Trading journal for gold silver etc.

[goyaltraderz]

Hi to All from new comer.

hi welcome here.
hope u will enjoy hanging with us.

Edit

and also hope that u will share ur analysis with us too. Waiting to see that in chart.

 

[goyaltraderz]

As I was typing my previous post, it dropped further all the way down to 729. But there is a widerange bar with heavy volume immediately before the current bar. That makes me a little bit apprehensive. Now I am preparing to close my trade upon the moment I get a hint of trend reversal. Waiting patiently for the signs of trend reversal. High of the WRB mentioned by me in this post is 742.60 and low is 728.10 and close is 733.10. Stop moved to 735.

hi prakash,
u amaze me, the insight u gave us is great, hope i will learn a lot from u, now i am starting to know the meaning of a "discipline trade". hope i will be able to keep it up here.

Also i m starting to think to include some more markets (at present crude or silver)(eur/usd), i need ur opinion and all those who come here.

prakash as u r senior to me, wat u think we should include some more markets or for some more time we should stick Gold?.

AS I WILL EXPECT UR OPINION ON THOSE MARKET TOO.

edit:-

Also as previously i said that the pog should hold the 732 area but ew suggest that we may see one more low today.

 

[prakashreddy]

Although in my previous post I said that I am waiting for the trend reversal, even as of now, trend has not reversed. But it hit my stop at 735 and I am out. I shall post the chart later.

 

[prakashreddy]

hi prakash,
u amaze me, the insight u gave us is great, hope i will learn a lot from u, now i am starting to know the meaning of a "discipline trade". hope i will be able to keep it up here.

Also i m starting to think to include some more markets (at present crude or silver)(eur/usd), i need ur opinion and all those who come here.

prakash as u r senior to me, wat u think we should include some more markets or for some more time we should stick Gold?.

AS I WILL EXPECT UR OPINION ON THOSE MARKET TOO.

edit:-

Also as previously i said that the pog should hold the 732 area but ew suggest that we may see one more low today.

HI goyaltraderz,

I am hoping of learning elliott wave from you. I never understood elliott wave principles. It always went above my head.

I am not your senior. But I am and I always will be your friend. I am also a learner in the market.

I am quite happy to share my views of crude and silver markets. Only constraint is time. I shall try to do best of my ability.

 

[prakashreddy]

 

[prakashreddy]

Chart posted in my previous message is the final outcome chart which I was talking about in my earlier posts. I was stopped out at 735.

 

[prakashreddy]

Gold is trading in a tight range between 743 and 736. See the chart.

More of scalping type trades can be made, but I am not interested in scalping. Waste of energy and time. Some interesting things are developing in higher timeframe charts. I am waiting for the closure of the week to see the charts. More of it later.

 

[goyaltraderz]

Same here prakash, mine mentor told me that scalping devolop the impulse trade behaviour, so never indulge in scalp, although with many years of exeprience and with increase position sizing scalping would become the natural part of u, si right now me to focus on the good risk/reward ratio trade only.
BTW market was choppy and directionless coz of nfp. Now the outlook of monday

LOw of yesterday meant a day before that.

 

[prakashreddy]

Hi Goyaltraderz,

As suggested by you, I am incluidng crude chart in this thread for a change. I am posting crude monthly chart.See data is from 1995 onwards. My comments are on the chart itself. Eventhough much has been said about the dramatic fall of crude, you will be surprised to note that inspite of all this fall, we are yet to break uptrend convincingly. See the chart. (click on the chart)

 

[prakashreddy]

Interesting formation on Gold weekly chart. I was referring to this in my ealier post made on 07/11/2008 (Post no. 97 in this thread). First see the chart

For last two weeks, gold has formed inside bars in the weekly chart. See the chart. Ignore the last candle as it relates to today morning. So the Gold is trying to set its next directional move. This could be very powerful one. Because, breaking these inside bar shackle often leads to the directional move which usually is swift. So what are the types of move that are possible? There are three possibilities. They are

1. It may break in upward direction and move upward after breaking insidebar pattern.

2. It may break in the downward direction and move downward direction after breaking the inside bar pattern.

3. Third one is most dangerous one. It may break in one direction, then swiftly change the direction and break in the opposite direction and then move in that direction. This will trap many traders in to a loss making position.

As the trading these types of moves calls for quick action, one must be very careful. Profit potential is immense. I am waiting and watching.

However, all said and done, I must note that all these possibilities are "in the eventuality of breaking the insidebar pattern". That means, if this weekly bar is also an inside bar, then the action is postponed to next week.