Gold 0617 Trading Plan
Updated
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: 2020/06/17
No plan, No trading
Entry reason:
Gold is ranging between 1710 - 1730 and wait for the breakout here.
Watch the circled area, gold is not in the key poin.
break up the TL (over 1730), gold will aim to 1744; down to the TL (1718), gold will test the previous low.
So here's my plan:
short at 1725, SL 1730
buy stop at 1731, TP 1745
===================
Previous analysis:
so there are 2 assumptions here.
#1, the previous drop to 1703 is wave 1, and now this 76.8% fib rebounce become wave 2. Then a wave-3 to a new low is expected.
#2, the previous ABC correction wave is completed at 1703. Now the Gold starts wave-1 of a new cycle. If so, a small retracement may happen to 1721 1715 1711 but it will not break 1703.
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: 2020/06/17
No plan, No trading
Entry reason:
Gold is ranging between 1710 - 1730 and wait for the breakout here.
Watch the circled area, gold is not in the key poin.
break up the TL (over 1730), gold will aim to 1744; down to the TL (1718), gold will test the previous low.
So here's my plan:
short at 1725, SL 1730
buy stop at 1731, TP 1745
===================
Previous analysis:
so there are 2 assumptions here.
#1, the previous drop to 1703 is wave 1, and now this 76.8% fib rebounce become wave 2. Then a wave-3 to a new low is expected.
#2, the previous ABC correction wave is completed at 1703. Now the Gold starts wave-1 of a new cycle. If so, a small retracement may happen to 1721 1715 1711 but it will not break 1703.
Comment
Gold is over the top TL, but not break 1730 yet.
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