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 / 08
===================Analysis=================
Gold rebounce from 1780 area to the current 1815 and starts the consolidation now.
It would be a little confusing that 3 possible things would happen.
Under the daily timeframe, the main trend is still bearish but in the lower timeframe things would be interesting
The major resistence is: 1815 & 1830 which divides the the space into 3 parts.
If my analysis were correct, last drop was the wave-3, then a lower low would likely to happen in later future to test 1760 again.
However, there's also chance that Gold completes the bearish and start bull again.
Based on the assumption that:
=================Possible Situation==========
No.1. Gold rises above 1815 and test 1830 resistence and drop. maybe later will range between 1815 - 1830. If the conslidation happens, then Gold will come back to bullish and rise later.
No.2 Gold drops from 1815-1818, and ranges between 1815 and 1780 one more time. Under this case, The Elliot Wave therory validates and another low will happen
No.3 Gold goes straight up and breaks 1830 resistence means a strong bullish trend and next is 1860 area.
==================My Trading Plan=================
Based on these situation:
The support: 1815 1830
The resistence: 1795 1785
Plan1: I would still short at 1815 area again. SL 1820. TP 1795
Plan 2: sell limit at 1830 , sl 1833, TP 1816
buy limit: 1785 if Gold stops here.
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 / 08
===================Analysis=================
Gold rebounce from 1780 area to the current 1815 and starts the consolidation now.
It would be a little confusing that 3 possible things would happen.
Under the daily timeframe, the main trend is still bearish but in the lower timeframe things would be interesting
The major resistence is: 1815 & 1830 which divides the the space into 3 parts.
If my analysis were correct, last drop was the wave-3, then a lower low would likely to happen in later future to test 1760 again.
However, there's also chance that Gold completes the bearish and start bull again.
Based on the assumption that:
=================Possible Situation==========
No.1. Gold rises above 1815 and test 1830 resistence and drop. maybe later will range between 1815 - 1830. If the conslidation happens, then Gold will come back to bullish and rise later.
No.2 Gold drops from 1815-1818, and ranges between 1815 and 1780 one more time. Under this case, The Elliot Wave therory validates and another low will happen
No.3 Gold goes straight up and breaks 1830 resistence means a strong bullish trend and next is 1860 area.
==================My Trading Plan=================
Based on these situation:
The support: 1815 1830
The resistence: 1795 1785
Plan1: I would still short at 1815 area again. SL 1820. TP 1795
Plan 2: sell limit at 1830 , sl 1833, TP 1816
buy limit: 1785 if Gold stops here.
Trade active:
sell in now at 1830
Trade closed: stop reached:
SL HIT
