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: 2020/06/16
No plan, No trading
Entry reason:
Gold made a very strong retracement from 1703 and now touch 1732 highest (76.8% fib)
It currently formed a double-top in H1 period, and the next 2 hours is important to confirm the pattern.
1721 is the key wedging point here.
My previous analysis in 0615 seems to be a mistake that it wasn't the 5-wave pattern. (if so, gold should not break 1721).
so there are 2 assumptions here.
#1, the previous drop to 1703 is wave 1, and now this 76.8% fib rebounce become wave 2. Then a wave-3 to a new low is expected.
#2, the previous ABC correction wave is completed at 1703. Now the Gold starts wave-1 of a new cycle. If so, a small retracement may happen to 1721 1715 1711 but it will not break 1703.
Based on these assumption
So here's my plan:
Short at 1730, SL 1735, TP 1721 1715.
I will check the support power at 1721 area. if good then I will enter long maybe.
=============Previsou trading update ============
Emotion: Gold didn't move as I expected even all the resistence, trend seems so reasonable. I lost a little bit confidence on 'Trend' trading because here's just a violate market with no exact trend
Result: I short at 1720 but hit SL at 1728. 800 pips in loss.
Lesson learned: In news market, trendline, moving average may not work. We better to follow what happens in last hour until some reverse signal happens. Do NOT enter based on a prediction. It's better to do after a things happen.
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: 2020/06/16
No plan, No trading
Entry reason:
Gold made a very strong retracement from 1703 and now touch 1732 highest (76.8% fib)
It currently formed a double-top in H1 period, and the next 2 hours is important to confirm the pattern.
1721 is the key wedging point here.
My previous analysis in 0615 seems to be a mistake that it wasn't the 5-wave pattern. (if so, gold should not break 1721).
so there are 2 assumptions here.
#1, the previous drop to 1703 is wave 1, and now this 76.8% fib rebounce become wave 2. Then a wave-3 to a new low is expected.
#2, the previous ABC correction wave is completed at 1703. Now the Gold starts wave-1 of a new cycle. If so, a small retracement may happen to 1721 1715 1711 but it will not break 1703.
Based on these assumption
So here's my plan:
Short at 1730, SL 1735, TP 1721 1715.
I will check the support power at 1721 area. if good then I will enter long maybe.
=============Previsou trading update ============
Emotion: Gold didn't move as I expected even all the resistence, trend seems so reasonable. I lost a little bit confidence on 'Trend' trading because here's just a violate market with no exact trend
Result: I short at 1720 but hit SL at 1728. 800 pips in loss.
Lesson learned: In news market, trendline, moving average may not work. We better to follow what happens in last hour until some reverse signal happens. Do NOT enter based on a prediction. It's better to do after a things happen.
Trade active:
my short is in. 1731
Comment:
TP1 reached
Trade closed: target reached
