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

  • #261
  • Edited 4:07pm Aug 17, 2010 3:50pm | Edited 4:07pm
Hey guys,

Been away having dinner, also setting up my own trade signal advise group, $1000 dollar a year. Figured it would be easier money than normal trading, I just take the trades Belekas would do, advise other people on what trades to take, do that for 6 months, then...VANISH!!!

Hey Bel, saw the 18.4 on Cable. I don't know if I would've taken it though, considering the main move of today was different from yesterday's. That always throws up some doubt in my mind, but I guess for a 10 pip SL it's almost no lose. I saw a nice 18.4 long on EU early in the morning though, I saw you went for the 20.6 instead though. Looks like I missed a couple of good ones today...
  • #262
  • Aug 17, 2010 3:59pm Aug 17, 2010 3:59pm
Hey Chi,

What's the deal with TLs not working so well in consolidation? Are you able to tell me more about the theory behind that?

Thanks
  • #263
  • Aug 17, 2010 5:19pm Aug 17, 2010 5:19pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Are you sure you want to know...seriously?

It might not even be that applicable to Igrok's stuff. What I was addressing is something I picked up in a different course, but they drew 2 pt TL's so it was a bit different and in the grand scheme of things its probably not that important if you haven't experienced a problem and you've been drawing Igrok TL's thus far.

TBH I'm not too sure how Igrok TL's hold up in congestion zones. Looking at that EUR/CHF chart in congestion I have non valid Igrok TLs drawn. The red one is nasty and would've had a trader taking a long, then back short, then back long again, all bc we're in congestion. Blue one had no follow through. The orange one isn't as steep but at the same time it looked really sketchy to me.

Anyways pg.89 he speaks about such a situation that could occur with his tl's and multiple false breaks, but as I said if you haven't experienced a problem I wouldn't worry about it, and the whole congestion TL may be something I just need to completely delete from my brain. See I warned you that you may not want to know...LOL!
Attached Image (click to enlarge)
Click to Enlarge Name: August 17 2010 False Breaks.jpg Size: 80 KB
"Wishful thinking dies hard." Igor T.
  • #264
  • Aug 18, 2010 1:05am Aug 18, 2010 1:05am
Quoting niteshift02
Hey guys,

Been away having dinner, also setting up my own trade signal advise group, $1000 dollar a year. Figured it would be easier money than normal trading, I just take the trades Belekas would do, advise other people on what trades to take, do that for 6 months, then...VANISH!!!

Hey Bel, saw the 18.4 on Cable. I don't know if I would've taken it though, considering the main move of today was different from yesterday's. That always throws up some doubt in my mind, but I guess for a 10 pip SL it's almost no lose. I saw a nice 18.4 long on...
It's all about the PA and the Cable scenario was a textbook compared to his article in the magazine, not the book though. It's a pitty so many investors lost their money but it was red flags from the start IMHO. With 3.2 mill I could start sucking some really serious blood. Like 32k positions with proper 1% risk model that I use so ruffly 1.6k per pip with standart 20 pip SL. That really would be something. Dayme! And I have no doubt about your signal advise group success, just make sure to pay my my %, LOL
  • #265
  • Aug 18, 2010 3:00am Aug 18, 2010 3:00am
Quoting FxChi
Are you sure you want to know...seriously?

It might not even be that applicable to Igrok's stuff. What I was addressing is something I picked up in a different course, but they drew 2 pt TL's so it was a bit different and in the grand scheme of things its probably not that important if you haven't experienced a problem and you've been drawing Igrok TL's thus far.

TBH I'm not too sure how Igrok TL's hold up in congestion zones. Looking at that EUR/CHF chart in congestion I have non valid Igrok TLs drawn. The red one is nasty and would've had...
Ok, I see now, non Igrok TLs, yuck! LOL
  • #266
  • Aug 18, 2010 3:04am Aug 18, 2010 3:04am
Quoting belekas
It's all about the PA and the Cable scenario was a textbook compared to his article in the magazine, not the book though. It's a pitty so many investors lost their money but it was red flags from the start IMHO. With 3.2 mill I could start sucking some really serious blood. Like 32k positions with proper 1% risk model that I use so ruffly 1.6k per pip with standart 20 pip SL. That really would be something. Dayme! And I have no doubt about your signal advise group success, just make sure to pay my my %, LOL
Sure, won't forget to give your chedder About the 18.4, I guess I really should just look at PA for that intraday session and not wory about the previous day's main move, unless of course we have obvious TLs or other signals indicating the 18.4 will fail. I'll have to check his article again.
  • #267
  • Aug 18, 2010 3:15am Aug 18, 2010 3:15am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting niteshift02
Ok, I see now, non Igrok TLs, yuck! LOL
Yeah I told you...lol!


