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Trading For Those With a 9-5 Job

  • #1,881
  • Sep 15, 2012 7:44pm Sep 15, 2012 7:44pm
Hi Olu, may i ask, how do you decide how many indicators to use for a particular study??? There are many indicators around and i seem to just add them all just because i see people using them. It also comes from the belief that i should only trade when a few indicators point in the same direction. Please advise. Thanks=)
  • #1,882
  • Sep 17, 2012 3:58am Sep 17, 2012 3:58am
Quoting Leonjcxf
Hi Olu, may i ask, how do you decide how many indicators to use for a particular study??? There are many indicators around and i seem to just add them all just because i see people using them. It also comes from the belief that i should only trade when a few indicators point in the same direction. Please advise. Thanks=)
Hi L

Thanks for visiting the thread. As per indicators I am trading my way to having none on the charts at all. But now I use a moving average for trend guidance and Stochastics or MACD for market momentum. There is another one which is the ATR(10) which is just a measure of volatility I use to help in placing my stops. All indicators are based on the past price action and therefore will be wrong if the dynamics of the markets change. This include those called 'leading' indicators. If you have many you will suffer from indicator paralysis - where one is saying 'buy' another is saying 'dont' or worse saying 'sell'. What are you going to do then?

IMHO we all need to get back to plain trendlines, support and resistance areas, breakouts and candlestick/barchart patterns.

And higher timeframes as well. You will not see any chart lower that 4h from me on this thread.

Feel free to post what you are doing on the thread.

Wish you loads of pips...

Olu
If you think you can or cannot do it you are correct
  • #1,883
  • Sep 17, 2012 4:22am Sep 17, 2012 4:22am
Quoting golferfx
Good job Olu,

Keep posting the truth.

The big charts never lie my friends.

Be patient with your money and mind.


golfer
Thanks for you kind words and advice. I like to keep thing real on this thread. It is best to stay with the big charts. Even when I give up the 9-5 job I will still stay on the big charts. No daytrading for me. It will afford me more time, freedom and finances to do what I want when I want.

Olu
If you think you can or cannot do it you are correct
  • #1,884
  • Sep 17, 2012 6:32am Sep 17, 2012 6:32am
Quoting Olu
Hi L

Thanks for visiting the thread. As per indicators I am trading my way to having none on the charts at all. But now I use a moving average for trend guidance and Stochastics or MACD for market momentum. There is another one which is the ATR(10) which is just a measure of volatility I use to help in placing my stops. All indicators are based on the past price action and therefore will be wrong if the dynamics of the markets change. This include those called 'leading' indicators. If you have many you will suffer from indicator paralysis...
Oh ok, Thanks Olu=) I will look into taking out some unnecessary indicators. Thanks for the advice. I do however still trade on 4 hr and 1 hr charts. will look into that as well=)
  • #1,885
  • Sep 17, 2012 6:49am Sep 17, 2012 6:49am
Quoting Leonjcxf
Oh ok, Thanks Olu=) I will look into taking out some unnecessary indicators. Thanks for the advice. I do however still trade on 4 hr and 1 hr charts. will look into that as well=)
I find a lot of whipsawing on lower timeframes. secondly I don't like situations where I have to make quick decisions without full analysis like I do with EOD analysis

Olu
If you think you can or cannot do it you are correct
  • #1,886
  • Sep 17, 2012 7:00am Sep 17, 2012 7:00am
Quoting Olu
I find a lot of whipsawing on lower timeframes. secondly I don't like situations where I have to make quick decisions without full analysis like I do with EOD analysis

Olu
Oh i see. Um so how long do you normally stay in a trade?
  • #1,887
  • Sep 17, 2012 7:34am Sep 17, 2012 7:34am
Comments on the chart

Olu
Attached Image (click to enlarge)
Click to Enlarge Name: Corn-Daily-17092012-1520uk.JPG Size: 77 KB
If you think you can or cannot do it you are correct
  • #1,888
  • Sep 17, 2012 7:47am Sep 17, 2012 7:47am
Quoting Leonjcxf
Oh i see. Um so how long do you normally stay in a trade?
Anywhere between 8 hours to about 5 days. If I am stopped out it can be shorter. My aim is to be able to position trade and milk any trade I am in for all it would give me. I am getting better at it with every trade I put on - good or bad.

