Instead of calling Gold analysis, I would use the term of trading journal to record my trades because I may not always have a plan to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 02 / 24
===================Analysis=================
Yesterday Gold started falling at U.S time to the price 1796 and start rebounce. It finds resistence at the 1810-1815 zone again.
Currently the chart pattern is exactly same as yesterday. If this H4 bar confirms a bearish, then again another fall is highly expected to 1796. because yesterday 1797 shows a support zone, so I move the TP 1790 a little bit higher to 1795.
The next direction is depended on the H4 bar now. RED for bear and GREEN for bull.
=================Possible Situation==========
No.1. Gold drops to 1795 and rebounce again. In this situation, Gold is ranging between 1795-1815 as a correction wave-4. Rectangle or triangle might be formed and we would expect another bump up sooner or later.
No.2 Gold drops to 1795 and quickly down to 1790 and then start rebounce again.
No.3 Gold breaks 1790 support strongly and test the previous low 1760+
No.4 Gold doesn't drop and continue rising and break above 1815 resistence.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1815
The key support: 1760 1795 1790
buy limit 1790, SL 1785, TP 1815 , or wait a M15 reversal signal at 1790 area to enter a buy.
Sell : when this H4 confirms bearish , SL the High price of the previous H4 candle , tp 1795 1790
buy stop at 1816 / Sell stop, 1788
These buy stop & sell stop order is hard to set SL, so I will use trailing SL instead of fixed price.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 02 / 24
===================Analysis=================
Yesterday Gold started falling at U.S time to the price 1796 and start rebounce. It finds resistence at the 1810-1815 zone again.
Currently the chart pattern is exactly same as yesterday. If this H4 bar confirms a bearish, then again another fall is highly expected to 1796. because yesterday 1797 shows a support zone, so I move the TP 1790 a little bit higher to 1795.
The next direction is depended on the H4 bar now. RED for bear and GREEN for bull.
=================Possible Situation==========
No.1. Gold drops to 1795 and rebounce again. In this situation, Gold is ranging between 1795-1815 as a correction wave-4. Rectangle or triangle might be formed and we would expect another bump up sooner or later.
No.2 Gold drops to 1795 and quickly down to 1790 and then start rebounce again.
No.3 Gold breaks 1790 support strongly and test the previous low 1760+
No.4 Gold doesn't drop and continue rising and break above 1815 resistence.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1815
The key support: 1760 1795 1790
buy limit 1790, SL 1785, TP 1815 , or wait a M15 reversal signal at 1790 area to enter a buy.
Sell : when this H4 confirms bearish , SL the High price of the previous H4 candle , tp 1795 1790
buy stop at 1816 / Sell stop, 1788
These buy stop & sell stop order is hard to set SL, so I will use trailing SL instead of fixed price.
Trade active:
sell already opened at 1809
Trade closed: target reached:
1790 TP reached
