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

  • #9,221
  • Sep 13, 2016 3:07pm Sep 13, 2016 3:07pm
Quoting mymission
{quote} Yes, make a lot of sense! Great 18.4 call on usdjpy, just reached ADR. I know its been asked before, but what chart tool do you use?
exactly.... it's FutureSource Workstation... the greatest charting software of all... paid service... highly recommend...... about $300 a month subscription... i use it nonstop since 1993... then it was called KnightRidder and distributed via satellite dish...
  • #9,222
  • Sep 14, 2016 3:48am Sep 14, 2016 3:48am
Quoting Igrok
{quote}exactly.... it's FutureSource Workstation... the greatest charting software of all... paid service... highly recommend...... about $300 a month subscription... i use it nonstop since 1993... then it was called KnightRidder and distributed via satellite dish...
Thanks, I will look closer to that SW!

I know its hard to explain when you been in the business for so long and can just look at a chart and intuitive see formations and places to put entries/exit, but maybe you could go through how you would systematically look at the chart for finding tradable formations?

I suppose you begin looking at longer time frames to get the bigger picture and trends and finally go down to intra day?
  • #9,223
  • Sep 14, 2016 4:46am Sep 14, 2016 4:46am
Quoting mymission
{quote} Thanks, I will look closer to that SW! I know its hard to explain when you been in the business for so long and can just look at a chart and intuitive see formations and places to put entries/exit, but maybe you could go through how you would systematically look at the chart for finding tradable formations? I suppose you begin looking at longer time frames to get the bigger picture and trends and finally go down to intra day?
i'll try to do my best, if i can, to explain it... yeah, you're right, i don't need any lines or indicators to see trading opportunities... just a naked bar chart is enough... i always start my analysis with a bigger picture and mostly set a bigger targets... rarely trade intraday... but in order to get a good position i come to a very short-term charts.. sometimes down to a minute, though i never target less than a hundred pips... but usually even more than that... normally several hundred in one trade while adding on the way to the initial basic position when in becomes profitable already...
  • #9,224
  • Edited 5:01am Sep 14, 2016 4:48am | Edited 5:01am
btw, take a look at gbp/aud hourly chart... seems like a beautiful diamond in progress.. most likely a continuation one... in this case the target is gonna be over 500 pips higher than current price....
the usd/jpy today also entered my suggested sell zone as you can see and already made some good progress...
  • #9,225
  • Sep 14, 2016 5:13am Sep 14, 2016 5:13am
Quoting Igrok
btw, take a look at gbp/aud hourly chart... seems like a beautiful diamond in progress.. most likely a continuation one... in this case the target is gonna be over 500 pips higher than current price.... the usd/jpy today also entered my suggested sell zone as you can see and already made some good progress...
Is the diamond about to pop or should it be one more touch on the right lower trendline?

