The IGROK files - Adventures of a rookie using the Igrok method | Page 5 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trading technical analysis system based on Igrok method 137 replies

EA adventures 35 replies

Stochastic's and Bollinger's adventures. 3 replies

" My personal Adventures in Trading Seminars" 0 replies

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

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

  • #81
  • Jun 30, 2010 7:34am Jun 30, 2010 7:34am
Both SLs hit for a combined loss of -58 pips. I had moved the SLs up on both trades to stay in the game earlier in the day, and it worked for a while. Price then retraced up, and also spiked, causing both my SLs to be hit. I didn't set reverse orders, maybe should've done on the USDCAD trade due to the GDP news, but USDCHF looks like it's contining down.

First lesson of today, don't trade two pairs which contain the same currency. I should know that anyway, very amatuer mistake.

Second lesson, maybe avoid pairs which have major news announcements, unless you're already in profit and can set a positive stop loss.

B****cks
  • #82
  • Jun 30, 2010 11:03am Jun 30, 2010 11:03am
Quoting niteshift02
Both SLs hit for a combined loss of -58 pips. I had moved the SLs up on both trades to stay in the game earlier in the day, and it worked for a while. Price then retraced up, and also spiked, causing both my SLs to be hit. I didn't set reverse orders, maybe should've done on the USDCAD trade due to the GDP news, but USDCHF looks like it's contining down.

First lesson of today, don't trade two pairs which contain the same currency. I should know that anyway, very amatuer mistake.

Second lesson, maybe avoid pairs which have major news announcements,...
Third lesson, never go short in an ascending channel.

Forth lesson, reverse orders can save your a**.
  • #83
  • Jul 1, 2010 3:40am Jul 1, 2010 3:40am
Morning all,

First trade of the day is a 19.6 on Cable. I hope the descending channel is valid and price continues downwards, but hope gets you nothing in this game

SL currently set to 30 pips, let's hope Cable continues on its recent downtrend. I have a 4hr unpaid div way down south, around 1.4650.

Attached Image (click to enlarge)
Click to Enlarge Name: 1st jul gbpusd 19.6.gif Size: 20 KB
  • #84
  • Jul 1, 2010 5:53am Jul 1, 2010 5:53am
Quoting niteshift02
Morning all,

First trade of the day is a 19.6 on Cable. I hope the descending channel is valid and price continues downwards, but hope gets you nothing in this game

SL currently set to 30 pips, let's hope Cable continues on its recent downtrend. I have a 4hr unpaid div way down south, around 1.4650.

Attachment
Well, the 19.6 didn't work out to well, so my SL of which I had changed to 34 pips got hit, and reverse order now triggered, so trade is now like a 20.6. I hope I can recover some losses for today, we shall see.

Attached Image (click to enlarge)
Click to Enlarge Name: 1st jul gbpusd 20.6.gif Size: 18 KB
  • #85
  • Jul 1, 2010 6:06am Jul 1, 2010 6:06am
Quoting niteshift02
Well, the 19.6 didn't work out to well, so my SL of which I had changed to 34 pips got hit, and reverse order now triggered, so trade is now like a 20.6. I hope I can recover some losses for today, we shall see.

Attachment
Took 6 pips from reverse position before closing it. There was a div on the 30 min chart which price visited, and now it's heading back south. I may consider a short 18.4 even though the MMoD is UP.
  • #86
  • Jul 1, 2010 6:20am Jul 1, 2010 6:20am
Quoting niteshift02
Took 6 pips from reverse position before closing it. There was a div on the 30 min chart which price visited, and now it's heading back south. I may consider a short 18.4 even though the MMoD is UP.
What the heck, went for the 18.4. Looks like a possible broadening triangle is occurring also. Worst case scenario 22 pip SL hit and reverse order triggered for cable to move upwards, however I think we've seen the high of the day.

Attached Image (click to enlarge)
Click to Enlarge Name: 1st jul gbpusd 18.4.gif Size: 16 KB


Looking back at the failed 19.6 trade, I should've been aware that the 30 min div had a possibility of being hit soon, I'll have to bear these things in mind for future trades.
  • #87
  • Jul 1, 2010 7:25am Jul 1, 2010 7:25am
Quoting niteshift02
What the heck, went for the 18.4. Looks like a possible broadening triangle is occurring also. Worst case scenario 22 pip SL hit and reverse order triggered for cable to move upwards, however I think we've seen the high of the day.
Reverse triggered for second time today, -22 pip loss. Will see how far north price can move. Boy was I wrong about seeing the high of the day!
  • #88
  • Jul 1, 2010 8:15am Jul 1, 2010 8:15am
Quoting niteshift02
Reverse triggered for second time today, -22 pip loss. Will see how far north price can move. Boy was I wrong about seeing the high of the day!
Wow, did you guys see that!

