Intraday comb on Swissy. Nice stop location, risk 22 pips/0.22%. Let's see how she rolls.
Attachment
The IGROK files - Adventures of a rookie using the Igrok method
- #402
- Edited 10:00am Nov 3, 2010 9:47am | Edited 10:00am
- | Joined May 2010 | Status: Looking for the KO trade | 471 Posts
Decided to leave trade open during news, SL hit, down -22 pips/.22%. Main move of the day has changed as new high has been reached. Reverse order now in play, SL slightly higher at 32 pips/0.32% risked, placed just below current 4hr bar.
- #403
- Nov 4, 2010 3:34am Nov 4, 2010 3:34am
- | Joined May 2010 | Status: Looking for the KO trade | 471 Posts
Greetings all,
Even after the disaster of yesterday, I'm still hungry for more trading action LOL
This time it's EURCHF, and I'm going with the direction of all the main moves. Again I'm looking at good places for my stops, and I have it at the top of what appears to be a triangle or wedge formation.
The lower TL has already had a number of touches, so the plan is for price to break it, and then I have a longer term 4hr div target. SL is 15 pips/0.15% risked.
Swissy looked to have been the better and simpler trade this morning, but I sadly missed my entry.
Even after the disaster of yesterday, I'm still hungry for more trading action LOL
This time it's EURCHF, and I'm going with the direction of all the main moves. Again I'm looking at good places for my stops, and I have it at the top of what appears to be a triangle or wedge formation.
The lower TL has already had a number of touches, so the plan is for price to break it, and then I have a longer term 4hr div target. SL is 15 pips/0.15% risked.
Swissy looked to have been the better and simpler trade this morning, but I sadly missed my entry.
- #404
- Nov 4, 2010 3:40am Nov 4, 2010 3:40am
- | Joined May 2010 | Status: Looking for the KO trade | 471 Posts
Greetings all,
Even after the disaster of yesterday, I'm still hungry for more trading action LOL
This time it's EURCHF, and I'm going with the direction of all the main moves. Again I'm looking at good places for my stops, and I have it at the top of what appears to be a triangle or wedge formation.
Attachment
The lower TL has already had a number of touches, so the plan is for price to break it, and then I have a longer term 4hr div target. SL is 15 pips/0.15% risked.
Swissy looked to have been the better and simpler trade...
- #405
- Nov 4, 2010 3:54am Nov 4, 2010 3:54am
- | Joined May 2010 | Status: Looking for the KO trade | 471 Posts
Right, back to demo trading. Have incurred too many losses in a row and have become a lousy trader. Not good. I may be gone for some time while I reasess what I'm doing wrong.
Good trading to you all
Good trading to you all
- #407
- Nov 5, 2010 9:10am Nov 5, 2010 9:10am
- | Joined May 2010 | Status: Looking for the KO trade | 471 Posts
Hey Niteshift,
I think you might be getting back to demo too soon. Quite a few losses in a row are normal with a system like this, especially when you consider the R:R. It's the exact opposite of when someone is trading with a big stop and a small TP. They get constant growth and then most of their profits are wiped out with a few bad trades. In our case however, the exact opposite is true. After all, how long did you trade with your live account? Not long at all, I think you'll agree. Besides, you are keeping your risk small, so you can be sure...
Thanks for the words of encouragement. I just needed some time off putting real orders on so I can reflect more closely at what I'm doing wrong. I think mainly my TA and charting has been awful this week, entry timing all wrong, etc, and I'm struggling to capture the frame of mind I had a few months back. I think a large percentage of trading is mental, and if it ain't right, well, the results will start to tell you so. Back then I was reading things reasonably well, and picking my trades wisely. I think this week I was like a teenager with a new fast car, I wanted to take it out for a drive, but not driving correctly, and so you end up crashing.
Anyway, thanks again for your wise words, I think they are most helpful. You are doing a fine job with your charting and trading, so keep it up. Always nice to see someone working hard and getting the right results. Don't worry, I think I'll be back next week with the live account, I just gotta be more fussy.
