Trading journal for gold silver etc.

Does the chart/analysis of this thread helps to you?

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Mangafreakz

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#223
#223
Is it possible to contact you by mail , goyaltraderz ? I had a query about funding gtl direct.
 
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prakashreddy

Active Member
#224
#224
Where to begin?

Let us pickup from an old post of mine with regard to copper outlook. This was posted on 31-10-2008

prakashreddy said:
To sumup,

1. Monthly chart says down. Larger time frame down.

2. Weekly chart also says down but severely oversold. Too late to short, too early to go long. Medium timeframe says, opportunities are around the corner, firstly to go long for a counter trend trade and then to close long and to go short simultaneously.

3. Daily chart also speaks the same language of weekly chart. Shorter timeframe is also inconclusive. As it is down but too late to short and too early to go long. But your first opportunity to go long will be found in daily chart rather than weekly chart.

4. There is no point in trading without having stoplosses in place. Whatever may be the analysis, market may surprise anyone. So while taking any position, please have stoplosses.

I hope this helps
Click to expand...
Relevant charts were posted in this link. Please refer this thread for the complete story

http://www.traderji.com/metals/24804-copper-outlook.html#post244287
 
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prakashreddy

Active Member
#226
#226
When I was posting charts on 31-10-2008, copper was trading somewhere around Rs.200/-. But the anticipated bounce did not materialise. Instead it went down further to about Rs.140/- where it found strong support. The resultant upmove from 140/- was in the form of V shaped recovery.

The uptrend which began from Rs. 140/- is still intact. Price is still making higher highs and higher lows. Trendline is still intact. I have also marked immediate overhead resistance in the weekly chart posted in my earlier post. This is an area in between Rs. 340/- to Rs. 350/-. What is going on in the weekly chart seems to be a temporary pullback in an uptrend.

Once this is over, I feel price will try to reach the aforesaid resistance zone of 340 to 350.

Let us wait and see
 
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