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Trading For Those With a 9-5 Job

  • #801
  • Apr 11, 2011 6:14pm Apr 11, 2011 6:14pm
find uploaded a chart of the gbpchf


trend is clearly down
price below the 100sma
loads of red candles
price initially went up earlier in the session but the pair retraced all later in the day
If we get a down day in the stock market this pair will go down. I am looking to sell a 50% retracement of the daily candle to join the trend down
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf-daily-12042011-0006uk.jpg Size: 66 KB
If you think you can or cannot do it you are correct
  • #802
  • Apr 11, 2011 7:43pm Apr 11, 2011 7:43pm
gbpchf, cadchf, eurchf , audchf moving down nicely as discussed in earlier posts

Caution though these are counter trend trades...
If you think you can or cannot do it you are correct
  • #803
  • Apr 12, 2011 7:58am Apr 12, 2011 7:58am
In regards to the earlier post by visser300. I have been trading daily and weekly timeframes in futures and stocks since the early 90's and forex since 98. I had a full time job until retirement and found the daily-weekly a safer trading environment. It suited my lifestyle at the time. Now that my time is free to do what I feel like on a daily basis I still trade end of day Bars. I had the need back in the day to trade more on lower timeframes probably just like everyone else, and the daily was boring and slow. But after losing some money back then I was mentored by a very successful floor trader that had retired and traded a method from his pc on end of day bars. Finally I saw the light and settled into the longer time frames. If you notice the charts on D1-W1 they usually move in a more direct fasion and using the right stops for risk they usually pan out to be very profitable moves that are fairly easy to see the direction for a trade. I usually don't post much but I enjoy some comments on this forum and the longer term traders comments and analysis and this journal is one of them. Short timeframes can work for some and I have friends that do quite well. But the bigger players that seem to last over the years are on the higher frames. I guess I like them because it was the only way you could trade when I started and that is how I was mentored. Keep up the good work Olu. Thanks for your analysis, we all need to know someone else is looking at a pair the way we see it.
  • #804
  • Apr 12, 2011 8:46am Apr 12, 2011 8:46am
For your comments. My you have a lot of history and experience under your belt. Just like my friend Golfer. Your tips are very welcome. I am learning too become a D- W -M timeframe trader. As you said it is easier to see the big picture and trade it profitably. People will say 'horses for courses' but I say on the long run longer timeframe trading is the way forward. Now only to consistently make money and my job is done

Thanks also for your comments about the thread. I only write/comment about what is on my mind and like Golfer does please feel free to post a difference of opinion or anything that might be helpful

Thanks again

Olu
If you think you can or cannot do it you are correct
  • #805
  • Apr 12, 2011 9:39am Apr 12, 2011 9:39am
Quoting Olu
gbpchf, cadchf, eurchf , audchf moving down nicely as discussed in earlier posts

Caution though these are counter trend trades...



Forgot usd/chf
Attached Image
  • #806
  • Apr 12, 2011 10:32am Apr 12, 2011 10:32am
Quoting golferfx
Forgot usd/chf
We cant forget the culprit pair itself (usdchf)


olu
If you think you can or cannot do it you are correct
  • #807
  • Apr 12, 2011 12:23pm Apr 12, 2011 12:23pm
The eur/usd is setting up for a small pull back on daily/weekly and will be counter trend. Be careful it might not move more than part of a week. Then another good bullish move to new highs might be in the works.

Eur/gbp is also setting up for a small short, I usually don't like this pair but they have made me money the last 8 weeks with a bullish move. Watch for the short on the daily then play the pair long after the correction. Your method should do well on both of these.

I have been short silver for the last two days on a small correction which should play out within the next two weeks, then another good bullish move is anticipated for both silver and gold.

I have also been short several times on the usd/mxn pair on and off for nearly 25 months for really good returns. Presently flat on this pair waiting for the correction to play out.
  • #808
  • Apr 12, 2011 12:27pm Apr 12, 2011 12:27pm
Quoting Olu
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.
Thank you both, Olu and the anonymous sender.
Risk management is the key for success indeed!

