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.
I was so adicated to trade even sometimes when plan are not available, and in return, it costs me 200k USD to learn the fact, that not everyday we have opportunity to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 02 / 19
===================Analysis=================
Gold finds good support at the zone 1760 as the previous analysis described.
I think the AB=CD pattern is still valid and besides that, a 5-wave cycle seems completed also at 1760.
The rebounce is happening right now and breaks the key trendline (1775) will confirm the rise to the next level 1790.
So the current move looks like the correction wave-a, another wave-b and wave-c would likely to happen.
Even the major daily trend is still bearish, but I remain my opinion that at least a rebounce would happen before further drop.
=================Possible Situation==========
No.1. Gold drops from the trendline 1775 and tests the previous support 1760 again
No.2 Gold breaks the trendline 1775 and tests the preivous lower high 1789 or even more 1810.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1790 , 1775
The key support: 1760
buy limit 1760 area, SL 1755, TP 1785
buy stop at 1775, TP 1790 area.
buy stop at 1800, TP 1810 area.
Sell limit at : 1790 , sl 1793, TP 1772. low R&R , so I would try with little budget
Sell limit at : 1810, SL 1815, TP 1772, High R&R, so I would try with bigger position
I was so adicated to trade even sometimes when plan are not available, and in return, it costs me 200k USD to learn the fact, that not everyday we have opportunity to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 02 / 19
===================Analysis=================
Gold finds good support at the zone 1760 as the previous analysis described.
I think the AB=CD pattern is still valid and besides that, a 5-wave cycle seems completed also at 1760.
The rebounce is happening right now and breaks the key trendline (1775) will confirm the rise to the next level 1790.
So the current move looks like the correction wave-a, another wave-b and wave-c would likely to happen.
Even the major daily trend is still bearish, but I remain my opinion that at least a rebounce would happen before further drop.
=================Possible Situation==========
No.1. Gold drops from the trendline 1775 and tests the previous support 1760 again
No.2 Gold breaks the trendline 1775 and tests the preivous lower high 1789 or even more 1810.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1790 , 1775
The key support: 1760
buy limit 1760 area, SL 1755, TP 1785
buy stop at 1775, TP 1790 area.
buy stop at 1800, TP 1810 area.
Sell limit at : 1790 , sl 1793, TP 1772. low R&R , so I would try with little budget
Sell limit at : 1810, SL 1815, TP 1772, High R&R, so I would try with bigger position
Trade active:
I already close my long at 1785
Trade closed: target reached:
1790 reached
