Trading journal for gold silver etc.
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congrats to u prakash, exactly the samethinking of the 100th post, this is the time of caution , also current move of pog is not favouring the more downside so caution should be exercise around 34-35 area coz according to ew if it has to break to the upsaide it should atleast test that area(DYODD).
Also crrently working on the silver chart, in a day or two when i'll have good grip on the move of silver i'll post the chart here
Also crrently working on the silver chart, in a day or two when i'll have good grip on the move of silver i'll post the chart here
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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.
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.
1. Eversince Gold made a high of 1032 US dollars, it has been falling. See the lower high lower low patterns. Marked in the chart as LH and LL
2. Note the two ultra high volume bars in the chart. I have put an arrow mark on the first high volume candle and its volume bar for easy identification. What do these two bars indicate? Carefully note high wick of both these candles. Both these candles are screaming that there was an attempt to rally to the upside, which has miserably failed.
3. This failure has led to a violent down movement. But look at the volume. Absolutely no support for the price. It kept on falling.
4. Now the inside bars I am talking about in my earlier post. See them again. Notice the long wicks in both these inside candles. What does it indicate? Again a failute to rally. Do not be fooled by the "green" colour of the last week's candle. Look at where it has closed. On the low and very close to the close of its immediately prior candle. What about volume on that green candle? It was higher than its imediately previous candle. Read all these together. Inspite of higher volume, price could not take out previous week's high and not only that the whole action of the week left a long wick on the candle indicating the inability of bulls to move price higher.
5. All this means that larger bearish trend is intact. Price is making lower high - lower low pattern. Candles are indicating inability to rally. Demand is being swamped with supply.
6. Putting all available evidence together, we have a strong case for bear.
Let us wait and see.
congrats to u prakash, exactly the samethinking of the 100th post, this is the time of caution , also current move of pog is not favouring the more downside so caution should be exercise around 34-35 area coz according to ew if it has to break to the upsaide it should atleast test that area(DYODD).
Also crrently working on the silver chart, in a day or two when i'll have good grip on the move of silver i'll post the chart here
Also crrently working on the silver chart, in a day or two when i'll have good grip on the move of silver i'll post the chart here
at this time this can be the toping pattern.But it's too early to say anything right now let's wait and watch. And prakash u r doing great work to keep me on the toe. coz of u mine sell trade didn;t trigger thnx for sharing
See my previous weekly chart. Last week high was at 768.70. Today's high was at 768.10. Do you think that it was just a coincidence? By the way, what does the chart say? Here it is 15 minute chart to describe today's drama.
It is not a coincidence that ultra high volume bar appeared right at last week's high. By the way, it was pretty close to resistance level as well, which was at 771.44. I have drawn this resistance level in my weekly chart posted earlier in this thread. Eventhough, I had marked it, I omitted to draw your attention to it specifically. See that resistance line. Bears were waiting to dump, which they did quite merrily. Nice bedtime story if you are on shortside. If you are long and without any stop, you will suffer from insomnia.
Goodnight assuming that you took shorts at the right time.
It is not a coincidence that ultra high volume bar appeared right at last week's high. By the way, it was pretty close to resistance level as well, which was at 771.44. I have drawn this resistance level in my weekly chart posted earlier in this thread. Eventhough, I had marked it, I omitted to draw your attention to it specifically. See that resistance line. Bears were waiting to dump, which they did quite merrily. Nice bedtime story if you are on shortside. If you are long and without any stop, you will suffer from insomnia.
Goodnight assuming that you took shorts at the right time.
Sir, I have a doubt pertaining to waves theory in your chart .
I have read that in bearish setup second high (C) has to be greater than first high (A) and third high(E) has to be greater than second high (C). Similarly, Second low (D) has to be higher than first low (B).
In this chart, it seems A is greater than C. Then is it still valid.
Please ignore it, if i have mistaken. I have only read and never used it practically.
Many Thanks
I have read that in bearish setup second high (C) has to be greater than first high (A) and third high(E) has to be greater than second high (C). Similarly, Second low (D) has to be higher than first low (B).
In this chart, it seems A is greater than C. Then is it still valid.
Please ignore it, if i have mistaken. I have only read and never used it practically.
Many Thanks
h raval,
i'd answere ur question later around noon, so right now focus on gold, from the current codition it seems that 50-54 are is a good sell point for the target of 30-34, although gold breached the ratio level but was not able to breach the previous pivot so our count is still in play, till now price action hasn't give us something that would invalidate our count, so we will continue to rely on this strategy.
i'd answere ur question later around noon, so right now focus on gold, from the current codition it seems that 50-54 are is a good sell point for the target of 30-34, although gold breached the ratio level but was not able to breach the previous pivot so our count is still in play, till now price action hasn't give us something that would invalidate our count, so we will continue to rely on this strategy.
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