Yes, usdjpy as doktor described...
  • #9,226
  • Sep 14, 2016 5:19am Sep 14, 2016 5:19am
Quoting Igrok
btw, take a look at gbp/aud hourly chart... seems like a beautiful diamond in progress.. most likely a continuation one... in this case the target is gonna be over 500 pips higher than current price....
but keep in mind that if the break out of the diamond occurs in the opposite direction then the same about 500 pips the market will make down... dual-diagonal diamonds breaks may occur in any direction... single-diagonal diamonds 95% of the time extend into the direction opposite to the direction of the main ( largest) diagonal...
  • #9,227
  • Sep 14, 2016 5:32am Sep 14, 2016 5:32am
Quoting Igrok
{quote} but keep in mind that if the break out of the diamond occurs in the opposite direction then the same about 500 pips the market will make down... dual-diagonal diamonds breaks may occur in any direction... single-diagonal diamonds 95% of the time extend into the direction opposite to the direction of the main ( largest) diagonal...
yes, i remeber and this one is down which suggest a up move. But how many touches should it be on every TL, 2 or 3?
  • #9,228
  • Sep 14, 2016 5:39am Sep 14, 2016 5:39am
Quoting mymission
{quote} yes, i remeber and this one is down which suggest a up move. But how many touches should it be on every TL, 2 or 3?
dont't know ... could be even more... like four, for example... usually, because with my experience i can identify this pattern in advance, i have the ability to catch the initial position at or near the extreme of the second (after the main) diagonal and then only add a position on the break out to an already profiting basic one......
  • #9,229
  • Sep 14, 2016 6:12am Sep 14, 2016 6:12am
here is the diamond currently in progress i was talking about...
Attached Image (click to enlarge)
Click to Enlarge Name: 60 min. GBPAUD A0-FX.jpg Size: 82 KB
  • #9,230
  • Sep 14, 2016 6:22am Sep 14, 2016 6:22am
Quoting Igrok
here is the diamond currently in progress i was talking about... {image}
ok, I have put the lower left TL touching the bars, othervise isnt the sequenes in order, in your the the bars touch the upper left two times without touching the lower left?
  • #9,231
  • Sep 14, 2016 6:27am Sep 14, 2016 6:27am
Quoting mymission
{quote} ok, I have put the lower left TL touching the bars, othervise isnt the sequenes in order, in your the the bars touch the upper left two times without touching the lower left?
it doesnt matter... the triangle there is still a broadening one... isnt it?..))) even the right lower TL may not yet be correctly drawn and can be lower if the market goes lower... but this is not important for as long as the general image of a diamond is in place...
  • #9,232
  • Sep 14, 2016 6:32am Sep 14, 2016 6:32am
i mean that even if the market now goes to something like 1.7590 level it only means that the TL should be redrawn... though the image stays the same even in such a case... diamonds are rarely perfect and can be asymmetrical or tilted a bit...
  • #9,233
  • Sep 14, 2016 6:34am Sep 14, 2016 6:34am
Quoting Igrok
{quote} it doesnt matter... the triangle there is still a broadening one... isnt it?..)))
yes, it is!

I just wanted to get the approach right...

I ask again, which pairs do you follow?
  • #9,234
  • Sep 14, 2016 6:39am Sep 14, 2016 6:39am
Quoting mymission
{quote} I ask again, which pairs do you follow?
potentially profitable ones...)))
  • #9,235
  • Sep 14, 2016 7:12am Sep 14, 2016 7:12am
Quoting Igrok
i mean that even if the market now goes to something like 1.7590 level it only means that the TL should be redrawn... though the image stays the same even in such a case... diamonds are rarely perfect and can be asymmetrical or tilted a bit...
You said that the potential was about 500 pips, when I mesure it I get 180 pip (largest move inside) target?
  • #9,236
  • Sep 14, 2016 7:24am Sep 14, 2016 7:24am
Quoting mymission
{quote} You said that the potential was about 500 pips, when I mesure it I get 180 pip (largest move inside) target?
no... the whole trend should be measured... diamond is gonna be in the middle of it... measure from 1.7265 to 1.7726... this is how much it should go...
  • #9,237
  • Sep 14, 2016 7:37am Sep 14, 2016 7:37am
Quoting Igrok
{quote} no... the whole trend should be measured... diamond is gonna be in the middle of it... measure from 1.7265 to 1.7726... this is how much it should go...

Is this true for both continuing and the ones that doesent continue in the trend?
  • #9,238
  • Sep 14, 2016 7:40am Sep 14, 2016 7:40am
Quoting mymission
{quote} Is this true for both continuing and the ones that doesent continue in the trend?
reversal diamonds cover the entire previous trend and even more sometimes... this is what happened in 2008... covered down very fast everything it had been gaining for years...
  • #9,239
  • Sep 14, 2016 7:56am Sep 14, 2016 7:56am
the largest so far was a continuation diamond on aud/jpy... it took over 3 years to form it... but if from here aud/jpy goes straight to 59.00 then it's going to be a super giant diamond that began forming back in 1991... so. if you buy it at 59.00 then you have to target 96.00...))))
  • #9,240
  • Sep 14, 2016 8:10am Sep 14, 2016 8:10am
it's gonna look something like that....))
Attached Image (click to enlarge)
Click to Enlarge Name: 1Monthly AUDJPY A0-FX.jpg Size: 80 KB
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