In on an EU 18.3 this morning. See how she runs....
Attached Image (click to enlarge)
Click to Enlarge Name: Aug 18 2010 18.3 ID.jpg Size: 82 KB
"Wishful thinking dies hard." Igor T.
  • #268
  • Aug 18, 2010 3:18am Aug 18, 2010 3:18am
Greetings all,

Went for a 20.6 in line with the bullish trends and main moves of the last few days. Will watch PA closely to see if price can get past its intraday open price, and then yesterday's high.

SL is 20 pips/1% risked

Attached Image (click to enlarge)
Click to Enlarge Name: 18 aug eu 20.6.gif Size: 21 KB


Peace
  • #269
  • Aug 18, 2010 3:20am Aug 18, 2010 3:20am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
In on the same one bud...different entry...same idea
"Wishful thinking dies hard." Igor T.
  • #270
  • Aug 18, 2010 3:20am Aug 18, 2010 3:20am
Quoting FxChi
Yeah I told you...lol!


In on an EU 18.3 this morning. See how she runs....
Nice one, you got good entry. Hopefully see you at the top
  • #271
  • Aug 18, 2010 3:39am Aug 18, 2010 3:39am
Quoting niteshift02
Nice one, you got good entry. Hopefully see you at the top
5 min comb, missed my opportunity to add to my position though. Damn. I often see these or similar patterns on breakouts; consolidation, then whoosh, take off!

Attached Image (click to enlarge)
Click to Enlarge Name: 18 aug eu 5min comb.gif Size: 19 KB
  • #272
  • Aug 18, 2010 3:40am Aug 18, 2010 3:40am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Just TP'd....nice. Good luck bro. Ultimately I think it'll take out the highs but I'm too scared to go for it...hahaha.

EDIT: Time to go catch some zzz's finally.
"Wishful thinking dies hard." Igor T.
  • #273
  • Aug 18, 2010 3:48am Aug 18, 2010 3:48am
Quoting FxChi
Just TP'd....nice. Good luck bro. Ultimately I think it'll take out the highs but I'm too scared to go for it...hahaha.

EDIT: Time to go catch some zzz's finally.
You must learn to overcome fear young jedi, lose profit you will...

Attached Image


Have a good rest bro.
  • #274
  • Aug 18, 2010 6:34am Aug 18, 2010 6:34am
Quoting niteshift02
Greetings all,

Went for a 20.6 in line with the bullish trends and main moves of the last few days. Will watch PA closely to see if price can get past its intraday open price, and then yesterday's high.

SL is 20 pips/1% risked

Attachment

Peace
Closed trade for +12 pips/0.6% gain.

PA is retracing, and better to take something now than hit BE. Price failed to get past yesterday's high, and it looks like 1.2905-2915 is a strong recent resistance zone. Now there could be a wedge/triangle channel forming, so will wait and see if another entry signal presents itself. It maybe that my next move is to go short.

Attached Image (click to enlarge)
Click to Enlarge Name: 18 aug eu 20.6.0.gif Size: 18 KB


At this point I prefer to sit out and wait to see what will happen next.

Peace
  • #275
  • Aug 18, 2010 8:00am Aug 18, 2010 8:00am
Quoting niteshift02
Closed trade for +12 pips/0.6% gain.

PA is retracing, and better to take something now than hit BE. Price failed to get past yesterday's high, and it looks like 1.2905-2915 is a strong recent resistance zone. Now there could be a wedge/triangle channel forming, so will wait and see if another entry signal presents itself. It maybe that my next move is to go short.

Attachment

At this point I prefer to sit out and wait to see what will happen next.

