Bal: USD1005.98 - Pretty Much Of A Hectic Day.
Blog skin will be temporary. But post will be coming in everyday without fail.
I'm gonna keep this post pretty direct straight to the point. Today is another great day for trading, especially in silver. Asian session is extreme boring as usual. Not much of movements there. I'm feeling stupid today. That's why I'm feeling pretty frustrated right now...
I made a first entry today by purchasing silver at 13.4000 during mid-Asian Session. (my first stupid mistake). Practically the price didn't move much so I wasted my time monitoring my trades. Soon as my London market opens, silver drops and I've decided to make another entry at 13.3000 (second stupid mistake).
It went down straight an hour after London openings and triggered a stop loss at 13.2300. A loss of USD 68.
Soon after the loss, silver dropped even further reaching 13.1580. I placed a new trade of silver at 13.2330 in New York Market Opening. The first wise move of the day. Soon after the trade is triggered, it continually rise without showing any weakness. I was so glad that before I knew it, I was already in profit of USD 62. A stupid mistake follows one another, not to mention I did 2 on the same day, I placed a new trade placed at 13.4000. When the rise continue to move and triggered 13.4000, it went straight down. Bringing all the flowing profit with it down to a negative zone. I was USD -50 at one time. Determined that the commodity market will somehow return to the higher price level bolstered by the low prices and current commodity sentiment, I held on the 2 silver trades.
As I'm right predicting the market, it went back up and the trade of 13.2330 is back bringing me a profit of USD 52. I decided not to be greedy and take profit. Leaving the 13.4000 trade in the negative zone as I've removed my stop-loss strategy. Then I finally realized that 13.4000 is a price where that is a barrier where sellers are supporting it but commodity prices has it's support as well so the hourly chart shows indecisive moves. Showing crosses for the past 3 hours.
I've no intention to close the 13.4000 trade with a loss and decided to hold this trade over a weekend as I'm expecting a colder weather in the US, the commodity-importing country such as China and India as recent reports and comments from the officials in these countries especially China that they will import more commodities to narrow the ever-growing humongous trade surplus which are straining the international trade ties. Oil demand in China has increased over the past years due to the rapid development in the countries and United States are one of the biggest importer of crude oil in the world. So I don't expect oil price to weaken further unless there's another political intervention. Other than that, I see no reason why oil price should drop further. As a favorite trade of hedging against inflation, gold has been the best. Commodity market for certain will definitely rise over time. I'm pretty sure of that.
A lower price of commodity in the start of next week will encourage more purchasing power which is a good thing. So I'll keep my eyes open and brains active to make more brilliant trades. I've learnt from my stupid mistake and will review my overall strategy over the weekend.
I'm gonna keep this post pretty direct straight to the point. Today is another great day for trading, especially in silver. Asian session is extreme boring as usual. Not much of movements there. I'm feeling stupid today. That's why I'm feeling pretty frustrated right now...
I made a first entry today by purchasing silver at 13.4000 during mid-Asian Session. (my first stupid mistake). Practically the price didn't move much so I wasted my time monitoring my trades. Soon as my London market opens, silver drops and I've decided to make another entry at 13.3000 (second stupid mistake).
It went down straight an hour after London openings and triggered a stop loss at 13.2300. A loss of USD 68.
Soon after the loss, silver dropped even further reaching 13.1580. I placed a new trade of silver at 13.2330 in New York Market Opening. The first wise move of the day. Soon after the trade is triggered, it continually rise without showing any weakness. I was so glad that before I knew it, I was already in profit of USD 62. A stupid mistake follows one another, not to mention I did 2 on the same day, I placed a new trade placed at 13.4000. When the rise continue to move and triggered 13.4000, it went straight down. Bringing all the flowing profit with it down to a negative zone. I was USD -50 at one time. Determined that the commodity market will somehow return to the higher price level bolstered by the low prices and current commodity sentiment, I held on the 2 silver trades.
As I'm right predicting the market, it went back up and the trade of 13.2330 is back bringing me a profit of USD 52. I decided not to be greedy and take profit. Leaving the 13.4000 trade in the negative zone as I've removed my stop-loss strategy. Then I finally realized that 13.4000 is a price where that is a barrier where sellers are supporting it but commodity prices has it's support as well so the hourly chart shows indecisive moves. Showing crosses for the past 3 hours.
I've no intention to close the 13.4000 trade with a loss and decided to hold this trade over a weekend as I'm expecting a colder weather in the US, the commodity-importing country such as China and India as recent reports and comments from the officials in these countries especially China that they will import more commodities to narrow the ever-growing humongous trade surplus which are straining the international trade ties. Oil demand in China has increased over the past years due to the rapid development in the countries and United States are one of the biggest importer of crude oil in the world. So I don't expect oil price to weaken further unless there's another political intervention. Other than that, I see no reason why oil price should drop further. As a favorite trade of hedging against inflation, gold has been the best. Commodity market for certain will definitely rise over time. I'm pretty sure of that.
A lower price of commodity in the start of next week will encourage more purchasing power which is a good thing. So I'll keep my eyes open and brains active to make more brilliant trades. I've learnt from my stupid mistake and will review my overall strategy over the weekend.
Labels: commodity, currency discussion, economic discussion, silver, US economy, XAG/USD, XAU/USD
posted by 4xTrader at
12:30 PM
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