8-5 job, no bullshit daily technical system | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

BO System? Here is "The Italian jOB" 1,194 replies

Daily Blog/Vlog: FU*K IT, I QUIT (my 9-5 day job)! 104 replies

Edit job help - Price above/below on daily bars 0 replies

Mystic's "If You Can't Dazzle Them with Brilliance, Then Baffle them with Bullshit" 8 replies

Would you trade this system? New system #2. 10 replies

Attachments: 8-5 job, no bullshit daily technical system
Exit Attachments

8-5 job, no bullshit daily technical system

  • #1
  • First Post: Edited Apr 25, 2016 1:33am Apr 21, 2016 1:07am | Edited Apr 25, 2016 1:33am
Hi everyone. Although I'm new to this forum, I have been trading for 2 years+ and yes, I've dabbled with many trading systems and failed in most attempts. Are you encountering this situation as well?

Fret not. It's because you haven't found a strategy and risk management that suits you. Maybe not even mine.

However, if you...
1) Have a day job (8-5pm)
2) Prefers NOT to glue your eyes to market charts every moment of the day
3) Prefers NOT to scalp
4) Prefers NOT to follow news
5) Prefers to spend 15-30mins on market movement in total each day

Then you are in the right place!

My strategy is simple. A few things we need to be equipped with.

-Daily time frame. (That's because I hold a 8-5 job and trading is not my FULL TIME JOB.)
-21, 50, 200 EMA (Basically that all you'll need)
-Basic support and resistance lines (Which I will introduce in each live trade)
-RSI (for that occasional spotting of divergence for reversal)

That's it. If you are looking for bombastic words, fanciful indicators, then please exit this thread. Because you won't find them here.

One thing I need to clarify is, I'm not going to introduce a tried-and-proven system that you can load it through the night or through any bots. What I'm going to share here is how to trade trends and retracements, using the indicators I mentioned above. With live trades.

**MOST IMPORTANT MESSAGE**
I'm wont be correct 100% of the time. No traders are. But with the correct stop loss in place, you can be profitable. I am a part time trader, which means I don't have to earn 100k from trading each month, but I earn enough to supplement my monthly salary from work. (Which I'm sure majority of the traders here share the same sentiments)

I don't claim any credit for 'discovering' any of the strategies I'm using here. I'm merely combining strategies that i feel work best for a part time trader like myself and sharing it out loud.

What I am more concerned is NOT the technical know how to make a trade; I'm more concerned with the psychology and risk management behind each trade. That's precisely where accounts are blown.

Lastly, trading can be clean and neat. Patience is the key.

Let's get to work.

April 25-29 updates:
USDJPY: http://www.forexfactory.com/showthre...74#post8890774
EURJPY: http://www.forexfactory.com/showthre...89#post8890789
AUDUSD: http://www.forexfactory.com/showthre...00#post8890800
I hold a 8-5 job. I trade 90% daily, 10% H4; 90% technical, 10% fundamental
  • #2
  • Edited 2:32am Apr 21, 2016 1:40am | Edited 2:32am
USDJPY

Basics 1: Trading Moving Average

I'm sure most of you have read it online on how to use moving average. Moving average is more than just a signal to long or short, based on how it's above MA 50 or below MA 50.

Moving average can be used as a resistance or support depending on price. It is an integral part of my strategy.

LIVE TRADE EXAMPLE

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 75 KB


On April 19, price for USDJPY was 108.866.
Green Line is EMA 21. It's resistance for that day.
My buy order was to long till EMA 21, which is 110.866. (aka take profit)
Stop loss at 108 (low of the previous day candle)

*Question* Most tutorials say when price is below EMA 21 = short. Why are you at long position?
Answer: Price wont be one direction forever. When price reaches a particular strong support, normally it retraces back. In my observation, currently USDJPY will retrace back to its EMA 21 each time before it continues its downtrend. (it doesn't work for every markets at every moment. Different markets are in different trends - uptrend, downtrend or ranging) If you are trading retracement or counter-trends, ALWAYS have your stop loss on. If you are trading on a small account, set yourself 10-30pips. If your account is larger, put it at 1%. STOP LOSS IS VERY IMPORTANT. I CANT EMPHASIZE ENOUGH.

