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

[poortrader]

The point 1 isn't drawn from a swing low, so maybe it isn't a proper WW.

I have drawn as per a chart in the manual. Hope Kamlesh will be able to throw more light on it.

 

[poortrader]

 

[uttamkamlesh]

Uploaded with ImageShack.us

 

[uttamkamlesh]

@ uttamkamlesh and anybody who is using US comm values for trading in mcx

as you using comex streaming how you decide target reach in indian market values? as many times in WW, the bar touch the target is spiked one. so how you put the target bid. In smaller time frame it would be more difficult b/c of sudden up & down. If calculating by converting dollar value in INR then many times it does not work b/c of constantly changing currency values.

may be any of you answered before but not able to find in thread.

1. It is a big problem during day time when i don't trade commodities. In night currency fluctuations don't worry me while trading.

2. Simple pro-rata logic would do the conversion:

Price in rupee = (Recent swing price in Rupee/Corresponding dollar value)* target dollar value

3. As i am more interested in crude oil, my rule of thumb is 2.5 pips in dollar = 1 pip at MCX....you don't need any converter dear.

 

[uttamkamlesh]

@poortrader.

1. Be-aware of discontinuous markets, i.e., when a set-up is formed and there is a night in between for the target you should not carry too much risk overnight as WW is just a pattern, overnight sentiment change can do, whatever it wants to do.

2. Always use money management, for example, always enter with 2 units...break-even your trade as soon as possible by profit booking on one unit...

3. There are few things only experience would tell you, i can not put that into words.

4. Always be on alert of other technicals present on the chart such as double bottom, triple bottom, swing high/low etc.... It helps!

 

[uttamkamlesh]

I have drawn as per a chart in the manual. Hope Kamlesh will be able to throw more light on it.

There is a DeMark point at point 1....look closely the Lows....it is a swing Low...

 

[uttamkamlesh]

The point 1 isn't drawn from a swing low, so maybe it isn't a proper WW.

1. Yes! it is a WW for me....

2. Volume CONFIRMATION is there...at point 5 volume is max => turning point (disagreement between smarts and dumbs) and today volume reduces..that's all required.

3. and it is with the trend...

4. Lines are not diverging for sure..they are converging somewhere...the same case happened after Lehmann crash, WW was not visibly converging but for sure it was not diverging...and it worked from 3000 to 4500...chart is there in my thread...at the start somewhere....

5. also market psychology is perfect for WW....(a) Turtle have been caught...(b) Swing Low shorters have been caught......Ashwini Gujral yesterday morning was saying if 5170 is taken means there will be a serious question on NIFTY if this is the start of the bull market or not...

Chances of success are bright and this was the LONG entry i was waiting for...a correction in A-B-C form to approx 5100....this is my swing trade.

OTOH scenario...this move will be on lower volumes for 2-3 days then at 5500 to 5600 volume may incraese that day is the time to exit....

 

[vinst]

Uploaded with ImageShack.us

turtle traders look for entry at 55d breakout. 20day breakout is not serious turtle trading.

 

[hawaisanjay]

Is it valid WW?

 

[uttamkamlesh]

Uploaded with ImageShack.us