Trading journal for gold silver etc.

[prakashreddy]

A head and shoulder pattern in 15 minute Gold chart. Right now price is supported at neckline. See the chart

I am not a great fan of head and shoulder pattern. The present one if supported on the neckline does not enthuse me much. Because upside is limited. There is resistance in between 741 and 747 level. I am waiting on the sidelines. On the downside initial support is at 731 level and thereafter at 721 level. If 721 level is broken on the downside convincingly, we are going to have some exciting time. Patience is the virtue of a trader

 

[rishig38]

A head and shoulder pattern in 15 minute Gold chart. Right now price is supported at neckline. See the chart

I am not a great fan of head and shoulder pattern. The present one if supported on the neckline does not enthuse me much. Because upside is limited. There is resistance in between 741 and 747 level. I am waiting on the sidelines. On the downside initial support is at 731 level and thereafter at 721 level. If 721 level is broken on the downside convincingly, we are going to have some exciting time. Patience is the virtue of a trader

GOLD is trading at $732 per ounce in US markets...very close to support..lets see if we break it this time...

 

[goyaltraderz]

if 725 level hold then a big jump in pog is expected

 

[rishig38]

if 725 level hold then a big jump in pog is expected

what is that supposed to mean? Sorry I do not understand too many technicals...i just trade using pivots

 

[goyaltraderz]

what is that supposed to mean? Sorry I do not understand too many technicals...i just trade using pivots

sorry for late replying i meant was this market is almost about to close and gold is 10$ from today's low(726) , 2mro's view i will be posted after a look at the market.
if u want to carry the trade overnight it's entirely up to u, mine many friends still short in this trade but as for me i have covered all short. i personaly think 2mro we may get better price.

 

[goyaltraderz]

(non EW analysis)
technicaly we can say that gold is in box range, but after seeing the crosses , euro has broken down a key resistence line and near a break of crucial support and usdx has broke the key trendline to the upside and has cleared all his resistence we can say that today should be the down day for the gold(although not confirmed by the EW).At present i will only look for downside and according to prior congestion area 743-44 area should provide a good resistence and should prove to be a good area for shorting the gold.Till now i dont have any confirmation given by the gold.

 

[prakashreddy]

Just one chart for the timepass.

Question: Will the price meet resistance at the tip of the triangle drawn in the chart?

Please note total absence of volume in the last upmove from 729 level.

There is a time to be bull.
There is a time to be bear.
There is a time to be a vulture. i.e. to have tons and tons of patience to watch from the sidelines about the bulls and bears fighting it out in the open and then to feast when one side looses the battle. It is this time right now. So watch chart draw all sorts of lines, learn until you get something to feast.
Here is the chart

 

[goyaltraderz]

Just one chart for the timepass.

Question: Will the price meet resistance at the tip of the triangle drawn in the chart?

Please note total absence of volume in the last upmove from 729 level.

There is a time to be bull.
There is a time to be bear.
There is a time to be a vulture. i.e. to have tons and tons of patience to watch from the sidelines about the bulls and bears fighting it out in the open and then to feast when one side looses the battle. It is this time right now. So watch chart draw all sorts of lines, learn until you get something to feast.
Here is the chart

great c hart.
exactly this is wat i was thinkin plus channel's upper range also coincide with 744 level.

 

[prakashreddy]

What a great lesson that too in realtime. First see the chart

First note the area which I have highlighted in a red circle. That is an area which is sandwiched in between two Support and Resistance zones. See the former support zone on the upper level of that area at 741.20. See the present resistance zone at 738.12 on the lower boundary of this sandwiched zone. Now this sandwiched area itself will be resistance zone.

The note that particular candle which I pointed out with arrow mark. Note the volume on that particular candle. The speciality of that particular candle is that it is a break away candle in the new direction from the former support area. It set the direction to the downside.

But what happened to the downtrend? Did it go far down enough? No it did not. But on the return journey, notice how this break away candle offers resistance to any price move to the upside. It forms the present resistance line at 738.12 marked in the chart.

Now look at the chart once again.

1. You have former support which has now turned in to resistance.

2. A snadwiched area between the former support area and the present resistance area. Note the width of this sandwiched area. This area should offer stiff resistance to any upmove.

3. This area has already proven as resitance area by itself thrice in this chart.

These types of charts you will not see quite often. Great lesson to be learned here. Once you see this, you will not think of going long. There is ample evidence to show that there is no scope for longs in this chart.

Ofcourse, all this is in the context of this timeframe only, i.e. 15 minute chart only. I have posted this chart if someone trades on the basis of only one timeframe chart. If someone is using multiple timeframe charts, he has to look out trends in higher timeframe as well before taking the trade.

So support and resistance can be found at
1. Pivot points
2. Levels.
3. Zones.

Two lines drawn in the chart at 741.20 and 738.10 respectively will be support & resistance levels. The entire rectangle area will be the support and resistance zone.
Remember:- Trading is all about anticipation, preparation and execution.

 

[manafa]

Im following the gold charts being posted. I am not into commodities trading but i trade gold etfs. These however do not reflect international gold prices and do not give profitable trade positions. Could u tell how to buy gold on commodities so that it reflects international gold prices and the chart patterns u show.