Trading For Those With a 9-5 Job

thanks
what is yout setup for eur/gbp? is it breakout or another reason that im missing?
cheers

The only reason I thought long was the weekly has just made a breakout to the upside. It has beaten my short attempts 3 times since january. So the olny conclusion is that I was fighting the trend...

A chart of the eurchf as of now is uploaded for your consideration

We see a H&S setup which targets new lows if broken. RSI is bearish. Loads od red candles. 2700-2750 are being defended at the moment

By the way the same setup in the gbpchf has triggered and is en-route downwards.

@1.3480. If it behaves looking to hold till 1.32

Was in profit when I left work. Now stopped in full

The quest continues...

We have counter trend moves today because

1. The market has moved one way too quickly
2. It appears no new nuclear explosions have been reported
3. Profit taking

How this would pan out no one knows. Plan your trades and trade your plans

a chart of the daily usdcad is uploaded for your consideration

price is below the 100sma
stochastic has turned down
we have had a rally and the rally has turned down once again as he trend is reasserting itself

There is an agreed concerted effort to weaken the Yen. As we speak it has weakened by 3 big points or so against the usd.

This has skewed all the charts and as technical traders we need to realise that out usual signals and patterns and MAs etc are not as we left then yesterday and our charts have to absorb the new patterns created.

So it might be advisable to leave the markets alone today and pick up everything on Monday. You do not want to take on the central banks...

Standing aside is also a position

I thought it best to write about this this weekend because during the week it is very busy and it might not be possible to do this topic the justice it requires.

As you know this thread is about trading for people who have a 9-5 job. I have a 9 to 7 job. Whether you want to trade to eventually quit your job or you want a part time income on the side this thread is for you. You are reading about the experiences and trades of a trader yearning and learning to be a position trader. I am nowhere there yet but I am much better than I was in recent times.

Itchy fingers is an emotional 'greed' syndrome. Its result is impatience, entering wrong trades and eventually blowing your account. By the time this syndrome is done with you you will lose all will to place another trade. Man is impatient and moreso traders we want to be seen to be doing something - beating the markets, beating the big boys, taking on the world and winning. The mind thinks 'OMG eurusd is running away without me- I better jump in, do something, make some pips etc'. We want to become George Soros in one day. We feel if we do not bank forex profits daily we are useless and incompetent traders. Hence the need to be in the market daily. This is so wrong and we must spend every trader strength we have to resist this urge and thinking. The markets will be there tomorrow. That same behaviour you saw that made you want to trade will be repeated again sometime in the future again. That 100pip rally or breakdown or whatever will come round again sooner than you think and you will be able to take it properly then.

If you read the analysis of my trades for january and february you will see that I came to a conclusion that I have been overtrading. That's itchy fingers for you. Luckily for those 2 months I made money. I can tell you now that march so far has not been as profitable. But we have 8 trading days left and hope to remedy things if the market permits

We must all check ourselves to see that we do not have the 'itchy finger syndrome' This business requires copious amounts of patience for the right trades to come to you. If you have a 9-5 what business have you got with trading the 15minute chart during your 9-5. You will only end up making rash, hasty, wrong and costly decisions. If we want to last in this business then only take the trades that strictly meet your trading plan. Go with the trend. Put on the trade and walk away and do that 9-5 well.

Beware of 'itchy fingers syndrome'. Wait for the right setups. Making money will come easier once all the emotions have been put in check

Wishing you all loads of pips...

Olu

A daily chart is uploaded for your considerations

Chf has been in a league of its own because of its unique safe haven qualities. jpy was the same as well till the nuclear disaster. Right now the cbns want to weaken jpy and this might play into the hands of a well positioned trader.

we are above the 100sma (bullish)
Stochastic are firmly upward trending
we have just broken upwards out of an ascending triangle
price successfully retested the 100sma and bounced
price did a fake breakout to the downside of the triangle only to come back the other way. (advantages of end of day trading here...)
Weekly stoch is up too

This market is screaming 'Im going north!!!'

Caution is required here though. We have just had intervention in the markets. Will the yen attempt to strengthen? If it tries what will be the cbns response? If the yen continues to weaken this is good for our purposes. Perhaps a smaller than normal stake should be used to test the waters

Short @0.9841

Hi Olu, how's it going?

Nice spot on UC, I shorted @ .9835 early this morning and just hit my TP now, 80 pips.
I have also second position long CADJPY, 100 pips so far.
Will try to upload a chart if I see anything intersting.

Good hunt week chaps.

What is happening to the US$? Find uploaded a weekly chart.

This chart shows the dollar teetering on the brink of collapse. It is frantically trying to hold support @7562. If this goes, as I suspect it will then the next focus turns to 74.17. This equates to the euro in the 1.5xxx area again.

Risk aversion is increasing but the dollar is not gaining.

We might be seeing a fundamental shift in sentiment concerning the dollar.

Nice to hear from you. Great work on the usdcad. I want to see whether we can make 9710.

Excellent BBO.



A must read....imho



golfer

Hi Olu..
can you share the Charting Company that you use for the $ INDEX..
thanks..and a Great thread...DAILY TF..

baz

Baz

www.netdania.com

can you tell me where the $ Index is Listed..i just cant seem to find it ???
thanks for the link LB

baz

Found It ..thanks

my eyes need testing