I started as well just by checking some basic candlesticks patterns and using traditional indicators like MA, Stochastics, MACD and RSI.

But soon, the fundamentals showed me that reality will correct the overreaction on the markets.

I read a lot about behavioural finance and must say, yes I still have to learn a looot

Anyway, I let an automated trader doing the dirty job and going much more aggressive with my satellite accounts (manually).

The automated trader (Buru) is based on technical analysis, me manually try to manage fundamental, charts and behaviour. Though job

Cheers
  • #809
  • Apr 12, 2011 3:07pm Apr 12, 2011 3:07pm
Quoting gbart
Thank you both, Olu and the anonymous sender.
Risk management is the key for success indeed!

I started as well just by checking some basic candlesticks patterns and using traditional indicators like MA, Stochastics, MACD and RSI.

But soon, the fundamentals showed me that reality will correct the overreaction on the markets.

I read a lot about behavioural finance and must say, yes I still have to learn a looot

Anyway, I let an automated trader doing the dirty job and going much more aggressive with my satellite accounts (manually).

The automated...
Thanks for posting on the thread. And also for bringing that post by GolferFx to the forefront of my mind. That post started me on a whole new style of trading - and I am still a nubie in this type of trading. But hte early signs are good.

I did look into robots earlier on. But never continued with it. BTW I can program in C so programming metatrader should be easy for me if I have the guidelines. I will try to get a prooject started to automate my methods but my emphasis right now is trader psycology and mastering myself. I have a simple trading system that trades off a daily chart and the only reason I am not far better (and richer) than I am now is trader psychology and emotions not the trading system

Please post some of you behavioral finance gems on the thread. Dont be a stranger

Thanks again

Olu
If you think you can or cannot do it you are correct
  • #810
  • Apr 12, 2011 4:23pm Apr 12, 2011 4:23pm
i got an email from ForexProfitPro and it had some scenarios that a lot of traders face and have to win. They are as follows

 

  1. Taking that "B" trade that results in a loss that
    wipes out their entire week's gains, just because they thought
    they were "on a roll".
  2. More missed trades because of fear of losing.
  3. More quivering finger over the mouse, hesitating to
    pull the trigger.
  4. More lifting their protective stops, because they think
    the floor trader will "take them out", and have the market
    head back up again without them.
  5. More excuses for them not following their trading plan.

The question is which one(s) affect you and what are you doing to overcome it?

If you think you can or cannot do it you are correct
  • #811
  • Apr 13, 2011 4:01pm Apr 13, 2011 4:01pm
Quoting Olu
i got an email from ForexProfitPro and it had some scenarios that a lot of traders face and have to win. They are as follows

[list][*]Taking that "B" trade that results in a loss that
wipes out their entire week's gains, just because they thought
they were "on a roll".[*]More missed trades because of fear of losing.[*][font=Verdana][size=2]More quivering finger over the mouse,...


All excellent BBO !!!

#4 is where I feel most get in trouble with...no plan.




golferfx
  • #812
  • Apr 14, 2011 7:21am Apr 14, 2011 7:21am
Quoting golferfx
All excellent BBO !!!

#4 is where I feel most get in trouble with...no plan.


golferfx
Yes GolferFx. Trading without a plan is probably the biggest folly of all. You might as well set light to your money if trading without a plan

Thanks

Olu
If you think you can or cannot do it you are correct
  • #813
  • Apr 14, 2011 7:29am Apr 14, 2011 7:29am
Find uploaded a daily chart of the above pair

Price action is now above all the dojis on the daily chart (bullish)
Price above last week's high (bullish)
123 up pattern on the daily (bullish)
Stochastic firmly crossed and up (bullish)
Weekly stoch crossed and up as well (bullish)

Price below 100sma (bearish)
Lots of fundamental data coming out today
Attached Image
If you think you can or cannot do it you are correct
  • #814
  • Apr 14, 2011 8:44am Apr 14, 2011 8:44am
Quoting Olu
Find uploaded a daily chart of the above pair

Price action is now above all the dojis on the daily chart (bullish)
Price above last week's high (bullish)
123 up pattern on the daily (bullish)
Stochastic firmly crossed and up (bullish)
Weekly stoch crossed and up as well (bullish)

Price below 100sma (bearish)
Lots of fundamental data coming out today

This is really nice Olu. This is the first time i will be looking at a thread that doesn't trade patterns and that really makes sense. I love your analysis on this pair. Simple and easy to understand. I like the 123 pattern you mention too. Good one sir! Here's what i feel too if you don't mind me adding the chart below. Cheers and wish you good luck.

