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: 2020/09/02
No plan, No trading
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Entry reason:
Gold reached 1990 high yesterday and start a quick drop. From the chart, I can see a very typical 5 wave pattern for the previous raise, and the drop seems more like a correction wave A.
Under this assumption, another rebounce and drop may happen in next few days.
A question is that, what will be the long term direction afterwards? I think it totally depends on the wave (C) strengh and power.
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In a bearish view:
I'm still holding my original opinion that the Big C is not completed yet, but I don't know when it will happen. We can only confirm it once the Gold breaks the pink TL.
This drop gives me another high point to make a top TL, from which I'm thinking gold is makeing the big consolidation wave in a big range to finnally form the wave B. 1990 could be the recent high point that will not be exceeded for a long time.
----------------------------
In a bullish view:
Gold may restore its bullish move after the small a-b-c correction finished. and we can only confirm when the top TL is broken. (The red dotted line)
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Since the major direction is not clear, I will still be neutral but as a trader. It doesn't affect me to make a trading plan
Key resistence: 1972-1979
Key support: 1958-1960
So here's my plan:
buy limit : 1957-1960 , SL 1955 , TP 1975
Sell limit: 1976-1980 SL 1986 , TP 1955 1945
Sell stop: 1956, TP 1945
I'm more bias on short direction. So I may ignore the buy opportunity or just use small slot to verify my idea.
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: 2020/09/02
No plan, No trading
------------------
Entry reason:
Gold reached 1990 high yesterday and start a quick drop. From the chart, I can see a very typical 5 wave pattern for the previous raise, and the drop seems more like a correction wave A.
Under this assumption, another rebounce and drop may happen in next few days.
A question is that, what will be the long term direction afterwards? I think it totally depends on the wave (C) strengh and power.
------------------------
In a bearish view:
I'm still holding my original opinion that the Big C is not completed yet, but I don't know when it will happen. We can only confirm it once the Gold breaks the pink TL.
This drop gives me another high point to make a top TL, from which I'm thinking gold is makeing the big consolidation wave in a big range to finnally form the wave B. 1990 could be the recent high point that will not be exceeded for a long time.
----------------------------
In a bullish view:
Gold may restore its bullish move after the small a-b-c correction finished. and we can only confirm when the top TL is broken. (The red dotted line)
-------------------------
Since the major direction is not clear, I will still be neutral but as a trader. It doesn't affect me to make a trading plan
Key resistence: 1972-1979
Key support: 1958-1960
So here's my plan:
buy limit : 1957-1960 , SL 1955 , TP 1975
Sell limit: 1976-1980 SL 1986 , TP 1955 1945
Sell stop: 1956, TP 1945
I'm more bias on short direction. So I may ignore the buy opportunity or just use small slot to verify my idea.
Trade active:
Long opened at 1959 now
