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. If you want to follow it please control by your own risk. I can't give you advice on risk management and money slot because we have different risk preference and strategy.
Date: 2020/05/08
No plan, No trading
Entry reason:
There're 2 possible assumption of Gold price based on Elliot Wave Theory.
Assumption No.1 :
The big wave V is already completed at 1738. Now it's starting A-B-C correction wave.
The previous drop to 1670 is the correction wave a, and now correction wave b rebounce is expected, with the possible touchpoint at 1711 or 1720, then drop again in a 5-wave pattern to the final TP 1640 area.
Assumption No.2:
Wave V is not completed, and now it's consolidating in a triangle .1730 - 1670.
a-b-c-d-e pattern is highly possible based on the Gold current move.
And after it breaks the purlple trendline , it will rocket to a new high that aim to 1800 area.
In my 0506 plan, I entered long position at 1685, and close at 1703 and 1716. All my long position are cleared now. I will be careful to buy at this price (1717) unless it gives another nice break over 1725.
Rather than buy, I would prefer to initiate some short position around 1720-1725.
This powerful price increase from 1685 to 1718 is a nice impulsive wave which might be the wave 3. So wait for another retracement to 1705-1710, I may have another opportunity to buy agian for short period to retest 1720-1723.
So here's my plan:
Buy (short time): 1705, SL 1700, TP 1720
Sell limit: 1720-1725, TP 1675, SL 1735
Buy Stop : 1735 , TP 1760, SL 1727
Sell stop: 1670, SL 1680 TP 1640.
Confidence level: 70%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
------------0506 Trade Result---------------------------
Emotion level for the trade: violate. I have the confidence that the price will go up, but I still close my most positon too early.
Result: 3000 pips profit (1685-1715) .
So please note: This is a personal journal only, but NOT a trading suggestion. If you want to follow it please control by your own risk. I can't give you advice on risk management and money slot because we have different risk preference and strategy.
Date: 2020/05/08
No plan, No trading
Entry reason:
There're 2 possible assumption of Gold price based on Elliot Wave Theory.
Assumption No.1 :
The big wave V is already completed at 1738. Now it's starting A-B-C correction wave.
The previous drop to 1670 is the correction wave a, and now correction wave b rebounce is expected, with the possible touchpoint at 1711 or 1720, then drop again in a 5-wave pattern to the final TP 1640 area.
Assumption No.2:
Wave V is not completed, and now it's consolidating in a triangle .1730 - 1670.
a-b-c-d-e pattern is highly possible based on the Gold current move.
And after it breaks the purlple trendline , it will rocket to a new high that aim to 1800 area.
In my 0506 plan, I entered long position at 1685, and close at 1703 and 1716. All my long position are cleared now. I will be careful to buy at this price (1717) unless it gives another nice break over 1725.
Rather than buy, I would prefer to initiate some short position around 1720-1725.
This powerful price increase from 1685 to 1718 is a nice impulsive wave which might be the wave 3. So wait for another retracement to 1705-1710, I may have another opportunity to buy agian for short period to retest 1720-1723.
So here's my plan:
Buy (short time): 1705, SL 1700, TP 1720
Sell limit: 1720-1725, TP 1675, SL 1735
Buy Stop : 1735 , TP 1760, SL 1727
Sell stop: 1670, SL 1680 TP 1640.
Confidence level: 70%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
------------0506 Trade Result---------------------------
Emotion level for the trade: violate. I have the confidence that the price will go up, but I still close my most positon too early.
Result: 3000 pips profit (1685-1715) .
Trade active:
Sold at 1722 already
Comment:
Price reached the 1st TP in tradingview chart now. I decide to close 40% of my position, and short again when it bounce back to 1710
2nd : 1680