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 / 03
===================Analysis=================
Gold dropped to 1830 area and start a small rebounce to 1845 this morning.
As we expected, Gold price is still in the big range area 1830-1875. The final direction is still unclear. Especially this week is the 1st week of Feb, big news is coming on Thursday and Friday.
I would not expect the break out will happen in today but who knows.
The intra-day trend: Bearish > Bulls.
Based on the assumption that: Gold might not break out of the channel today + bears is little stronger
There are few options Gold can go
=================Possible Situation==========
No.1 Gold directly break down to 1830, and test preivous low 1800 area.
No.2 Gold rebounce from 1830 and test the daily pivot which is 1850 area, and then continue the bearish trend and drops again
No.3 Gold rebounce from 1830 and test 1850 area and breaks above the daily resistence, and test 1860 the daily descending trendline (blue one)
==================My Trading Plan=================
Based on these situation:
The support: 1830 1815 1805
The resistence: 1850 1855
Buy when I a green bar appears in a H2 chart, and TP 1848, SL $3 trailing stop.
Buy limit: 1830- 1833, SL 1828, TP 1846
sell limit: 1847-1855 , SL 1856, TP 1830
Sell stop: 1828, TP 1805
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 / 03
===================Analysis=================
Gold dropped to 1830 area and start a small rebounce to 1845 this morning.
As we expected, Gold price is still in the big range area 1830-1875. The final direction is still unclear. Especially this week is the 1st week of Feb, big news is coming on Thursday and Friday.
I would not expect the break out will happen in today but who knows.
The intra-day trend: Bearish > Bulls.
Based on the assumption that: Gold might not break out of the channel today + bears is little stronger
There are few options Gold can go
=================Possible Situation==========
No.1 Gold directly break down to 1830, and test preivous low 1800 area.
No.2 Gold rebounce from 1830 and test the daily pivot which is 1850 area, and then continue the bearish trend and drops again
No.3 Gold rebounce from 1830 and test 1850 area and breaks above the daily resistence, and test 1860 the daily descending trendline (blue one)
==================My Trading Plan=================
Based on these situation:
The support: 1830 1815 1805
The resistence: 1850 1855
Buy when I a green bar appears in a H2 chart, and TP 1848, SL $3 trailing stop.
Buy limit: 1830- 1833, SL 1828, TP 1846
sell limit: 1847-1855 , SL 1856, TP 1830
Sell stop: 1828, TP 1805
Trade active:
Gold is in my buy limit area. I don't see any reversal bar yet but still woud like to give it a try with tight SL
Comment:
buy in now at 1832 as planned
Trade closed: stop reached:
The buy order hit SL due to the break out
