Friday, May 6, 2011

News Release and Watch the market tonight

Commodities news flying, Announcement on Jobs, NFP tonight.
Beware of the crazy swings, stay out or trade near major support / resistance only.




Jim Rogers: Oil Price Will Keep Rising; Silver to Fall

Read: http://www.cnbc.com/id/42909575/
Posted by Ayumi at 10:39 AM
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3 comments:

  1. UnknownMay 6, 2011 at 10:20 PM

    Ayumi, please explain what you mean by (stay out or trade near major support / resistance only.)
    I often look to take trades that a product of broken support or resistance.

    Please don't think this is a knock against what your saying, I am always open to learning other techniques, strategies, and other ways of interpreting what the market is doing.

    ReplyDelete
  2. AyumiMay 10, 2011 at 4:32 PM

    Hi Trin Cafe

    Thanks for dropping the question here :)

    Actually I am not a good breakout trader, I look into bigger time frame, to find out the major resistance of the market, then zoom into intraday chart to decide where I would enter.

    Often the market like to create false breakout, or create a high that is more significant before coming down, therefore i get killed 7/10 of the time :) *shy*

    However, once we get it right, then this trade near major support / resistance can ride for 3-4 days for a decent profit that can usually surpass the losses...

    May be u can check it out with some historical chart :)

    ReplyDelete
  3. UnknownMay 10, 2011 at 11:07 PM

    Thanks for the clarification, I didn't realize you are holding on to positions for more than a day. Trading breakouts can be difficult and lead to being whipsawed. Discipline is key when trying to get into the early trend. Allways easier said than done I know :)

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