Attached Image (click to enlarge)
Click to Enlarge Name: 1st jul gbpusd 18.4a.gif Size: 19 KB


Cable rocketed, and my reverse order has covered my losses plus a little more. I learned from yesterday's fiasco with my USDCAD trade, not having a reverse order killed me. Cable trailing SL got hit for +64 pips. My 2 losses today total -54 pips, but I made +6 pips earlier, plus another +10.

So after all my bad trading today, I came out unscathed with +16 pips also. If I had traded that 19.6 properly I would've come out with bigger winnings, but I'm happy with what just happened, so won't complain.
  • #89
  • Jul 1, 2010 8:49am Jul 1, 2010 8:49am
Next trade for the day was a 20.5, I was aiming for the bottom TL which is begging to be broken. My SL was 22 pips with reverse order:

Attached Image (click to enlarge)
Click to Enlarge Name: 1st jul audusd 20.5gif.gif Size: 18 KB


As I write this my SL has already been hit and the reverse order has kicked in. The only way better be up!
  • #90
  • Jul 1, 2010 9:07am Jul 1, 2010 9:07am
Quoting niteshift02
Next trade for the day was a 20.5, I was aiming for the bottom TL which is begging to be broken. My SL was 22 pips with reverse order:

Attachment

As I write this my SL has already been hit and the reverse order has kicked in. The only way better be up!
Price went back down, reverse order SL hit -20 pips. Total loss -42 pips on this pair, no reverse order set. Bad decisions cost me again. I think I need a break.
  • #91
  • Jul 1, 2010 9:11am Jul 1, 2010 9:11am
Quoting niteshift02
Price went back down, reverse order SL hit -20 pips. Total loss -42 pips on this pair, no reverse order set. Bad decisions cost me again. I think I need a break.
Looking back, I think the upper TL was garbage, only had two real touches which pretty much means nothing. Last time I trade crappy TLs, my TLs must have at least 3 touches from now on.
  • #92
  • Jul 2, 2010 2:53am Jul 2, 2010 2:53am
Morning all,

Thought I'd go for an ADR template his morning, 18.1 on Cable. All moves and trends are up, entered trade as price went from low and now up past the previous session high.

Attached Image (click to enlarge)
Click to Enlarge Name: 2nd jul gbpusd 18.1.gif Size: 16 KB


The only thing which I dislike about the 18.1 is the high SL which must be placed at the other side of the daily range. SL currently 57 pips with reverse order. But I'm aiming for the P2 or P3 target.

Peace and good trading y'all
  • #93
  • Jul 2, 2010 5:12am Jul 2, 2010 5:12am
Second trade of the day, 20.6 on USDJPY. SL 20 pips, but maybe changed depending on what happens:

Attached Image (click to enlarge)
Click to Enlarge Name: 2nd jul usdjpy 20.6.gif Size: 19 KB


All main moves are down, apart from today, but price has been moving down in a descending channel, and has recently bounced off the upper TL of the channel:

Attached Image (click to enlarge)
Click to Enlarge Name: 2nd jul usdjpy 20.6 hourly.gif Size: 19 KB


If price turns around and breaks through the upper TL, then I'd consider an entry order. Target is P1 or P2.
  • #94
  • Jul 2, 2010 5:30am Jul 2, 2010 5:30am
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
Hi Nite, good initiative to start your own thread.

I thing when trading 18.4 we should try to avoid those high/low forming like a V (quick reverse). Re-read those chapters about flat surfaces (not templates, page 125) regarding exit-rules.

Also, your TL trades (20.6 etc) are in fact not valid TL according to those templates ("there should be the whole chart on one side from such a line and a totally free space on the other side"). I usually take trades like that based on the principles of combs. 4 near-by touches on ID bases where you can hide SL above/below daily extreme. Here's an example;
Attached Image (click to enlarge)
Click to Enlarge Name: Chart_AUD_USD_15 Mins_snapshot.png Size: 16 KB
Measure twice, cut once
  • #95
  • Jul 2, 2010 5:35am Jul 2, 2010 5:35am
Here's an example of 18.4
Attached Image (click to enlarge)
Click to Enlarge Name: 1.png Size: 30 KB
Measure twice, cut once
  • #96
  • Jul 2, 2010 5:52am Jul 2, 2010 5:52am
Quoting aediaz1
Hi Nite, good initiative to start your own thread.

