Crude Gold and Silver

[Xitij]

Updates as on 2nd Jan 2014 after mkts.

In silver Short trade entered on 30th Dec at 44559 did a low of 42435 on 31st Dec. giving a profit opportunity of over Rs.60000/- per 30 kg lot but reversed to long at 44640 giving a loss of ~Rs.2500/- Need guidance about booking partial or full profits. At what level or at what percentage of profit do we need to exit partially or fully in Crude Gold and silver? Any pointers will be of immense help.

 

[Xitij]

Aap itna sab free me kyon kar rahe ho?

Mujhe Senior members ki madad chahiye ! Apni baat kahoonga tabhi usme sudhaar kar sakoonga !

I am not doing it for anyone but myself .

 

[ashu1234]

Updates as on 2nd Jan 2014 after mkts.

In silver Short trade entered on 30th Dec at 44559 did a low of 42435 on 31st Dec. giving a profit opportunity of over Rs.60000/- per 30 kg lot but reversed to long at 44640 giving a loss of ~Rs.2500/- Need guidance about booking partial or full profits. At what level or at what percentage of profit do we need to exit partially or fully in Crude Gold and silver? Any pointers will be of immense help.

Hi,
Well exits depends on person to person, there is no clear cut formula but in intraday my experience is that if you get 800+ move you should book partially/fully. Now coming to current scenario you got to need some anticipation and past experience to deal with that. Silver was a buy at dips whole december, though it created many sharp downside moves but it was a buy, some important indications were 19$ support at comex which was tested again and again, at mcx on daily chart there is a very imp pivot exactly a year back @ 42300-400 which is a very good support, third on holidays volumes are thin at this time of year, there are fluctuations like this very much accepted(fake) which are meant to take out stops and force traders into taking up positions on the wrong side. Lastly there is good usdinr support at mcx which is supporting every commodity so clearly silver consolidation should have been traded on buy on dips some members have also pointed out here about silver in the past for eg. deepak in his trade about silver.
So I would suggest you don't go very mathematical about exits, if you are positional trader try to read and understand markets rest will come in due course. Hope it helps.

 

[Xitij]

Hi,
Well exits depends on person to person, there is no clear cut formula but in intraday my experience is that if you get 800+ move you should book partially/fully. Now coming to current scenario you got to need some anticipation and past experience to deal with that. Silver was a buy at dips whole december, though it created many sharp downside moves but it was a buy, some important indications were 19$ support at comex which was tested again and again, at mcx on daily chart there is a very imp pivot exactly a year back @ 42300-400 which is a very good support, third on holidays volumes are thin at this time of year, there are fluctuations like this very much accepted(fake) which are meant to take out stops and force traders into taking up positions on the wrong side. Lastly there is good usdinr support at mcx which is supporting every commodity so clearly silver consolidation should have been traded on buy on dips some members have also pointed out here about silver in the past for eg. deepak in his trade about silver.
So I would suggest you don't go very mathematical about exits, if you are positional trader try to read and understand markets rest will come in due course. Hope it helps.

Thanks for your time and this Post. It really is helpful. To keep things simple, I have been trying to follow only the MCX charts, without thinking about the USD or COMEX ! My thought is that the effect of USD and Comex is factored into MCX rates. I am following EOD charts only, though plant to use intraday 30 min or 60 min charts to strengthen my Trades, not yet sure about it though.
Will surely look around on TJ for others member's threads on Commodity trades.

 

[ashu1234]

Thanks for your time and this Post. It really is helpful. To keep things simple, I have been trying to follow only the MCX charts, without thinking about the USD or COMEX ! My thought is that the effect of USD and Comex is factored into MCX rates. I am following EOD charts only, though plant to use intraday 30 min or 60 min charts to strengthen my Trades, not yet sure about it though.
Will surely look around on TJ for others member's threads on Commodity trades.

Yes its true that usdinr and comex rates are factored in mcx prices, but still it helps you to explain the whole picture and explains sudden spikes which can't be explained by mcx alone. In my view what's left on mcx chart is the footprint of the price discovery by parity pricing.

 

[ashima]

India gold futures continued its further downward movement on Friday on bearish global sentiments and appreciation of Indian Rupee (INR) against US Dollar (USD). Gold futures for February delivery on India’s Multi Commodity Exchange (MCX) was seen trading with a loss of 0.61% at Rs.28403 per 10 grams as of 14.48 IST on Friday. tips-commodity.net

 

[right edge]

sell gold @28920 tgt 28840 s/l 28950

 

[Xitij]

Gold is still long with SAR at 28789 !

 

[Xitij]

Update EOD 8th Jan. Gold now Short. Need to decide on EXIT levels. It has to be a fixed level as I am watching EOD charts only. SL or SAR is decided but no exit or partial exit level is being ascertained. All trades are being done on SAR basis.

 

[Xitij]

Crude moves still more Low, Gold recovers but remains Sell: our position in LOSS, Silver sideways, we are still Short. SL/SAR in Silver : 44555