Trading For 9-5ers

Hi

Just joined this forum a few days ago but have been reading it or lifting files, resources for some time. I trade forex by spreadbetting in the UK. I have been in trading for a while with varying success. I am now into keeping things simple. So I am going to use this thread to document my thinking and trades using the simplicity mantra.

I like to trade off the 4hourly and the daily chart. As I have a 9-5 job (actually 9am-7pm!) and want to be able to look at the charts in the evening after the markets have closed and place orders for the next day then and then walk away.

Because of the above fact I am drawn to systems that do not require me to sit at the computer all day. Kudos to all that do that day in day out. But I just cant do it. I will make the wrong decisions, overtrade and that causes me to lose big time

I love using candle charts. I also generally trade reversal patterns like confirmed dojis, bullish/bearish engulfing patterns, hammers, spinning tops. I also use support and resistance, triangles (all of them). I need to keep things very simple.

I am trying to learn point and figure as it is well suited to long term trading. Any ebooks on this are welcome please

Enough for now lets make some money...

Hi Guys

I would like to put this trade forward. Sell the usdcad

 

1. inverted hammer on the daily chart meaning a possible reversion to the prevalent trend - down
2. Overbought stochastic
3. inverted hammer hitting upper bollinger band
4. inverted hammer touching downtrend line and being repelled

However you want to trade this the stop must be on the opposite side of the trendline and possibly the high of the inverted hammer

By the way by pure association taking this trade is saying the Dow will most likely rise when it starts trading.

One more consideration. Sell right away or limit order to sell 23% or 50% of the inverted hammer? This equates to how deep are your pockets and how aggressive are you?

order put in to sell @1.1570. Stop behind the downtrend line.

Analysis of the last 2 inverted hammer formations do not clear the issue of where to place the entry order. One retraced back to form a double top with the original candle then fell the other fell immediatly the low of the inverted hammer was taken out without much retracement.

As I speak (sorry, type!) price has broken the lows of the inverted hammer and is proceeding down quite nicely for an asian session

It is morning now. Tome to go to the 9-5. usdcad @1.1512. Limit not hit overnight. Could be that I have missed the trade. But will keep the order though and see what happens. A lot can happen in a trading day

Order to sell usdcad taken off. Price behaved profitably in the according to the effects of the inverted hammer. It was good for 60 pips.

Perhaps a discussion of how to sell 'inverse hammer' trades is waranted on the forum. I think it is dependent on a few factors

1. The length of the tail. If the tail is very long there is certainly room for retracement and therefore a better entry - lower risk and earlier entry
2. Past behavoiur - if historically it usually falls without any significant retracement you can go ahead and sell. We are technical analysts
3. Your account size - to accomodate the risk of placing the stop above the tail you need to step down to mini or micro lots. If 3% of your account size is huge you might as well sell straightaway

We need to look at this statistically for each pair to see the immediate actions of currencies after the formation of inverse hammers


Wish you all loads of pips

Still watching the usdcad. Downtrend line is still in place on the daily and price is getting precariously close to it. Will it break? Will it hold?

usdcad is overbought and turning on the daily. Rallied on the 4hrly but was rebuffed with a doji and sent straight down again

Today I think the stock market holds the key today. If it tanks the usdcad will rally. if it rallies hard then usdcad will tank. Oil is playing a part too. Higher prices means lower usdcad (generally)

Went long the usdjpy @96.70 stop @96.20. Looking for 97.20

Reasons for trade. Breakout of a double bottom on the 4hrly. Daily breakoy on the daily. Stoch turned upwardly on the daily

closed for a scratch @96.74. (+3pips)

Despite weak tankan market could not get to the next high....

Off the the 9-5 now...

Order to rebuy @96.55 Stop @96.15. [email protected]

closed out the trade @96.60 for a 5 pip profit. This market has just gone nowhere today. So I am standing aside to see re-evaluate the situation

A very modest start to the month. Wish you all load of pips

sold the usdcad @1.1630 stop @1.1680 tp @1.1540

reasons

1. overbought on the daily and 4hr chart
2. 'doji'
3. confirmation of the doji
4. crude oil recovery

Closewd @1.1625 for a 5 pip profit. Euro rallied overnight but is rolling over now. Off to the 9-5 now

Quick glance at work. uscdad doji sell playing out as expected. Though without me in the bus.

It appears we will have an up day in the stock and commodities markets today. We have to be nimble in these markets

Will be changing my strategy a bit. As I place trades after the markets have closed and just before the asian session starts I may not re-analyse at the beginning of the uk trading day. Just place the trade, stops and profit targets and comment after a full 24 hours

I am putting on a small short on the eurusd @1.4027 looking for 50 pips

 

1. resistance at weekly pivot on the 4hrly
2. overbought stochastics
3. weakish stock market close
4. inverse hammer at resistance on the 4hrly
5. breakdown below the low of the inverse hammer

Chart uploaded (doesnt show the stochastics)

jacko's thread is wonderful for position trading or those that likes to step away from the computer while you do something else or 9-5 workers.

Thanks wapminnin

I will search for his thread and read it.

thanks again

stop moved to b/e. 1.4027.

Trade closed @ +30 pip profit

Feel the move wasnt done. Will check again in the morning whether better entries will be available

End of the week summary.

In hindsight the pip count should be three times what is shown on the spreadsheet. I exited too early on all the trades only to come back from my 9-5 to find the market moving further my way.

One source of elation though is that the signals were accurate, drawdown to profitability smallish and trade was executed promptly. I would need to work on the staying in the trades more - the very purpose of this thread.

So I wish us all loads of pips next week