Trading For Those With a 9-5 Job

Similar to the chart of the usdsgd in the previous post the usddkk - as I commented in a post did not close convincingly below the support line. This argues for a move up to take out the sellers of the pair. Even the eurousd which everyone thought was going to the moon couldnt close above resistance. So a retracement might be in order.

A chart of the gbpusd is posted for your consideration. the gpd has raiiled these past few days because of the speculation that the BOE might have to raise interest rates. Employment data today put a stop to that speculation. With the us$ bouncing from support a sell in the gbpusd might be in order. We have price touching the upper bollinger bands followed by an inside bar which is indecision. A break of the indecision bar to the downside might be the start of a replacement

short 1.5940 stop 100pips TP open

Will it break Mr. Fibo ??

H & S forming??



golfer

Short @1.5940 100pip stop. Not doing too well at the moment. Will look in at lunchtime

closed @1.5896 (+44pips)

Will try and sell from higher...

Well done, good spot also on USDSGD

I am revisiting the audcad daily chart again. As you might have noticed I sold this pair previously but exited prematurely with little profit. There was a retracement which looked like it was going up all the way to the moon. Now weakness has set in again.

We have just closed below the 100sma
stoch has turned down
Price is at the bottom of a retracement channel about to break down
Price at large has made a double top
Head and Shoulder leftmost pattern on the daily chart

A cautious sell is in order. If trade travels in the right direction one can add on a break of 0.9710

Comments are welcome...

Summary of January 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)
Sold usddkk @5.6700 closed @5.6177 (+523pips)
Sold audusd @0.9994 closed @0.9969 (+25pips)
Sold eurgbp @0.8420 closed @0.8445 (-25pips)
Sold eurcad @1.3189 Closed @1.3109 (+80pips)
Sold eurgbp @0.8340 Closed @0.8365 (-25pips)
Sold usddkk @5.5642 Closed @5.5431 (+211pips) two-thirds
Sold usddkk @5.5642 Closed @5.5242 (+400pips) remaining one third
Sold gbpusd @1.5940 Closed @1.5896 (+44pips)

short @0.9824 stop @0.9874 TP Open

Olu,

100 pip stop and 44 pips taken...can u comment on this.

MM seems not right.


Would like to know your plan of trade.



humble golferfx

Hi GolferFx

This trade as you know had a target of at least 200pips. I had a quick look lunchtime at work and the trade was up 100pips. I thought to myself "excellent" moved the stop to breakeven and left it. By the time I got home from work, had a look and was dissapointed to see just +44pips. So I just cut it with the hope of selling higher. Also I dont know if you knew we came to within 25pips of the 100pip stop before the turn.

I am still working on the 'let your profits run' mantra and to show that I was listening when you said (typed!) it - I would not in a million years have left a +100pip profit on the table like I did lunchtime yesterday.

The student is learning...

early stage of a wave 3 down or a wave c down (my rudimentary elliott). Whichever it is it is expected to be impulsive i.e sharp, quick and powerful

A break of 0.9800 will help things to gather pace to the downside and 0.9536 might be an initial target.

Daily, weekly and monthly stoch pointing down from highs i.e all the 3 ducks line up.

audcad not doing well at the moment...

Could someone please guide me on setting up MT4? Or perhaps direct me to a suitable thread? Thanks in advance....

Use the search function on top of this page

I will be cautious in shorting this pair as it is sitting near to its 4H ascending TL

Heliosdz,

I entered this trade because my trendline was broken to the downside. Now the position is languising in negative territory. At some point this morning it was very close to being stopped out.

You just might be right...

I have to make a decision whether to close, stay in, tighten stop or loosen the stop in the next 1 hour - my lunch break. After that window I can only check it out when I get home.

thanks again for contributing to this thread. Please keep it coming

I want to carefully consider my entry technique. As you can see from my trade summaries January 2011 has been relatively ok trading-wise. One common theme on analysis of the trades was that the trade first attacks my stop and nearly stops me out before turning around and going the right direction. In fact If I hadn't used a big stop I would have been stopped out of a lot of my trades.

GolferFx said something the other day. He said 'let the trade come to you' That got me thinking what if I entered my trades on limit order say 50% retracement of the bar that gave the signal? This would mean the trades, if triggered, would be in draw down for less time. It would also mean a smaller stop.

For example, this audcad trade I am currently baby-sitting which isnt doing too well would have been a better trade as a sell at the top of my channel. If that trade was entered it can be added to on breakout of the bottom support line like I did today and more when another structure i.e trend-line support was broken to the downside. This scenario means there will be a profit buffer by the time I got to where I entered this trade currently. I will look more into this over the weekend

Comments anyone?

audcad trade closed @0.9867 (-43pips)