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

  • #341
  • Sep 10, 2010 5:08pm Sep 10, 2010 5:08pm
Quoting niteshift02
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...

Still holding. Good weekend
Measure twice, cut once
  • #342
  • Sep 10, 2010 5:18pm Sep 10, 2010 5:18pm
Quoting aediaz1
Still holding. Good weekend
Nice

I need to to develop a more patient mentality, it leads to more pips
  • #343
  • Sep 10, 2010 5:53pm Sep 10, 2010 5:53pm
Quoting niteshift02
Nice

I need to to develop a more patient mentality, it leads to more pips
At the time I was in the UJ trade, I became so preoccupied with what was happening in the smaller timeframes that I failed to see the big picture:

Attached Image (click to enlarge)
Click to Enlarge Name: uj 10 sep.gif Size: 20 KB


...and so I missed my KO trade...not to worry, there's always next week
  • #344
  • Sep 11, 2010 5:27am Sep 11, 2010 5:27am
Time for my review of the week. Average performance in my opinion, a few tweaks here and there and it could have been much better.

2 trades on Monday, Swissy and EU, both 18.4. Didn't realise it was Labour Day in the US, so exited out of the trades early to avoid any unnecessary losses as there would've been less market activity come US open time. +2.16% gain on Swissy, BE on EU.

Tuesday I played a 20.4 flat surface break on Cable. This trade actually worked well, but I failed to take any profit and exited out at BE. I had seen a downward channel and targeted the lower border, but the market had other ideas and PA reversed on me before reaching it. I had a plan and wanted to stick to it, however, not monitoring the trade or setting some kind of trailing stop proved to be costly.

Wednesday saw my first loss of the week, another flat surface break, this time on EU. PA begin moving against me, and I had plenty of chances to get out at BE. I failed to heed the warning signs and ended with a loss of -1.5%. Later on in the day I managed to capitalise on a double bottom on EU, and a quick break on Cable, +1.25% and +1% gain respectively.

My last trade of the week was a H&S on UJ. I exited far too early, and I think my BE cable trade on Tuesday probably had some influence on how I handled this. I also failed to see the bigger picture as discussed in my previous post. So in the end I only took half of what I probably could've taken, +1.31% gain.

An overall gain of +4.22% on initial account size, another week of profit, and also a lot of things learned, so not bad at all. Also thanks to FXChi for his help this week, and everyone else who has helped, much respect to you

And with that I wish you all a wonderful weekend, and great trading for the coming week. Peace
  • #345
  • Sep 14, 2010 1:27am Sep 14, 2010 1:27am
Greetings all,

First trade of today is a break on a lovely diamond that has been observed by us Igrok folks for a few days now. Short #19.11 now in play:

Attached Image (click to enlarge)
Click to Enlarge Name: gu 14 sep19.11.0.gif Size: 25 KB


SL is 15 pips/1.3% risked. There's UK data coming out in a few hours, so I'm hoping PA will push far enough for me to move my stops to BE. We shall see.

Peace
  • #346
  • Sep 14, 2010 1:33am Sep 14, 2010 1:33am
Missed my entry yesterday for what looks like a promising yearly 18.4 short. Went for a 20.6 as I have unfilled gaps on my chart, and the plan is that I have already seen price hit major resistance, so now's the time to sell. SL 24 pips/1.2% risked.

Attached Image (click to enlarge)
Click to Enlarge Name: au 14 sep 20.6.gif Size: 19 KB
  • #347
  • Sep 14, 2010 2:11am Sep 14, 2010 2:11am
Quoting niteshift02
Greetings all,

First trade of today is a break on a lovely diamond that has been observed by us Igrok folks for a few days now. Short #19.11 now in play:

Attachment

SL is 15 pips/1.3% risked. There's UK data coming out in a few hours, so I'm hoping PA will push far enough for me to move my stops to BE. We shall see.

Peace

My post for this trade incorrectly stated 15 pips SL. It was actually 26. Anyway, SL hit, out at -26 pips/-1.3%. So possibly we have a false break on this diamond. Would have considered a reverse position but the upcoming news event is putting me off. Things should be clearer after 10am GMT+1.
  • #348
  • Sep 14, 2010 2:20am Sep 14, 2010 2:20am
Quoting niteshift02
My post for this trade incorrectly stated 15 pips SL. It was actually 26. Anyway, SL hit, out at -26 pips/-1.3%. So possibly we have a false break on this diamond. Would have considered a reverse position but the upcoming news event is putting me off. Things should be clearer after 10am GMT+1.
I think I have never seen a fake breakout on legit formation
  • #349
  • Sep 14, 2010 2:31am Sep 14, 2010 2:31am
Quoting niteshift02
Missed my entry yesterday for what looks like a promising yearly 18.4 short. Went for a 20.6 as I have unfilled gaps on my chart, and the plan is that I have already seen price hit major resistance, so now's the time to sell. SL 24 pips/1.2% risked.

Attachment
SL hit, out for -24 pips/1.2% risked. Not having much luck today, I think my SL was too low. I am tempted to re-enter this pair short again using an 18.4....hmmmm.
  • #350
  • Sep 14, 2010 2:37am Sep 14, 2010 2:37am
Quoting belekas
I think I have never seen a fake breakout on legit formation
Yeah, I just left the trade and came back and found I'd been stopped out. What da f**k! LOL

I keep thinking about geppy triangle I saw from yesterday, perfect triangle. That had a false break, then went on to break downwards for lovely profit.

