Trading For Those With a 9-5 Job

Hi All

I have been on this forum for quite a while and have contributed here and there in various threads. I consider myself an intermediate level trader and before getting here (and there is still a looooooooot to learn) I have blown many accounts. Many imploded so quickly like when old tower blocks were brought down by explosives to make way for the new.

We are not going to go into the basics of Forex trading on this thread. Needless to say if done well it is very profitable. The challenge for a lot of people is that it takes time to get to a proficient stage that you can quit the day job. Some people even don't want to quit their day job! (they enjoy it!). The forex cake is for everyone. How do we get our piece while having a full time job?

Three ways come to mind:

Trade longer time-frames i.e the daily time-frame

Trade markets in a different timezone when you get back from work

Trade using a profitable EA

I have decided to focus on point 1 and I am concerning myself with searching out, adopting, adapting and utilizing strategies based on the daily charts. I am knowledgeable in basic candlesticks patterns and use traditional indicators like
Moving Averages, Stochastics, MACD and RSI.

I aim to use this thread to document my trading for accountability reasons.

Dec 31 2010 is as good a day to start recording for the new year

You can help this thread by uploading strategies for daily charts, Contributing your own trades based on daily charts etc.

Many Thanks

Olu

We are still on holiday in the UK. In fact I am up right now because there is no 9-5 in the morning.

Bearish on the eurgbp. Shorted @8566 30 pipSL 8520TP. Can babysit this for a while...

out @8554 +12

Off to bed.

I am uploading a chart of the audcad for your consideration.

I so want to sell this pair i.e give in to the double top theory.
We see hesitation by way of the dojis. The blue line is the 13sma line.
We also have a trendline respected by the price. I think a break of the trendline might help me make up my mind to sell.
We also have the RSI turning down and nearing the 50 lline

If we get some bad fundamental news this pair can tank pretty quickly

Short @1.0075 stop above the 13sma 50pips TP 100pips. Ideally looking to convert this trader to a free trade and let it run.

Logic

 

1. trend line break
2. 13sma break
3. possible double top
4. RSI bearish

lets see how it goes.

Olu

Managed to check on this at lunchtime (+46 pips @ half original size)

Half taken off at 1.0029. Stop loss moved to break even.

This pair has bounced off the 1.0000 line and that is acting as support at the moment. I am in two minds about the trade because of the lack of bad fundamental news

other half closed @1.0051 (+24pips)

Still feel the trade can run Olu

Summary 2 trades taken

Sold eurgbp @0.8566 Closed @0.8554 (+12pips)
Sold audcad @1.0075 Closed @1.0040 (+35pips)

A chart of the daily eurusd is uploaded for your considersation
The chart has the 100sma and the 833 slow stoch on it.

The stoch is turning down from overbought levels. It has even crossed
The price is below the 100sma. recent price action shows indecision, a doji and rejection from 1.34 area

Fundamentally the sp500 is stalling therefore as they are positively correlated price might have some retracement to do. Ideally price should be above the 1.3450 so the higher the better as per the entry price

short @8473 sl 0.8523 target 0.8350

Reasons:

Break below 100sma
stoch crossed down
possible elliott wave 3 down in session

the eurgbp trade was closed @.8453 +20pips

unfortunately I was shaken out of this trade because of bad fundamental news from uk. The position depreciated from +35 or so to -10 before bad news from the eurozone brought it back into profit. Also we are hovering around support line circa 8450 and a convincing break is needed to continue the southbound journey

Still bearish on this pair with a target of 0.8070. Will look to sell higher or after a breakdown of todays lows

The following text below was received by PM. It nailed my trading right down to a t. I have not put the traders name on it just in case he/she wanted to remain private. this advice will help other traders like me trying to trade with a 9-5 job



Hello Olu,

Saw your thread.

Try weekly charts for your trades if your 9-5.

Risk management is the key.

Let the trades run longer...your scalping daily chart.

Learn 1-2-3 tops/bottoms.

It will help you greatly.

Summary of 3 trades taken so far

Sold eurgbp @0.8566 Closed @0.8554 (+12pips)
Sold audcad @1.0075 Closed @1.0040 (+35pips)
Sold eurgbp @0.8473 Closed @0.8453 (+20pips)


Olu

The summary of my three trades taken show no longterm-ish or endofday-ish characteristics. Although positive all three of them thankfully theoretically all three trades should still be open as the reason why I opened them in the first place still remain. In fact all each trade would have been heavily in the money if I stopped tinkering with them and left them to run as originally intended

So the lesson here is to plan the trade (which I did) and then trade the plan (which I did not)

I follow a thread - 'Equity millipede' on this forum and the thread starter trades long term and holds for a long time. In fact he even adds to his position after pullbacks. And a small initial position can grow into thousands of pips profit by the time he is done and dusted. That is where the money is and the sooner we can milk the trend for all it is worth the better

I will effect 'leaving the profit to run' as from my next trade.

On the radar is the audcad weekly chart

This could be a longtermish trade.

The pair is just turning from an extreme
Formed a double top (uncomfirmed)
Price below the 13sma
MACD has turned to the downside from highs
Bearish divergence on the MACD.

Classic TA says a break of 0.9731 yields a lower target of 92area. Entry would have to be carefully chosen. Bad fundamental news would be helpful...

eurgbp is on a wave 3 down stage and is expected to make new lows. We might see a small bounce this week but the trend is overwhelmingly down. We are resting on a trendline support as of today and this support is expected to fail easily. The MACD has turned down and price is below the 13sma on the weekly and daily.

Worth looking into this week...

Excellent Olu...I'm with you on this one.

Pullbacks should be sold.

.8050/60 first then much lower.



golferfx

Thanks golferfx for your contribution. I wasnt even thinking about 0.71xx target at all but here you go. 0.8050-60 represents the last price breakdown zone and is now resistance. We wait and see if 8050 will get hit

Olu

There is a possible reversal pattern in the usdjpy

We have price respecting the daily 100sma
Stochastics turning down from high on the daily
confirmed bearish doji

I was bullish on this pair but my signals say sell. I think long termish it is a buy especially after it has cleared the 100sma and the 8450 high. If it does that there is a minimum of 500pip to look for.

Olu

are we at the cusp of an explosive elliott wave 3 up or wave c up in this pair?

Daily chart is overbought
Weekly chart is overbought

So a retracement might be in order here

other technicals of note
price is channelling upwards
upper channel not reached yet
A great upswing started in november
if no new negative issues current target is 6.4400 i.e almost 7000 pips!!
price attacking the 100sma which is turning up

Food for thought...