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Igrok Method. Q's & A's. Comments, thoughts and ideas

  • #6,801
  • Aug 2, 2011 11:40am Aug 2, 2011 11:40am
what do you think.....?
Attached Image (click to enlarge)
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  • #6,802
  • Aug 2, 2011 12:00pm Aug 2, 2011 12:00pm
Hi,
I have seen that the ES has broken the diamond on the low side.
Do you think it's to early to enter short on ES?
If not, what would it be your target and stop loss on the short position?
Thanks!
Marc

Quoting jupiter_peak
There is one also on the ^DJI daily. Price close to the roght side lower border.

  • #6,803
  • Aug 2, 2011 7:04pm Aug 2, 2011 7:04pm
For diamond lovers: Yen hourly.
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  • #6,804
  • Aug 3, 2011 1:49pm Aug 3, 2011 1:49pm
I'd say it's pretty symmetrical.

Attached Image (click to enlarge)
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  • #6,805
  • Aug 3, 2011 8:16pm Aug 3, 2011 8:16pm
Quoting jupiter_peak
I'd say it's pretty symmetrical.

  • #6,806
  • Aug 4, 2011 4:30am Aug 4, 2011 4:30am
something nice is forming on EUR USD .....
Attached Image (click to enlarge)
Click to Enlarge Name: EUR USD diamond forming.gif Size: 130 KB
  • #6,807
  • Aug 4, 2011 11:36am Aug 4, 2011 11:36am
Caught the top of this one, after a smaller one broke north. Kind of an H&S shape.
Also could be traded as an 18.4 IM.
Attached Image (click to enlarge)
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  • #6,808
  • Aug 4, 2011 1:19pm Aug 4, 2011 1:19pm
Jupiter peak, please - I would like to have your opinion about this.
As for me, I consider it a diamond forming on daily cable. The daily candle hasnīt closed yet ( sorry for this, but I use candles on my charts) but as I can see the chart, I donīt suppose it closes below the lower trendline.

I would really like to know your opinion about this one - by the way that diamond on EUR/USD I posted worked quite nicely.

Thanks for your opinion - personally I would prefer to be long tommorrow on Cable.
Attached Image (click to enlarge)
Click to Enlarge Name: Cable Daily diamond.gif Size: 165 KB
  • #6,809
  • Aug 4, 2011 1:36pm Aug 4, 2011 1:36pm
Quoting Tatbat
Jupiter peak, please - I would like to have your opinion about this.
As for me, I consider it a diamond forming on daily cable. The daily candle hasnīt closed yet ( sorry for this, but I use candles on my charts) but as I can see the chart, I donīt suppose it closes below the lower trendline.

I would really like to know your opinion about this one - by the way that diamond on EUR/USD I posted worked quite nicely.

Thanks for your opinion - personally I would prefer to be long tommorrow on Cable.

..looks even better on 4H - do you consider the left side of it legal?
  • #6,810
  • Aug 4, 2011 1:36pm Aug 4, 2011 1:36pm
Quoting jupiter_peak
Caught the top of this one, after a smaller one broke north. Kind of an H&S shape.
Also could be traded as an 18.4 IM.
Nice one And i would bet that the break of left lower TL is imminent
  • #6,811
  • Aug 4, 2011 1:40pm Aug 4, 2011 1:40pm
JUPITER PEAK

I am sorry - I just only now looked at your post of 4H chart.

Sorry again
  • #6,812
  • Aug 4, 2011 2:38pm Aug 4, 2011 2:38pm
Quoting Tatbat
Jupiter peak, please - I would like to have your opinion about this.
As for me, I consider it a diamond forming on daily cable. The daily candle hasnīt closed yet ( sorry for this, but I use candles on my charts) but as I can see the chart, I donīt suppose it closes below the lower trendline.

I would really like to know your opinion about this one - by the way that diamond on EUR/USD I posted worked quite nicely.

Thanks for your opinion - personally I would prefer to be long tommorrow on Cable.
Hi Tatbat, thanks for your question. Although I am not the owner of this thread, however I think I have a descent view of what is going on and will try to explain.

There is a very symmetrical diamond on EURO but not the one you have there. I published a sketch of it twice here already.Price is currently testing the lower right side of it as I type this.

There is also a diamond in cable that can be seen on the 2h/4h time frames. The lower right side has been penetrated. This one has very good diagonal symmetry as well as a perfect sequence of moves.

Regarding a bullish entry, I would not recommend it for a few reasons:

1. the pound had enough parked sell orders to prevent it from changing the monthly/weekly main move. Therefore, we have all the main moves aligned: year/month/week. Of course daily and weekly change more often. However, if we have a closing price near the low of the day, we should see some further expansion tomorrow a well. Most-likely we could see an 18.1/18.2/18.4 setup during Asia or so. I would only take a trade in the direction of the main moves.

2. Pretty much the same can be said about the Euro.

3. USDx broke a diamond today (4h) and is currently heading north. It's also currently inside a broadening triangle on dailies and I might say that I can observe a double bottom formation (W) with the right bottom just slightly lower. If you draw a line from the high of April across the high of July and on, you will see a pretty clear resistance level. Therefore, I expect the USD to be bullish for quite some time...

4. I tend to take the majority of my positions in the direction of an aligned trend (ie. daily + weekly/weekly + monthly, etc.) And the best results I get is placing my stops above/below the opposite side of the range if the entry satisfies my pips @ risk amount. So I recommend, before trying to simply assume the main diagonal direction etc., trying to count the sequence of moves in order to have a more 'educated' guess on where the formation will most likely break. But again, regardless of expectations, I would suggest opening a position in the direction of the move. For both these pairs, the direction is clearly down at the moment.

Once again, i am not the owner of this thread, however, this is just my contribution.

