Retracement In Progress...

Another day of small corrections in the silver market. I'm still not seeing the major correction that I think it should happen. I'm still learning on how to trade under these market conditions. Very tricky market I would say. Oil prices are dropping as refineries breakdown is under repair and cold weather in the Easter US will soon be over and we'll be expecting slowdown in heating oil consumption. Top of that, OPEC research directors mentioned earlier today that the supply and demand imbalances gap is drawing closer to each other. I assumed that this is only possibly in the short term but in the long term, the gap will continue to widen. I've tried online searching for the latest new oil discoveries that could possibly compensate the oil demand but couldn't find any in these recent years. At least, no drilling is done yet.

Some says commodity bubble will definitely burst. But I say it will not happen in years to come. Not at least until 2015. I have not made any trades today but judging from the intra day chart, I've placed several trades that I find it interesting if the silver market retrace to an attractive level.

I've placed 600 units each from 13.3000 until 13.7000.

Comments?

Happy Trading!

Commodity Range Trading...

Silver and gold market is undergoing a transition phase to range trading after sessions of bullish trading in the market. I've not made any trades today and will not make any trades soon unless I see a decent retracement up to my expectations. I've placed a trade at 13.8000. This is my first encounter in range trading since I resumed trading with actual money. I'm still learning ways to trade range and I feel that the pips range is too small and risk is high without any proper direction of the market. Anyhow, I'll keep this blog updated.

Happy Trading!!

Happy Valentines.

Happy Valentines to my readers. I was not home the whole day and I couldn't observe the market to place trades, not to mention triggering any trades. While my partner accidentally trigger a trade of silver, 620 units at 14.0100, it's suppose to be an accidental beauty but due to his lack of experience in trading, he closed the trade with a small loss of USD 60. This is a definitely a lesson worth paying for his trading experience.

As I've just returned home, judging from the market's reaction and pricing activity for this valentine's day, it's not as aggressive as I thought it would be. I think the market is losing it's steam and momentum of the bullish market and I AM expecting another major retracement before silver prices proceed to a higher level. This is a 90% possibility that I'm expecting to happen in the coming few days. Meanwhile, I will keep my options open for further bullish signals and be extra careful before triggering any trades. I would advise the same to anyone who is in the same view as me.

I seriously appreciate comments from my readers regarding the future markets and will be always available for discussions.

Happy Valentines and Happy Trading.

New Profit Record! Thanks To Silver Retracement!

I've made a significant profit in Silver again today as yesterday's retracement has enabled me to practice my " Buy low Sell high" technique. This retracement with my trades along with the drop has enabled me to test my techniques IF the market goes against me. I couldn't say it's successful because I was running low on funds yesterday. I have deposit another USD 1020 to my trading account ( USD 20 was an excess when I wire transfer my funds to make sure I have at least USD 1000 back in the account).

In total I've made USD 201 from 5 trades with accumulated 1500 units of silver. Below are my trades;

200 units @ 13.8000
300 units @ 13.8500
500 units @ 13.7280
200 units @ 13.6550
110 units @ 13.6030 ( I almost ran out of margin, this is the maximum I could take)
190 units @ 13.7750 (This is taken during the London bull market.)

All of above trades are closed at 13.8850. I've changed my monthly target from 20% to 30% starting from February. Currently, I'm almost reaching 50% for the month of February. An amazing results I would say. I'm looking to make another USD 270 in coming weeks before 1st of March. The retracement happen at the right time for everyone but unfortunately I have insufficient funds yesterday. Too bad for this time, now the money is back and I'm definitely back for more.

For my future trades, I see that the bullish trend is still intact and I would probably take a trade at 13.9000 where the current bottom of the bullish trend up-to-date. Hoping for a better tomorrow

Happy Trading

Important Silver Market Correction.

Today is an important day for me, marking my event in case WHAT IF the silver market went against me. I'm running low on cash and now, the most important correction of the week happens and I'm low on cash. I've held several trades accumulated of 1110 units (USD 0.10 per unit per pip) averaged at 13.7616. Therefore, I've now got the chance to test my strategy against the market that goes against me. My current running P/L is USD -198.20 or 37.20% drawdown.

It happens at the wrong time again where I have insufficient funds to fully test out my trading system. I need to have at LEAST USD 1000 in the account to maintain the effectiveness of the strategy. I lost my chances of placing trades at dip at 13.5 and only placed 110 units at 13.6 due to my margin restrictions.

I will make an immediate money transfer of USD 1000 the first thing tomorrow when the bank opens. Hopefully, the money will be available in time to make the trades. The only reason I could see why there's a such a retracement today is due to oil prices dropping. I don't expect oil price to drop further as US winter is still going on and won't expect to settle until March. During this retracement, I will continue to make purchases when silver reaches significant low but I would be in trouble if it breaks 13.47 resistance if my money hasn't reach Oanda. Hopefully I will be in time for this wonderful time.

Happy Trading!