Instead of calling Gold analysis, I would use the term of trading plan or trading journal to record my trades.
So please note: This is a personal journal only, but NOT a trading suggestion. Please control your own risk if you want to follow, we may have different risk preference and position management strategy.
Date: 2020/10/29
No plan, No trading
------------------
Entry reason:
Based on the previous analysis, the Gold has made huge fall since 1910 and now touchs 1865 lowest, which already break the preivous support 1870.
The chart looks bearish to me, but there's no all-the-way down, neither straight up market.
If we check RSI or MACD indicator, there's a possibility that the gold is in oversold zone or and price divergence may happen in the chart. (It can only be confirmed if a rebounce happens, otherwise the assumption is not valid.)
And If I do wave count + Fib calculation, 1864 is the 2.618 of wave (1) , shown in the chart. So it is possible that Gold may finish the cycle at 1860 + area and start correction a-b-c, which 1884-1890 now becomes the resistence area.
I stilll hold my opinion that Gold didn't complete the BIG correction wave C and still in bearish trend, but it doesn't mean I will still short at this point. Because a correction may happen at any point.
So I want to bet on the next correction movement, here's my plan.
(I don't suggest everyone to do this kind of trade because it's ANTI-TREND, means HIGH RISK to your account)
Short:
Sell around 1885 - 1890
Long:
Buy limit from 1860 - 1866, SL, 1857, TP 1874 , 1884, 1890
NOTE again: This is an anti-trend plan and high risk, I will do it because I'm very agreesive person and have my capital management strategy. I do it because I can set a small SL but high return margin. But the win rate is low.
if you follow, please control your money and risk by your own.
So please note: This is a personal journal only, but NOT a trading suggestion. Please control your own risk if you want to follow, we may have different risk preference and position management strategy.
Date: 2020/10/29
No plan, No trading
------------------
Entry reason:
Based on the previous analysis, the Gold has made huge fall since 1910 and now touchs 1865 lowest, which already break the preivous support 1870.
The chart looks bearish to me, but there's no all-the-way down, neither straight up market.
If we check RSI or MACD indicator, there's a possibility that the gold is in oversold zone or and price divergence may happen in the chart. (It can only be confirmed if a rebounce happens, otherwise the assumption is not valid.)
And If I do wave count + Fib calculation, 1864 is the 2.618 of wave (1) , shown in the chart. So it is possible that Gold may finish the cycle at 1860 + area and start correction a-b-c, which 1884-1890 now becomes the resistence area.
I stilll hold my opinion that Gold didn't complete the BIG correction wave C and still in bearish trend, but it doesn't mean I will still short at this point. Because a correction may happen at any point.
So I want to bet on the next correction movement, here's my plan.
(I don't suggest everyone to do this kind of trade because it's ANTI-TREND, means HIGH RISK to your account)
Short:
Sell around 1885 - 1890
Long:
Buy limit from 1860 - 1866, SL, 1857, TP 1874 , 1884, 1890
NOTE again: This is an anti-trend plan and high risk, I will do it because I'm very agreesive person and have my capital management strategy. I do it because I can set a small SL but high return margin. But the win rate is low.
if you follow, please control your money and risk by your own.
Trade active:
Long in at 1864
Trade active:
add another buy at 1860. SL move to 1855
Trade closed: target reached:
I'm out of 50% long at 1873.5 now
Trade active:
add a buy at 1870. TP 1876
Trade active:
add another small by at 1868 now. TP 1876
Trade closed: target reached:
1876 TP reached. close 70% now
Comment:
I will enter long again at 1871