Watch out for posts from GolferFx on this thread. Serious nuggets of wisdom for stress free trading
If you think you can or cannot do it you are correct
  • #1,889
  • Sep 17, 2012 7:51am Sep 17, 2012 7:51am
Quoting Olu
Anywhere between 8 hours to about 5 days. If I am stopped out it can be shorter. My aim is to be able to position trade and milk any trade I am in for all it would give me. I am getting better at it with every trade I put on - good or bad.

Watch out for posts from GolferFx on this thread. Serious nuggets of wisdom for stress free trading
Oh ok thanks, will heed your advice=)
  • #1,890
  • Sep 17, 2012 9:07am Sep 17, 2012 9:07am
I put this chart up because Golfer put it up first and said to watch out for the 50 area. We are there now. I am looking for signs of weakness to sell long term...

Olu
Attached Image (click to enlarge)
Click to Enlarge Name: Starbucks-weekly-17092012-1700uk.JPG Size: 79 KB
If you think you can or cannot do it you are correct
  • #1,891
  • Sep 17, 2012 10:50am Sep 17, 2012 10:50am
Hi olu,
Nice thread you have here. Just read the first 2 pages and the last two. But I am impressed. I guess you have now grown into an excellent trader over the time from where you started. I will be back here to read and learn some more.

regards
  • #1,892
  • Sep 17, 2012 4:18pm Sep 17, 2012 4:18pm
Quoting johNal
Hi olu,
Nice thread you have here. Just read the first 2 pages and the last two. But I am impressed. I guess you have now grown into an excellent trader over the time from where you started. I will be back here to read and learn some more.

regards
Thanks JohNal for your kind comments. Everyone is still learning and I would love to attain the excellent trader status. Pleas feel free to post your comments and any info that will be helpful to 9-5 traders

Olu
If you think you can or cannot do it you are correct
  • #1,893
  • Sep 18, 2012 8:24am Sep 18, 2012 8:24am
Olu see james 16 strategy. mabey help you.
  • #1,894
  • Sep 18, 2012 8:40am Sep 18, 2012 8:40am
Quoting sholti
Olu see james 16 strategy. mabey help you.
thanks Sholti. I follow James16 strategy. Please feel free to post any material or idea helpful to 9-5 traders

olu
If you think you can or cannot do it you are correct
  • #1,895
  • Sep 18, 2012 9:45am Sep 18, 2012 9:45am
Reversal?

Olu
Attached Image
If you think you can or cannot do it you are correct
  • #1,896
  • Sep 19, 2012 12:39pm Sep 19, 2012 12:39pm
Just an update on this stock. I am bearish this stock. However always let the markets confirm your thoughts about a trade.

Olu
Attached Image (click to enlarge)
Click to Enlarge Name: Starbucks-weekly-19092012-2020uk.jpg Size: 67 KB
If you think you can or cannot do it you are correct
  • #1,897
  • Sep 19, 2012 4:16pm Sep 19, 2012 4:16pm
Congratulations sir.

A very good thread of market knowledge that you have here and you share to others.

Thank you
  • #1,898
  • Sep 19, 2012 4:40pm Sep 19, 2012 4:40pm
Quoting CroMagnon
Congratulations sir.

A very good thread of market knowledge that you have here and you share to others.

Thank you
Welcome to the thread CroMagnon and thanks for your comments. Please feel free to post any material or your thoughts that will be use for traders with a 9-5 job

Wishing you loads of pips

Olu
If you think you can or cannot do it you are correct
  • #1,899
  • Edited 4:23am Sep 20, 2012 3:52am | Edited 4:23am
Thank you Olu,

For let me participate.

Quoting Olu
Reversal?

Olu
Attached Image (click to enlarge)
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  • #1,900
  • Sep 20, 2012 6:34am Sep 20, 2012 6:34am
Quoting CroMagnon
Thank you Olu,

For let me participate.
You are right CorMagnon. At this stage I am looking for new highs in the Euro. So this downmove will be just a retracement that can come to the trendline or 2900 area. At worst we can test the breakout point 2740 area. Then upwards to take out the recent high on to 3400 area. Mind you if you have a system in place where you just follow the markets and move your stops you can participate even when your analysis is wrong.

Thanks for your input CroMagnon. more please...

Olu
If you think you can or cannot do it you are correct
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