Trading journal for gold silver etc.

[AW10]

Maybe, not many people trade actively in Gold /Silver. They are happy with Stock/ futures / options..

 

[goyaltraderz]

dear sir so many ppl follow to learn and experience , may not be able to comment like you sir plz do continue to write as we newbies learn from seniors like you,Thank you again .

thnx sir, and one more thing i m not a senior still learning student of EW

 

[goyaltraderz]

Maybe, not many people trade actively in Gold /Silver. They are happy with Stock/ futures / options..

perhaps i should follow that too so that i could accelerate mine learning skill

edit:
Thnx guys for hanging with me here, i would try mine best to make it much better and much profitable

 

[goyaltraderz]

I m expecting this move to extend to the level of 750.From there should be a fall, if not as expected then too fall should be a little of significance,

 

[prakashreddy]

A quick commentary on Gold. First Monthly chart (MCX EOD Chart)

You will notice that eversince 2005 Gold is in uptrend and presently it is consolidating between 11150 (on the downside) and 13500 on the upperside. But please note fifth and ninth candles respectively from the right edge. Both had huge volumes when compared to other candles, especially fifth candle. Both these candles show that effort to raise, which has failed. Now note the second candle from the right edge, which is an upthrust, which is accompanied by negligible volume. Clear indication that professionals are not interested in upside. This is the message in the larger timeframe chart

 

[prakashreddy]

Now the weekly chart.

Same picture as monthly chart. But here we can notice pronounced low volume since September 2008. Plus note two key upthrust bars both at the right point, i.e. at 13350 level. Also note, the first upthrust bar which occured during mid Juy 2008 had second highest volume candle in the chart. Professionals are not interested in upside.

 

[prakashreddy]

Now the daily chart

Note how many times it made attempt to go beyond 13350 level. It made four attempts. Each attempt was a failure. If it is unable to break one side, it is heading towards the otherside to see what is the response there. Ultimately, it will break, my guess is to the downside.

 

[prakashreddy]

Now the international level Gold pictures.

First monthly

Monthly picture, you will see that last but one candle had a huge volume and huge range. This is an effort to go down.

Please ignore the horizontal line and some sell number found in the charts. Also ignore the last candle in monthly and weekly chart as they are not complete yet.

 

[prakashreddy]

Then weekly

In the weekly chart you will see that the two huge volume candles were very negative in the outcome. Implying that professionals are getting out of long positions or creating short positions

 

[prakashreddy]

Lastly daily

Nothing special to write about daily chart. An effort to goup from 740 level was met with severe selling around 910 level and look at the ferocity with which price fell down from 910 to 720 level.