Thanks again and peace bro
- #408
- Nov 5, 2010 9:31am Nov 5, 2010 9:31am
- Joined Aug 2007 | Status: Trader | 3,135 Posts
Measure twice, cut once
- #409
- Nov 5, 2010 10:25am Nov 5, 2010 10:25am
- | Joined May 2010 | Status: Looking for the KO trade | 471 Posts
I want to give you a little homework over the weekend if you want to.
Go over every trade you have made on technical formation where you have traded the formation when price make a 3rd touch (with only 2 touches on the other side) like channels and triangles (not diamonds).
If the total result ends negative, which I believe it will, never trade a formation on a 3rd touch (2 on the other side) without any other clues, only make a trade on the 3rd approach if you have 3 touches on the other side.
Second, find out how much the performance would...
In your day to day trading, is the 'SL<40 pips/ above/below daily extreme' a must? Do you turn down good looking setups if the SL is too much when you want to place it at the extremes? For example on trendline/triangle/diamond breakouts, I would sometimes place my SL behind the 15/30/60 min bar which broke the TL, usually near where price has stopped moving for a while before continuing on to breakout. Looking back I wouldn't say this was 100% successful, you end up relying on a fast clean break, and if that doesn't happen, the retrace would sometimes take me out.
I was trying to be more picky with my stops and placing them at intraday extremes as suggested by you a while back, but my trades this week have ended up with my SL hit. The problem I seemed to have is during the European open, mainly the true daily extremes not being defined yet. Perhaps I need to wait a bit longer for the session opens to calm down.
Anyway, thanks for your help bro and have a great weekend.
Peace
- #410
- Nov 5, 2010 10:43am Nov 5, 2010 10:43am
- Joined Aug 2007 | Status: Trader | 3,135 Posts
Measure twice, cut once
- #412
- Nov 5, 2010 1:23pm Nov 5, 2010 1:23pm
- | Joined May 2010 | Status: Looking for the KO trade | 471 Posts
Wow, you guys meet the big guy in real life, or was it online?
Anyway, I'm trying to work on these points aediaz mentioned (going through my past losing trades now, so far around 70% would not have been taken had I followed the <40pip/daily extreme rule), but the main problem I have at the moment is early European session, and how do I know the extreme is reliable? I guess I'll get that with experiance, but any other tips for me to chew over?
Thanks again guys and have a great weekend
Anyway, I'm trying to work on these points aediaz mentioned (going through my past losing trades now, so far around 70% would not have been taken had I followed the <40pip/daily extreme rule), but the main problem I have at the moment is early European session, and how do I know the extreme is reliable? I guess I'll get that with experiance, but any other tips for me to chew over?
Thanks again guys and have a great weekend
- #413
- Nov 5, 2010 3:00pm Nov 5, 2010 3:00pm
- Joined Sep 2007 | Status: gone fishing | 5,782 Posts
Wow, you guys meet the big guy in real life, or was it online?
Anyway, I'm trying to work on these points aediaz mentioned (going through my past losing trades now, so far around 70% would not have been taken had I followed the <40pip/daily extreme rule), but the main problem I have at the moment is early European session, and how do I know the extreme is reliable? I guess I'll get that with experiance, but any other tips for me to chew over?
Thanks again guys and have a great weekend
- #414
- Dec 2, 2010 8:46am Dec 2, 2010 8:46am
- | Joined May 2010 | Status: Looking for the KO trade | 471 Posts
Greetings all,
I know, I've been gone a long time. Well, went back to the drawing board, been going through some threads again and taking on board other traders' advice and experiences. I've become a lot more fussy now about the trades I take, so I turn down a lot of signals I would've taken a few weeks ago. My main task was getting my charting right and reliable enough to base trading plans on.
I will endeavour to continue on wth my journal, and I figured the start of the month is as good as any time to start again. I won't be posting my risk/reward account percentages anymore as I'm live and would like to keep my losses and earnings to myself. At the moment my risk per trade is usually 0.1-0.6% but no more than 1% of my account.
