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

[mdrafi67]

Kamlesh Bhai..............IS IT A VALID WW PATTERN...............NEED UR VIEWS........THANK U

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CHEERS!!!!!!!!!!!!!!!!!!!!!!!!!!:thumb:
MR

 

[KID_of_MARKET]

L&T H&S
Which Neckline is correct? Orange one or Blue one?
IF Blue one is correct, then does L&T has broken trend line (a while ago) and completed pullback up to neckline? (then shorting candidate now ?)

 

[KID_of_MARKET]

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[uttamkamlesh]

Kamlesh Bhai..............IS IT A VALID WW PATTERN...............NEED UR VIEWS........THANK U

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MR

This is a channel Rafi.....Go through the manual 5 times...at least.

 

[uttamkamlesh]

L&T H&S
Which Neckline is correct? Orange one or Blue one?
IF Blue one is correct, then does L&T has broken trend line (a while ago) and completed pullback up to neckline? (then shorting candidate now ?)

Orange one is the neckline.

We have discussed LnT earlier.
1380 was the entry price.

It had previous Low at 1300 and when NIFTY started recovering short covering in LnT started after hitting 1300 and now to 1400.
Still LnT is very weak stock. If at all NIFTY starts failing 5200 one may sell it.

 

[uttamkamlesh]

Infosys TL 1 (pink one) is far, TL 2 (orange one ) is crossed today,
and TL 3 (Blue one) is just touched today.
Whether TL 3 is valid or not ?
If it is not, then due to TL 2 Crack, does Infy travel to TL 1 ?

Drawing all should be a habit.
Now TL 2 has failed to hold on weekly basis, let us wait for the TL3 Then finally TL1.

KID...stay cool....market would itself whisper what to do in a week or two.....

 

[uttamkamlesh]

These are the four types of Trend lines and when each one is important.

Please note BRL-T2 (Overbought market) is important for Bearish WW
and BSL-T2 (Oversold market)) is for Bullish WW.

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[saivenkat]

Kamlesh Bhai..............IS IT A VALID WW PATTERN...............NEED UR VIEWS........THANK U

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MR

BULLISH AND BEARISH WOLFE WAVES

BASIC RULES FOR IDENTIFYING AN WOLFE WAVE


* Waves 3-4 must stay within the channel created by waves 1-2.
* Waves 1-2 equal waves 3-4 (showing symmetry).
* Wave 4 revisits the channel of points established by waves 1-2.
* There should be regular timing intervals between waves.
* Waves 3 and 5 are usually 127% or 162% (Fibonacci) extensions of the previous channel point.

The pattern can be found in:

* Rising channels in an uptrend.
* Falling channels in a downtrend.
* Level channels during consolidation periods.

Notice that the point at wave 5 shown on the diagrams above is a move slightly above or below the channel created by waves 1-2 and 3-4. This move is usually a false price breakout or channel breakdown, and is the best place to enter a stock long or short. The "false" action at wave 5 occurs most of the time in the pattern, but isn't an absolutely necessary criterion.

The point at wave 6 is the target level following from point 5 and is the most profitable part of the Wolfe Wave channel pattern. The target price (point 6) is found by connecting points 1 and 4 (see the red lines in Figures 1 and 2).

 

[uttamkamlesh]

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[EagleOne]

Please illustrate with a chart....i still can't see that way.
You are welcome to the thread.

Kamlesh Uttam

Sorry, Kamlesh. I was just going through various threads last night, and came upon yours. I don't trade in commodities, nor do I follow them. Just saw your chart and your comment on it. Couldn't resist to butt in (and now I am paying for the trespassing!

I am aware that most of us have standard 'wedge' patterns in mind. No wonder you guys didn't see the one I was talking about. What is wedge anyway? Well, by rough definition, any two continuing lines in a plane, moving in the same direction, will create one if their angles are converging. As simple as that.

I am afraid I don't have access to crude oil chart, so I drew the one I saw (in green) in yours.

In 'trading' wedges, candles keep getting squeezed from either or both sides. That is, no room for high amplitude waves. Decision point. If you are familiar with median lines (check two parallel, and one bisecting, white lines), Demark's seq (or power of 9), then shooting through the trendline was on the cards anyway after getting the supply side almost dried in previous two sharp down moves. Hence, the rising of the bottom within the boundry of drawn wedge.

For confirmation, you can check the Stochs or RSI for positive divergence buildup. Also you may find huge volume spikes under the drawn wedge. Normally this kind of drama happens when the big players decide to shoot through the SLs or book profits on the high. And I guess the price must have sharply plunged later as the bearish Wolfe pattern would have formed, leaving both small-time bulls and bears high and dry! Typical...

PS. Alright then. Paid for my last night's 'transgression'. Carry on with your good, selfless work. Best of luck.