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The IGROK files - Adventures of a rookie using the Igrok method

  • #41
  • Jun 24, 2010 2:08am Jun 24, 2010 2:08am
Quote
OK, looks like I have more than enough food for breakfast, all 20.6 plays.

EURGBP, SL 14 pips:


Got too greedy for breakfast, SL scraped on EURGBP. No reverse order set. If I had set it a couple of pips higher I'd still be in the trade. Got too manage my SLs better in future.
  • #42
  • Jun 24, 2010 2:19am Jun 24, 2010 2:19am
Quote
GBPUSD with MACD div target on 5 min chart, SL 20 pips:

Attachment

MACD target hit at 1.4935 with ease on GBP trade, easy 25 pips. Love it when that happens

Attached Image (click to enlarge)
Click to Enlarge Name: 24 jun gbpusd 20.6 with macd div.a.gif Size: 17 KB
  • #43
  • Jun 24, 2010 2:55am Jun 24, 2010 2:55am
EURUSD with MACD div target on 15 min chart, SL 20 pips:

Attachment


Another successful trade which easily reached its MACD target of 1.2295, love it!

Attached Image (click to enlarge)
Click to Enlarge Name: 24 jun eurusd 20.6 macd div.a.gif Size: 18 KB
  • #44
  • Jun 24, 2010 3:08am Jun 24, 2010 3:08am
Quoting niteshift02
OK, looks like I have more than enough food for breakfast, all 20.6 plays.

EURGBP, SL 14 pips:

Attachment

EURUSD with MACD div target on 15 min chart, SL 20 pips:

Attachment

GBPUSD with MACD div target on 5 min chart, SL 20 pips:

Attachment

So a quick review of this morning's trades. EURUSD and GBPUSD both hit their MACD bearish divergence targets easily and I made a quick 50 pips from both. Both winning trades had risk as yesterday's main move/trend for both pairs was up, and I was trading against it. However I felt the MACD target needed to get filled sooner rather than later, and the 20.6 setup provided a good opportunity.

Now in hindsight, taking the losing EURGBP trade was not necessary as I had no real target, and it looked a bit lame compared to the other two. So now I know what it really means when the experienced traders say "Only take the A+ setups". This can save a lot of trouble in the long term, because the beauty of the Igrok method is that potential setups appear all the time, but the question will be: "Are they A+".

Anyway, a decent breakfast, taking into account my losses of -29 pips this morning, I'm currently up +21 pips for the day. So its all good baby
  • #45
  • Jun 25, 2010 3:28am Jun 25, 2010 3:28am
Good day to all,

First trade of the day is a 20.6 on AUDUSD:

Attached Image (click to enlarge)
Click to Enlarge Name: 25th jun audusd 20.6.gif Size: 17 KB


My long term target is a bearish div on 1hr chart around 0.8425:

Attached Image (click to enlarge)
Click to Enlarge Name: 25th jun audusd 20.6 with div .gif Size: 19 KB


But there is also a 4hr bearish div around 0.8580 which will be my initial target. If price breaks through this easily, I will let the trade mature like a fine smelly cheese

SL currently at 19 pips.
  • #46
  • Jun 25, 2010 8:06am Jun 25, 2010 8:06am
Quoting niteshift02
Good day to all,

First trade of the day is a 20.6 on AUDUSD:

Attachment

My long term target is a bearish div on 1hr chart around 0.8425:

Attachment

But there is also a 4hr bearish div around 0.8580 which will be my initial target. If price breaks through this easily, I will let the trade mature like a fine smelly cheese

SL currently at 19 pips.

SL scraped again, down -19 pips for the day. Oh well, I still think the div is valid, so will look for another entry later. Otherwise another trade oppurtunity with a different pair.
  • #47
  • Jun 25, 2010 9:30am Jun 25, 2010 9:30am
Thought I'd try something different today, so an 18.4 with 36 pip SL. Didn't get in as early as I'd like, otherwise the conditions look good to try this template. I have reverse order in place in case things go wrong. Aiming for bottom of the daily range and beyond.

