Trading journal for gold silver etc.

[rishig38]

Shift to shorter timeframe and watch the action there. Preferably see 1 minute chart. Do not get upset. Be calm. My stop is at 732. I am going to revise it only downward and not upward.

prakash, i trade GOLD MCX and not GOLD international...can you tell me why the prices for MCX gold havent gone down today at all specially when the gold prices world wide were falling? I dont get it at all....

 

[goyaltraderz]

hi rishig, i just close mine position coz a man gotto sleep. i didn't see the mcx chart of today but the answere lies in the usdx (us dollar index)just as i said in the morning that it has breached the importent trendline so it should go up .so it was up 131 pips, that's huge move. and after that this is child's story that as the $ get costly so does the everything that deal with the $ dollar. evenwhile pog was going down but in rupees it was getting costlier, It should explain ur answere

 

[Yash@finetuninglife]

Hi goyaltraderz & prakashreddy

Thank you for putting in valuable info on Gold trading. Thanx once again. I am new on this topic and in Comodity. Wat will be your advice on how to study about Gold trading and any website to look at intraday charts of Gold movement in Indian Market..


Any advice on this will be highly appreciated.


Thanks & Regards

Yash

 

[prakashreddy]

prakash, i trade GOLD MCX and not GOLD international...can you tell me why the prices for MCX gold havent gone down today at all specially when the gold prices world wide were falling? I dont get it at all....

rishig,

You will have to keep in mind about exchange rate fluctuation also while trading MCX and NCDEX. Please search my earlier posts in this thread. I have posted long term (monthly), medium term (weekly) and short term (daily) charts of MCX Gold (Kilo Gold) contract. Compare that chart with comex gold chart (weekly chart) which I have posted here. In comex gold you will notice clear downtrend. Whereas in MCX gold you will notice a sideways trend. I cannot trade comex gold from India. That is why I am paper trading all these moves. Why I am continuously posting charts is to learn myself that too in real time and to show others that you too can read charts with minimal indicators and in a very simple methods. If you adopt this method, it does not matter whether you are reading stock chart or commodity chart or any other chart. At least try to learn chart reading and if I commit any mistake (I am not infalliable - I am too prone to committing mistakes) kindly point out them to me so that I can correct myself and learn.

 

[prakashreddy]

Wat will be your advice on how to study about Gold trading and any website to look at intraday charts of Gold movement in Indian Market..


Any advice on this will be highly appreciated.


Thanks & Regards

Yash

Hi Yash
Unfortunately, I have not come across any website which provides intraday commodity charts (MCX and/or NCDEX) for free. If you or any other member knows any such websites, I request them to post about such websites here. That would be of great help. Of course, you can get intraday charts by paid services such as winquote etc.

I am not worried about fundamentals of commodities. Nor do I have the resources to make fundamental analysis. I would like to read charts, which always includes fundamental analysis results.

 

[prakashreddy]

Ok. Here is the chart which has been updated upto about 10 minutes ago. Now my stop has been moved lower as indicated in the chart. It appears there is still some more room for downward movement. I am trailing stops. Let us see what happens next. I have some thing more to add. But as I am leaving now, I shall post these comments later.

 

[goyaltraderz]

Hi goyaltraderz & prakashreddy

Thank you for putting in valuable info on Gold trading. Thanx once again. I am new on this topic and in Comodity. Wat will be your advice on how to study about Gold trading and any website to look at intraday charts of Gold movement in Indian Market..


Any advice on this will be highly appreciated.


Thanks & Regards

Yash

hi yash,
i will post the broker list that has a good reputation to trade from india. some have a very complicated process to open an account with them , some are easy to open account where u'll just need the credit card and bank a/c no. from the goverment upto 25000$ account is allow to open the a/c with overseas brekers.
i will catagorize all the list of brokers like with infinity(london base broker) minimum a/c to trade in mini is 3000$ but they dont have the charting software, plus some other who can let u open an account with 500$ too but there spread is wide. :

But with overseas broker always follow the rule that everymonth withdraw half of your profit money.and u wil be good to go.

For those who want to follow the chart in mcx for free can download quotetracker from there just choose the real time data mcx and u good to go, but i gotto tell u that quotetracker(google it) works well with NSE then MCX.

for those who want to follow the chart in $(THIS IS HUGE INFO.)for free may go to netdania.com and click on netstation there u will have all free realtime data of all mojors with charts and good neat clean environment.this is one of the best netbased charting software that i have tested and still use it.

 

[rishig38]

Attached is the GOLD MCX chart....it is forming a a very narrow range...BO on either side should give good returns...

 

[goyaltraderz]

hi rishig,
great keep them coming, the thing that this thread need the most is chart and analysis, now would u pls tell us whether ur software display the real time mcx data and if not the can it show that and what;'s the price of data and software along with place from where we can get it.

 

[rishig38]

hi rishig,
great keep them coming, the thing that this thread need the most is chart and analysis, now would u pls tell us whether ur software display the real time mcx data and if not the can it show that and what;'s the price of data and software along with place from where we can get it.

My charts are based on end of day data for gold..i got the data from mcxindia dot com and loaded it into metasoft...you can find a crack for metasoft anywhere online.... also, i do use tradetiger for real time data to identify charts and pivots....then i load EOD data from MCXIndia into Metasoft...hope that clarified things...