Trading For Those With a 9-5 Job

Comments on the chart...

Olu

find uploaded a chart of the weekly and monthly gbpusd. We are forming a rough H&S pattern with 1.5350 as the neckline. If this line goes then we could go down 1200 points. This would be a sell and hold trade

Better still on the monthly chart we have a formed triangle and are looking for a breakout to the downside as is the original predominant trend. In both charts price is below the 13sma which is bearish. A break of the trendline is very bearish indeed

Olu

The euraud chart below is the reason I wait for any candle I trade to close. Check out the price action today. Support broke hard and it seemed all hope for the euro was gone. Only to see after the announcement that this was not so.

The question is now what lies ahead for this pair. This depends on your perspective and view of the stock market

If you feel risk is on and that the stock market will rally then this pair will continue down. And you will collect swap as well

If you feel the stock market will tank (I admit I am in this camp) then this pair will go up. If we form a hammer on the charts today at the close then I will be looking to go long. If we close solidly below the support line then the stock market will have roared to the upside...

It takes patience to sort out the ifs and buts...

Olu

Find uploaded a weekly gold chart with some comments on it. previously the wole world was forecasting gold 2000, 3000 or even 5000! Why are we now attacking the support line at 1540 instead of going to new highs?

There is a shift in trading mentality amongst the big players, i believe. The powers that be are giving up on finding a solution to the debt and euro situation. The press and governments are doing their very best to make sure the true extent is not revealed.

Watch that 1540 area. We might get to the brink and then rally off on the first test but I believe the writing is on the wall for an eventual breakdown and stay below that level. I believe we will have QE3,4,5,6 etc and that muddies everything. We live in interesting times.

Back to family time....

Olu

Yes we are in thin conditions, i agree however the audusd is showing that it is clearly in a triangle. Price has been repelled from the top boundaries of the triangle and we might be on the way to the lower trendline.

First we are coming off a double top around 1.07xx area. Today price turned back forcefully from 1.02xx area. In a triangle price shows lower highs and higher lows till we get to a breakout point. There could be two possible targets - 9960 and 9840.

Technically price is below the 100sma and Daily MACD has turned down hinting momentum is to the downside. We are also getting to the apex of the triangle. This move is a breakout move - whether up of towards and below 9960.

Careful though, we are in thin conditions.

Olu

I like your idea's for the gold trade.

Here is the update on the silver trade.

$20.00 then possibly much, much lower.

Plan ahead.



golfer

Great chart. Where was I around 1800 in gold or 44 in silver? The simplest of strategies work. No need for fancy this or that.

I bvelieve we are in the early stages of:

Buy and hold in the us$
sell and hold in the stock market indices
Sell and hold in gold and silver

Find a good entry and hold on tight...

Olu

Gold broke below the 1530 low but couldnt close below it today. We have a hammer candle as we speak now. This is mildly bullish for a small retracement perhaps to 1600 area. But I believe the die is cast and we are going down big time in 2012. You know me If I am off the mark I will come back and say it. So watch this space and the markets...

Olu

Last day of trading for 2011.

Wish all
thread visitors and contributors
a happy new year and loads of pips.

See you on the 3rd...

Olu

Same to you Olu and all 9/5'rs.

Wish you good returns in 2012.



golferfx

Well Guys its a brand new year. And I wish all of us a pipful new year. There is a lot more to life than pips though like health, security and good relationships so I wish us bucket loads of those too.

I have uploaded a 4h chart of crude and I am proposing that if 98.50 goes we will have a downturn on our hands. This trade is invalidated if 100.14 is taken out.

Technically we have a H&S on our hands which is comfirmed by the break of 98.50 neckline. No break no trade. Except if you have another entry strategy that can get you in earlier e.g Fibs reversal. There are other bits supporting this trade. The crossing of the moving averages and the PSAR dots above price as well

So lets see how this one goes...

Olu

May you being bless with abundance of health, love and wealth.

BBF

Now lets go for those pips

Olu

We are seeing some early us$ weakness at the start of trading. Look at crude go! Up $1.45. So for now the H&S I talked about earlier is postponed as 98.50 wasnt taken out and market has negated the right shoulder

The aussie is up
Gold is up as well

Olu

I have a very small short in usdcad...

Olu

Breakdown from triangle. Right at support @1.0130 and it seems to be turning...A breakdown here will target next support @1.0050

Olu

[quote=Olu;5262876]Breakdown from triangle. Right at support @1.0130 and it seems to be turning...A breakdown here will target next support @1.0050

Olu[/QUOTE

Price hit strong support region 1.0080-1.0050 area and reversed. Trade closed.

Dow gapped up above resistance 12330 area but has been retreating since. Will it close the gap? Divergence starting to show on 4h currency charts as well.

The question is this: Was this a 'pump and dump' or this rally has legs?

Olu

Looking to go long this pair if the high of the current candle is taken out. I am blatantly bullish the US$. This, however doesn't stop me from taking technical trades against it. If the price dives back into the triangle on the daily (Chart previously uploaded)then price action was just a fake out. So if we form a hammer on this candle and subsequently take out its high then the us$ might just be re-asserting itself.

olu

Find uploaded a daily chart of the dollar index showing a battle at support that is significant.

Watching with interest...

Olu

Nice big gap up in the dow today. Signs of weakness and indecision are showing though. If the market is saying 'opps I did it again' the all the currency rallies will dissipate especially the euro

Olu

hi olu,i posted the very same thoughts in my journel only using the gap on ftse,as my reference,the price action on ftse has been equally odd,theres gapping holes in price right down to the 5100 level,i have also been working on time cycles on ftse,which is also indicating a large pending short,i guess were waiting for the next calamity to come out of europe,