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: 2020/05/13
No plan, No trading
Entry reason:
-------------------------------------------
There're 2 possible assumption of Gold price based on Elliot Wave Theory.
Assumption No.1 (Less likely now):
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.
--------------------------------------------------------------------------
I am thinking Gold is on assumption No.2
the final (e) wave is expected and short above 1715 won't be any risk for me with very tight SL.
The gold consolidating triangle becomes smaller and smaller. It will break in next 5-10 days for sure.
So here's my plan:
Intra-day trading:
Sell at 1715 - 1718, SL 1723, TP 1692
Confidence level: 70
Buy 1680: SL 1675, TP 1715
Confidence level: 70%
Buy Stop : 1723 , TP 1735, SL 172.
Confidence level: 60%
Sell stop: 1670, SL 1680 TP 1640.
Confidence level: 40%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
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: 2020/05/13
No plan, No trading
Entry reason:
-------------------------------------------
There're 2 possible assumption of Gold price based on Elliot Wave Theory.
Assumption No.1 (Less likely now):
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.
--------------------------------------------------------------------------
I am thinking Gold is on assumption No.2
the final (e) wave is expected and short above 1715 won't be any risk for me with very tight SL.
The gold consolidating triangle becomes smaller and smaller. It will break in next 5-10 days for sure.
So here's my plan:
Intra-day trading:
Sell at 1715 - 1718, SL 1723, TP 1692
Confidence level: 70
Buy 1680: SL 1675, TP 1715
Confidence level: 70%
Buy Stop : 1723 , TP 1735, SL 172.
Confidence level: 60%
Sell stop: 1670, SL 1680 TP 1640.
Confidence level: 40%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
Trade active:
short open at 1718 now.
Trade closed: stop reached
Trade active:
buy stop order opens at 1724