April 21, today.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 162 KB


Yesterday's high was 109.893. (a good 100pips if you sold at that level)
For me, it didnt hit my take profit, but i sold it at 109.730.

Thread link for above: http://www.forexfactory.com/showthre...39#post8880539

My thought process:
Since 21st Dec, 2015, USDJPY has been on a downtrend (minus BOJ moment in Feb).
What i mean by downtrend is making lower highs, lower lows.
But what is even more important is it has been respecting EMA 21, meaning the price has been more or less consistently below EMA 21. (yes minus BOJ moment)

My next move:
There is still some distance from current price to EMA 21. Today's candle might form an inside bar depending on how price closes at the end of the day.
The thing to look out for is whether price will reject the EMA 21 forming a false breakout or break thorugh EMA21 to form a breakout.

For new traders wondering whats false breakout or breakout, google them and come back over the next few days for LIVE examples in LIVE TRADES, instead of past trades.



Thread link: http://www.forexfactory.com/showthre...39#post8880539
I hold a 8-5 job. I trade 90% daily, 10% H4; 90% technical, 10% fundamental
  • #3
  • Apr 21, 2016 2:14am Apr 21, 2016 2:14am
EURJPY

Basics: Trading Moving Average

LIVE TRADE EXAMPLE

April 19
Price was 123.459.
EMA 21, 124.473.
Price is on retracement to test EMA 21.
Stoploss at 122.299 (close of previous day candle)

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1 (1).png Size: 76 KB


April 20

Price tested 124.396 before retracing. (90 pips if you sold at this level)
Almost hit EMA 21, which was my take profit.
Price was 123.915 at time of post. (50 pips. well im still human)
Attached Image


Thread link: http://www.forexfactory.com/showthre...46#post8880546

April 21 today

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 55 KB


Thought process:
Same thing, EURJPY has been making lower highs and lower lows since 2015 June, respecting EMA 21. (of course there's anomalies)

My next move:
Yesterday's candle formed an inside bar. Probably today's candle will form an inside bar as well.
Price from the past 2 days rejected price near EMA 21, and if today's candle continues to turn bearish, downtrend resumes. Stop loss at EMA 21 of that day.
I hold a 8-5 job. I trade 90% daily, 10% H4; 90% technical, 10% fundamental
  • #4
  • Apr 21, 2016 2:59am Apr 21, 2016 2:59am
USDCHF

Basics: EMA 21

LIVE TRADE EXAMPLE

April 19

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 75 KB


Price just hit a double top near EMA 21 and it seems that price has rejected at EMA 21 for downtrend to resume.
I shorted at 0.96489, stop loss 0.96854.

April 20

Attached Image


Price continued its downtrend.
Stop loss brought to break even.

April 21

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 61 KB


Price exploded upwards, hit my stop loss, I took nothing from this trade.

Thought process:
As I said, there is never a 100% in trading. In the same way as USDJPY, EURJPY, price respected EMA 21. There wasn't much indication that it will surge upwards. Yet USDCHF broke through EMA21 and closed above EMA 21. So now EMA21 has just turned support from resistance.

I'm okay with sharing this trade here to show that I'm human after all and I do make losing trades(in this case its breakeven). However, adding the 100+ pips from the two above trades, losing none on this, I'm profitable this week, well enough as a part time trader. I don't strive to EARN BIG as promised by most commercial traders; I strive to be consistent with my trading system and profit well enough without compromising my risk management. I hope new traders will get to see this point sooner or later.

My next move:
There isn't a clear price action signal for me to continue long or short. Most likely, price will continue its downtrend. Watch this space for updates.

