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

  • #321
  • Edited 3:41pm Sep 6, 2010 7:34am | Edited 3:41pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
I think EU may be building a main diagonal targeting 2850 that could turn into a diamond. High today was 2917 and unpaid 1hr div debt @ 2931 looks like a must to me.
Attached Image (click to enlarge)
Click to Enlarge Name: september 6 2010 channel and broadening.jpg Size: 89 KB
"Wishful thinking dies hard." Igor T.
  • #322
  • Sep 6, 2010 7:59am Sep 6, 2010 7:59am
Quoting FxChi
I think EU may be building a main diagonal targeting 2850 that could turn into a diamond. High today was 2917 and unpaid 4hr div debt @ 2931 looks like a must to me.
Thanks bro, I'll check it out. Thought I'd have to close my charts for today, but back to work
  • #323
  • Sep 6, 2010 8:07am Sep 6, 2010 8:07am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
IDK if it's going to reach 2850 in this session now. It just satisfied 30 min div target @ 2866 and bounced...darn. Only a couple more hours before Europe is closed and if it doesn't reach it by then I don't think it'll hit this session. Anyways was just pointing out though the 2931 target looks obvious with lots of clues pointing to it. Maybe a different pattern will unfold for us in the next trading session but it's something I'm keeping my eye on for sure.
"Wishful thinking dies hard." Igor T.
  • #324
  • Sep 6, 2010 8:19am Sep 6, 2010 8:19am
Quoting FxChi
IDK if it's going to reach 2850 in this session now. It just satisfied 30 min div target @ 2866 and bounced...darn. Only a couple more hours before Europe is closed and if it doesn't reach it by then I don't think it'll hit this session. Anyways was just pointing out though the 2931 target looks obvious with lots of clues pointing to it. Maybe a different pattern will unfold for us in the next trading session but it's something I'm keeping my eye on for sure.
No worries. Long appears to be the way to go with this pair at the moment, will wait for a nice entry signal tomorrow I guess.
  • #325
  • Sep 6, 2010 11:14am Sep 6, 2010 11:14am
For my own amusement, gotta keep my brain active

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


If it plays out like this, even better.
  • #326
  • Sep 6, 2010 1:22pm Sep 6, 2010 1:22pm
Quoting niteshift02
For my own amusement, gotta keep my brain active

Attachment

If it plays out like this, even better.
I like it Going to invest in this scenario myself if everything works out.
Measure twice, cut once
  • #327
  • Sep 6, 2010 3:34pm Sep 6, 2010 3:34pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Yes indeed that does look interesting on EUR/CHF, nice spot.

EDIT: Also EU diamond idea not looking legit.
"Wishful thinking dies hard." Igor T.
  • #328
  • Sep 6, 2010 4:42pm Sep 6, 2010 4:42pm
Glad you like it guys. But remember kids, it's not about predicting where price will go, but what we do if or when it gets there.

Or something like that, isn't that right aediaz?
  • #329
  • Sep 6, 2010 4:52pm Sep 6, 2010 4:52pm
Quoting niteshift02
Glad you like it guys. But remember kids, it's not about predicting where price will go, but what we do if or when it gets there.

Or something like that, isn't that right aediaz?
Sounds like an good quote to me >D
Measure twice, cut once
  • #330
  • Sep 7, 2010 6:37am Sep 7, 2010 6:37am
Greetings my fellow Igrok traders,

My trade of the day is a flat surface break on Cable, a 20.4. I see cable as being bearish in an descending channel, and the plan is for price to break the FS nicely, and continue on to lower border. Let's see how this plays out.

SL is 30 pips/1.5% risked.

Attached Image (click to enlarge)
Click to Enlarge Name: cable 20.4.gif Size: 18 KB


And here's the channel I mentioned:

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Click to Enlarge Name: cable channel.gif Size: 19 KB


Peace
  • #331
  • Sep 7, 2010 1:23pm Sep 7, 2010 1:23pm
Quoting niteshift02
Greetings my fellow Igrok traders,

My trade of the day is a flat surface break on Cable, a 20.4. I see cable as being bearish in an descending channel, and the plan is for price to break the FS nicely, and continue on to lower border. Let's see how this plays out.
SL hit at break even. Price failed to hit my lower TL target of around 1.5280. Had the choice to take profit at over 100% ADR, but had faith in my channel being valid, so paid the price for aiming for the lower TL. Big retracement though...

Attached Image (click to enlarge)
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Never mind, I live to trade another day
  • #332
  • Sep 8, 2010 3:52am Sep 8, 2010 3:52am
Greeetings all,

Went for a 20.4 on EU today, similar setup to my cable trade yesterday. Flat surface break, although the break is not as clean as I would like at this moment. SL is 15 pips/1.5% risked.

