Silver MCX Trading Diary

[ashu1234]

Gold and Silver on Daily are about to top out.....current pullback is expected to be shorted again and a downleg(major) may start from the same levels. Max upside in gold if it at all moves up again from here will be restricted to 1220. Currently consolidating in hourly and may confuse both bulls and bears. +20$ is expected both upside and downside beyond that trend will be confirmed on the actual side.....

 

[SaravananKS]

Silver Weekly Elliot Wave count

Due to time constraint I could not able to write much details of inner counting.
As a simple Elliot rule silver is trading in 3rd wave (Impulse) and as long as it trades below 40000 one may assume 3rd wave in progress.(since elliot wave rule does not permit 2nd and 4th wave to share same Price region)

if Blue Trend line Breached then we assume that 3rd wave have been completed. till then I expect the 2nd wave of Primary Impulse(3rd wave on higher degree ) is in progress.


Let us see daily chart for trading Opportunities

it seems like silver is forming natural triangle from 7th Nov 2014 and currently C wave is progress. A Strong breach below the trend line(Blue as in chart) confirms it if red trend line breached then we may assume the Wave C is still going on

 

[SaravananKS]

Silver Still Trading in Range
So Booked Full Profit @ 37535 (Long Initiated @ 36800)

Booked Profit 735 Points

Would re enter Long if 37620 Breaks :thumb:

 

[SaravananKS]

Silver Still Trading in Range
So Booked Full Profit @ 37535 (Long Initiated @ 36800)

Booked Profit 735 Points

Would re enter Long if 37620 Breaks :thumb:

Re Entered Long @ 37610 (SL below 36900)

 

[marimuthu13]

Re Entered Long @ 37610 (SL below 37900)

I think its typo ..SL below 36900

 

[NinjaTrader]

sold silver mcx at 36546 and bought back at loss of 9 points @ 36555 in 15 minutes. Zerodha's Nest trader hanged as soon as i entered short order and then I panicked a bit and just wanted to exit the position with minimum loss. Now silver made a low of 36425 after i exited my short position. Means i could have exited with 121 points in profit. (9*30=270 rs per lot loss) (121*30=3630 rs per lot profit).

 

[NinjaTrader]

Silver made a new low @ 36372 . 53 points since last low update. So much potential profit I could have made after my entry but in reality all I booked was loss.

 

[ashu1234]

Today was the day for US gdp data....data very negative for bullions.....what I see is shorts building up....confirmation in price may reflect next week as US will be going for holidays starting from tomorrow in advance.

 

[ashu1234]

This is what I've been waiting for so long.....Breakdown on Hourly.

:clap:

 

[ashu1234]

Silver opened 1.5% down.:clap:

Covered for now. will short on rise.