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

  • #241
  • Aug 17, 2010 2:56am Aug 17, 2010 2:56am
Quoting OGW
Hi niteshift02, I just want a say congrat again for another great week. Very impressive, especially how you held that e/u short for two days I think. Wish you another great one.
Thanks OGW, hope you have a good week to
  • #242
  • Aug 17, 2010 7:57am Aug 17, 2010 7:57am
Greetings to you all,

Went for a 20.2 on U/J, short and long term the pair has been in a downtrend.

Attached Image (click to enlarge)
Click to Enlarge Name: 17 aug uj 20.2.gif Size: 19 KB


Only risk is that the pair has tested support last week around 84.70 and could possibly be in a trend reversal. SL is 30 pips/1.75% risked.

Peace
  • #243
  • Aug 17, 2010 8:17am Aug 17, 2010 8:17am
Hey Niteshift, I've got a question if you don't mind. Your comb has only two clear touches that I can see and those two touches are quite far apart, doesn't it need three touches out of five bars to be valid? Correct me if I'm wrong, just curious as to how you interpreted it. Cheers.
Maybe money can't buy happiness, but it can give you freedom.
  • #244
  • Aug 17, 2010 8:26am Aug 17, 2010 8:26am
Quoting niteshift02
Greetings to you all,

Went for a 20.2 on U/J, short and long term the pair has been in a downtrend.

Attachment

Only risk is that the pair has tested support last week around 84.70 and could possibly be in a trend reversal. SL is 30 pips/1.75% risked.

Peace

SL hit, down -1.75%. No reverse order set as I didn't have a good place to place the SL. Never mind, not much I would've done different, felt the trend was on my side, and I had what I thought was a valid signal.

It'll be interesting to see if the pair has actually reversed trend long term or not. There's a potential 20.6 on H4 and daily charts, descending TL just begging to be broken. Also on the daily charts a bullish div, so maybe that should have given me warning enough to stay away from the short trade.

Peace
  • #245
  • Aug 17, 2010 8:29am Aug 17, 2010 8:29am
Quoting pipdreamer
Hey Niteshift, I've got a question if you don't mind. Your comb has only two clear touches that I can see and those two touches are quite far apart, doesn't it need three touches out of five bars to be valid? Correct me if I'm wrong, just curious as to how you interpreted it. Cheers.
I was thinking that to, in the end the signal I used was indeed invalid. The three touch out of five criteria is usually applied for daily bars, but in any case my lower TL should've had more touches closer together as you've correctly observed. I just felt at the time I had a valid TL that should've broken cleanly due to recent bearish behaviour. But the lesson for today is 2 touches don't make a TL. I took a gamble and lost, but we all learned
  • #246
  • Aug 17, 2010 12:25pm Aug 17, 2010 12:25pm
Quoting niteshift02
I was thinking that to, in the end the signal I used was indeed invalid. The three touch out of five criteria is usually applied for daily bars, but in any case my lower TL should've had more touches closer together as you've correctly observed. I just felt at the time I had a valid TL that should've broken cleanly due to recent bearish behaviour. But the lesson for today is 2 touches don't make a TL. I took a gamble and lost, but we all learned
Here's an example of an intraday 'comb' which happened on Cable earlier today, similar to my U/J trade; 2 touches, both far apart, but the after effect is what I would've expected. Although not exactly a comb as described by Igrok in his book, it does have an angled TL which is what would attract me to it, along with the strong trend beforehand.

Attached Image (click to enlarge)
Click to Enlarge Name: comb.gif Size: 21 KB


This is more of what I had in mind when I placed my failed trade earlier, notice how the break through bar cuts through the TL with ease. I think this worked well because we had strong short term downtrend beforehand, and the 'comb' is a period of consolidation before resumption of selling.

Maybe this pattern shouldn't be called a comb but something else. In any case, I've seen these type of patterns before, and they seem reliable.

Thanks for asking the question earlier pipdreamer, it's good to question and discuss things
  • #247
  • Aug 17, 2010 12:33pm Aug 17, 2010 12:33pm
Quoting niteshift02
Here's an example of an intraday 'comb' which happened on Cable earlier today, similar to my U/J trade; 2 touches, both far apart, but the after effect is what I would've expected. Although not exactly a comb as described by Igrok in his book, it does have an angled TL which is what would attract me to it, along with the strong trend beforehand.

Attachment

This is more of what I had in mind when I placed my failed trade earlier, notice how the break through bar cuts through the TL with ease. I think this worked well because we had...
Just droppin' in to show you what a real textbook comb looks like. This one was on the GBP/CHF 4hr chart:
Attached Image
  • #248
  • Aug 17, 2010 12:53pm Aug 17, 2010 12:53pm
Quoting belekas
Just droppin' in to show you what a real textbook comb looks like. This one was on the GBP/CHF 4hr chart:
Yeah, that one's perfect. Thanks Bel. Very different from my example earlier, that's why I don't want to really call it a comb. However, it does share the characteristic of an angled 'TL', although only 2 touches, it appears it can be traded like a comb.
  • #249
  • Aug 17, 2010 1:01pm Aug 17, 2010 1:01pm
Quoting niteshift02
Yeah, that one's perfect. Thanks Bel. Very different from my example earlier, that's why I don't want to really call it a comb. However, it does share the characteristic of an angled 'TL', although only 2 touches, it appears it can be traded like a comb.
Np. Btw what a perfect intra-day #18.4 on Cable today with < 10 SL...Requires big ass skills to spot such. Beautifull...
  • #250
  • Aug 17, 2010 1:47pm Aug 17, 2010 1:47pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Hey Bel was that 4 hr GBP/CHF comb in August? I can't seem to spot it
"Wishful thinking dies hard." Igor T.
  • #251
  • Aug 17, 2010 1:51pm Aug 17, 2010 1:51pm
Quoting FxChi
Hey Bel was that 4 hr GBP/CHF comb in August? I can't seem to spot it
July. Hola.
  • #252
  • Aug 17, 2010 2:13pm Aug 17, 2010 2:13pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Oh I see you now little comb. Thanks for pointing it out.

