For Silver I had to load TWO indicators on the chart, yet they STILL did a poor job of handling the task, though this is not clearly depicted during this particular span of time... But at least the exercise has provided me with sound logic (I believe) with which to trade manually/visually.
LONGER-TERM FORECAST The numbers suggest that trading gold, silver or natural gas based on their daily perspective would not be very productive for me personally. However, crude oil is a different matter, so I'm curious to see what happens if I make the effort. As of Friday, I have to categorize the fuel as still bullish, having assumed that disposition on Thursday, June 6, 2024. Accordingly, unless it wishes to abandoned its present bias and turn bearish, I will not be surprised to see price rejected anywhere between Friday's low down to 82.27, given that this is exactly where my computations calculate "statistical support." An ambitious take-profit target for me would be up around 83.72 near the previous local maximum.
I have revised my opinion in that it now appears natural gas can also be traded (by me) based on a day-to-day perspective, only from a different angle. More specifically, whereas crude oil is amenable to interpretation based on price ranges (such as one-, eight- and twelve-hours)—interpreting natural gas is better suited for evaluating price action in relation to the slopes of key moving averages, such as the 40- and 90-minute, and the four-, six- and eight-hour baselines. So then, silver has been in steady decline ever since June 26th and will therefore become a sell candidate if and when it decides to exit a pullback anywhere between where it is now and the upper diagonal trend line...
Did I write silver? Of course, what I meant to say was natural gas. Anyway, it looks like I got my trigger signal, so I should know within a day or two if this was for real or not...
I was able to adjust my take-profit target to lock in some profit from natural gas twice. Though subsequently, it turned intraday bullish. However, according to my levels, it should turn south again right about now... ...so, if it fails to do so, I will need to watch the longer-term numbers to determine if the fuel is going to attempt a wholesale fully-fledged bullish reversal in the day-to-day trend.
I finally saw my trigger signal to buy oil after it crawled as low as 81.61 (on my charts), so I will be curious to see over the next few days whether this was legit or if I will eventually need to abandon the position.
Indeed, the longer-term measures have in point of fact switched from a bearish to bullish trajectory, forcing me to abandon my natural gas short position.
Given that my expectation is to profit easily every single day, and that I will avoid the kinds of losses and difficulties I encountered today stemming from trading based on day-to-day measures, I'm using today's activity to identify the most "actionable" measures and plan on employing them to code "foolproof" alerts for trading in place of today's approach, starting with crude oil. I ended up with two versions (pictured below) and am going to evaluate their similarities and differences with the intention of using the information to write detailed (self-) instructions for manually trading crude oil from tomorrow onward.