Trade Update

Crude oil was reversed to long @ 4181 on 20th and it made high of 4262 yesterday..It had ran up a lot mainly due to heavy weakness witnessed in INR. Due to FOMC statement, there was sell off late night in NYMEX. When we opened today, Oil was down by 3$ but fortunately INR helped the slide in MCX prices. We opened down by 80rs instead of 120-130rs.

Had a sell signal at open itself and reversed to shorts at 4135. If INR was a hero yesterday, he is a villain today who spoiled the entire show. Oil in $ tumbled about 3 $ again in intraday which should have reduced the MCX value at least by 120rs but INR is in heavy losing streak as it reached to 49.53 at close against open price of 48.70. This resulted only about 70rs loss in MCX oil prices till am doing this post. Rest of the move is based on how US mkts are going to open and trade tonight. Europe is bleeding about 4-5%. SAR is placed at 4270 for the day.

Copper continuing its mini dream run on downside. Currently its trading at 390. I have missed the entry. You know how much it pains!! Yes! The good trade which you missed will give you more pain than the one which caused heavy loss to you :)

Silver – Let me list down my trades here. Crazy start with this mother of swings counter !!

Short @ 63700 – Made low of 63165 but not booked.

Long @ 64510 – Made high of 65550 but not booked

Short @ 64510 – Today again reversed to shorts and it’s now trading at 63000 and yet not booked :)

In sum, three good swing trades of silver showed me good profits but yet to pocket them. Not booking the profits but just riding the swings with the system which so far gifted me just 700 points profit as of now. If I book the profits and exit, I will surely struggle to enter again and I may miss the huge move as like what is going on with copper. As I just started trading silver, am not ready to exit from position and want to be with the system to test where it takes me.. It’s the best way rather than doing the paper trades.

There will be some clue tonight whether global markets are bottoming out or another “2008-lehman” kind of history is in making!!