Lines, probabilities and outcomeHaha, I have some people who PMed me and said my chart is way too simple and either way , I am right, arguing my analysis is weak and lack substance and all. It is OK if you do not accept my analysis, have your own ideas about how to chart or even put nasty comments about how lousy it is.
We are all entitled to our own opinions. And like I said, trading can be a lonely game and to have a platform like TV and others for traders to share their thoughts or even vent their anger is a good thing.
Trend lines in my chart are really straightforward. I used mainly support, resistance as a GUIDE and not a MUST HAPPEN kind of rule. So, in this Platinum chart, the price can fall to 1114.95 then rebound. But, it may not and continue to slide towards 1059.74.
Those who followed me knew that I had a LONG Call on many commodities from Lumber to Soy to Cotton months ago and we did made good profits out of it. Now, we are facing some consolidation which is part and parcel of the price action.
Now, the outcome is anyone guess but by relying on historical patterns based on longer term views like monthly and weekly view including other macroeconomic factors and my own analysis, I deduce that commodities will continue to have a bull run this year. On that rough outcome, I narrow down which commodities I want to go long, spreading my eggs across hard commodities like precious metals, gold, silver, platinum, copper, etc and soft commodities like cotton, wheat, corn, etc.
For those who prefer not to choose a single commodity and go for the commodity ETF , just do a search on Google.
I have also said in some of my posts on commodities that trading this can be volatile and the spikes in price action may not be comfortable for some people. So, ensure you place a small % of your capital into commodities trading if you are not too confident.
As always, be it me or any other authors, we are here NOT to sell you the idea of buying commodities (actually we are in a way, like influencing) so, you really need to take it with a pinch of salt and be hardworking and do your own due diligence. Remember, when you make profit, nobody asked you for a dime and so if you lose money, stay cool too. No need to swear vulgarities and hurl sarcastic remarks about how bad the chart is and all.
We all have the free will to follow or not follow a certain author so if you think my trend lines are over simplified and cant make money out of it, it is ok with me, just unfollow me and follow others that you like. Simple as that.
I remain excited about this PM and others (look out for my trade posts soon) as we are now moving into Q2 of 2021. The bulls are far from over and there are plenty of opportunities to accumulate for those who have yet to get in.
