templates?

Apologies in advance for such basic questions, but I'd like to get my basics crystal clear, especially since you base the entry points at this Open.

Thanks
  • #225
  • Apr 6, 2007 3:59am Apr 6, 2007 3:59am
Quoting Igrok
The chance to have it working is not that high. However the risk/reward ratio is just huge and it usually makes sense to gamble on it. In 2003 EUR/JPY provided a similar trading opportunity to take a long position on the same basis with just 10 pips of risk at around 124.20. The market haven't been below those levels since.
Can i confirm this ??

The 2003 EURJPY Long position was taken on the week of 9-13th Nov 2003 ??
The future depends on what we do in the present.
  • #226
  • Apr 6, 2007 4:14am Apr 6, 2007 4:14am
Igrok, I've opened a short position on EURJPY with a SL behind the year's peak. Meanwhile, the price has (a) formed a V-like pattern; (b) touched the 161.8% projection of the previous move; and (c) seems to finish forming a H&S (as far as I understand this alchemistry). I wonder, if in such situation it's wise to move the SL closer, behind the intraday high?
sans peur et sans reproche
  • #227
  • Apr 6, 2007 4:14am Apr 6, 2007 4:14am
Quoting ankur_75
Hello Igrok

I am a relative newcomer to forex trading & am currently reading you book which is needless to say an excellent collection of strategies & setups that are easy to follow. I have a couple of doubts that I'd like clarified please regarding your templates numbered 18.x:

1. Wat is meant by "Open"? Is it today's open OR Yesterday's open OR Asian Open?

2. You indicate on the drawings that the Asian session runs from 2100 GMT of the previous day. I understand that Sydney opens at 2200 GMT & Tokyo at 2400 GMT. Is this correct? If so then what do you consider as the Asian session specially in your templates?

Apologies in advance for such basic questions, but I'd like to get my basics crystal clear, especially since you base the entry points at this Open.

Thanks
1. "Open" price is the first price of a trading day (24 hour period) that begins and ends at 17.00 NY time.
2. "Asian" session also covers Australia and NZ. I just didn't separate them from Tokyo, Singapore and Hong Kong despite some apparent overlapping. On the tempaltes pictures "Asian" session is the time frame between NZ open time and Frankfurt open time.
North American market begins at 08.20 NY time when European session is still in progress. Those overlaps inside of a trading day are not critical for chosing a correct trading strategy, but the beginning of each trading day is much more important since we have to know the direction of the main move of the day at any given moment.
  • #228
  • Apr 6, 2007 4:22am Apr 6, 2007 4:22am
Quoting ilanr
Igrok, I've opened a short position on EURJPY with a SL behind the year's peak. Meanwhile, the price has (a) formed a V-like pattern; (b) touched the 161.8% projection of the previous move; and (c) seems to finish forming a H&S (as far as I understand this alchemistry). I wonder, if in such situation it's wise to move the SL closer, behind the intraday high?
When a position is chosen because of the significance of a particular support or resistance it doesn't simply make sense to trail stops to some less significant levels because it just negates the very idea of making such a trade.
But, as I have said before, the probabilty for the EUR/USD to take out the stops above current year top is very high. Only enormous R/R ratio in case of sucess makes such a trading idea attractive.
  • #229
  • Apr 6, 2007 4:39am Apr 6, 2007 4:39am
Quoting Igrok
the probabilty for the EUR/USD to take out the stops above current year top is very high. Only enormous R/R ratio in case of sucess makes such a trading idea attractive.
Thank you. A related question. If I read the roadmap correctly, we'll reach 2.0000 on Cable within a couple of weeks (I vaguely remember you raising this possibility in another thread). Given the almost perfect correlation between GBPUSD and EURJPY (someone estimated it as .97 after 100 hours), is there any theoretical probability for GBPUSD go 300 p. up, while EURJPY goes down?
sans peur et sans reproche
  • #230
  • Apr 6, 2007 4:43am Apr 6, 2007 4:43am
Quoting ilanr
Thank you. A related question. If I read the roadmap correctly, we'll reach 2.0000 on Cable within a couple of weeks (I vaguely remember you raising this possibility in another thread). Given the almost perfect correlation between GBPUSD and EURJPY (someone estimated it as .97 after 100 hours), is there any theoretical probability for GBPUSD go 300 p. up, while EURJPY goes down?
EUR/JPY and GBP/JPY are very unlikely to go in opposite directions. However USD/JPY might go down faster than EUR/USD and Cable are going up.
  • #231
  • Apr 6, 2007 5:30am Apr 6, 2007 5:30am
Igrok,

Can i confirm this again ?