My first trade of December was this lovely diamond which appeared on EURCHF, managed to lock in +60 pips before price retraced and closed my trade. Initial SL was 40 pips, located above the daily high, as advised by aedaiz and Belekas, thank you gentleman. The risk before hand was a EU news event just after I entered the trade, but the expected MOT was hit.
If diamonds are correctly identified, they can prove to be very, very reliable.
Peace
I know, I've been gone a long time. Well, went back to the drawing board, been going through some threads again and taking on board other traders' advice and experiences. I've become a lot more fussy now about the trades I take, so I turn down a lot of signals I would've taken a few weeks ago. My main task was getting my charting right and reliable enough to base trading plans on.
I will endeavour to continue on wth my journal, and I figured the start of the month is as good as any time to start again. I won't be posting my risk/reward account percentages anymore as I'm live and would like to keep my losses and earnings to myself. At the moment my risk per trade is usually 0.1-0.6% but no more than 1% of my account.
My first trade of December was this lovely diamond which appeared on EURCHF, managed to lock in +60 pips before price retraced and closed my trade. Initial SL was 40 pips, located above the daily high, as advised by aedaiz and Belekas, thank you gentleman. The risk before hand was a EU news event just after I entered the trade, but the expected MOT was hit.
If diamonds are correctly identified, they can prove to be very, very reliable.
Peace
- #416
- Dec 13, 2010 5:55pm Dec 13, 2010 5:55pm
- | Joined May 2010 | Status: Looking for the KO trade | 471 Posts
hi nite
could you tell us how long you have been trading igroks method, and what has been your results so far ?
Have been trading the Igrok method properly for about 6 months now, but my analysis and charting in general still needs a lot more work for me to get to the level I want to be at.
Sorry, can't give you an exact figure on results at the moment, but all my trades up to Nov are logged in this journal, and if you read it from the start it is a gradual learning process, and still is.
When I was demoing I gained about 40% on my account in about 2 months, so I'd say I had a good spell, but my lack of consistency has let me down for various reasons, so I'm spending more time doing research than trading at the moment, I'm trying to be very picky as I mentioned in previous posts.Peace
- #417
- Last Post: Dec 15, 2010 2:36pm Dec 15, 2010 2:36pm
- | Joined May 2010 | Status: Looking for the KO trade | 471 Posts
Greetings all,
Went long on Swissy by using the break on a triangle that had formed. My SL was initially 25 pips, and although not ideal placement, I was very confident that the break would occur to the upside. If a retracement had occurred to the downside I was prepared to accept the risk and the loss. But so many clues compelled me to take a chance with this trade. Note the 30min bullish div which had formed, always nice to have a predefined TP target
The real clincher for me was this diamond that formed on USDX. Until that point EU and Swissy had been ranging most of the day, but the break on this was beginning to occur, and so I decided long on Swissy was a good high probability trade.
Here is Swissy just before my target got hit. The divergence target got hit to the pip, and I bagged +69 pips. These are exactly the kind of trades that I like, good clues which can provide you with signals you need to take trades in the right direction.
Until the next time, peace out
Went long on Swissy by using the break on a triangle that had formed. My SL was initially 25 pips, and although not ideal placement, I was very confident that the break would occur to the upside. If a retracement had occurred to the downside I was prepared to accept the risk and the loss. But so many clues compelled me to take a chance with this trade. Note the 30min bullish div which had formed, always nice to have a predefined TP target
The real clincher for me was this diamond that formed on USDX. Until that point EU and Swissy had been ranging most of the day, but the break on this was beginning to occur, and so I decided long on Swissy was a good high probability trade.
Here is Swissy just before my target got hit. The divergence target got hit to the pip, and I bagged +69 pips. These are exactly the kind of trades that I like, good clues which can provide you with signals you need to take trades in the right direction.
Until the next time, peace out