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

  • #5,781
  • Jun 21, 2010 11:24am Jun 21, 2010 11:24am
Quoting elitejets
Supremechaos is right, you can look at all the crosses and see which is strongest and weakest.
This is a very cool website for strongest and weakest too:
http://finviz.com/forex.ashx
Thanks
The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #5,782
  • Jun 21, 2010 11:25am Jun 21, 2010 11:25am
Quoting supremeChaos
u can simply look at several pairs & see how each pair is moving.
from that info, u can deduce which specific currency is performing well/worse.

example, aud/$, gbp/$, eur/$, & a few other $ pairs are moving up, then u can say that $ is weak.
Thanks man
The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #5,783
  • Jun 21, 2010 12:32pm Jun 21, 2010 12:32pm
Quoting FxChi
Diamond or not?
Sure thing.
  • #5,784
  • Edited 3:00pm Jun 21, 2010 2:41pm | Edited 3:00pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Thx JP. Didn't get triggered on EG yet, funny enough about 15 minutes after I posted that it, it shot up. I blame you for placing that huge order. LOL.

What's your thoughts on this 4 hr bad boy on Kiwi (the brown lines). I saw it kind of late but was able to get in with a 24 pip stop. Target is .68015 1 hr divergence.

EDIT: Updated correct 1 hr Divergence target to .68015.
Attached Image (click to enlarge)
Click to Enlarge Name: june 21 2010 4 hr diamond.jpg Size: 115 KB
"Wishful thinking dies hard." Igor T.
  • #5,785
  • Jun 21, 2010 6:59pm Jun 21, 2010 6:59pm
Usdx produced today a straight neckline @ the ~87.10 level for what I can tell is becoming a Head & Shoulders formation observed on H4/daily time frames.

A huge gap from last week makes me think we will have a bullish USD week targeting the 87.45 level. Once we get there (87.45) we will see a fairly bearish USD pattern after this formation is completed.

There's also a MACD bullish divergence on H1 to be filled. So if USDx to the 87.45 area, we will have a perfect h&s formation (observed on h4 and daily). This formation will send us to a bearish pattern to fulfill h&s target as well as MACD daily and h4 bearish divergences.

The same opposite can be said about EURUSD. I see a bearish h1 divergence to be filled which would send price down possibly completing an inverted h&s. There's also a gap below from last week. 1.2110 would be the buy level for this inverted h&s. This formation would fulfill its own target as well as h4 and daily MACD bullish divergence targets (1.2672 and 1.3096).

Coincidence or not both USDx and EUR might make a fib 38.2 correction before they resume their uptrend and down trends respectively.

Lets see what happens.

Best,

JP.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdx_daily_21_06_2010_possilble_h&s.gif Size: 31 KB
Click to Enlarge Name: eur_usd_daily_21_06_2010_poss_inv_h&s.gif Size: 31 KB
  • #5,786
  • Jun 22, 2010 4:57am Jun 22, 2010 4:57am
Many setups from TL this week. 2 setups caught my attention, nzd/usd and eur/jpy (thanks Bel, I wouldn't have caught it if you didn't notify me). Nzd/usd have some nice div targets;
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpy 1h tl.gif Size: 28 KB
Click to Enlarge Name: nzdusd 1h tl.gif Size: 26 KB
Measure twice, cut once
  • #5,787
  • Edited 9:17am Jun 22, 2010 5:12am | Edited 9:17am
Quoting aediaz1
Many setups from TL this week. 2 setups caught my attention, nzd/usd and eur/jpy (thanks Bel, I wouldn't have caught it if you didn't notify me). Nzd/usd have some nice div targets;
Your welcome mate! I should have kept my original sl instead moving it to be...Anyway we live to trade another day. Just a few moments ago I went short on the nzd/jpy. Lots of unpayed debts below plus DOW broke it's h1/h4 ascending tl's yesterday thus having unpayed bearish divergences as well. Lets see now

edit: SL hit.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpy_m30.jpg Size: 100 KB
  • #5,788
  • Jun 22, 2010 12:11pm Jun 22, 2010 12:11pm
Intra-week cable 18.4 closing in and 18.4 intra day fiber also closing in.

Hope MMs don't change...

EDIT: EJ closing in too.
  • #5,789
  • Jun 22, 2010 4:55pm Jun 22, 2010 4:55pm
Been watching this formation growing for a while... it looks like usd bulls are gaining up some more power before the take off...
Attached Image (click to enlarge)
Click to Enlarge Name: Picture 2.png Size: 35 KB
  • #5,790
  • Jun 23, 2010 12:25am Jun 23, 2010 12:25am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Alright going to go catch some z's, but wanted to leave the ever elusive pattern here (hopefully it forms when you guys are awake). Also tomorrow (later today) there's some diamonds Igrok posted earlier that I couldn't figure out how he drew them the way he did, so hoping some of the more experienced guys can assist. Ok trade well guys.
Attached Image (click to enlarge)
Click to Enlarge Name: june 23 5 min diamond potential.jpg Size: 87 KB
"Wishful thinking dies hard." Igor T.
  • #5,791
  • Jun 23, 2010 12:37am Jun 23, 2010 12:37am
Quoting FxChi
Alright going to go catch some z's, but wanted to leave the ever elusive pattern here (hopefully it forms when you guys are awake). Also tomorrow (later today) there's some diamonds Igrok posted earlier that I couldn't figure out how he drew them the way he did, so hoping some of the more experienced guys can assist. Ok trade well guys.
Looks good


Nzdjpy;
Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpy comb.gif Size: 22 KB
Measure twice, cut once
  • #5,792
  • Jun 23, 2010 9:13am Jun 23, 2010 9:13am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Couple quick questions:

First diamond:
http://www.forexfactory.com/showpost.php?p=1758904&postcount=734

Sequence inside doesn't make sense. The only thing I can see there is a High, High, Low and Low, High, High Pattern. Is this valid a sequence also? Otherwise I have no clue.

