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Trading For Those With a 9-5 Job

  • #901
  • Edited 9:19am Apr 29, 2011 9:08am | Edited 9:19am
Check out the second to last candle on the right...
I hear/read it all the time.
I looked at this hammer at the close yesterday and thought as candle traders think we might retrace tomorrow. It never happened.
A more important hammer that need to be reckoned with is one with the tail breaking throught a major support line. if we have an entrenched downtrend the momentum can blow past any candle.
Attached Image (click to enlarge)
Click to Enlarge Name: JulySugar-daily-29042011-1504uk.jpg Size: 74 KB
If you think you can or cannot do it you are correct
  • #902
  • Apr 29, 2011 1:25pm Apr 29, 2011 1:25pm
Quoting Olu
Check out the second to last candle on the right...
I hear/read it all the time.
I looked at this hammer at the close yesterday and thought as candle traders think we might retrace tomorrow. It never happened.
A more important hammer that need to be reckoned with is one with the tail breaking throught a major support line. if we have an entrenched downtrend the momentum can blow past any candle.



Sweet mother....I see a commodity trader here in the making.

Ka-ching BBO !



humble golfer
  • #903
  • Apr 29, 2011 2:33pm Apr 29, 2011 2:33pm
Re: thread title...

How about those who are unemployed? Tough economic times out there ya know...
  • #904
  • Apr 29, 2011 2:47pm Apr 29, 2011 2:47pm
Quoting qwertymyfx
Re: thread title...

How about those who are unemployed? Tough economic times out there ya know...
Welcome to the thread.

You have a point you know. Maybe it should read 'Longer Term Trading'
or
Trading for people who dont want to sit at the computer all day


Honestly Querty The thread was aimed at people who feel they are missing out because they cant day trade because of their day job. Its principles are universal. The unemployed can use it too and are welcome

Thanks
If you think you can or cannot do it you are correct
  • #905
  • Apr 29, 2011 2:50pm Apr 29, 2011 2:50pm
Quoting golferfx
Sweet mother....I see a commodity trader here in the making.

Ka-ching BBO !



humble golfer
Both corn and soybeans recouped a lot of their losses yesterday. We are on holiday today because of the royal wedding

Olu
If you think you can or cannot do it you are correct
  • #906
  • Apr 29, 2011 2:57pm Apr 29, 2011 2:57pm
this pair is comsolidating and in a horizontal channel. THis is marked on the chart uploaded

price is below the 100sma
stoch is down
price just breaking down to the downside out of the channel

We could go to new lows on this pair. Currency trends usually last very long
Attached Image
If you think you can or cannot do it you are correct
  • #907
  • Apr 29, 2011 4:16pm Apr 29, 2011 4:16pm
Quoting Olu
this pair is comsolidating and in a horizontal channel. THis is marked on the chart uploaded

price is below the 100sma
stoch is down
price just breaking down to the downside out of the channel

We could go to new lows on this pair. Currency trends usually last very long
Since Feb 2011 it is DOWN! If you look at daily chart it is down since 21st march!
You mean it will conntinue DOWN OR it will go LONG NOW??
  • #908
  • Apr 29, 2011 8:11pm Apr 29, 2011 8:11pm
Most likely a breakout here on nat. gas next week.

Targets are 50%/61.8% to start....but could go much higher.

Let's just follow the trend...worry about the targets later.




good hunting,


golferfx
Attached Image (click to enlarge)
Click to Enlarge Name: nat gas.gif Size: 14 KB
  • #909
  • Apr 29, 2011 11:37pm Apr 29, 2011 11:37pm
Quoting golferfx
Most likely a breakout here on nat. gas next week.

Targets are 50%/61.8% to start....but could go much higher.

Let's just follow the trend...worry about the targets later.




good hunting,


golferfx
Natural Gas has got to be the toughest hole on the course golfer, but the pay-off would be huge if we have finally seen bottom.

T.Boone Pickens has said in recent interviews about this market is that historically natural gas is about a 10-1 with oil, so if oil is around 120 natural gas is really lagging if its under 12.
  • #910
  • May 1, 2011 3:24pm May 1, 2011 3:24pm
Quoting behman8850
Since Feb 2011 it is DOWN! If you look at daily chart it is down since 21st march!
You mean it will conntinue DOWN OR it will go LONG NOW??
Thanks for you question behman8850. My thoughts are more downside is in store for this pair. We just need to breakdown from the congestion area

Olu
If you think you can or cannot do it you are correct
  • #911
  • May 1, 2011 9:25pm May 1, 2011 9:25pm
Quoting Olu
Thanks for the update. We have a holiday in the uk because of the royal wedding so no trading for me. Cant wait to hear your ideas in the currenciees

