good job luqmanz.. looks like a good day yesterday 3888?

updated.

i have closed most of my trade yesterday ..not much ..around 400-450 dolar , as i'm reducing my opened trade ..and will study next week movement

currently on monthly and weekly chart , the movement still bullish , though i found some pairs in weak bull .,but i will wait till next valid movement ....

Seems GBP/JPY climbing very fast

Yep ..
Its time to return the money to investor though .. lol ... gonna close that account and open a new ..

wht do u mean by tht?
confius

Profit has been achieved .. so I'm closing the account to repay the investors; the capital and split profits ...
Gonna open a new account ..

to all sifus and to bro luqmanz.. thank you for your people tips... especially the pivot key...making some pips now finally eventhough its not big yet...

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

yeap.. noticed that but sometimes got cheated when its crossing the midpoint.. can just make a u-turn....

My favorite counter-trend breakout trade (Lets call it Texas Hold'Em) .... 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 pmThis is opportunity. Read my post above.

This post has been edited by luqmanz: Feb 13 2011, 08:01 PM


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thank you for the advise... i take note on that.. hope can make bigger pips

exactly these "exploits" can be easily as accurate up to 90% if you are pretty good in spotting one. Its like 5min-2hours work. then the rest of the day is free hours for other stuff.

im new in forex, may i know y the stepping down of egypt's president will cause EUR price drop?

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Added on February 12, 2011, 2:32 amany1 can teach me what is pivot?any tutorial link?

This post has been edited by nicky_85: Feb 12 2011, 02:32 AM

saturday and sunday is time to rest from the battlefield

This post has been edited by imax80: Feb 12 2011, 01:48 PM

It's nice to find M'sia mates are into Forex as well. I've been trading forex since April 2009.
Holding long USDJPY since Dec 2010@ 81.100 using weekly

i am a dead meat with the news from egypt... usd is getting stronger.... how la....

What pairs you are trading

@luqmanz - thanks for the explanation on pivot.

where can i get that pivot indicator for mt4?

hewtwok

here is the indi

eur/usd