Attached Image (click to enlarge)
Click to Enlarge Name: gcad.gif Size: 27 KB
  • #815
  • Apr 14, 2011 10:20am Apr 14, 2011 10:20am
Welcome to the thread efeezeefx.

Thanks for your comments about the thread. i like to keep things very simple because my aim is to be able to extract guesswork from trading so that anyone can trade it if the rules are known.

gbpcad has had a run up all the way to 1.5804 and has since retraced to 1.5740. Lets see what will happen.

Like your triangle analysis of the current move. As triangles move more in time than price this could be a slow one...

Please feel free to contribute to the thread any thing that would be useful for 9-5ers

Thanks
Olu
If you think you can or cannot do it you are correct
  • #816
  • Apr 14, 2011 3:34pm Apr 14, 2011 3:34pm
Please find uploaded a daily chart and a weekly chart

Daily chart analysis
price just sitting on the 100sma
long downtrend with congestion for about 10 trading days
breakdown below congestion area
stochastic pointing down

Weekly chart analysis
stoch firmly down
massive weekly bearish engulfing candle
price below the 100sma - the attempt to cross this sma was met with selling

This ia a multitimeframe sell...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurnzd-daily-14042011-2117uk.jpg Size: 86 KB
Click to Enlarge Name: eurnzd-weekly-2120uk.jpg Size: 81 KB
If you think you can or cannot do it you are correct
  • #817
  • Apr 15, 2011 12:07am Apr 15, 2011 12:07am
Quoting golferfx
Big charts guys.

We need to close below .7325 or above .7950...till then we're stuck

We will find the true trend soon I would think.

good hunting,


golfer






Dad...are we there yet !


The monthly close is good enough for me.




golferfx
  • #818
  • Apr 15, 2011 6:36am Apr 15, 2011 6:36am
Quoting golferfx
Dad...are we there yet !


The monthly close is good enough for me.




golferfx
You called this move on my thread and I remember that I said that we would get a breakdown not a move up. Who is laughing now ? You , of course. Because the easiest money is in the trend and you stayed in all the way.

We learn everyday. however it would be a sin of the highest order to learn something and not put it to use the next time the opportunity arises

Thanks GolferFx
If you think you can or cannot do it you are correct
  • #819
  • Apr 15, 2011 6:38am Apr 15, 2011 6:38am
Quoting Olu
Please find uploaded a daily chart and a weekly chart

Daily chart analysis
price just sitting on the 100sma
long downtrend with congestion for about 10 trading days
breakdown below congestion area
stochastic pointing down

Weekly chart analysis
stoch firmly down
massive weekly bearish engulfing candle
price below the 100sma - the attempt to cross this sma was met with selling

This ia a multitimeframe sell...
We are moving down nicely. However I am a bit jittery because of the g20 meeting and whatever decisions they might make. The best thing for this pair is for all of them to come to blows or decide to do nothing
If you think you can or cannot do it you are correct
  • #820
  • Apr 16, 2011 6:46am Apr 16, 2011 6:46am
All have issued sell signals on my system. gbpcad has been quite messy because for 2 days running it tried to rally and fell back hard. My thoughts are that we are about to start (or have started!) an impulse wave down

The nzdusd was the strongest last trading week. This pair has gone up for 20 straight days. Beyond belief!

Anyway eurcad tried to attack the 1.4000 level and was beaten back. We have new PIGS fears coming into play

All pairs below the 100sma
stoch on the daily turned down
recent bearish candles
Attached Image (click to enlarge)
Click to Enlarge Name: euraud-daily-16042011.jpg Size: 85 KB
Attached Images
If you think you can or cannot do it you are correct
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