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. If you want to follow it please control by your own risk. I can't give you advice on risk management and money slot because we have different risk preference and strategy.
Date: 2020/05/06
Entry reason:
There're 2 possible assumption of Gold price based on Elliot Wave Theory.
Assumption No.1 :
The big wave V is already completed at 1738. Now it's starting A-B-C correction wave.
The previous drop to 1670 is the correction wave a, and now correction wave b rebounce is expected, with the possible touchpoint at 1711 or 1720, then drop again in a 5-wave pattern to the final TP 1640 area.
Assumption No.2:
Wave V is not completed, and now it's consolidating in a triangle .1730 - 1670.
a-b-c-d-e pattern is highly possible based on the Gold current move.
And after it breaks the purlple trendline , it will rocket to a new high that aim to 1800 area.
With these assumption, Here's my trading plan.
No plan, No trading
Intra-day trading: buy at 1700 , TP 1721 . SL 1695.
Entry reason: it breaks the downtrend channel (the blue one), and re-test the upperline of the preivous channel make it a good entry price.
Buy limit: 1675, TP 1715, SL 1670
Sell limit: 1710 -1725, TP 1675, SL 1735
Buy Stop : 1735 , TP 1760, SL 1727
Sell stop: 1670, SL 1680 TP 1640.
Confidence level: 70%
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To be updated later:
Emotion level for the trade:
Result :
So please note: This is a personal journal only, but NOT a trading suggestion. If you want to follow it please control by your own risk. I can't give you advice on risk management and money slot because we have different risk preference and strategy.
Date: 2020/05/06
Entry reason:
There're 2 possible assumption of Gold price based on Elliot Wave Theory.
Assumption No.1 :
The big wave V is already completed at 1738. Now it's starting A-B-C correction wave.
The previous drop to 1670 is the correction wave a, and now correction wave b rebounce is expected, with the possible touchpoint at 1711 or 1720, then drop again in a 5-wave pattern to the final TP 1640 area.
Assumption No.2:
Wave V is not completed, and now it's consolidating in a triangle .1730 - 1670.
a-b-c-d-e pattern is highly possible based on the Gold current move.
And after it breaks the purlple trendline , it will rocket to a new high that aim to 1800 area.
With these assumption, Here's my trading plan.
No plan, No trading
Intra-day trading: buy at 1700 , TP 1721 . SL 1695.
Entry reason: it breaks the downtrend channel (the blue one), and re-test the upperline of the preivous channel make it a good entry price.
Buy limit: 1675, TP 1715, SL 1670
Sell limit: 1710 -1725, TP 1675, SL 1735
Buy Stop : 1735 , TP 1760, SL 1727
Sell stop: 1670, SL 1680 TP 1640.
Confidence level: 70%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
Trade active:
Price has reached 1682 and rebounce. Long already entered at 1685. SL 1680 TP 1720
Trade closed: target reached:
I close 50% of the long position at 1703
