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: 2020/05/28
No plan, No trading
Entry reason:
Gold made a hard rebounce from 1694 yesterday as shown in the chart. The bull momentum was quite strong since we can barely find any retracement during the rise. It didn't give me the chance to add more Long in the day time.
Now it's testing the descending trendline which is a key point here 1724. Breakout the 1724 will show strong power of buying, but also a drop could happen at this point.
So here's my plan:
Short at 1724 right now with only $3 SL. TP 1714
Confidence level: 40%
It's an anti-trend trade for H1 period so I don't have much confidence on it. but the risk & reward is still ok for me.
Buy at 1710 - 1714, SL 1705 , TP 1735 1750
Confidence level: 65%
------------Previous analysis ---------------
There are 2 possible situations here:
-----
No.1 wave (v) is not completed at 1763. The previous rise is just wave (1) of v.
Currently gold is doing a retracement wave (2) in a descending wedge channel with an a-b-c-d-e pattern. Gold was also testing the previous wave (iv) channel upper line and seems the support is valid for now.
For this situation, the key resistence level is the upper line of the wedge channel which is 1720 area. Break out the channel will confirm the start of wave (3),
-----
No.2. Wave (v) is already completed at 1763. Now it's doing correction wave A and later B & C may happen and gives me opportunity to long and short again. Then the Gold will start a big fall to 1640 area.
However for this assumption, the end of A or B can not be predicted.
----
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: 2020/05/28
No plan, No trading
Entry reason:
Gold made a hard rebounce from 1694 yesterday as shown in the chart. The bull momentum was quite strong since we can barely find any retracement during the rise. It didn't give me the chance to add more Long in the day time.
Now it's testing the descending trendline which is a key point here 1724. Breakout the 1724 will show strong power of buying, but also a drop could happen at this point.
So here's my plan:
Short at 1724 right now with only $3 SL. TP 1714
Confidence level: 40%
It's an anti-trend trade for H1 period so I don't have much confidence on it. but the risk & reward is still ok for me.
Buy at 1710 - 1714, SL 1705 , TP 1735 1750
Confidence level: 65%
------------Previous analysis ---------------
There are 2 possible situations here:
-----
No.1 wave (v) is not completed at 1763. The previous rise is just wave (1) of v.
Currently gold is doing a retracement wave (2) in a descending wedge channel with an a-b-c-d-e pattern. Gold was also testing the previous wave (iv) channel upper line and seems the support is valid for now.
For this situation, the key resistence level is the upper line of the wedge channel which is 1720 area. Break out the channel will confirm the start of wave (3),
-----
No.2. Wave (v) is already completed at 1763. Now it's doing correction wave A and later B & C may happen and gives me opportunity to long and short again. Then the Gold will start a big fall to 1640 area.
However for this assumption, the end of A or B can not be predicted.
----
Trade closed: target reached:
1724 short close now
