Gold and Silver Spike to 14.6000. Another day of profit.

After the big win on Feb 21, I've placed a trade waiting for a breakout trade. It did and it's again in my favor, I placed a trade at 14.4000 looking for a bullish sign after almost 36 hours of consolidation which shows no sign of weaknesses. For the 14.4000, I initially targeted 14.7000 as the main top resistance after 14.4000, sadly it only reaches 14.6000 and I took my profit at 14.5350 which brings me another USD 96. This rally today marks the end of the bullish week of commodities and I'm prediction a big correction in the commodity market starting early next week when market reopens. A spike like this usually happens for profit taking sessions for trades which is still held on Feb 21. As I feel that the current gold and silver are a lil overpriced, I will be expecting a retracement, that should make my job easier and certainly makes my day.

Wish everyone a great weekend and have fun.

Happy Trading

Silver Consolidates... again.

I've not made any trades today since the silver market is trading without a proper direction. To minimize errors, I've placed a possible break trade of yesterday's high at 14.4000. Until now the New York session seems dull and no one seems to be getting in action. It's probably another 'wait and observe' market. As all of you who might know by now, yesterday's spike in the commodities pricing is supported by the higher than expected CPI numbers from the U.S. triggering alarms of possibility of higher inflation that might cause the U.S. Federal Reserve to raise benchmark interest rates to 5.5%. As normally when inflation is around, gold is often supported as it's the main product to hedge in case of high inflation. Silver gets to gain as well. Overall, yesterday's gain fell in place where everyone decides it's recouping day and oil rises, and so does CPI. I'd personally the gain yesterday was a little too much and over reaction from the market even with the fact that considering the current oil prices will make the next month's CPI release will be higher than market expectations. I still place my bets that chances for the U.S. Federal Reserve to continue raising interest rates to curb inflation this year is a NO GO.

Anyway, back to silver, I'm expecting another possible correction before silver makes it any higher. I'm expecting it to return to 13.8000 before making another hike, passing 14.4000 this time as 14.4000 was the high of previous year's hike before reaching 14.6000 and then 15.3000. Many have predicted that silver will make a significant advance in pricing this year as it is possible reaching 19.20 the historical high. I'm just waiting for the day the arrive :)

Happy Trading and Best of Luck!

Record Breaking Profit! 800 USD from SILVER!

This is the first time in my trading experience to post double in a day. I've managed to recouped with all my losses yesterday PLUS profit of USD 300. I've successfully achieved my medium term goal of reaching 100% profit before February 24. I've currently made 106% (USD 2060) and I'm 2 days away from deadline.

This is just great!!! I will update more on gold news with economic details tomorrow!

CHEERS EVERYONE!!

Happy Trading@!!

I'm recouping, my theories of the silver market proven right.

After the big loss, I've spent my whole night in front of my laptop reading news, articles, supply and demand and studying the candlestick charts, hourly, daily, weekly, you name it. I've done my research and finally found a view that yesterday's correction is 'meant' to be. It was suppose to happen! Well, at least technically... I've resisted myself from placing new trades throughout last week since it was range trading the whole time and I couldn't find myself risking a trade that could possibly give me a 50% drawdown. Eventually, when Monday starts, I thought it would be another week of range trading, at least for a few days, it was range in a very tight spread and there wasn't any chance of making money since it was Chinese New Year and President's Day. Market was somehow dead and Tuesday was like a tsunami sweeping investors into the deep blue sea. I was one of the lucky survivors that managed to get cling on the coconut tree with few deep cut wounds.

I've discovered a chart reading method that I have neglected all the while which was provided a very clear picture of the whole trend. I got it yesterday and placed my trades accordingly.

Let me re-list my trades;

600 units of 13.7850
300 units of 13.7659
430 units of 13.8680
600 units of 13.9000
300 units of 13.9550

Is it has reached the bottom of the current bull market with an angle of est. 18-20 degrees. 13.7000 was the lowest. From my current view of the trend, yesterday's fall as just flux on the way towards $700 later in the year, as both physical and investor demand is likely to be strong.

I'm currently running a profit of 230 USD. I'm targeting 14.2000 after this correction.

Happy Trading!

Disastrous Tuesday.

I'm sad to announce that I've finally had my first bad day since trading. During early New York session today, the silver market was undergoing a very aggressive retracement. My current margin was able to support it to go a little bit lower. But I've decided to give up 50% of my trades which cost me a damn big hole of USD 470 in my wallet. Therefore I'm back to where I started on January. My aim for February remains to 30% monthly profit. I'll try to regain what I've lost today within a week since I thought I lose half a grand in 24 hours I'll use 5 trading days to recoup it. It'll be hard but still possible I hope.

Currently I still have trades at 13.9500, 13.9000 and 13.7850 with 300 units, 600 units & 600 units respectively. Throughout today, I given a thorough thinking about how should I place trades on dip which I can't possibly 100% sure the bottom at all times? Yesterday I've made another discovery of the weekly hourly trend, which gives me a picture of a possibly drop like early today. It seems like another great graph for me to help me making decisions on my trade. I shall switch my strategy to a less aggressive approach after this hole in my pocket during range markets. But during the bullish trend, I will be as aggressive as ever to gain as much as possible before another retracement forms.

Even though, this loss has bring me back to early February, this had been an extremely valuable lesson to me in my trading experience and I definitely paid a hefty price for it.

For others out there, hope you enjoy my experience and all the best

Happy Trading!

Silver Consolidates.... Silver possible to retest USD 15.30 before March.

Happy Chinese New Year and Happy President Day! The silver market is pretty dull today except for a moment during London Session. I've finally decided to get back into the market and start making money again. I've took a trade in silver of 600 units at 14.0300. From the medium term perspective, silver market is currently undergoing a strong consolidation above USD 14. I still strongly believe the commodities market, silver and gold, will retest it's March 2006 high, that could happen before 1st of March 2007 is the current undergoing bullish trend is still intact.

As it's Chinese New Year ( I'm chinese... ) I am now observing my trades through my laptop and it's not really convenient as I'm back in my hometown. I will be in my hometown for 9 days. So I'll be looking for make some money to cover my expenses. LOL.

Anyway, wishing everyone a prosperous and bullish new year

Happy Trading