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 /01
===================Analysis=================
Last week, I had a mistaken judgement on the resistence level which made my plan a mistake and a SL hit.
The resistence level should be 1874 area instead of 1862 I pointed last week.
Gold is still in the big consolidation range 1830 - 1874 and the final direction is unknown yet. But I need to be aware that the price is approaching the daily descending trendline, which is another key point for next direction.
It is putting some pressure on the rise of Gold, however, a break on it will resume a huge bullish power.
=================Possible Situation==========
No.1 Gold breaks 1875 with a strong power, and later retest 1875 and go up again.
No.2 Gold reach 1868 (the daily trendline) and drops
No.3 Gold tests 1875 again and drops.
No.4 The bull power becomes weak and Gold drops from 1865 area.
The intra-day trend: Bull > Bear at this moment.
==================My Trading Plan=================
Based on these situation:
The support: 1840
The resistence: 1862 1867 1874
sell limit: 1867 - 1874, SL around 1876
Buy limit: 1830 area
Buy when gold break and retest 1875
or
sell at any signal that shows Gold get rejected only
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 /01
===================Analysis=================
Last week, I had a mistaken judgement on the resistence level which made my plan a mistake and a SL hit.
The resistence level should be 1874 area instead of 1862 I pointed last week.
Gold is still in the big consolidation range 1830 - 1874 and the final direction is unknown yet. But I need to be aware that the price is approaching the daily descending trendline, which is another key point for next direction.
It is putting some pressure on the rise of Gold, however, a break on it will resume a huge bullish power.
=================Possible Situation==========
No.1 Gold breaks 1875 with a strong power, and later retest 1875 and go up again.
No.2 Gold reach 1868 (the daily trendline) and drops
No.3 Gold tests 1875 again and drops.
No.4 The bull power becomes weak and Gold drops from 1865 area.
The intra-day trend: Bull > Bear at this moment.
==================My Trading Plan=================
Based on these situation:
The support: 1840
The resistence: 1862 1867 1874
sell limit: 1867 - 1874, SL around 1876
Buy limit: 1830 area
Buy when gold break and retest 1875
or
sell at any signal that shows Gold get rejected only
