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: 2020/06/18
No plan, No trading
Entry reason:
Gold has tested the 1730 resistence twice and failed to break. It seems more clear that an A-B-C-D-E triangle correction pattern is forming. The support line also become higher and higher and any breakdown will cause a big drop.
I don't have too much confidence on bullish so far and think it has low chance to go up (Not absolutely, so control your risk)
If 1705 support is broken, 1680 is an easy target to reach for sellers.
So here's my plan:
short 1725-1730, SL 1733, TP 1720, 1705, 1680
Sell stop: 1718, TP 1705 1680, sl 1725
===================
Previous analysis:
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.
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: 2020/06/18
No plan, No trading
Entry reason:
Gold has tested the 1730 resistence twice and failed to break. It seems more clear that an A-B-C-D-E triangle correction pattern is forming. The support line also become higher and higher and any breakdown will cause a big drop.
I don't have too much confidence on bullish so far and think it has low chance to go up (Not absolutely, so control your risk)
If 1705 support is broken, 1680 is an easy target to reach for sellers.
So here's my plan:
short 1725-1730, SL 1733, TP 1720, 1705, 1680
Sell stop: 1718, TP 1705 1680, sl 1725
===================
Previous analysis:
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.
Trade closed: stop reached
Trade active:
I short again at 1730 with the big drop
