How to trade Commodities - Gold, Silver, Crude Oil, Natural Gas
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Crude is on bull run on Daily TF. So during a bull run be doubly sure when taking short position on lesser TF. Personally, I look for areas of weekly S&R & higher TF TL's & see candlestick patterns here, like gravestone doji, bearish engulfing, etc. Also, I wait for next two bars to see that there is no demand coming in, as we are bullish in higher TF. Also look at previous swing lows as areas of support which if broken with good volume signals reversal.
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good question amitji,
i look for the wave pattern and count and go with the fibo levels...............which approx more or less comes to those levels..........i also look for candle stick formations which show reversal signals like double top, hanging man, doji, "ISLAND REVERSAL"etc.,...........keep watching.....will post if i find such one................cheers!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
good question amitji,
i look for the wave pattern and count and go with the fibo levels...............which approx more or less comes to those levels..........i also look for candle stick formations which show reversal signals like double top, hanging man, doji, "ISLAND REVERSAL"etc.,...........keep watching.....will post if i find such one................cheers!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Yes it can do that anytime. Trading WW needs more experience than any other pattern like H&S but yes it performs very well in NIFTY (being index), i know that. Also for it Reward/Risk ratio is very good.
For me Psychology of the market is very important to get WW right. When market is trending no pattern would work because no pattern is stronger than TREND. When it is not trending WWs would have far more probability to succeed.
Since crude had been able to defend its long term channel since $75 at around $89-90 it was likely to test at least $95 before drawing any conclusions that is why i exited yesterday.
Pl. check my this week's charts of Crude.
For me Psychology of the market is very important to get WW right. When market is trending no pattern would work because no pattern is stronger than TREND. When it is not trending WWs would have far more probability to succeed.
Since crude had been able to defend its long term channel since $75 at around $89-90 it was likely to test at least $95 before drawing any conclusions that is why i exited yesterday.
Pl. check my this week's charts of Crude.
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COPPER VIEW.....................................
COPPER ON M5 CHARTS HAS FORMED AN WW PATTERN.............AND A WELL-STRUCTURED ONE................FORMED ANOTHER SMALLER WW INSIDE IT................EPA CAN BE HIGH PROBABLY BE ACHIEVED...........VOLUME CONFIRMATION, PRICE COMPRESSION AND EVEN FIBO LEVELS CONFIRMS IT...............
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CHEERS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
MR
COPPER ON M5 CHARTS HAS FORMED AN WW PATTERN.............AND A WELL-STRUCTURED ONE................FORMED ANOTHER SMALLER WW INSIDE IT................EPA CAN BE HIGH PROBABLY BE ACHIEVED...........VOLUME CONFIRMATION, PRICE COMPRESSION AND EVEN FIBO LEVELS CONFIRMS IT...............
Uploaded with ImageShack.us
CHEERS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
MR
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Note: Hammer is just forming, let it close to confirm it.
Guys!...I have been able to locate every important turning point of Crude since it's move from $75 to $95 through Trendlines alone.
(a) Trendlines Type-1 and Type-2.
(b) Important Swing High/Lows......That's it!!!
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