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: 2020/08/04
No plan, No trading
Entry reason:
Gold is almost completed the a-b-c-d-e consolidation wave and facing the direction change. The next wave will be strong to either go up or down.
Is gold still in bullish market? Yes.
Will gold always go up without any correction? I don't think so. But we don't need to guess and just need to follow what happens.
Personally I am more bias on short.
Now the key TL is 1970 and key support is 1960. Break down these 2 price will confirm the correction wave and the Gold will drop more to 1910-1920 area.
If it goes up over 1985, I believe there will be an easy push to 2020 line. But we should be very careful with the divergence in the indicator, it might be the last bullish in this or next month if it happens.
So here's my plan:
Sell stop at 1969, 1959 , TP 1920 , SL $5
Buy stop, 1986, TP 2000, 2020. SL $5
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: 2020/08/04
No plan, No trading
Entry reason:
Gold is almost completed the a-b-c-d-e consolidation wave and facing the direction change. The next wave will be strong to either go up or down.
Is gold still in bullish market? Yes.
Will gold always go up without any correction? I don't think so. But we don't need to guess and just need to follow what happens.
Personally I am more bias on short.
Now the key TL is 1970 and key support is 1960. Break down these 2 price will confirm the correction wave and the Gold will drop more to 1910-1920 area.
If it goes up over 1985, I believe there will be an easy push to 2020 line. But we should be very careful with the divergence in the indicator, it might be the last bullish in this or next month if it happens.
So here's my plan:
Sell stop at 1969, 1959 , TP 1920 , SL $5
Buy stop, 1986, TP 2000, 2020. SL $5
Trade active:
TL broke. My short opened
Trade closed: stop reached:
HIT MY SL. close