Lastly, I do welcome feedbacks and comments. Constructive ones though. Have a nice day!
I hold a 8-5 job. I trade 90% daily, 10% H4; 90% technical, 10% fundamental
  • #5
  • Apr 21, 2016 9:34am Apr 21, 2016 9:34am
pipperboy
Why have you changed your EMA 21 green to EMA 20 green today?
  • #6
  • Apr 21, 2016 9:47am Apr 21, 2016 9:47am
Inserted Code
I am a part time trader, which means I don't have to earn 100k from trading each month, but I earn enough to supplement my monthly salary from work. (Which I'm sure majority of the traders here share the same sentiments) I don't claim any credit for 'discovering' any of the strategies I'm using here. I'm merely combining strategies that i feel work best for a part time trader like myself and sharing it out loud. What I am more concerned is NOT the technical know how to make a trade; I'm more concerned with the psychology and risk management behind each trade. That's precisely where accounts are blown. Lastly, trading can be clean and neat. Patience is the key. Let's get to work.[/quote]

I believe trading is somewhat related to thought process. No part time or full time explanation. Trading is hard and is as serious as any other mainline business. It depends how much time anyone spend on it. I think Moving Average is most oldest trading tool and profitable one. But moving average is lagged indicator so in every price move you still can have some food though party is over. And one important point is reading chart beyond charts. Everyone do analysis but not everyone profitable. However nice going.
Patience is best EA in Trading
  • #7
  • Apr 21, 2016 10:29pm Apr 21, 2016 10:29pm
Quoting Sajid-ali
hello pipperboy I like your strategy this is simple and work plz count new this and show more 4H & Daily Thank you
hi sajid-ali! It's great to hear that and yes I will be back with more live trade examples. Stay tuned

Quoting traderperson
pipperboy Why have you changed your EMA 21 green to EMA 20 green today?
Hi traderperson, it should be EMA 21. I used another computer at work hence probably I typed it wrong. My bad.

Quoting rosyfx
I believe trading is somewhat related to thought process. No part time or full time explanation. Trading is hard and is as serious as any other mainline business. It depends how much time anyone spend on it. I think Moving Average is most oldest trading tool and profitable one. But moving average is lagged indicator so in every price move you still can have some food though party is over. And one important point is reading chart beyond charts. Everyone do analysis but not everyone profitable. However nice going.
Hi rosyfx! I absolutely agree trading is related to thought process. My part time and full time is a measurement of one's expectations out of trading. No obligations. Yes i agree moving average is a lagged indicator. However, i mentioned that I dont really trade based on 'oh!EMA XX higher or lower than EMA YY. I should short'. It's more of an indicator for me to set my S/R and affirmation of my analysis. Each to his own. Thanks for your input!
I hold a 8-5 job. I trade 90% daily, 10% H4; 90% technical, 10% fundamental
  • #8
  • Apr 22, 2016 2:21am Apr 22, 2016 2:21am
Is this where we find profitable trades? Or is this another waste of time section of the forum?
  • #9
  • Apr 22, 2016 2:45am Apr 22, 2016 2:45am
Quoting pipperboy
USDJPY Basics 1: Trading Moving Average I'm sure most of you have read it online on how to use moving average. Moving average is more than just a signal to long or short, based on how it's above MA 50 or below MA 50. Moving average can be used as a resistance or support depending on price. It is an integral part of my strategy. LIVE TRADE EXAMPLE {image} On April 19, price for USDJPY was 108.866. Green Line is EMA 21. It's resistance for that day. My buy order was to long till EMA 21, which is 110.866. (aka take profit) Stop loss at 108 (low of...
my advise quit trading and hold your day job strong.how long are you trading and how you come to result trading short at posible flat botom?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 187 KB
  • #10
  • Apr 22, 2016 3:04am Apr 22, 2016 3:04am
Quoting vasily
{quote} my advise quit trading and hold your day job strong.how long are you trading and how you come to result trading short at posible flat botom? {image}
Woah. Before you get personal, how do you explain the two triple-bottoms before that? Did price went bullish for long? There's nothing certain in markets. It's true triple, double bottoms signal a reversal is coming, but you can't ignore the bigger trend. That's why you have a stop-loss in place.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 188 KB
I hold a 8-5 job. I trade 90% daily, 10% H4; 90% technical, 10% fundamental
  • #11
  • Apr 22, 2016 3:06am Apr 22, 2016 3:06am
Quoting tradability
Is this where we find profitable trades? Or is this another waste of time section of the forum?
Hi tradability, if that's the case, I'm sorry for wasting your time mate.