I thing when trading 18.4 we should try to avoid those high/low forming like a V (quick reverse). Re-read those chapters about flat surfaces (not templates, page 125) regarding exit-rules.

Also, your TL trades (20.6 etc) are in fact not valid TL according to those templates ("there should be the whole chart on one side from such a line and a totally free space on the other side"). I usually take trades like that based on the principles of combs. 4 near-by touches on ID bases where you can...
Thanks very much for your help aediaz, one of the main reasons I started a thread was so I could analyze every trade I make and why they failed. The feedback from other traders is also very important to me, so I definitely welcome feedback from an experienced trade such as yourself

I was wondering why some of my 20.6 work, and others don't. I'll check the book regarding flat surfaces, although I'm confused about the V formation issue. On the chart you posted for the 18.4 trade there is a V formation present, is this different to what you're saying to avoid?

My cable 18.1 trade and my recent 20.6 usdjpy trade, do they have potential problems as far as you can see? I'm a bit worried about the cable one to be honest.

Thanks again
  • #97
  • Jul 2, 2010 6:05am Jul 2, 2010 6:05am
Quoting niteshift02
Thanks very much for your help aediaz, one of the main reasons I started a thread was so I could analyze every trade I make and why they failed. The feedback from other traders is also very important to me, so I definitely welcome feedback from an experienced trade such as yourself

I was wondering why some of my 20.6 work, and others don't. I'll check the book regarding flat surfaces, although I'm confused about the V formation issue. On the chart you posted for the 18.4 trade there is a V formation present, is this different to what...
It might have been a difficult example to use but you'll notice a classic V further down on the same chart. Current example looks more like U.

The only reason you're worrying is because you haven't accepted the risk of losing, IMO. On news like NFP, price usually just follow the MMOD.
Measure twice, cut once
  • #98
  • Jul 2, 2010 8:30am Jul 2, 2010 8:30am
Quoting aediaz1
It might have been a difficult example to use but you'll notice a classic V further down on the same chart. Current example looks more like U.

The only reason you're worrying is because you haven't accepted the risk of losing, IMO. On news like NFP, price usually just follow the MMOD.

Thanks aediaz. V formation has quicker price movement down and then up, got it now. That's why I worried about the 18.1 on cable, it has a V from yesterday and I wasn't sure how that would impact my trade.

I've accepted the risk of losing a long time ago. What gets me worried is myself: impulsive trading, lack of planning, bad SL placement, lack of planning again, failure to see the bigger picture, bad TLs, etc. I've been trying to get myself to check every plan I have over and over, some days are better than others

Hopefully I will learn quickly from my mistakes and have improved results soon. Thanks for your help, I've gotta go and read my favorite book again

Peace
  • #99
  • Jul 2, 2010 8:34am Jul 2, 2010 8:34am
Quoting niteshift02
Second trade of the day, 20.6 on USDJPY. SL 20 pips, but maybe changed depending on what happens:

Attachment

All main moves are down, apart from today, but price has been moving down in a descending channel, and has recently bounced off the upper TL of the channel:

Attachment

If price turns around and breaks through the upper TL, then I'd consider an entry order. Target is P1 or P2.
Well, here's an example of my lack of planning. Went out for lunch without setting my stop to break even, didn't think I'd need to, and what happens? NFP comes out and causes an 80 pip spike which wipes out my trade. Ouch -20 pips down so far today.
  • #100
  • Jul 3, 2010 3:34am Jul 3, 2010 3:34am
Good morning to you all my faithful thread followers,

This week was particularly bad for me, and I'm -50 pips down for this period. I still have one trade open on Cable, but it's anyone's guess which way that will turn out on Sunday's market open.

Having looked through my large amount of losers this week, it's clear that further work and study is required for me to identify trading signals correctly. Frustratingly the week could've been different if I'd picked my trades and planned them better, set my SLs slightly higher, and also let my winners run further. At some points I believe I was desperate to trade and would pick ones without thoroughly checking them over and over for potential issues, impulse trading I guess. Bad move.

In any case, it's always best to take the positives from these problems, and this has merely pushed me further into working and studying harder to get these things right. I've already started going through my favorite book for the third time. It's amazing how much useful and important information you forget over time.

I'd like to thank everyone who has kindly contributed to this thread with positive advice and information, FXChi and aediaz thanks to you both, and Mr.C and belekas on the other threads for their help and charts also.

I wish everyone a good weekend, peace and happy trading for next week
1 trader viewing now