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

  • #381
  • Oct 20, 2010 10:12am Oct 20, 2010 10:12am
Quoting niteshift02
One lot closed at H&S MOT for a gain of +50 pips/+1.54% gain.

I've one lot left open with a trailing stop. Let's see how far it can go.
Trailing stop hit for +70 pips/2.16% gain. So all together a nice gain of +3.7% for today.

For a trade that I had initially regretted entering, it turned out to be most profitable. But in any case I must still improve my chart reading, the H&S was staring me right in the face, but thanks to Mizuno for helping me see properly. As they say in the UK, "...should have gone to Specsavers..."

But this does show me how the mind can play tricks with how you perceive things, especially in trading. I bet I'm not the only trader who has missed the most obvious patterns or setups, simply because the mind is focused on something else on the chart.

Anyway, most likely this is my last trade of the week, so peace out to all my fellow traders, and happy hunting
  • #382
  • Oct 22, 2010 2:35am Oct 22, 2010 2:35am
Greetings all,

I wasn't going to do another trade this week, but my charts called me from the depths of sleep. Having a look at some of the Euro crosses and I stumbled upon this. Now to me it looks like a diamond, but there is also the possibility that I have wrongly identified it, but the sequences seem valid.

First trade in the wrong direction, SL eventually hit for a loss of 2% (got my costings wrong and risked more than I normally would.)

Attached Image (click to enlarge)
Click to Enlarge Name: ej oct 22 diamond.gif Size: 24 KB


Reverse order activated, let's see if I can recoup some of my losses. This time SL 10 pips/1.2% risked.

Attached Image (click to enlarge)
Click to Enlarge Name: ej oct 22 diamond.0.gif Size: 21 KB


Peace
  • #383
  • Oct 22, 2010 2:38am Oct 22, 2010 2:38am
Quoting niteshift02
Greetings all,

Now to me it looks like a diamond, but there is also the possibility that I have wrongly identified it, but the sequences seem valid.
Looking at it again, I don't think it is a diamond simply because the breakout is the same direction as the main diaganal, so perhaps it's something else. Will just have to keep watching and take what I can.
  • #384
  • Oct 22, 2010 2:55am Oct 22, 2010 2:55am
Quoting niteshift02
Looking at it again, I don't think it is a diamond simply because the breakout is the same direction as the main diaganal, so perhaps it's something else. Will just have to keep watching and take what I can.
Looks like a head & shoulders....hmmm...I hope it is

Attached Image (click to enlarge)
Click to Enlarge Name: ej oct 22 h&s.gif Size: 21 KB
  • #385
  • Oct 22, 2010 3:12am Oct 22, 2010 3:12am
Quoting niteshift02
Looks like a head & shoulders....hmmm...I hope it is

Attachment
Stopped out, looks like my SL wasn't wide enough and the news release whacked it. Total loss for today -3%. Expensive lesson of today is get pattern identification right in the first place, and avoid news events, which I already know but took the risk anyway (dumbass).

I shoulda stayed in bed LOL but anyway, still up for the week, and I might get another crack on another pair, ONLY if it looks right.
  • #386
  • Oct 22, 2010 3:45am Oct 22, 2010 3:45am
I would advice you to hide SL above/below daily extreme. If SL is too far away, don't trade it.
Measure twice, cut once
  • #387
  • Oct 22, 2010 4:00am Oct 22, 2010 4:00am
Quoting aediaz1
I would advice you to hide SL above/below daily extreme. If SL is too far away, don't trade it.
Thanks for the advice Aediaz. That is the ideal placement, but I think a made a lot of errors this morning. 'Don't trade it' is the advice I should have followed. At this stage I would still like to trade this pair again at some point today, the AWR is only 58% complete, so perhaps an extension of the weekly main move later today?

This is how I see the pair at the moment:

Possible wedge in progress:

Attached Image (click to enlarge)
Click to Enlarge Name: ej oct 22.0.gif Size: 21 KB


On larger timeframe we have a resistance TL with 3 touches, so a future 20.6:

Attached Image (click to enlarge)
Click to Enlarge Name: ej oct 22.gif Size: 24 KB


Of course all I can do is watch PA and hope I'm able to make the correct decision and execution.

Peace
  • #388
  • Oct 22, 2010 4:08am Oct 22, 2010 4:08am
...maybe even a H&S! This one looks decent, I'm seeing these bloody things everywhere now

Attached Image (click to enlarge)
Click to Enlarge Name: ej oct 22. h&s.gif Size: 23 KB


If it is legit, then I've missed my shoulder entry, so we'll see what happens at the neckline.
  • #389
  • Oct 27, 2010 1:40am Oct 27, 2010 1:40am
Greetings,

Have taken a long position on the bottom of what appears to be a diamond. SL is 25 pips/1.25% risked, reverse order in place in case the pattern breaks down.