The only trade I am in is short july sugar and it is doing well at the moment. I will post a lesson I learnt in the next entry.
I closed the eur/cad long with nice countertrend pips, I am now watching for support to be broken short for the restored bearish trend to continue. A good break of 1.3987 should allow for some room, you can watch the stochastic for a break of the 80 line for confirmation, or wait for the weekly to break for longer term. This is the only one I see right now on currencies. The currency markets are not sure what to do in lieu of all the information coming out of the USA this past week. Although I see alot of action in the commodities and ETF's trading if accounts allow. In times like this it helps to be diversified and allows for patience when the currencies are flat.
  • #912
  • May 1, 2011 9:59pm May 1, 2011 9:59pm
Reports that Bin Laden is dead (CNBC)

Possible effect of this news is the unwinding of strength in the disaster currencies like the yen and chf. Also the stock market may rally. Crude may fall too

Olu
If you think you can or cannot do it you are correct
  • #913
  • May 2, 2011 8:30am May 2, 2011 8:30am
Hi Olu, wouldn't it be beautiful if those with a 9-5 job can just get one price level to buy from and another to sell from at market close each day? I know lots of traders warn that we should never try to pick tops and bottoms but . . . I'm here to prove them WRONG! I'll post levels for the major currencies starting from market close today. Have a glorious day. Meshach.
  • #914
  • May 2, 2011 9:16am May 2, 2011 9:16am
Quoting forexcompoun
Hi Olu, wouldn't it be beautiful if those with a 9-5 job can just get one price level to buy from and another to sell from at market close each day? I know lots of traders warn that we should never try to pick tops and bottoms but . . . I'm here to prove them WRONG! I'll post levels for the major currencies starting from market close today. Have a glorious day. Meshach.
It would be interesting to see your posts. Looking forward to them. I am a basic long term trader (trying to be) but as part of diversification would be interested in daily set and forget trades while waiting for those long term setups. If you are accurate in your levels a trading plan can be put around those levels to get something on a daily basis.
Olu
If you think you can or cannot do it you are correct
  • #915
  • May 2, 2011 7:29pm May 2, 2011 7:29pm
Hi all,
here are the 'set & forget" levels for Tuesday May 03, 2011.
See attached file.
SL and TP for USDCHF, USDCAD & AUDUSD are 80pips from entry while SL and TP for EURUSD & GBPUSD are 110pips from entry.

Happy trading!
Meshach
Attached File(s)
File Type: xls 9T05.xls   117 KB | 316 downloads
  • #916
  • May 2, 2011 7:44pm May 2, 2011 7:44pm
Quoting forexcompoun
Hi all,
here are the 'set & forget" levels for Tuesday May 03, 2011.
See attached file.
SL and TP for USDCHF, USDCAD & AUDUSD are 80pips from entry while SL and TP for EURUSD & GBPUSD are 110pips from entry.

Happy trading!
Meshach
hi Meshach. More explanation is required on these levels.
If you think you can or cannot do it you are correct
  • #917
  • May 2, 2011 7:46pm May 2, 2011 7:46pm
Thanks Chief! Good calls like always!

Quoting forexcompoun
Hi all,
here are the 'set & forget" levels for Tuesday May 03, 2011.
See attached file.
SL and TP for USDCHF, USDCAD & AUDUSD are 80pips from entry while SL and TP for EURUSD & GBPUSD are 110pips from entry.

Happy trading!
Meshach
  • #918
  • May 3, 2011 12:20am May 3, 2011 12:20am
Quoting Olu
hi Meshach. More explanation is required on these levels.
Olu, I really can't divulge so much information regarding the process that generates the set & forget levels but I'll tell you a little bit. As an Engineer who has never really practised since after graduating from the University, I decided to get myself busy with designing a mathematical formula that would: pick tops and bottoms ACCURATELY. The 'pros' warn that traders go broke picking tops and bottoms. I like to blaze new trails, break limits, do what seems impossible with men. These levels are the 'mathematical interpretation' of the verse of scripture " . . . with God, ALL things are possible". Happy trading! Meshach.
  • #919
  • May 3, 2011 12:27am May 3, 2011 12:27am
Quoting 4_x
Thanks Chief! Good calls like always!
Thanks bro.
  • #920
  • May 3, 2011 8:34am May 3, 2011 8:34am
First and foremost I want to say I lost 35pips in the previous venture where I though everything pointed to a breakdown in this pair out of the channel

Now we are testing the upper channel of the pair and the indicators are saying it might just keep on going.

More comments later (break time over)
Attached Image (click to enlarge)
Click to Enlarge Name: euraud-daily-03052011-1430uk.JPG Size: 50 KB
If you think you can or cannot do it you are correct
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