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Trading For Those With a 9-5 Job

  • #1,481
  • Edited 6:59pm Feb 5, 2012 6:30pm | Edited 6:59pm
The uploaded daily chart is making me believe that gold is in for a retracement. We have a resistance line above and an uptrend line being tested to the downside. The stochastics are overbought and crossed downwards warning of a possible retracement as well. The bearish engulfing candle is negative as well. It might be best not to do anything until a break one way or another...

Olu
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If you think you can or cannot do it you are correct
  • #1,482
  • Feb 5, 2012 7:24pm Feb 5, 2012 7:24pm
I have been previously bearish on this pair. However the uploaded chart is showing a bounce off a 50% retracement of the previous upmove. We have been in a down channel and have now bounced off the lower line. There is divergence (bullish) as well
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If you think you can or cannot do it you are correct
  • #1,483
  • Feb 6, 2012 1:16am Feb 6, 2012 1:16am
This pair is about to breakout to the upside. We have a well formed channel formed off the 100sma. Price is at the top of the channel. We also have the stochastics crossed and turned up. A long position might be called for after the breakout.

Olu
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If you think you can or cannot do it you are correct
  • #1,484
  • Feb 6, 2012 7:39am Feb 6, 2012 7:39am
This pair is probing the downtrend line shown on the chart looking for a break down through it. If we have a breakdown then the previous lows will be a good target. A break of that low will aim for the 0.8000 area. Note this pair is tortuous in its movement and there is a lot of fundamental stuff going on with the euro that can cause price to jerk either way. So if you trade this with a large size keep the pepto bismol nearby...

Olu
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If you think you can or cannot do it you are correct
  • #1,485
  • Edited 6:40am Feb 8, 2012 4:13am | Edited 6:40am
Here is a possible trade that aligns with the 'risk on' mode of the markets. Uploaded is a daily chart of eurjpy. I have marked on it what looks like a head and shoulder pattern that look like will be activated today. The target for this move is about 500 pips from where we are right now. If this trade behaves we could get there in a week! It is best to wait for a close above the neck line before going for it.

Do you own d/d.

Olu
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If you think you can or cannot do it you are correct
  • #1,486
  • Feb 8, 2012 7:27am Feb 8, 2012 7:27am
I start this post with a question. How come the euro is strengthening despite the near financial collapse of some of its member states? I didn't think we will be writing or posting about a possible 123 bottom in the euro or as in my previous post a possible head and shoulder bottom in the euro. You've got to give it to the ECB for superb management of the crisis. A mixture of backdoor QE and some jawboning and voilà no collapse of the euro. Am I speaking (posting!) too soon? We'll see.

Back to trading. Uploaded is a chart of the eurcad. I am bearish this pair to new lows but I believe there could be a trade here if we break above the hump. We will be doing a 123bottom formation which would target 3-400 pips. Stochastics agree on the weekly and the daily chart as well. Note: The trade is on only after it breaks the hump.

Olu
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If you think you can or cannot do it you are correct
  • #1,487
  • Feb 9, 2012 4:46am Feb 9, 2012 4:46am
Quoting Olu
Here is a possible trade that aligns with the 'risk on' mode of the markets. Uploaded is a daily chart of eurjpy. I have marked on it what looks like a head and shoulder pattern that look like will be activated today. The target for this move is about 500 pips from where we are right now. If this trade behaves we could get there in a week! It is best to wait for a close above the neck line before going for it.

Do you own d/d.

Olu
If you dont like to trade anything euro because of the greek debacle then check out the post on cadjpy.

Olu
If you think you can or cannot do it you are correct
  • #1,488
  • Feb 9, 2012 4:55am Feb 9, 2012 4:55am
Find uploaded a daily chart of the cadjpy.

I am getting many signals on the yen pairs and I am starting to think we are in for a time of jpy weakness. Anyway this one is breaking out of a massive triangle and as technical analysis goes the target is the width in pips of the base of the triangle. This is a 400-500pips. Incidentally it is also doing a 123 bottom on the daily. And a H&S as well. Interesting times ahead. All 9-5ers think of trades that need only end of the day managment.
Do your own d/d

Olu
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If you think you can or cannot do it you are correct
  • #1,489
  • Feb 9, 2012 6:23pm Feb 9, 2012 6:23pm
Quoting Olu
I start this post with a question. How come the euro is strengthening despite the near financial collapse of some of its member states? I didn't think we will be writing or posting about a possible 123 bottom in the euro or as in my previous post a possible head and shoulder bottom in the euro. You've got to give it to the ECB for superb management of the crisis. A mixture of backdoor QE and some jawboning and voilà no collapse of the euro. Am I speaking (posting!) too soon? We'll see.

Back to trading. Uploaded is a chart of the eurcad....




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  • #1,490
  • Feb 10, 2012 2:09am Feb 10, 2012 2:09am
Quoting golferfx
Thanks Golfer

A break above the hump creates the start of a trend in the other direction which could carry on for long. But I will only get involved on a close above the hump. Then we just sit tight and manage the trade.

Olu
If you think you can or cannot do it you are correct
  • #1,491
  • Feb 15, 2012 7:04am Feb 15, 2012 7:04am
I have been following gold for a few days and it appears this metal wants to go up in the short term. We have had a prolonged upmove and a possible shallow retracement which might have ended at 1705 for the time being. Today's chart shows a break above the recent doji combined with a turn in the stochastics on the daily chart. If this move continues upwards we could visit 1800 before all is said and done.

This upmove will be threatened if the stock market falls and the us$ becomes strong which can be any day now.