Day Open: 1700hr NY time or 2200hr GMT

EU Open: 0100hr NY Time or 0600hr GMT

US Open: 0800hr NY Time or 1300hr GMT


Mark
The future depends on what we do in the present.
  • #232
  • Apr 6, 2007 5:43am Apr 6, 2007 5:43am
Quoting compro99
Igrok,

Can i confirm this again ?

Day Open: 1700hr NY time or 2200hr GMT

EU Open: 0100hr NY Time or 0600hr GMT

US Open: 0800hr NY Time or 1300hr GMT


Mark
Correct. But somehow I used to think that NY opens at 08.20 NY time.
  • #233
  • Apr 6, 2007 5:51am Apr 6, 2007 5:51am
Quoting Igrok
Correct. But somehow I used to think that NY opens at 08.20 NY time.
I think it could be way yr book was written. It gave the impression that 2100hr GMT was the open time. As for NY time, give and take some... mins.. ha.
The future depends on what we do in the present.
  • #234
  • Apr 6, 2007 5:57am Apr 6, 2007 5:57am
Quoting compro99
I think it could be way yr book was written. It gave the impression that 2100hr GMT was the open time. As for NY time, give and take some... mins.. ha.
As far as I know GMT doesn't change for seasonal light savings time but NY does.
  • #235
  • Apr 6, 2007 6:06am Apr 6, 2007 6:06am
The following site provides opening hours of all markets:

http://www.2007.worldmarkethours.com/Forex/Defaulta.htm?12,0,1,0,9

At present, the day starts at 2200 GMT.
sans peur et sans reproche
  • #236
  • Apr 6, 2007 6:29am Apr 6, 2007 6:29am
Quoting ilanr
The following site provides opening hours of all markets:

http://www.2007.worldmarkethours.com/Forex/Defaulta.htm?12,0,1,0,9

At present, the day starts at 2200 GMT.
If the day now starts at 5 p.m. NY time then it's going to be 21.00 GMT. (+4 hours)
  • #237
  • Apr 6, 2007 6:53am Apr 6, 2007 6:53am
Quoting Igrok
If the day now starts at 5 p.m. NY time then it's going to be 21.00 GMT. (+4 hours)
If I understand the info at the a/m site correctly, the NZ session starts at 2200 GMT. So, what is more important (if at all) for your definition of the day opening: the end of NY or the beginning of Auckland?
sans peur et sans reproche
  • #238
  • Apr 6, 2007 7:09am Apr 6, 2007 7:09am
Quoting ilanr
If I understand the info at the a/m site correctly, the NZ session starts at 2200 GMT. So, what is more important (if at all) for your definition of the day opening: the end of NY or the beginning of Auckland?
End of NY is more important. And there is a reason for that besides templates. It's important because closing price is like a final settlement that crowns the entire day's activity. Also almost every technical indicator is calculated on "close price" basis.
  • #239
  • Apr 6, 2007 11:16am Apr 6, 2007 11:16am
Quoting ilanr
If I understand the info at the a/m site correctly, the NZ session starts at 2200 GMT. So, what is more important (if at all) for your definition of the day opening: the end of NY or the beginning of Auckland?
At the present FXDD broker MT4 will give the correct time of day open at 2200hr GMT.
The future depends on what we do in the present.
  • #240
  • Apr 7, 2007 6:20pm Apr 7, 2007 6:20pm
Quoting compro99
At the present FXDD broker MT4 will give the correct time of day open at 2200hr GMT.
Strange. I'm also using FXDD and MT4, but on my chart the day starts at 2100 GMT... Could have to do with daylight saving time in your/my country? I've messed up a couple of trades because of these recent clock changes...
sans peur et sans reproche
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