Trading journal for gold silver etc.

[goyaltraderz]

great wisdom on ur words.keep it up my friend.

I was not able to trade yesterday after noon, same can be for today, ok quick glance i m expecting a big up move around 728-30 are to the 750-54.

 

[goyaltraderz]

 

[prakashreddy]

Another excellent opportunity to short is opening up. This one is to make a few quick bucks. Ofcourse, I am paper trading this one. See the 4 hourly chart

I have marked resistance line at 771 level in the chart. Look how the price is approaching it. A tell tale sign of weakness. I am prepared to short around that resistance level upon the final confirmation of weakness. Watching the chart closely and patiently.

 

[prakashreddy]

Now the shorter term picture. 15 Minute chart. Ignore the last candle as it is not complete yet. Look closely last two candles before the incomplete candle mentioned by me earlier. What do you notice? Last candle (before the incomplete candle) had huge volume and closed in the middle indicating supply in it. Second Candle before the incomplete candle had wide range and it closed on the high with very high volume. If all that volume was buying, then the next candle should not have closed in the middle. Clear indication that supply is entering the market. Plus the price is approaching an important overhead resistance level at 771. Combination of these two factors clearly tells us that there is some money to be made on the downside by shorting at or near the resistance level. But patience is the key. Stoploss is the key. Wait until you see the right setup to short.

Here is the chart

 

[prakashreddy]

I shall post the followup of this trade too. I have posted what I am anticipating and how I am preparing myself for an opportunity to enter in to a trade.

Trading is all about anticipation, preparation and execution

 

[goyaltraderz]

great work prakash.

i m also seeing bearishness in this move i will look for around 762-63 area.where i will watch for bearish pattern.
So for the time bull should be cantious.

 

[goyaltraderz]

Downmove is fishly, looks like will take a bounce back from 732-735 are, 2mro should be the end of this congestion area. From where i m expection a big and sharp downfall.

 

[prakashreddy]

Wroom. It did not reach even 771. It dropped like a heavy stone. See the chart

Setup was there. I was suspecting about supply entering the market in my previous posts. Gave the reasons for my suspicion also. Anticipation Part. Now preparation. Preparation was to short. Initial expectation was to short it around 771. But the high reached was 760. Was there any clue in that candle to enter short? Yes there was. It was a clear upthrust. But entering short on the close of that bar required lot of courage and experience. But note the bar immediately prior to this upthrust bar. What do you notice special there? It's low was a pivot point. It was a no demand bar as well. So I had

1. Weakness in the background (refer to my earlier posts)

2. A nodemand bar

3. An upthrust.

4. Breaking of a pivot point (low point)

What more do you want to enter a short trade on the break of pivot point? I entered short right there at 749.9, just below the pivot and just below a nice round number. Stop initially was at 761. As the trade moved in my favour, stop was lowered down intially to breakeven point and now to 737.

 

[Sreeabhi]

Hi to All from new comer.

 

[prakashreddy]

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.