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

  • #7,501
  • Jun 6, 2012 3:12am Jun 6, 2012 3:12am
A better entry than yesterday using IW #18.4. Price bounced right off the Weekly Open. It happens on and on, on all important timeframes. The key is have Daily Close set at 17:00 NY time, the industry accepted closing bell. No wonder why Igrok insisted on this closing time.

Now if this bounce will drive price much higher we don't know it. The reward is significant enough though.

P.S. The best IW entry this week was EURJPY by far, didn't take it but it went in my playbook collection.
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-06-06 11-02-04 AM.gif Size: 23 KB
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #7,502
  • Jun 6, 2012 5:17am Jun 6, 2012 5:17am
Quoting soso
A better entry than yesterday using IW #18.4. Price bounced right off the Weekly Open. It happens on and on, on all important timeframes. The key is have Daily Close set at 17:00 NY time, the industry accepted closing bell. No wonder why Igrok insisted on this closing time.

Now if this bounce will drive price much higher we don't know it. The reward is significant enough though.

P.S. The best IW entry this week was EURJPY by far, didn't take it but it went in my playbook collection.
Hi Sorin,

Honestly, EURGBP with such small ranges would be my last choice. ;-)

All the other JPY crosses (with the exception of AUDJPY) had the same entry with the same outcome.

Add EURUSD, NZDUSD and USDCHF (to some extent) to that list.

NZDUSD almost at tp as well.
  • #7,503
  • Jun 6, 2012 6:12am Jun 6, 2012 6:12am
Quoting jupiter_peak
Hi Sorin,

Honestly, EURGBP with such small ranges would be my last choice. ;-)

All the other JPY crosses (with the exception of AUDJPY) had the same entry with the same outcome.

Add EURUSD, NZDUSD and USDCHF (to some extent) to that list.

NZDUSD almost at tp as well.
Hi Mauro,

You're right about the small ranges on EURGBP although it has a usual spread around 0.9-1.2 on Oanda and this counters a bit the effect of the small ranges.

I'm a bit sad about yesterday when I wasn't around all the time and missed the good IW setups.

Cheers,
-soso
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #7,504
  • Jun 6, 2012 9:01am Jun 6, 2012 9:01am
NZDUSD just reached 82% of AWR. I am out.

Now waiting EURUSD to fil its AWR also.

This could be an epic week!

  • #7,505
  • Edited 4:22pm Jun 6, 2012 4:05pm | Edited 4:22pm
Quoting jupiter_peak
NZDUSD just reached 82% of AWR. I am out.

Now waiting EURUSD to fil its AWR also.

This could be an epic week!

EU tp reached.

I guess ill have an extended weekend.
  • #7,506
  • Jun 7, 2012 2:37am Jun 7, 2012 2:37am
Quoting jupiter_peak
NZDUSD just reached 82% of AWR. I am out.

Now waiting EURUSD to fil its AWR also.

This could be an epic week!

http://fxtrader.ro/images/orson%20clapping.gif
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #7,507
  • Jun 8, 2012 9:53am Jun 8, 2012 9:53am
1.2625 has become a formidable resistance level. It is the years previous low as well as last weeks high and this weeks high as well.

Will keep looking for longs however only if and when this level is decisively taken out.

Same goes for GBPUSD. above 1.5600.
  • #7,508
  • Jun 12, 2012 9:37am Jun 12, 2012 9:37am
Quoting jupiter_peak
1.2625 has become a formidable resistance level. It is the years previous low as well as last weeks high and this weeks high as well.

Will keep looking for longs however only if and when this level is decisively taken out.

Same goes for GBPUSD. above 1.5600.

One could have rushed into an IW 18.4. However, the monthly trend is still up and we are still 'making' HH and HLs since last week. Also there are a few divergences that point out to higher ground for the majors against the USD. Therefore, I am still on hold.

Here are two possible 'outcomes' to this riddle.
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  • #7,509
  • Jun 12, 2012 10:19am Jun 12, 2012 10:19am
Took this one with a rather small SL. Great R:R trade. Lets see how it unfolds.

So far so good.
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  • #7,510
  • Jun 12, 2012 10:34am Jun 12, 2012 10:34am
Quoting jupiter_peak
Took this one with a rather small SL. Great R:R trade. Lets see how it unfolds.