Peace
Looks like I exited too soon, that's called self sabotage, thought I would stop doing that by now. New high has been reached for today's EU session, never mind, live and learn. Should've taken Yoda's advice
  • #276
  • Aug 18, 2010 1:06pm Aug 18, 2010 1:06pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
All we can do is plan the trade and execute like Bel said. I chose first TP from 18.3 which worked out well...I thought there would be a decent retrace before it took out the highs, but TBH I thought when it took out the highs it would've made it to the 8.12.10 1.2930 high not break yesterday's by a measly 7 pips. Anyways man, to quote Bel, all we can do is trade what we see. Keep up the solid work
"Wishful thinking dies hard." Igor T.
  • #277
  • Aug 18, 2010 4:41pm Aug 18, 2010 4:41pm
Quoting FxChi
All we can do is plan the trade and execute like Bel said. I chose first TP from 18.3 which worked out well...I thought there would be a decent retrace before it took out the highs, but TBH I thought when it took out the highs it would've made it to the 8.12.10 1.2930 high not break yesterday's by a measly 7 pips. Anyways man, to quote Bel, all we can do is trade what we see. Keep up the solid work
Hey Chi,

I normally would've had a trailing stop, but didn't today. In the end PA started moving quickly against me, so I got out early. I guess in hindsight it's always easier to say I made a mistake, etc. Price could just as easily have taken out my stops. I think on breakout trades like 20.6, having trailing stops remove a lot of the decision making problems you end up with on a trade like this. You just don't know how far a retrace can go.

In any case, I was right about the strong resistance, price on EU didn't even bother retesting and surpassing today's high, and the ADR was only 77% complete. Bulls nor bears took any real control today. I would hazard a guess that we should see some major movement in the next day or to, but opinions and guesses can end up being costly, and cause havoc psychologically.

Keep up the good work to bro
  • #278
  • Aug 19, 2010 3:51am Aug 19, 2010 3:51am
Greetings to you all,

Tried to trade a 20.6 this morning as I saw a 4hr TL that had its 4th touch:

Attached Image (click to enlarge)
Click to Enlarge Name: 19 aug gu 20.6.gif Size: 20 KB


PA was hovering around the TL and not breaking cleanly as I would've liked, but probably because of a news release which was minutes away. In any case I had an SL of 25 pips/2.5% risked and a reverse order in place. The reverse order has proved to be invaluable as better than expected news has caused buy orders to be triggered:

Attached Image (click to enlarge)
Click to Enlarge Name: 19 aug eu 20.6.0.gif Size: 18 KB


I've now got +55 pips/5.5% gain locked in as I type. Learned my lesson from yesterday, I'm not giving large parts of my profit back to the market

Peace
  • #279
  • Aug 19, 2010 4:28am Aug 19, 2010 4:28am
Quoting niteshift02
Greetings to you all,

Tried to trade a 20.6 this morning as I saw a 4hr TL that had its 4th touch:

Attachment

PA was hovering around the TL and not breaking cleanly as I would've liked, but probably because of a news release which was minutes away. In any case I had an SL of 25 pips/2.5% risked and a reverse order in place. The reverse order has proved to be invaluable as better than expected news has caused buy orders to be triggered:

Attachment

I've now got +55 pips/5.5% gain locked in as I type. Learned my...
Trailing stop hit and out of the trade at +90 pips. Take away my loss from earlier, this puts me up +65 pips/+6.5% gained for today.

Attached Image (click to enlarge)
Click to Enlarge Name: 19 aug eu 20.6.1.gif Size: 18 KB


Definitely my KO trade of the week, although definitely not how I would've planned it. But reverse orders are there for a reason
  • #280
  • Aug 19, 2010 4:41am Aug 19, 2010 4:41am
Quoting niteshift02
Trailing stop hit and out of the trade at +90 pips. Take away my loss from earlier, this puts me up +65 pips/+6.5% gained for today.

Attachment

Definitely my KO trade of the week, although definitely not how I would've planned it. But reverse orders are there for a reason
Time to ask. Do you trade dummy or real account and what P/L you currently hold? Asking cuz you have been making some nice pips lately and learning really well.
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