Attached Image (click to enlarge)
Click to Enlarge Name: eu 8 sep 20.4.gif Size: 15 KB
  • #333
  • Sep 8, 2010 4:32am Sep 8, 2010 4:32am
Quoting niteshift02
Greeetings all,

Went for a 20.4 on EU today, similar setup to my cable trade yesterday. Flat surface break, although the break is not as clean as I would like at this moment. SL is 15 pips/1.5% risked.

Attachment
SL hit for -15 pips/1.5% loss. No reverse order set as I still think the pair will go down further down today. In any case, I had plenty of warning to get out, the PA was not good after the FS break.
  • #334
  • Sep 8, 2010 10:20am Sep 8, 2010 10:20am
Looks like my earlier assessment of this pair was way off. Saw an opportunity to enter a long on EU, this time a double bottom. SL 25 pips/1.25% risked.

Attached Image (click to enlarge)
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The 38 fib level provided to be strong resistance, so I to decided to take profit at the next approach to this level.

Attached Image (click to enlarge)
Click to Enlarge Name: eu 8 sep db.1.gif Size: 18 KB


Profit +25 pips/+1.25% gain.
  • #335
  • Sep 8, 2010 10:25am Sep 8, 2010 10:25am
Saw an opportunity to go long on cable, this time a TL that was being tested, and eventually broke. SL 14 pips/0.8 risked. My only regret was not putting more on the trade, but I was preoccupied with my previous trade. That's why it's always advised not to have more than two trades running at the same time. I can barely cope with one LOL

Attached Image (click to enlarge)
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  • #336
  • Sep 8, 2010 10:45am Sep 8, 2010 10:45am
Quoting niteshift02
Saw an opportunity to go long on cable, this time a TL that was being tested, and eventually broke. SL 14 pips/0.8 risked. My only regret was not putting more on the trade
Attachment
Trailing stop hit and out at +20 pips/+1%. Didn't expect to make much from this anyway as it was more a counter trend trade IMO. This was like a quick scalp, but without the large sized lots.

That'll do for today, at least my loss from this morning has been covered.

Peace
  • #337
  • Sep 9, 2010 4:44am Sep 9, 2010 4:44am
Greetings all,

Looks like UJ is forming a H&S, so decided to jump in and give it a go. As I'm trading against the trend, and sometimes these H&S formations don't work out as planned, I risked only half of what I'd usually put on. SL is 12 pips/0.71% risked. The only other thing to be cautious of is US news in a few hours or so.

Attached Image (click to enlarge)
Click to Enlarge Name: uj 9 sep 19.13.gif Size: 20 KB
  • #338
  • Sep 9, 2010 12:21pm Sep 9, 2010 12:21pm
Quoting niteshift02
Greetings all,

Looks like UJ is forming a H&S, so decided to jump in and give it a go. As I'm trading against the trend, and sometimes these H&S formations don't work out as planned, I risked only half of what I'd usually put on. SL is 12 pips/0.71% risked. The only other thing to be cautious of is US news in a few hours or so.

Attachment
Closed trade for +22 pips/+1.31 gain. Looks like a diamond or triangle maybe forming, so decided to take profit now instead of nothing. The upper TL is part of a larger descending TL which PA has failed to breach. It might be worth placing an order above this line in case price breaks it, but I think I'm done for the day.

Attached Image (click to enlarge)
Click to Enlarge Name: uj 9 sep 19.13.0.gif Size: 22 KB


Peace
  • #339
  • Sep 10, 2010 8:59am Sep 10, 2010 8:59am
Quoting niteshift02
Greetings all,

Looks like UJ is forming a H&S, so decided to jump in and give it a go. As I'm trading against the trend, and sometimes these H&S formations don't work out as planned, I risked only half of what I'd usually put on. SL is 12 pips/0.71% risked. The only other thing to be cautious of is US news in a few hours or so.

Attachment
Took that myself. Those setups shall always be against the trend. While the probability isn't that high, the R:R is excellent! Another quality-sign for a H&S is that it should top/bottom the whole trend like in this case where it forms at the absolute low. This goes for most patterns.
Measure twice, cut once
  • #340
  • Sep 10, 2010 9:44am Sep 10, 2010 9:44am
Quoting aediaz1
Took that myself. Those setups shall always be against the trend. While the probability isn't that high, the R:R is excellent! Another quality-sign for a H&S is that it should top/bottom the whole trend like in this case where it forms at the absolute low. This goes for most patterns.
Hi aediaz,

Hope you took all the reward. I exited earlier than I would've liked, lack of experience with this pattern I guess, but it more or less hit my expected target later in the Asian session. Slow movement in the later part of the US session had me worried about the validity of the pattern, so I took my cash off the table. Oh well, good experience anyway, at least I know what can occur the next time I take this type of pattern.

Thanks for popping by, your advice is always welcome here my friend

And to all the rest of you I wish you all a great weekend. Peace
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