So far so good.
Nice one, which template was it?
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #7,511
  • Jun 12, 2012 10:37am Jun 12, 2012 10:37am
Quoting soso
Nice one, which template was it?
19.13.
  • #7,512
  • Jun 12, 2012 10:41am Jun 12, 2012 10:41am
Quoting jupiter_peak
19.13.
I thought you're a faithful #18.4er
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #7,513
  • Jun 12, 2012 10:46am Jun 12, 2012 10:46am
Quoting soso
I thought you're a faithful #18.4er
I am too. However, it was too good of an opportunity to let it go.

Sometimes the R:R is so good that it's worth it.

I am not very fond of breakouts. Only when they are tied to 18.4.

I have been quite successful while trading formations like this one. Last year I remember placing a great trade on GBPUSD. Probably was my best trade ever on a formation like this.

Especially when spotting them on higher time frames.
  • #7,514
  • Jun 12, 2012 12:59pm Jun 12, 2012 12:59pm
EURAUD provided a nice IW 18.4 opportunity.

Missed it by just a few pips.

As mentioned before, can't catch them all.

  • #7,515
  • Jun 13, 2012 3:14pm Jun 13, 2012 3:14pm
Quoting jupiter_peak
1.2625 has become a formidable resistance level. It is the years previous low as well as last weeks high and this weeks high as well.

Will keep looking for longs however only if and when this level is decisively taken out.

Same goes for GBPUSD. above 1.5600.
Today we had a picture perfect signal to enter ID 18.4 on both GBPUSD and GBPJPY. If we were to take it mechanically, no questions were to be asked.

However, as mentioned in this previous post, there's resistance at the 5600 level and a long entry below this level, doesn't make much sense at this moment.

Since GBPJPY is fully connected to GBPUSD, it should be considered a 'false' signal as well.

Still on hold.
  • #7,516
  • Jun 14, 2012 1:32am Jun 14, 2012 1:32am
Quoting jupiter_peak
Today we had a picture perfect signal to enter ID 18.4 on both GBPUSD and GBPJPY. If we were to take it mechanically, no questions were to be asked.

However, as mentioned in this previous post, there's resistance at the 5600 level and a long entry below this level, doesn't make much sense at this moment.
For me the perfect signal would have been the short ID #18.4 for GBPUSD, considering the resistance at 5600 even though it's against the Weekly MM. Really great setup with perfect symmetry. A++.
Attached Image (click to enlarge)
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Trading = a mirror to your human flaws. Fix them or be fixed.
  • #7,517
  • Jun 14, 2012 1:38am Jun 14, 2012 1:38am
Quoting soso
For me the perfect signal would have been the short ID #18.4 for GBPUSD, considering the resistance at 5600 even though it's against the Weekly MM. Really great setup with perfect symmetry. A++.
0 dd entry. Good enough for ya bud?
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  • #7,518
  • Jun 14, 2012 2:17am Jun 14, 2012 2:17am
Quoting belekas
0 dd entry. Good enough for ya bud?
Doesn't get any better than this.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #7,519
  • Jun 14, 2012 6:32am Jun 14, 2012 6:32am
Quoting soso
For me the perfect signal would have been the short ID #18.4 for GBPUSD, considering the resistance at 5600 even though it's against the Weekly MM. Really great setup with perfect symmetry. A++.
The outcome of this trade would have been rather good. It's one of those things we learn early on our traders career: Short @ resistance with some clear indication. It was a good R:R trade and that makes sense.

On the other hand, on the vast majority, I prefer to ride the trend in a more "systematic" fashion rather than trying to ramdomly picking tops and bottoms. It has done a lot to my trading trying to combine a particular template (I guess you know which one) with technical analysis. Applying a set of rigid rules has done wonders for me and can be backtested. By trading more "ramdomly", it would be easier to break the rules and results were harder to be measured.

In this case here, we had a weekly uptrend, rather small weekly/daily ranges, the break up happened during Europe morning and the retrace happened late europe/early NY. Therefore, the long setup was picture perfect with the exception of the technical factor: resistance. Almost all odds were in favor of the long position.

It's 'visibe' that we have buying pressure here. 18.4 IW is running at this moment for cable as I type this.

  • #7,520
  • Jun 14, 2012 7:01am Jun 14, 2012 7:01am
Fully agree with your line of thought Mauro! Really the best thing I did was to filter out #18.4s considering the surrounding technical context. It's not systematic although I might consider to systemize it in the future.

Cheers and wish you a profitable week.
Trading = a mirror to your human flaws. Fix them or be fixed.
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