Peace
I hold a 8-5 job. I trade 90% daily, 10% H4; 90% technical, 10% fundamental
  • #12
  • Apr 22, 2016 3:18am Apr 22, 2016 3:18am
Quoting pipperboy
{quote} Woah. Before you get personal, how do you explain the two triple-bottoms before that? Did price went bullish for long? There's nothing certain in markets. It's true triple, double bottoms signal a reversal is coming, but you can't ignore the bigger trend. That's why you have a stop-loss in place. {image}
that is another reason why you quit or learn before trading.your point show,you are on wrong time frame.and ı can explain more detail but ı dont have time.you can start from basics
  • #13
  • Apr 22, 2016 4:13am Apr 22, 2016 4:13am
Quoting tradability
Is this where we find profitable trades? Or is this another waste of time section of the forum?
Very important line. Really it's not only yours but everyone's question. All are looking for Holy Grail system. Actually if you know how to make money , you will probably not to show others. I understand sharing is caring but profit sharing or money sharing without any vested interest I think impossible. Forex trading is a business not a charity. Those who share money , clothes are Charity Organizations. Even you look into online forex trading institutes which including Steve Nison, Nial Fuller,Cris Capre etc. teach you for Fee ( and those fees not ;ess than 450$) . If they earning huge $ can't they do some charity? Yes Cris do ( 2nd skies.com) but not for Forex.

So even you read ton of free and paid ebooks online, no guarantee you will be able to earn in forex. Don't try to find profitable shortcut anywhere since such system comes by own logic and experiences that cost money either by paying to mentors or by making good losses in the market.
Patience is best EA in Trading
  • #14
  • Apr 22, 2016 5:45am Apr 22, 2016 5:45am
Quoting rosyfx
{quote} Very important line. Really it's not only yours but everyone's question. All are looking for Holy Grail system. Actually if you know how to make money , you will probably not to show others. I understand sharing is caring but profit sharing or money sharing without any vested interest I think impossible. Forex trading is a business not a charity. Those who share money , clothes are Charity Organizations. Even you look into online forex trading institutes which including Steve Nison, Nial Fuller,Cris Capre etc. teach you for Fee ( and those...

From experience if someone is teaching you to trade for a fee means he has no clue and makes money from scamming others by pretending to know all about trading and to teach it. On the other hand like you said if someone is successful they will try and make money from it not help you become successful by wasting their time and resources. They will sell their system for money and either way there is no such thing as a free meal. Besides it is not usually possible to teach someone to be successful when they cannot change to improve one self to become better.
Saying all that I like the title of this thread...9-5 job - Technical analysis etc the title alone suggests a winner lol so where is pipperboy ? I like what he is doing here.
  • #15
  • Apr 22, 2016 7:33am Apr 22, 2016 7:33am
Quoting tradability
{quote} From experience if someone is teaching you to trade for a fee means he has no clue and makes money from scamming others by pretending to know all about trading and to teach it. On the other hand like you said if someone is successful they will try and make money from it not help you become successful by wasting their time and resources. They will sell their system for money and either way there is no such thing as a free meal. Besides it is not usually possible to teach someone to be successful when they cannot change to improve one self...

Hi I just got back from work and gym. Rosy and tradability I appreciate the time and effort u guys spent here. We are all matured adults and I hope we can all converse in a matured way

When I first started out trading, I was hooked onto lower timeframes and was spending my eyes a reasonably time glued to the charts on my computer and cellphone. Because everywhere was selling the idea of making good money with day trading and scalping. However I realised I couldn't spend this lifestyle anymore as it was eating up majority of my time and decided to move upwards in timeframe. Fewer trades, I'm fine with that.
Meanwhile, I realised there are those who like me, held day jobs and couldn't afford the time behind the charts as much as full time Traders. Therefore I created this thread hoping to share the mentality of a trader who has a day job- in a way lower expectations. Once we accept that losing is part of the time, only then we can move on. That's actually what I hoped to share. Probably users are more willing to see things like 'straight results, a system that works on its own while I do other stuff and earn money instantly'. Well, I couldn't promise that. But what I can share is we can all take steps to at least stay profitable.