Attached Image (click to enlarge)
Click to Enlarge Name: eu 27 oct diamond.gif Size: 26 KB


Peace and good trading
  • #390
  • Oct 27, 2010 1:42am Oct 27, 2010 1:42am
Quoting niteshift02
Greetings,

Have taken a long position on the bottom of what appears to be a diamond. SL is 25 pips/1.25% risked, reverse order in place in case the pattern breaks down.
Reverse order triggered, let's watch PA closely.
  • #391
  • Oct 27, 2010 2:01am Oct 27, 2010 2:01am
Well, the way the USDX is looking now, short on EU might well be the way to go. Still in the reverse trade, SL is 30 pips/1.5% risked. Today could be interesting

Attached Image (click to enlarge)
Click to Enlarge Name: usdx 27th oct.gif Size: 19 KB
  • #392
  • Oct 27, 2010 3:12am Oct 27, 2010 3:12am
Quoting niteshift02
Reverse order triggered, let's watch PA closely.
Decided to close the trade for a -15 pip/-0.75% loss. I'm very uncertain about what is going to happen next, so better to be out than risk incurring any further losses. Plus my stops were not at any significant technical level. There are now a number of possibilites that could happen for this pair:

Attached Image (click to enlarge)
Click to Enlarge Name: eu 27 oct possibilities.gif Size: 21 KB


Total -2% loss for today, time to look for another trade opportunity.
  • #393
  • Oct 27, 2010 3:34am Oct 27, 2010 3:34am
Perhaps it's still a diamond. My original entry point was based on a TL that connected previous lows from September, etc. Maybe the market this morning has defined a new lower border not based on any previous lows or TLs. The entry point could have been based on a symmetrical support point as seen on the grey line in my picture:

Attached Image (click to enlarge)
Click to Enlarge Name: eu 27 oct diamond.0.gif Size: 17 KB


Trying to enter diamonds early can be tricky. The USDX picture also threw me off, as well as unpaid divs lower down. Anyway, time will tell if this diamond will still be valid or not, but the challenge of trying to enter a long trade early and deciding what method to use is interesting nonetheless.
  • #394
  • Nov 2, 2010 2:54am Nov 2, 2010 2:54am
Good morning all,

First trade for this week, and I've decided to go for a 18.3 on EU. Recently I've been trying to concentrate on looking for reliable places to put my SLs before entering any trades, so my SLs might become larger than I would usually like, but it just means I risk less on the trade.

In this case I believe we have seen the high for today, and my stop has been placed just above it. Just like the template, price has drifted slowly in one direction without forming a specific pattern at a distance of 40-60 pips. All main moves are pointing down, apart from today's, but I'm going with the recent downtrend off the diamond upper TL. We also have a recent TL below which has multiple touches.

Attached Image (click to enlarge)
Click to Enlarge Name: eu 2nd nov 18.3.gif Size: 21 KB


I'm now trading my live account, small amounts to start with. I just don't see the benefit anymore of trading demo, and I think I'll actually become more picky and a better trader by going live.

Anyway, SL for this trade is 24 pips/.24% risked.

Peace
  • #395
  • Nov 2, 2010 3:07am Nov 2, 2010 3:07am
Quoting niteshift02
First trade for this week, and I've decided to go for a 18.3 on EU.

Anyway, SL for this trade is 24 pips/.24% risked.
Well, that didn't last long, got stopped out. Down -.24% for today.
  • #396
  • Nov 2, 2010 4:24am Nov 2, 2010 4:24am
Really should know better shouldn't I. The upper TL looks like a must reach level. Shame I didn't set a reverse order, was following the 18.3 to the letter. Also should pay more attention to USDX which is more or less going downwards for now. If only, if only...LOL

Attached Image (click to enlarge)
Click to Enlarge Name: eu 2nd nov.gif Size: 25 KB


Might get another chance at the upper TL, let's see what happens. SL location will be a problem though...hmmm
  • #397
  • Nov 2, 2010 8:35am Nov 2, 2010 8:35am
Decided to take the EU diamond break. I initially placed my stop under the 1 hr bar which caused the break, price was too far from any other suitable level. My SL was 25 pips/0.12% risked.

Attached Image (click to enlarge)
Click to Enlarge Name: eu 2nd nov.0.gif Size: 22 KB


My SL has now been moved to BE, I will just let the trade run to the MOT.

Peace
  • #398
  • Nov 2, 2010 8:52am Nov 2, 2010 8:52am
Got in the same


B,
Tom


Quoting niteshift02
Decided to take the EU diamond break. I initially placed my stop under the 1 hr bar which caused the break, price was too far from any other suitable level. My SL was 25 pips/0.12% risked.

Attachment

My SL has now been moved to BE, I will just let the trade run to the MOT.

Peace
  • #399
  • Nov 3, 2010 2:06am Nov 3, 2010 2:06am
Quoting niteshift02

My SL has now been moved to BE, I will just let the trade run to the MOT.

Peace
Trade stopped out at BE. Sometimes that's the problem when moving stops too soon. My plan kinda relied on a faster break out from the diamond, but this is the way it goes sometimes.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 3nd nov..gif Size: 18 KB
  • #400
  • Nov 3, 2010 2:23am Nov 3, 2010 2:23am
Intraday comb on Swissy. Nice stop location, risk 22 pips/0.22%. Let's see how she rolls.

Attached Image (click to enlarge)
Click to Enlarge Name: uc 3nd nov 20.2..gif Size: 19 KB
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