Attached Image (click to enlarge)
Click to Enlarge Name: 26th jun gbpusd 18.4.gif Size: 21 KB
  • #48
  • Jun 25, 2010 10:21am Jun 25, 2010 10:21am
Quoting niteshift02
Thought I'd try something different today, so an 18.4 with 36 pip SL. Didn't get in as early as I'd like, otherwise the conditions look good to try this template. I have reverse order in place in case things go wrong. Aiming for bottom of the daily range and beyond.

Attachment

Well, that didn't go as planned. SL hit and reverse order now in effect. We'll see how that plays out. I think I missed all the good easy trades earlier this morning, I never seem to do well on Fridays...
  • #49
  • Jun 25, 2010 11:06am Jun 25, 2010 11:06am
Allow me to be busybody.

Trend and main move is totally different although they can be quite similar.

Your 18.4 short today would be against the week main move and in general, again the trend... as in HH, HL, LL,LH...etc.

I used to focus only on main move but never factor the trend, bad move.
Well...
  • #50
  • Jun 25, 2010 11:18am Jun 25, 2010 11:18am
Quoting songbo
Allow me to be busybody.

Trend and main move is totally different although they can be quite similar.

Your 18.4 short today would be against the week main move and in general, again the trend... as in HH, HL, LL,LH...etc.

I used to focus only on main move but never factor the trend, bad move.
Well...

No problem buddy, please feel free to gave me your input. This thread is here for everyone who is learning to use this method, so everybody's comments/input is welcome

Having checked the 4hr chart I can see we are in an uptrend, so you're very right, trend is different from main move. So in order for the 18.4 to have a high probability of success, do we recommend main move matches the trend?

I've found out the hard way in any case, but hopefully my reverse order will minimize the damage

Peace bro
  • #51
  • Edited 11:54am Jun 25, 2010 11:35am | Edited 11:54am
IMO, the daily templates 18.X must work with trend and if possible, the main move to give better probability. Best is to work with trend.

To me Part(1) trend + Part(2) template is the key. Only then, u will see what is price action.

What is price action ?? Hahah.... HH,HL,LL,LH or ABCD pattern or 123 pattern or compulsive and corrective waves... many terms here... but they mean
the same thing.

The templates gave clear pattern and ways to get better entry price

Let say it is uptrend. Imagine the big picture.

18.1 gave you enter on break up to join uptrend.

18.2 gave you to enter on day open price break to join uptrend.

18.3 gave you better entry price (i nvr use before but maybe add candle formation) to join uptrend

18.4 gave you good price to join the uptrend if u reach your PC late or overslept..at 2nd part london time... hahaha.
  • #52
  • Jun 25, 2010 11:51am Jun 25, 2010 11:51am
Quoting songbo
IMO, the daily templates 18.X must work with trend and if possible, the main move to give better probability. Best is to work with trend.

To me Part(1) trend + Part(2) template is the key. Only then, u will see what is price action.

What is price action ?? Hahah.... HH,HL,LL,LH or ABCD pattern or 123 pattern or compulsive and corrective waves... many terms here... but they mean
the same thing.

The templates gave clear pattern and ways to get better entry price
Thank you very much for your input, you have reminded me of some basic things that can easily be forgotten, such as the main trend!

Luckily my reverse order has covered my loss +4 pips. So fortunately that wasn't an expensive lesson
  • #53
  • Jun 25, 2010 12:12pm Jun 25, 2010 12:12pm
Quoting niteshift02
Thank you very much for your input, you have reminded me of some basic things that can easily be forgotten, such as the main trend!

Luckily my reverse order has covered my loss +4 pips. So fortunately that wasn't an expensive lesson
I just found out, your reverse order is just like 18.5 to rejoin the uptrend...!

  • #54
  • Jun 25, 2010 12:22pm Jun 25, 2010 12:22pm
Looking back through the week, I can say I'm very pleased with the results, especially when compared to how I was trading before I found the Igrok method.

Majority of trades used the 20.6 template, and I have managed to gain 175 pips through out the week, but my losses are at -84 pips. But I'm still happy overall, showing a healthy profit of +91 pips.

