Yerp bro Sham. Exactly!

That's the way it is..i have learnt from my trading behaviour that never let emotions into your trading . It will lead to disaster. Trust me

whats going on with all the currencies, gold and silver, all acting very weird

you can trade silver and GOLD on MT4 platform also......can semi invest on these 2 commodities.

just now, the GOLD suddenly dip, and AU also follow

Yup ... if you are daytrading ... pivot is a must .. you can make money from pivot alone actually ...

My favorite counter-trend breakout trade .... observe this .. you will likely see this type of breakout almost everyday ... 15M charts ...

When price moves down and you see pins near a support ... its  because

1) sellers are pushing price lower
2) buyers are vigorously buying whatever sellers are selling ..

This will result in equilibrium (price seems to be going nowhere).

In equilibrium .. when everybody who wanted to buy and sell are in the position .. it becomes a waiting game .. who's going to bail themselves out first ?
Last night, the sellers bailed out.  Sellers cover their short position by buying ... then the price skyrocketed ... this type of breakout can pierce
the closest Pivot level easily ... almost all the time .. and stop at the next pivot level.

This is the difference between strong hand and weak hand. Weak hands always bail-out earlier than strong hands.
Strong hands = smart money  .. weak hands = dumb money. You dont need to know fundamental to see this (in fact, according to news last night, GU is supposed to go down, it tried to go down but failed, resulting in panic short-covering). 

Note that this type of breakout (which is also among the strongest type) happen not because people are buying rationally .. but its because people are covering their shorts by buying panicly (note the subtle difference there). They covered their short due to panic since their shorts arent working... Panic = high magnitude. Isn't this what people say "buy when everyone is panic"?. This is not to be confused by god-forbid "buy when price is going down" .. catching a falling knife.

Our job as a daytrader ? Is to buy near the red line in the picture .. and TP at closest pivot level after that. With experience you can buy even earlier than that ...
I entered at 1.6060 ... the red line was 1.6085. Exit around 1.6120 ish ... depending on your MM ... this could be easily 4-5% gain.

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Added on February 11, 2011, 4:11 pm

This is opportunity. Read my post above. 

What pairs you are trading

If you re a news trader then the best way is to follow the set direction on the release of the news.
If you re a fundamentalist, you may be concerned that Mubarak's resignation may cause the outflow of money to unknown places, bring instability and may spread to other countries.
If you re a chartist, then u merely follow the chart and not question the moves.

Due to leverage ... no matter what type of trader you are .. u must have good technical analysis and money management ...
Most importantly.. to be a daytrader you must get yourself familiar with

1) path of least resistance (based on pivots levels alone)
2) how to profit from panic (market reverse).

Prices travels between levels to levels along the path of least resistance ..
but when it fails to do so .. panic sets in and the market will reverse.

Just get familiar with this principle ..and you can make money no matter where the markets going (up or down).

Maybe tomorow, if I have time .. I will post some screenshots ... 

what pair?
manage to squeeze some profit from GU n AU

crap, exited my trades too early, only managed to grab little

Hmm done trading GU for today .... gained only 0.8% LOL ... closed position too early ...

Anyway forexjr ... hope the pivot is working well for you today LOL ...

AU EU and GU

just now GU retested 3 times at 1.6076, then stochastic on top, MACD showing divergence, then somemore near R1.........

anyway, monday's trade is usually not that good, usually sideway during monday

updated

managed to close some pairs which i hold for quite sometime...

currently maintain pips on EJ GJ ..

but i have no luck on EU ..still hold ~-300 pips :-(

will update on next day trade

What did u do lol ...

hmm lol u didnt cut loss ...