How to trade Commodities - Gold, Silver, Crude Oil, Natural Gas

[uttamkamlesh]

Kamlesh,

Thanks for taking time & explaining this. I take your point completely but one more query -- what if I consider yellow line (as drawn by me on your chart below) and LH & SELL as marked.

Could you add something in UMS rule book by which we can avoid such wrong setup?

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The SELL that i have shown is completely valid.

Explanation i have given is for your case only...If you are using yellow TL them yellow encircled LL is your LL for next SELL here...now as explained this encircled LL is very strong support...so we don't sell again ....

I have felt Expert Adviser for UMS is not possible one has to be very vigilant about LL, it's strength by checking if there are any

1. Pivots,
2. Trendline support
3. Swing Low
4. Number Support

 

[uttamkamlesh]

Hello Guys,

This thread comes to life only after 6:00 pm. Let's keep this bubbling thru out the day. Missing action & fun so much without newer posts here. ;-)

Let's pray to God we all become good and full time traders....that's the only way out.

 

[uttamkamlesh]

Hello Kamlesh

Nice insight into price action dynamics.

If the LLs are not pushed far enough to trigger stops of Longs, then we can infer the bullish positions maybe getting into dominance, similarly when fresh HHs are not pushed far enough it can mean the bearish position getting dominance.

Thanks

I think knowing a logical, well defined, reasonable (R/R) and hence safe Stop Loss level is all important for the trade and trader's peace of mind.

 

[adityasaraf007]

Nifty Future:

Wow..... What a day.... After an Insider Bar of yesterday, Nifty follows it up by an Outside Bar....

Early morning it slipped below the Lower Range of 4735 and went on to make a low of 4693..... Respected the support range of 4690-4700..... Thereafter went into a consolidation phase..... Fought with the resistance level of 4735 (Lower level of the range) for about 50mins.... And then at 2.30pm sharp gave a huge breakout (aka entering into the range of 4735-4805 again..... ...... Fireworks happened as expected......

Then went on to give a False Breakout at the Upper Level of the Range 4805...... It made a high of 4821 but couldn't sustain long enough.... and formed my favourite pattern...... a long tailed Inverted Hammer/Doji closing around the Bottom with good volumes...... Although this had a target of ~4740... but couldn't reach there.... made a low of 4752......

Well...... market fulfilled its promise of Fireworks after multiple NR7 and a combo of NR7 & IB yesterday...... In a way, it maintained its Indecision as depicted by a Doji yesterday by closing in the range of 4735-4805....

As far as I am concerned.... couldn't trade today.... had to be on and off the Trading field.... But for those who did..... the morning trade should have at worst been a Breakeven Trade (afterall, it moved more than 40 points in our favour)..... Depends if one took the afternoon trade on breakout on the Long Side...... and one should have taken a Breakout Failure Trade on the Short side in the Closing Session.... It must have been a good closing for the week......

 

[timepass]

After 10.45, it kept on making higher lows and higher highs.

 

[myamit]

Nifty Future:

Wow..... What a day.... After an Insider Bar of yesterday, Nifty follows it up by an Outside Bar....


Then went on to give a False Breakout at the Upper Level of the Range 4805...... It made a high of 4821 but couldn't sustain long enough.... and formed my favourite pattern...... a long tailed Inverted Hammer/Doji closing around the Bottom with good volumes...... Although this had a target of ~4740... but couldn't reach there.... made a low of 4752.....

Great narration Aditya.

So now what do you think next? Nifty actually broke range both side & again came back to its original domain.

Regards,

 

[myamit]

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Hello Kamlesh,

SL for RCOM UMS saved by small margin today. Though huge move against the UMS direction. Your comments please.

 

[adityasaraf007]

Great narration Aditya.

So now what do you think next? Nifty actually broke range both side & again came back to its original domain.

Regards,

Khela khatam paisa hazam..... Nifty did what it had to do..... What would it do next.... hmmmm...... my guess is as good as yours if not worse....

 

[sayantan2u9]

@all
hello

i had never traded commodities
n just started trading stocks

i have a simple question what are the other type to taxes in commodities other than brokerage

like stock market has STT,education cess,higher edu cess,stamp duty etc

are all this taxes also in commodities also ?

 

[timepass]

Nifty Future:
Wow..... What a day.... After an Insider Bar of yesterday, Nifty follows it up by an Outside Bar....

As they say, the candle patterns have be confirmed by subsequent candles. Let's see if today's engulfing bull is confirmed by subsequent candles. Tomorrow's unusual session will skew the averages and chartists' calculations, I'm sure.