Olu
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If you think you can or cannot do it you are correct
  • #1,492
  • Feb 16, 2012 5:04am Feb 16, 2012 5:04am
The US$ may have turned the corner. Find uploaded a daily chart of the dollar index. We even have a gap. Interesting times...
I am long usdchf and looking to go long the usdcad on a close above 1.0040

Olu
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If you think you can or cannot do it you are correct
  • #1,493
  • Feb 16, 2012 7:36am Feb 16, 2012 7:36am
The above chart is a monthly chart of the UK's FTSE100 index. It is showing the possibility that we might be forming the right shoulder of a H&S pattern. Note we do not have the right shoulder reversal in place so this is still pure speculation. The eventual target for this pattern is 3500!For this pattern to form and play out I think we need a big credit issue. This whole pattern is off if we go over the 6200 high. Until then we watch and wait...


Olu
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If you think you can or cannot do it you are correct
  • #1,494
  • Feb 17, 2012 7:49am Feb 17, 2012 7:49am
A lot of traders out there are frustrated and are loosing money looking for a top here. I have personally made my own donations too to the forex cloud recently taking an intraday sell signal in the dow and FTSE100 when the long term uptrend is screaming 'I am not done yet!'

traders the fall on these indices are going to be huge and life-changing but we must be liquid and ready. A 1000point fall in the Dow is no good to any trader if there is no money in your account to trade. Leave this market to tell us that it emphatically that it is going down before jumping in short.

I was lucky in my long usdchf trade yesterday. Price was around 9280 and I heard good data was released in the US. I closed it then and there straightaway. Normally I will be checking the trade at the end of the day when I get home from work and in this case the trade went down 100 pips from there.

So traders this is what I think about the markets. The SP500 (representative of all major stock indices) will breakout to the upside targeting the 1370 area. This means the euro and the pound and the aussie etc have one more leg up. It also means the usdcad and the usdchf and the dollar index have one more leg down

Then I will be looking for a credible top and the start of an major Elliott wave 3 down. Now this is what I think. I am a trader and can trade whichever way to make some pips. So you need to do your own analysis.

Have a nice weekend...

Olu
If you think you can or cannot do it you are correct
  • #1,495
  • Feb 17, 2012 8:02am Feb 17, 2012 8:02am
Quoting olu
a lot of traders out there are frustrated and are loosing money looking for a top here. I have personally made my own donations too to the forex cloud recently taking an intraday sell signal in the dow and ftse100 when the long term uptrend is screaming 'i am not done yet!'

traders the fall on these indices are going to be huge and life-changing but we must be liquid and ready. A 1000point fall in the dow is no good to any trader if there is no money in your account to trade. Leave this market to tell us that it emphatically that it is going down...
hi olu,i couldnt agree more,ive also given some pips away ,two concecutive trades on ftse aprox 150 pips worth,on my longer term ftse method,although some time back i had posted were still a couple of months away,so why did i do it,i got caught up in the anticipation mind set,anyways im now sitting on the fence waiting,i would expect to see 60 level first and even that still falls short on a time cycle i work from,so if no change at 60 level dont be surprized to see 6600,but like you im waiting patiently
regards
william
  • #1,496
  • Feb 17, 2012 8:43am Feb 17, 2012 8:43am
Quoting diceman555
hi olu,i couldnt agree more,ive also given some pips away ,two concecutive trades on ftse aprox 150 pips worth,on my longer term ftse method,although some time back i had posted were still a couple of months away,so why did i do it,i got caught up in the anticipation mind set,anyways im now sitting on the fence waiting,i would expect to see 60 level first and even that still falls short on a time cycle i work from,so if no change at 60 level dont be surprized to see 6600,but like you im waiting patiently
regards
william
Thanks for your post on the thread. Why cant we as traders just follow the trend instead if trying to predict turns?
Yes I wait for the next big trend. this one is mature...Hope you dice more pips

Olu
If you think you can or cannot do it you are correct
  • #1,497
  • Feb 17, 2012 6:25pm Feb 17, 2012 6:25pm
Quoting Olu
Here is a possible trade that aligns with the 'risk on' mode of the markets. Uploaded is a daily chart of eurjpy. I have marked on it what looks like a head and shoulder pattern that look like will be activated today. The target for this move is about 500 pips from where we are right now. If this trade behaves we could get there in a week! It is best to wait for a close above the neck line before going for it.

Do you own d/d.

Olu




Thanks Olu for the heads up...you were spot on !

The trade has closed this week in good fashion...now we just manage the trade.

I owe u a few beers !


golfer
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  • #1,498
  • Feb 18, 2012 7:09pm Feb 18, 2012 7:09pm
Quoting golferfx
Thanks Olu for the heads up...you were spot on !

The trade has closed this week in good fashion...now we just manage the trade.

I owe u a few beers !


golfer
Thanks Golfer for the feedback. Yes we are in management mode right now. This trade more than counterbalances the chf retracement.

Wantin to put up a piece on the usdjpy itself. We closed right at resistance point. I think that the next big direction for the pair is up. The weekly 13/34s have not crossed though...

Olu
If you think you can or cannot do it you are correct
  • #1,499
  • Feb 20, 2012 7:18am Feb 20, 2012 7:18am
Amazing start! A gap up in my favour. No rushed decisions today. Will let things settle down

Olu
If you think you can or cannot do it you are correct
  • #1,500
  • Feb 20, 2012 12:17pm Feb 20, 2012 12:17pm
This trade is back on the radar again. In fact it is ripe for trading. I have traded this pair in and out for so long that I kept thinking ' If I had stayed short this pair when I first got in I could have made a pretty penny' . Well here we are again and it is still a sell in my humble opinion. Note it is carry-negative. 0.75pip daily (quoted from dukascopy.com). Both charts are bearish and we are about to break below 2800. just getting to 2300 is a first target...

Olu
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