How to trade Commodities - Gold, Silver, Crude Oil, Natural Gas

[uttamkamlesh]

@ UK, is this a proper WW on silver daily charts? If yes, how do we determine risks..only based on pivots?

There are four ways to enter WW as far as i trade, i explained this in this thread to Aditya. Plz search. Stop loss depends on method of entering.

 

[uttamkamlesh]

Can these be constituted as good WW, invite yr comments..

YES Bearish WW is perfectly tradable...similar to the WW which formed at recent peak of 5630. Bullish WW is not tradable as point 5 is below sweet zone.

Who says picking tops and bottoms is not possible when you have WW.:thumb:...If you can go through all posts in this thread your faith on WW would increase many folds.

 

[uttamkamlesh]

exited on big volume bar

Good trade KID..:thumb:..i like that pink up-arrow if you have drawn it for volume reduction.
Include Money management in your trading.

 

[uttamkamlesh]

@ vikrit

I have taken the trade at point 1 you have mentioned. (hence two buy on the chart)

at second point I have taken a trade thinking that my assertion on point 5 was not proper at point 1 (volume was almost same and the price was under 1-3 line)

Taken two trades on belief that it was ww, and exited on belief that it might not be ww

It was WW but you should have entered with a BUY stop above the candle (after volume confirmation) which closed above 1-3-5 line @102.69 approx. This is where people on the wrong side panic and book losses.

For Exit we do wait for volume spike but always keep on moving our trailing stop loss order one one unit. When price was near to EPA line, near number resistance 103 approx and not much juice was left at least 50% you must exit as point 4 is almost always a good resistance level of EPA progress.

 

[uttamkamlesh]

thanks for quick reply. ok, so you was not sure whether it was a WW!!. i am surprised and getting more confuse abt ww, b/c as per old posts of this thread, you are following it since long, and posted many WW which confirmed by uttam.

@WW EXPERTS what was wrong with this to be a WW?, and if it was a WW, what should SL point, here high vol signaled exit, otherwise price went way down?


.

Nothing was wrong with WW, except lack of execution experience.
Stop Loss depends on method of entry. Here for KID's trade Stop Loss was below point 5.

 

[uttamkamlesh]

Crude 240min:

In this chart we get a combination of WW, Wedge, Trendlines, Trend, etc... If it pans out as expected, it would be copybook stuff....

Useful imagination at work:thumb: (though not fully able to express my compliment) .

 

[uttamkamlesh]

@Vikrit:

I am not an expert, but can share my experience with WWs for sure... If you are beginning out with this pattern, it would be prudent that you concentrate on WW which is easily discernible for a naked eye.... Don't spare your time for the ones for which you would have to strain your eyes to confirm if it is a WW or not (unless of course, there are other confluences)....

The one which Kid posted on Crude 5min was a WW.... but it reversed from point 4.... Kamleshji has always advocated to be cautious when price reaches around the 2-4 Trendline and then around point 4.... There are chances of reversal around these areas....

Regarding SL.... the thing that I have observed with WW is that... if WW has to play out, you don't need a SL... ie; keep your SL around the pivots and you would be good to go.... If it hits you SL, chances are more that WW won't play out.... Otherwise, it would start moving in your direction from the time you enter the trade....

@poortrader:

If you want to look for volume confirmation, please confirm it with your Trading Platform.... The volumes shown in GCI is not real....

While Trading in Index like NIFTY you really don't need SL if it is a WW...but just for some surprise news or technical mishap at your end or exchange, etc...keep it somewhere so that you feel relaxed. For me Stop Loss is a must.

 

[uttamkamlesh]

aditya, if you encounter two contradictory WW for same scrip, in different tf, for ex- one ww in 60min is bearish and one ww in daily bullish, then which one to follow???

(p.s. - its not hypothetical, will show examples, right now not able to find charts, in which i have seen)

Yes it is not hypothetical. In the manual itself Bill has clarified it.

Higher TF traders are like Big brothers so go with the HTF ONLY, i.e., ignore WW on smaller TF if it's EPA progress does not agree with Higher TF EPA. When both TF WWs agree you know what to do.

 

[uttamkamlesh]

Very much possible.... and the targets for both the WWs might get fulfilled....

Let Kamleshji handle this googly of yours..... He understands the psychology behind this pattern....

In the meantime, let me also search for this peculiarity on charts....

"Very much possible.... and the targets for both the WWs might get fulfilled...."...........Yes as a matter of probability any event can happen if it has non-zero-probability.

This happened in the congestion area of March 2011 in NIFTY, . In one week NIFTY formed nine WWs. Big time confusion to accept/adjust with the reality of a bear market.

At noon before Europe open NIFTY got trapped between a bullish WW in HTF and a bearish WW in smaller TF simultaneously. finally smaller TF clicked and around 70 points fall in around 1 hour. Just because it was with the downTREND, but technically avoidable trade.

Related Food for thought: Well structured WW.

 

[uttamkamlesh]

Either way, the rupee seems set for a fall on Monday morning. I think there's a good trade in there, either in the pair or an option of it.

Hi TP...why rupee is set to fall on Monday.??..just don't have any clue but curiosity...