Second diamond:
http://www.forexfactory.com/showpost.php?p=1944239&postcount=984

Is this traded as 19.12A? Reason I ask is that's the only diamond template with two touch on each side which this one has. Any other ways to trade it? Main diagonal signals potential break up, but that's about all I got for it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: december 7 2007 intraday diamond.jpg Size: 87 KB
Click to Enlarge Name: april 8 2008 intraday diamond.jpg Size: 86 KB
"Wishful thinking dies hard." Igor T.
  • #5,793
  • Jun 23, 2010 9:17am Jun 23, 2010 9:17am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Easy looking 18.4 today. 39% ADR, MMOW up @ 56%, MMOM Down @ 116%, and flat top. Classic in my newbie opinion.
Attached Image (click to enlarge)
Click to Enlarge Name: june 23 18.4 amr 116% and 39% adr.jpg Size: 88 KB
"Wishful thinking dies hard." Igor T.
  • #5,794
  • Edited 10:42am Jun 23, 2010 9:22am | Edited 10:42am
Quoting FxChi
Couple quick questions:

First diamond:...
There are different types of diamonds: reversal, continuation, irregular and complicated ones. Igrok promised to cover this issue in his new book. Hopefully he will(:

Quoting FxChi
Easy looking 18.4 today. 39% ADR, MMOW up @ 56%, MMOM Down @ 116%, and flat top. Classic in my newbie opinion.
Personally I would want to see yesterdays main move in my favour thus opening long position. In this case the medium-term trend is down too so no signal.
  • #5,795
  • Jun 23, 2010 11:16am Jun 23, 2010 11:16am
Quoting aediaz1
Looks good


Nzdjpy;
Hi Aediaz,

TL looks great. However, I see mixed signals on short term trend:

Monday MM up. Tuesday's down and today up. However medium term trend is up, i'd say short term trend is down (m30 for example).

20.1 last box down RW#2.

So kind of trading against the odds.

Right now we could be making a diamond there on m5/m15.

Lets see...

Cheers.

JP.
  • #5,796
  • Jun 23, 2010 11:22am Jun 23, 2010 11:22am
Quoting FxChi
Easy looking 18.4 today. 39% ADR, MMOW up @ 56%, MMOM Down @ 116%, and flat top. Classic in my newbie opinion.
No 18.4.

1. Bad timing;
2. Mixed signals: Although week trend is up, yesterday we had MM down and today UP. Which violates 18.4 criteria.

Hope this helps.

Best,

JP.
  • #5,797
  • Jun 23, 2010 1:47pm Jun 23, 2010 1:47pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
I thought monthly overextended meant the lows were probably put in, but in these market conditions, that might not be the best approach. Really appreciate the info in helping to understand these set-ups guys.
"Wishful thinking dies hard." Igor T.
  • #5,798
  • Jun 24, 2010 5:57am Jun 24, 2010 5:57am
Hey guys,

What do you guys think of this:

Attached Image (click to enlarge)
Click to Enlarge Name: possible diamond gbpchf.gif Size: 20 KB


Possible dual diagonal diamond forming? I'll be watching to see what happens.

Peace
  • #5,799
  • Jun 24, 2010 6:59am Jun 24, 2010 6:59am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting niteshift02
Hey guys,

What do you guys think of this:

Attachment

Possible dual diagonal diamond forming? I'll be watching to see what happens.

Peace
Hey bud, I think there's an 18.4 there too. Nice journal BTW. But there's a 30 min div target for 1.6481.
"Wishful thinking dies hard." Igor T.
  • #5,800
  • Jun 24, 2010 8:22am Jun 24, 2010 8:22am
Quoting FxChi
Hey bud, I think there's an 18.4 there too. Nice journal BTW. But there's a 30 min div target for 1.6481.
Hi FXChi,

Think I missed the entry for the 18.4, otherwise I think conditions are good for that template. Thanks for the heads up on the 30 min div.

Only problem is if the 18.4 plays out well, then the 30 min div will have to be visited another time.

Attached Image (click to enlarge)
Click to Enlarge Name: div gbpchf.gif Size: 18 KB


My own view is that price may not reach beyond the upper TL on the right, and the div may be hit today. But hey, as Igrok says, if I don't have an opinion, then I can't be wrong .

Hope your enjoying my journal, it's amazing how much better your trading gets by keeping track of every winner, and scrutinizing every loser. I think I've improved a lot since I started it last week, this week's been great.

Peace bro
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