Question for you - did you notice any patterns on EUR/CHF this morning to trigger a long entry prior to the successful 20.6? Niteshift hope you don't mind me bringing it up. I spotted it last night but bc of the major downtrend I wanted entry before breaking the TL. Was this 5 min TL in green a valid TL or do you see any other entries? I watched this one go by and I'm trying to figure out if I could've entered differently.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart_EUR_CHF_5 Mins_snapshot.jpg Size: 80 KB
"Wishful thinking dies hard." Igor T.
  • #253
  • Aug 17, 2010 2:26pm Aug 17, 2010 2:26pm
Quoting FxChi
Oh I see you now little comb. Thanks for pointing it out.

Question for you - did you notice any patterns on EUR/CHF this morning to trigger a long entry prior to the successful 20.6? Niteshift hope you don't mind me bringing it up. I spotted it last night but bc of the major downtrend I wanted entry before breaking the TL. Was this 5 min TL in green a valid TL or do you see any other entries? I watched this one go by and I'm trying to figure out if I could've entered differently.
I don't trade EUR/CHF but took a quick glance for ya. Your 5m TL is definetly not for me and when we had bigger #20.6 just above I would go only for it. Although we had a beautifull tiny #19.13 right below your TL that offered nice 0 dd buy signal right of yesterdays support. So yes, I do see another entry right here. Pretty hard setup if you ask me. #20.6 would have done the job perfectly. Chart:
Attached Image (click to enlarge)
Click to Enlarge Name: eurchf_5m_19.13.jpg Size: 98 KB
  • #254
  • Aug 17, 2010 2:36pm Aug 17, 2010 2:36pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Yeah I was talking about the larger 20.6 but I wanted an entry prior to the larger TL. I didn't trust that 5 min TL either (plus I was taught TL's don't work well in consolidation). Hmm that 19.13b is interesting...fair play. Thanks ...and to think it didn't cost me $700 hahaha...
"Wishful thinking dies hard." Igor T.
  • #255
  • Aug 17, 2010 2:41pm Aug 17, 2010 2:41pm
Quoting FxChi
Yeah I was talking about the larger 20.6 but I wanted an entry prior to the larger TL. I didn't trust that 5 min TL either (plus I was taught TL's don't work well in consolidation). Hmm that 19.13b is interesting...fair play. Thanks ...and to think it didn't cost me $700 hahaha...
We can want, ask, beg but the market will do exactly what it has in mind so my advice is to trade what you see and not what you think or expect. Plus you can never know the exact outcome of the trade signal unless a few other scenarios, so we must execute these trades, if you know what I mean. At the end of the day there will be more wins the losses. So, that pretty much sums it up.

Ah yes, the Jacko fiasco, LOL
  • #256
  • Aug 17, 2010 2:56pm Aug 17, 2010 2:56pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Very true Bel. I'm probably just being way too picky waiting for the A+++ set-up that yells...TRADE ME!!!! And while I wait for a better entry or try to get in with the lowest possible risk, I'm out of the move. Need to just start executing the trades when I see them as you point out and accept the risk.

Yeah the Jacko fiasco is a running joke between Niteshift and I...haha ridiculous what's going on over there. Apparently the reported number of scammed investors are at 42 @ around $3.2 million. Certainly not chump change.
"Wishful thinking dies hard." Igor T.
  • #257
  • Aug 17, 2010 3:04pm Aug 17, 2010 3:04pm
Quoting FxChi
Very true Bel. I'm probably just being way too picky waiting for the A+++ set-up that yells...TRADE ME!!!! And while I wait for a better entry or try to get in with the lowest possible risk, I'm out of the move. Need to just start executing the trades when I see them as you point out and accept the risk.

Yeah the Jacko fiasco is a running joke between Niteshift and I...haha ridiculous what's going on over there. Apparently the reported number of scammed investors are at 42 @ around $3.2 million. Certainly not chump change.
I bet he's chillin' somewhere and sippin' Margharitas if he didn't loose that money, LOL
  • #258
  • Aug 17, 2010 3:18pm Aug 17, 2010 3:18pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting belekas
I bet he's chillin' somewhere and sippin' Margharitas if he didn't loose that money, LOL
Bro that's a shitload of margarita's with $3.2 mil...LOL!!
"Wishful thinking dies hard." Igor T.
  • #259
  • Aug 17, 2010 3:20pm Aug 17, 2010 3:20pm
Quoting FxChi
Bro that's a shitload of margarita's with $3.2 mil...LOL!!
Sure is, but he didn't pull it alone, I'm pretty sure about that. But we will never know, cuz he's gone with the wind IMHO...Tbh I never took him for a real deal somehow, LOL
  • #260
  • Aug 17, 2010 3:43pm Aug 17, 2010 3:43pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Oh yeah most definitely looks like more than one person was involved, and with that type of money I don't see how he/they'll be caught if they were operating in a shady country with little regulation. I mean if it was the US you'd have all sorts of agencies going after him/them, but let's say they were in Thailand, he/they could just pay off whatever agency.

Yeah his methodology just never struck with me...besides there's so much better systems/methods available at FF for free.

In any case, I do hope investors get back there money (even though they didn't perform due diligence), but it's simply a scum bag move to scam people.
"Wishful thinking dies hard." Igor T.
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