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

What we were just talking about...diamond into H&S? One can only dream...lol.

Trailing stop hit by spike following US jobless figures, gained just +10 pips/+1%. Should've left SL at BE and I would've survived a bit longer for a bit more profit. I engaged a trailing stop due to H&S pattern not quite looking like one anymore around the bottom of the right 'shoulder'. Oh well, at least I made something today. Looks like my projected MOT was missed by a few pips also.

Peace

Potential there, will keep an eye out for sure

Wanted a long entry in EU, entered on using a 19.8. I see strong support at the daily 50% fib level and believe price is in a uptrend, at least for now. Also worth noting only 43% AWR has been completed, so we should expect some big movement in the next day or so.

SL 25 pips/1.25% risked.

Out at -10 pips/-0.5% loss. Could've taken profit at 90% ADR, was waiting for price to hit 100%, but it may not happen today. Price moved down very quickly, everyone decided to dump at the top

Didn't use a trailing stop, and so this is what happens.

Greetings all,

Went for a morning long 18.4 on EU. ADR only 34%, so should have plenty of room to recover losses if price moves against me. SL is 20 pips/2% risked.



Peace

I'll never trade when there's major news events again. Looks loke I picked the worst pair to do it on. Totally unpredictable and volatile behaviour. SL got hit for a -20 pip loss, then PA decided to go crazy for the next hour. Reverse order SL hit for -20 pip loss, so all together down -40 pips/-4% for today.

It's that time again, my review of the week. Very disappointed with my performance this week. From a very promising start with my +50 pip trade on Monday, I've managed to lose half of my gains. And how easily I could've doubled it.

On Tuesday I failed to heed the signs on my short EU positions and let good profit slip away. My initial analysis said it was due to a news event spike, and while this may have had some influence on my stops getting hit, I should've paid more attention to the daily 50% fib level which price had used as support, also bullish divs which started to make an appearance. These are all signals which I should've used to my advantage.

Next day I had a cable trade where I tried to use daily 61.8 fib level for support, and the 20.6 as an entry. PA didn't break cleanly, and I had plenty of chances to get out of a losing trade, but didn't.

From then on I think my week went downhill. I won't go into too much detail, but some were in positions of profit which I just allowed to slip away because I wasn't managing them properly. Trading is a full time job, and with intraday trading you just can't expect that you can walk away and your target will get hit. Situations can change constantly in the market, and it pays to be vigilant.

And my EU trade Friday, I'm trying to forget that. The warning signs were there that it was a very volatile pair to trade, even during the week the daily close was always near to the daily open price and PA was choppy. Add the news events from yesterday, and it was a recipe for disaster. But anyway, the experience of yesterday was actually quite valuable, avoid major news (unless you have some profit locked in), and choppy horrible PA.

There is a saying that the market is like a reflection of yourself. And I think that applied for me this week. I wasn't able to trade with a clear mind, and so my interpretation of the market was distorted and caused me to take bad decisions. I also think I took far too many trades this week compared to what I'd been doing recently, a result of not having my mind focused and right. So I need to get my mind right for the coming week, and if I can't, I won't trade.

I wouldn't class this week as a disaster, a disaster would be me losing pips, but it feels close to one simply because I let all those pips slip away. So if my calculations are right, I've gained +2.5% on initial account size. In any case, we can't expect large gains each week, I think sometimes you will experience tough weeks, whether through bad trades, or lack of trade opportunities.

Well, shouldn't complain, this is my 7th week of being in profit, so must still be doing something right.

And with that, I wish you all an excellent and relaxing (or rocking) weekend, peace

Great paragraph right there! That sort of reflection is what's gonna get you to your goals bro, no doubt about it

7 weeks in profit!! *bow*

Thanks for you comments Sim. Hope all is going well with your trading also

Go for 80% of ADR if you want an ever higher probability for seeing your TP being hit

Thanks for the tip aediaz

Good day to you all,

Have gone for an early morning 18.4 on Swissy. The pair has been in a strong downtrend for a few weeks, so my only danger is that the pair is now in a reversal. But saying that, having observed last week's PA, the pair struggled to change it's main move for the week to UP. Notice as well that even after a bullish rally following NFP, high prices were immediately rejected.

Anyway, I saw a good opportunity for a short entry and decided the risk was worth it. SL is 15 pips/1.47% risked. Only 42% ADR completed, so reverse order should cover my losses if plan fails.



There's also the ascending TL that price is above, and it would be nice if this could get broken.

Peace

Wasn't that TL broken already?

Yes, your one is. My one is different, I connected the first low with the latest lows, missing out the middle ones. Whether it's valid or not remains to be seen. We'll know soon enough

Ahhh ok. Well in that case good luck.

Another early 18.4, this time on EU. This has a strong recent uptrend with PA bouncing off a 50% fib support a couple of weeks back, so uptrend should continue.

SL for now is 17 pips/1.7%, but nice low ADR at 40%. Again, losses should be covered if plan goes wrong. Odds are improved as scheduled news events are over for the day.

Didn't realise it was US Labour day, so will probably exit these trades early. Thanks for FXChi for the reminder, and from now on I will only use the FF calender here, and not the other crappy one I have been using the last few months (the site shall remain nameless!)

Looking at past data, I would be wise to exit these around midday GMT. We'll see how it goes. Anyway, still learning it appears.

Peace

Exited out at BE.

Out at +22 pips/+2.16% gain.

Lesson for today: know your national holidays!