Now the challenge now is to continue learning and gaining experience, especially on how to select the best trades when faced with multiple options. I've learned that having a profit target before hand, whether it be with MACD divs, TLs, or other price areas of interest can be of great help. I've even remembered to not forget the trend - thanks Songbo! I also want to learn how to spot the 'A+' trades like some of the more experienced guys, the trades that get you +100 pips with small SL.

I hope people are benefiting from my experiences, and I'd also like to invite you all to share your own ideas, opinions, etc., on this thread, anything really to help us become better traders.

I actually wish the market ran 7 days a week as the weekend is boring without it, but we must all remember we have a life outside of trading. So with that, I bid you all farewell for the next few days, and have a great weekend!

Peace and good trading y'all
  • #55
  • Jun 25, 2010 12:24pm Jun 25, 2010 12:24pm
Quoting songbo
I just found out, your reverse order is just like 18.5 to rejoin the uptrend...!


Yeah, it is. 30 to 40 pips gain. I think that's it for today though
  • #56
  • Jun 25, 2010 6:56pm Jun 25, 2010 6:56pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting niteshift02
...I actually wish the market ran 7 days a week...
And there I was thinking I was the only one. Nice!

When I would test other strategies the main tool I would use over the weekend is VHands trading simulator. I think it's a pretty helpful tool to become familiar with a particular strategy. Earlier in the week I was preparing for this weekend because I wanted to practice the range templates and made a post here. Personally, for the newer guys like you and me, I think being able to retrade templates will speed up the learning curve for us. I couldn't get the range indicator to work in Vhands, but if you do, by all means please let me know.

In the meantime, we can always review past charts and take notes of what signals A+ trades. I know I have my weekend planned.
"Wishful thinking dies hard." Igor T.
  • #57
  • Jun 26, 2010 4:44am Jun 26, 2010 4:44am
i decide to move my reply here.
----------------


Quoting niteshift02
...
Hello niteshift02,
u plot the div incorrectly.

if u plot on the price lows, u plot on MACD lows too.
in your above chart, u plotted the div on price lows, but above MACD (instead of below MACD)
see here:
http://www.babypips.com/school/divergence_trading.html

anyway, if u plot the div lines correctly,there was indeed hidden bullish div, since price made higher lows while MACD made lower lows.




Good luck with your journal!
  • #58
  • Jun 26, 2010 4:47am Jun 26, 2010 4:47am
Quoting FxChi
....I couldn't get the range indicator to work in Vhands, but if you do, by all means please let me know.
...
i think many indicators do not work in simulators, even in MT4's Strategy Tester....
specially since u are backtesting/ dealing with historical prices.

Hope this helps
  • #59
  • Jun 26, 2010 4:51am Jun 26, 2010 4:51am
Quoting FxChi
And there I was thinking I was the only one. Nice!

When I would test other strategies the main tool I would use over the weekend is VHands trading simulator. I think it's a pretty helpful tool to become familiar with a particular strategy. Earlier in the week I was preparing for this weekend because I wanted to practice the range templates and made a post here. Personally, for the newer guys like you and me, I think being able to retrade templates will speed up the learning...

Hi FXChi,

Yep, you're not the only one. I promised my wife no charts, no forums, no forex this weekend, and what's the first thing I do this morning? Go to the forums and look at the charts from last night! Well, our work here never ends. Thanks for the heads up on VHands, I didn't realise it was free, and its going to prove to be a massive help in the future no doubt.
Thanks again, hopefully get a chance to play around with it soon.

Have a great weekend bro
  • #60
  • Jun 26, 2010 5:04am Jun 26, 2010 5:04am
Quoting supremeChaos
i decide to move my reply here.
----------------



Hello niteshift02,
u plot the div incorrectly.

if u plot on the price lows, u plot on MACD lows too.
in your above chart, u plotted the div on price lows, but above MACD (instead of below MACD)
see here:
http://www.babypips.com/school/divergence_trading.html

anyway, if u plot the div lines correctly,there was indeed hidden bullish div, since price made higher lows while MACD made lower lows.




Good luck with your journal!

Thanks SC,

I clearly have gaps in my Forex training, I'll be checking out the link soon and going through the MACD stuff again. Just so I can see my mistake, can you post the chart where I incorrectly plotted the div lines? Thanks.

Thanks again SC, this is exactly the sort of feedback I was after
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