Trading For Those With a 9-5 Job

Hi Olu,
here are charts showing rather nice trades for those with a 9-5 job.
The first is for USDCAD up trend continuation (daily tf). I bought at the touch of the trend line. The second chart is a cranked view of the happenings on 4hr tf.
Hope this helps someone out there make money.
Happy trading!
Meshach.

This pair has been in a major bearish downtrend for 24 months. Be careful, the $ is real weak and oil and mining prices drive the pair. There is some divergence on the daily so it might move up some.

Thanks alot for the kind advice. The TREND is your FRIEND until it BENDS. This down trend is BENT already bro. The lows you see usdcad make today, you shall see them again no more for some days/weeks to come. Do have a pleasant day sir. Meshach.

Put a 21 ema on a D1 chart and buy when it kisses it. It is headed for $150.00, not sure how long it might take but it may only have a small retraction before it keeps going up. The $ and oil will spell the story out. If the Polititians in the USA pull thier head out and get in the game it might slow down alot. But does anyone think this will happen. Sorry for being negative on your thread.

Welcome forexcompoun to the thread. Thanks for your ucdcad charts.

If I am right you use pitchforks and applying it to the charts you have a target for the mid line of the fork aroung .9900 area. My own system has not even smelt a turn in this pair but I must say my system is not the very best with reversals only trends

I will keep an eye on this pair to see the outcome of this trade

Thanks again

I was looking into median lines a while ago and found it very simple to apply and luckily for me metatrader has the indicator. So I will look into this more

Olu

I DON'T use pitchforks bro. I USE ONLY LINES - trendlines, horizontal & vertical lines. Any other thing you see on my chart is only there either as a visual aid or for purely 'ornatmental' purpose. Have a great day. Meshach

Hi Olu,
there has been a little distortion on the loonie, I hedged my trades with short till 0.943x I'll explain why I did that:
Yesterday, with my pending buy set at the touch of the demand trend line, price had NOT established a swing high (degree two) on daily tf. Now, yesterday closed and established the turning point thus we now have a supply channel to play with.

The TP I specified should serve as extremum level for today's SELL and from there, I would simply leave my LONG to run.

Interestingly also, PRICE DID NOT BREAK THE DEMAND tl so we are still in a 'healthy' uptrend on daily tf.
Find chart attached.
Hope my explanation helps a bit?
Meshach

You are kidding right?

Time would tell if I'm kidding bro.
Have a nice day.
Meshach.

I thought they were pitchforks. In any case I support anything that works i.e anything that brings in the pips.

About the hedging you will need to expand on that. You now have 2 trades running in opposite directions right? And you would carefully select one to cancel based on price movement.

Thanks for your input forexcompoun

1. People are born traders. While it is true that certain personal characteristics make it easier to trade, no one is born a trader. One of the main themes of the Market Wizards books written by Jack Schwager is that almost none of the market wizards was successful from the start. They all worked hard at it.

2. You have to have a high IQ to trade. Just not true. In some ways, an above average IQ may be a hindrance. Trading is a human performance activity where strong intellectual abilities are unnecessary.

3. Top traders are successful because they have the "right trading personality." There is no such thing as the "right trading personality." Researches have been unable to find a strong correlation between personality type and trading success. It is important, however, to understand your personal characteristics and how they may help and hinder your trading.

4. Trading is easy. It sure looks that way, doesn't it? Just draw a few lines on the chart, watch your indicators, and follow the price bars. The truth is that trading is a difficult business to master. It involves different skill sets and abilities from what are needed in most other professions and careers. The trader must understand his or her personal strengths and limitations and develop specific skills to deal with the mental and emotional demands of trading. The later skills are the most difficult to develop and the most overlooked.

5. You must be tough, hard charging, and fearless to be successful. That's more media hype than anything else. It glorifies a strong ego, which is a detriment in trading. The most successful traders I know quietly do their research, study the charts, and patiently wait for the right moment. They strive to keep their ego out of their trading.

6. You must trade without emotions. If you are human, that's impossible. More importantly, when you understand your emotions you will realize they are assets, not liabilities. The real keys are: 1) to be aware of how your emotions interact with and influence your trading, and 2) to develop the skills needed to trade with them.

7. Top traders are usually right about the market. Top traders have many, many scratch and losing trades. Top traders are at the top because they exercise good risk control, limit the amount of loss from any given trade, and have developed a psychological edge that allows them to be unfazed by small loosing trades. Most of their trading consists of modest profits and very small losses. When conditions are right, they step up size and let the profitable trades run.

8. Paper trading is useless-it's not a real trade without money behind it. If you aren't paper trading, you are doing yourself a disservice. You should always be paper trading your trading ideas. Why limit your education and experience by the amount of capital you have? Paper trading keeps you sharp; you learn the conditions under which your trading ideas work best. Where else can you get such vital education at so little cost?

9. Master the technical skills and you will be successful. This is where most traders spend the vast majority of their time, but it's only part of the picture. You also have to learn important performance skills. Traders should spend as much-if not more-time learning to develop their psychological edge as they do in developing their technical trading edge.

10. Trading is stressful. It certainly can be stressful, and it certainly is stressful for many. It doesn't have to be. Successful traders have a certain mind-set. They put little importance on any given trade. Their focus is on the long haul. They know that if they attend to the aspects of trading that are within their control (i.e., trade selection, entry, risk control, and trade management) the profits will take care of themselves.

Whichever one you agree or disagree with - let the discussion begin

I will comment on this one, I have had many losses over the years. To say otherwise is pride. But the very second I realize I am on the wrong side of the move I am out whether it is far from my stop or not. Keep them small and when you see you are right load up the boat till it nearly sinks. Trading is very boring, waiting for the right setup takes patience and most people don't have it. Also trading against the big players is nothing more than an exercise in futility.

I knew some of the text will elicit a reaction from experienced traders like yourselves. This #7 is saying that good traders keep their losses small but let the profits run till the trend is screaming I am about to change. My longest running trade ever is the may sugar trade I put on on this thread. To be honest I am being gently mentored in the development of patience and waiting for the right setup. I dont mind boring but I want to be well positioned to make pips. I am able to do other things during the day so I would like to be able, as I so now, to put on a well researched trade and let it run. Excessive tinkering with trades is my problem sometimes. Taking profits early is also a problem but I am getting better everyday.

Olu

Hey mesh,

You have a plan and thats all you need.

Did not mean to sound disrespectful.


golferbro

Hi all,
price has come back to my entry for long and as such, I have exited the usdcad long. I added a small short to run till the same 0.9436 form there, I'll re-assess the long.
See chart attached.
Happy trading!
Meshach.

Its okay bro.

Looks like the $ might strengthen against it's rivals for a few days. Trade cautiously it looks like a small move.

Hi all,
here's another lovely little chart that suits this thread PERFECTLY. Nice breakout on GBPAUD, I suggest staying SHORT until 1.5080
Actual sell entry was 1.5438, we might get a re-test of the trend line @ 1.5400 so more shorts can be added at that level.

Lets put that together:

SELL GBPAUD @ 1.5400 SL 1.5510 TP 1.5080

See chart attached.
Happy trading!
Meshach.

Price just touched the trend line @ 1.5400 and our sell limit has been triggered.
Now, let's journey to 1.5080/5
Happy trading!
Meshach