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: 2020/05/18
No plan, No trading
Entry reason:
Gold has been doing a-b-c-d-e conslidating waves of wave (iv) for almost 3 weeks and now it's in the move of wave (v), which a new high is highly expected in next 5-10 days.
Bullish trend is confirmed so the trade is easy because the direction is clear.
Next few questions are:
1. Where to enter
2. Where to exit. (The target)
The entry:
Gold breaks the trendline (the top purple line) at 1720 last week. Should I expect the Gold to re-test the support again?
As the slope of the trendline was decreasing, it means the support line of the price will decrease over the time. Gold must drop another $20 - $30 next week to re-test the support line, which will lose a lot bullish momentum. .
If we use 'moving average' to define our support price, then the support will increasing as time gose by. This will make more sense in a bullish trend.
It depends on the timeframe
I would not expect the gold to drops that hardly at this moment
Assume this is a bullish trend, : 1725 ~ 1730 is already a good point for me to re-entry.
I wouldn' expect price below 1710 (the grene trendline) so much. If it did, it means the wave (v) is so weak and maybe finished. And the drop will be the correction wave A.
The exit:
wave (iv) consolidation takes almost 3.5 weeks, which saves a lot of powers that needs to be released.
Let's say wave (v) may start at either a , c , e point in the chart.
wave(i) and wave (iii) are doing at least $170 in low-high difference. wave (v) may could be 100% or at least 50% ~ 61.8% fib of those.
To calculate the target:
1660 ~ 1690 + (range 100 to $180) = 1760 ~~~ 1840 range is an easy calculated target.
So here's my plan:
BUY at 1725-1730 , TP 1760, first target. very high possibility // TP 1800 , safe exit point // TP 1840 maximum exit point for this wave cycle.
SL: 1710
Confidence level: 80%
I wouldn't NOT short, even the correction wave may happen.
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
---------------0515 result update-------------------------
Emotion level for the trade: confident
result:I did buy stop at 1725 and exit at 1745.
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: 2020/05/18
No plan, No trading
Entry reason:
Gold has been doing a-b-c-d-e conslidating waves of wave (iv) for almost 3 weeks and now it's in the move of wave (v), which a new high is highly expected in next 5-10 days.
Bullish trend is confirmed so the trade is easy because the direction is clear.
Next few questions are:
1. Where to enter
2. Where to exit. (The target)
The entry:
Gold breaks the trendline (the top purple line) at 1720 last week. Should I expect the Gold to re-test the support again?
As the slope of the trendline was decreasing, it means the support line of the price will decrease over the time. Gold must drop another $20 - $30 next week to re-test the support line, which will lose a lot bullish momentum. .
If we use 'moving average' to define our support price, then the support will increasing as time gose by. This will make more sense in a bullish trend.
It depends on the timeframe
I would not expect the gold to drops that hardly at this moment
Assume this is a bullish trend, : 1725 ~ 1730 is already a good point for me to re-entry.
I wouldn' expect price below 1710 (the grene trendline) so much. If it did, it means the wave (v) is so weak and maybe finished. And the drop will be the correction wave A.
The exit:
wave (iv) consolidation takes almost 3.5 weeks, which saves a lot of powers that needs to be released.
Let's say wave (v) may start at either a , c , e point in the chart.
wave(i) and wave (iii) are doing at least $170 in low-high difference. wave (v) may could be 100% or at least 50% ~ 61.8% fib of those.
To calculate the target:
1660 ~ 1690 + (range 100 to $180) = 1760 ~~~ 1840 range is an easy calculated target.
So here's my plan:
BUY at 1725-1730 , TP 1760, first target. very high possibility // TP 1800 , safe exit point // TP 1840 maximum exit point for this wave cycle.
SL: 1710
Confidence level: 80%
I wouldn't NOT short, even the correction wave may happen.
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
---------------0515 result update-------------------------
Emotion level for the trade: confident
result:I did buy stop at 1725 and exit at 1745.
Comment:
A lot of typos lol.. forgive my bad English skills.
Trade closed: target reached:
I close all my long position (1725) from last week aqt 1760 now.
1st TP reached.
1st TP reached.
