NG in symmetrical broadening wedge

29/11/2017,
06.11 pm India.

NG daily

As shown in this NG daily chart, price is moving in the symmetrical broadening wedge or horizontal megaphone. You can see price is in the downtrend at the start of this megaphone. ( I draw a blue circle around it ). As a rule .. ascending megaphone breakout is downward & downward megaphone breakout is upwards. But here we can see the horizontal megaphone. now how to acknowledge or guess the breakout direction ? there are two ways. First is continuation of the trend & we can easily see that in the blue circle , price trend is downward. Second method to guess breakout direction is to judge price movement is top heavy or bottom heavy ? . In this case, price is not top heavy or bottom heavy. 

NG weekly chart 

This is the another reason why I am bearish on NG ? On weekly chart , price is still moving in H & S. It is not violated the pattern yet. Last wave is going on & on , making the pattern dirty. But technically it is H&S. price should go towards neckline. It created megaphone on weekly chart also. So trade accordingly. Jay Shriram. 

Update 1, Tuesday 05/12/2017, 05.14 IST

ng daily chart 

Now , we are in very good profit. Book half profit & trail the sl to ctc. Jay Shriram.

Update 2, Thursday Dec 7, o7.05 ist

We shorted NG around Rs 207 mcx price, now we are in very good profit. CMP on mcx is 182.70 around. Rs 15/ single lot profit, that means Rs more than 18000 rupees profit in single lot. Book full profit & exit the trade. Today is inventory day, no need to take any risk. Enjoy profits saying Jay Shriram.

Crude towards channel support line

06.30 p.m,
15/11/2017,

As shown in the crude daily chart, price is moving in a upward moving channel. 61% retracement of the prior upmove is placed at 52.42 mark, which is placed at channel supportline also. So , we can expect the price to touch the support line of the channel or 61 % mark which is placed at 52.42. Resistance line of the channel will work as resistance.

Point to be noted is that," I am doing this analysis for my hobby."

update 1,09.29 p.m

As expected, after inventory data, price came down till 38 % retracement, will it take support here or go towards 61 % ? interesting to watch the show.

Update 2,  saturday 02.06 pm

As shown in the chart, you can see that crude price took support exactly at 38 % fib retracement & turned upwards. Price also went above the resistance line of the channel. So friends, now we can enter in to bullish position. Dont expect crude price to turn around and touch support line of the channel. Next resistance is 57.80 which is prior high & support is now at the resistance line of the channel as the rule of polarity, now resistance line should work as support line. I am closing this post, thank you , Jay Shriram.

update 3,  24/11/2007

As said in the prior update, price went up & break resistance of prior high. CMP is 58.81. , book full profits & exxit.

Rising wedge on gold hourly

09/11/2017,
06.03 pm.
gold hourly chart.

Looking at this hourly chart,, we can easily see rising wedge on gold price. Don't take it as higher top higher bottom formation because bottom's are also higher in nature. This is the reason behind my suspect of future fall after price will get resistance at resistance line of the wedge.

Warning -- this is not trading recommendation. I did this analysis for hobby only.

update 1 ... 08.05 pm 

As you can see in the chart, we shorted this commodity nearly at the top i.e. around 1289 dolors. Now it is trading at 1284. So place the stoploss at cost to cost and enjoy the show. thank you.

Update .. 2, 11.00 am, 10/11/2017

Yesterday, we shorted gold at 1289 & placed sl @ the same price mark after price went down towards 1284 below supportline of rising wedge. Price again went up towards 1288.77, but our sl is safe till now. this second day of position and price again hovering below support line of wedge @ 1285. In Indian rupees, for mcx parallel price of entering the trade was something around 29680. CMP on MCX is 29570. SL is safe. So we can book little profit here & maintain sl cost to cost, i.e. 29680. Look @ below given chart of MCX gold hourly. 

This is the MCX hourly gold price chart. Again suggest you to book little profit and place sl ctc.

update 3 , 06.13 pm, 11/11/2017

while entering the gold short trade, we got chance to short it @ Rs 29680 MCX & 1289 dolors as shown in the chart. Yesterday close price was Rs 29471 & 1275 dolors. So friends, book full profit & exit. We got 200 rupees, that means Rs 20000 in single lot. enjoy it, Jay Shriram.