What u guys mentioned about commercial Traders and coaches, I share the same sentiments. But in a good way, I feel they are providing new Traders the little stepping stones to find a trading style that suits them. Which I feel that can be a good thing. Of course genuine ones are few and rare. We can always find enough information online to find a trading system that suits us.
Peace
I hold a 8-5 job. I trade 90% daily, 10% H4; 90% technical, 10% fundamental
  • #16
  • Apr 22, 2016 2:41pm Apr 22, 2016 2:41pm
Quoting tradability
{quote} From experience if someone is teaching you to trade for a fee means he has no clue and makes money from scamming others by pretending to know all about trading and to teach it. On the other hand like you said if someone is successful they will try and make money from it not help you become successful by wasting their time and resources. They will sell their system for money and either way there is no such thing as a free meal. Besides it is not usually possible to teach someone to be successful when they cannot change to improve...
Do NOT agree your quote bold underlined. Asking money for tution not a scam. But if guarantee you for profit and lavish life style career in forex that is a scam. If anyone has low money and cannot afford money in learning he shouldn't come to forex. Forex is money business and involves 100% risk of loosing money. If anyone looking for free tutorials he can sneak a peak in FF alone. He will be able to find so many trading systems as well as tutorials.
Patience is best EA in Trading
  • #17
  • Edited 5:19pm Apr 22, 2016 2:59pm | Edited 5:19pm
This system is pretty direct and no-nonsense, which is fantastic.

Daily charts are almost certainly the best way to go, whether you're a part timer or not. Less noise, more predictability. I like how you use the moving averages for S/R instead of viewing them as trade signals based on cross overs and such.

If I may suggest a possible enhancement to the system, it would be to also exploit the best indicator out there - other (correlated) currency pairs.

For instance, it is well known that if two correlated pairs are in a down trend, and the one proceeds to make a lower low, while the other makes a higher low, this could signal a reversal for both pairs. This can also be used to filter out false signals from volatility spikes.

At the heart of the FX markets, I often find that oil is the key - it affects the NZD, CAD and AUD directly, usually having a correlation in excess of 75% with these pairs, as well as having an effect on the stock markets and USD in general.

Another well known example is how much the CHF and EUR correlate - GBPCHF and EURGBP have over 80% inverse correlation, for instance, as do the EURUSD and USDCHF. (If you're interested, I've coded an indicator for MT4 that automatically selects and displays correlated pairs, and calculates the correlation factor).
We can make use of these correlations to improve our odds of success, and reduce our risk.

Anyhow, I will be following this thread closely. Subscribed.
Better to run, than curse the road
  • #18
  • Apr 22, 2016 3:19pm Apr 22, 2016 3:19pm
Quoting vasily
{quote} that is another reason why you quit or learn before trading.your point show,you are on wrong time frame.and ı can explain more detail but ı dont have time.you can start from basics
​Coming from someone who trades demo accounts? Let the man speak and share his strategy. If you don't like it move on. When you find the courage to trade with real money and make a living trading forex open up a live account, create a trade explorer and show everyone on FF how you are the greatest.
trading on demo is not trading
  • #19
  • Apr 22, 2016 5:52pm Apr 22, 2016 5:52pm
Quoting steve2010
This system is pretty direct and no-nonsense, which is fantastic. Daily charts are almost certainly the best way to go, whether you're a part timer or not. Less noise, more predictability. I like how you use the moving averages for S/R instead of viewing them as trade signals based on cross overs and such. If I may suggest a possible enhancement to the system, it would be to also exploit the best indicator out there - other (correlated) currency pairs. For instance, it is well known that if two correlated pairs are in a down trend, and the one proceeds...
steve, kindly please share your MT4 corralted indicator. Also, is your correlation rule same as HCooper? http://www.forexfactory.com/showthread.php?t=586713. Maybe a dashboard is very good. Thanks!
  • #20
  • Apr 22, 2016 7:58pm Apr 22, 2016 7:58pm
Hi Pipperboy
Certain individuals are simply boisterous and rude and that's common in public forums.
(check my ignore Vasily is there)
Simply continue on.My philosophy is "do more what works"
regards
In trading, you have to be defensive and aggressive at the same time
0 traders viewing now