What do you reckon now? Long? Or retest of lower TL again? The news is putting me off making any kind of entry.
  • #351
  • Sep 14, 2010 2:40am Sep 14, 2010 2:40am
Quoting niteshift02
Yeah, I just left the trade and came back and found I'd been stopped out. What da f**k! LOL

I keep thinking about geppy triangle I saw from yesterday, perfect triangle. That had a false break, then went on to break downwards for lovely profit.

What do you reckon now? Long? Or retest of lower TL again? The news is putting me off making any kind of entry.
I'm still long of the #19.12
  • #352
  • Sep 14, 2010 2:45am Sep 14, 2010 2:45am
Quoting belekas
I'm still long of the #19.12
Good man. That's the last time I go off and leave the trade running without watching it LOL

I had too much faith in the diamond break....
  • #353
  • Sep 14, 2010 2:47am Sep 14, 2010 2:47am
Quoting niteshift02
Good man. That's the last time I go off and leave the trade running without watching it LOL

I had too much faith in the diamond break....
It was not a diamond. Lacking symmetry on the right side. It was something other of unknown origin, but perfectly tradable with tight stops. Take a look at a naked 1hr chart and you should figure it out
  • #354
  • Sep 14, 2010 2:58am Sep 14, 2010 2:58am
Quoting belekas
It was not a diamond. Lacking symmetry on the right side. It was something other of unknown origin, but perfectly tradable with micro stops. Take a look at a naked 1hr chart and you should figure it out
This is what I see, a triangle/wedge? The 1 hr pin bar provided a good signal to go long.

Sometimes it's good to strip naked LOL

Attached Image (click to enlarge)
Click to Enlarge Name: cable.0.gif Size: 23 KB
  • #355
  • Sep 14, 2010 3:05am Sep 14, 2010 3:05am
Quoting niteshift02
This is what I see, a triangle/wedge? The 1 hr pin bar provided a good signal to go long.

Sometimes it's good to strip naked LOL

Attachment
Forget pins, ib's, i4b's, ob's and all that shit if you are trading Igrok method. Cable has been in the obvious 140 pip range. You could have gotten 140 pips on the long and short and now buy at the support again and target resistance
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd_h1_market_structure.jpg Size: 77 KB
  • #356
  • Sep 14, 2010 3:20am Sep 14, 2010 3:20am
Quoting belekas
Forget pins, ib's, i4b's, ob's and all that shit if you are trading Igrok method. Cable has been in the obvious 140 pip range. You could have gotten 140 pips on the long and short and now buy at the support again and target resistance
Ah yes, of course. Sometimes it's easy to miss the obvious, thanks for opening my eyes mate. Looks like I'll still be a rookie for sometime....
  • #357
  • Sep 14, 2010 3:34am Sep 14, 2010 3:34am
Quoting niteshift02
Ah yes, of course. Sometimes it's easy to miss the obvious, thanks for opening my eyes mate. Looks like I'll still be a rookie for sometime....
No problemo
  • #358
  • Sep 14, 2010 12:03pm Sep 14, 2010 12:03pm
Quoting niteshift02
SL hit, out for -24 pips/1.2% risked. Not having much luck today, I think my SL was too low. I am tempted to re-enter this pair short again using an 18.4....hmmmm.
For my own analysis, going back to my failed AU trade this morning, it has become clear why it failed. Talk about putting the odds against myself LOL

Attached Image (click to enlarge)
Click to Enlarge Name: au channel.gif Size: 24 KB


Again I failed to see the bigger picture until it's too late. Going over all my charts is usually the first thing I'd do, but not today for some reason. Going short was clearly not the way to go, guess I got caught up in the 18.4 intrayear short idea and wanted to get in. This kind of thing reminds me why there are no certainties in Forex trading, only probabilities. I had thought to myself this morning that the pair isn't going to go any higher, and I can catch a ride on the way down. Boy was I wrong...

With my cable trade, I just didn't take enough care and attention, no other excuses. A reverse order would have been sweet today, and I have no idea why I didn't use one.

Gotta stop making opinions and start trading what I see, not what I think.
  • #359
  • Sep 18, 2010 4:15am Sep 18, 2010 4:15am
Time for my review of the week. Well, it had to happen at some point, I've finally made a loss for the week. Down at -2.5%, however I'm not too worried as I didn't really have a chance to trade properly this week, so no chance to recover my losses. But also, losing is part of this business, so it's to be expected.

My previous post details where I went wrong, so with that I bid you all farewell, and have a fantastic weekend, and an even better week of trades.

Peace
  • #360
  • Oct 7, 2010 1:58am Oct 7, 2010 1:58am
Greetings all,

I was away from trading longer than anticipated, but feels good to be back. First trade in a long time is a flat surface break, 20.4, on EU. SL is 20 pips/1% risked.

Attached Image (click to enlarge)
Click to Enlarge Name: 7 oct eu.1.gif Size: 17 KB


Everything was pointing up, so odds looked good for going long. Let's see how far price can move.

Peace
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