Hope I could help.
  • #6,813
  • Aug 5, 2011 8:38am Aug 5, 2011 8:38am
Missed this one one by two miserable pips.



By the way: EURUSD provided a counter (20.6) on the excessive range of the previous day supported by confirmed MACD divergence, however, SL too big for me.
Attached Image (click to enlarge)
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  • #6,814
  • Aug 5, 2011 10:33am Aug 5, 2011 10:33am
jupiter_peak,
I would like to know your opinion on EURCAD, di you think it will go down to retest the los wat 1.34 or it will keep on climbing up?
I was thinking to short it now becasue it's way overbought.
I am a beginner and still learning I hope you will reply to this message.
Best!
Marco

Quoting jupiter_peak
Missed this one one by two miserable pips.



By the way: EURUSD provided a counter (20.6) on the excessive range of the previous day supported by confirmed MACD divergence, however, SL too big for me.
  • #6,815
  • Aug 5, 2011 1:06pm Aug 5, 2011 1:06pm
Quoting marcb
jupiter_peak,
I would like to know your opinion on EURCAD, di you think it will go down to retest the los wat 1.34 or it will keep on climbing up?
I was thinking to short it now becasue it's way overbought.
I am a beginner and still learning I hope you will reply to this message.
Best!
Marco
Everything is possible. In this case, less-likely I would say.

I would rather open position in the direction main moves.

This past week, for exemple, it was easy to choose a side to trade: UP.

Hope this helps.

Best.
  • #6,816
  • Aug 5, 2011 3:19pm Aug 5, 2011 3:19pm
Thank you for your reply,
You often post diamond pattern what if the price break a diamond on the lower side and then comes back within the diamond, is it still valid?

For example the daily EURUSD diamond was broken yesterday and today it closes right back into the pattern: is it the diamond on EURUSD daily still valid?

Thanks
Marco

Quoting jupiter_peak
Everything is possible. In this case, less-likely I would say.

I would rather open position in the direction main moves.

This past week, for exemple, it was easy to choose a side to trade: UP.

Hope this helps.

Best.
  • #6,817
  • Edited 4:57am Aug 6, 2011 12:31am | Edited 4:57am
Quoting marcb
Thank you for your reply,
You often post diamond pattern what if the price break a diamond on the lower side and then comes back within the diamond, is it still valid?

For example the daily EURUSD diamond was broken yesterday and today it closes right back into the pattern: is it the diamond on EURUSD daily still valid?

Thanks
Marco
Nothing was broken. It is still not formed
#1085 (http://www.forexfactory.com/showthread.php?p=1974417#post1974417)
#1010 (http://www.forexfactory.com/showthread.php?p=1949672#post1949672)
#1182 (http://www.forexfactory.com/showthread.php?p=2140582#post2140582)
and even this
#2140 (http://www.forexfactory.com/showthread.php?p=2284481#post2284481)
  • #6,818
  • Aug 6, 2011 12:52am Aug 6, 2011 12:52am
Here is the "much expected" repeated intervention on USD/JPY. And diamonds just showed us once again they are triky.
This diamond is interested because of dissimilarity in forming speed between left and right parts. Quikly formed broadening formation but long last in forming the right part. Some participants were cought in this trap
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.jpg Size: 62 KB
  • #6,819
  • Aug 6, 2011 9:13am Aug 6, 2011 9:13am
Quoting marcb
Thank you for your reply,
You often post diamond pattern what if the price break a diamond on the lower side and then comes back within the diamond, is it still valid?

For example the daily EURUSD diamond was broken yesterday and today it closes right back into the pattern: is it the diamond on EURUSD daily still valid?

Thanks
Marco

Hi Marco,

Thanks for asking me about the diamond.

Lets not call it a diamond. Lets call it: JPs Imaginary Formation or JPIF.

I can tell you that JPIF is fully formed by now and it contains only highs and lows of weeks. Highs and lows of weeks have technical representation because they are recent support and resistance levels and that is one of the foundations of this method, specially about main move changes and for placing stops.

Therefore, have a look at the highs and lows of this formation and have a conclusion to yourself of what you think it really is.

Let me add that it has perfect sequence of moves and it is very symmetrical.

I also post here a wider picture of what the long term price action looks like so you can get a different picture.

Last but not least, I try to post things in advance. I was posting this Euro "JPIM" beacause the price action CLEARLY indicated something other than the obvious.

Once again, I am not the owner of this thread and don't take my answer as being carved in stone. However, at least I try posting things (and charts for that matter) before hand and not after the fact. Draw it yourself and extract your own conclusion.

It's easy to look a genius by not posting before the fact. I see a lot of geniuses around but not that many actual traders.

And as Putamadre said the other day, I don't really care if this is a diamond or not. This method is much bigger than just a consolidatio frmation. I will trade it most likely following the main moves and placing my stops at significant levels such as above/below the high of a day, week, month or a year.

By the way: I think JPIF came out really close to my initial sketch...

Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eur_usd_d_channel_diamond_06_08_2011.jpg Size: 85 KB
  • #6,820
  • Aug 6, 2011 9:33am Aug 6, 2011 9:33am
Quoting jupiter_peak
Hi Marco,

Thanks for asking me about the diamond.

Lets not call it a diamond. Lets call it: JPs Imaginary Formation or JPIF.

I can tell you that JPIF is fully formed by now and it contains only highs and lows of weeks. Highs and lows of weeks have technical representation because they are recent support and resistance levels and that is one of the foundations of this method, specially about main move changes and for placing stops.

Therefore, have a look at the highs and lows of this formation and have a conclusion to yourself of what you...

Here is another look and feel of it.

Take the way Igrok measures it and draw your own conclusions.
Attached Image (click to enlarge)
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