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: 2020/05/21
No plan, No trading
Entry reason:
Gold has been doing a-b-c-d-e consolidating 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.
Now gold hardly drops to 1719 area, which touches the bullish trendline (bottom) and it's also 61.8% fib of the wave (1) of wave (v).
I'm thinking this drop could be the correction wave (2) of the final (v) but uncertain for now.
I would still keep long at this point unless the price drops down to the previous consolidating area.
here's my plan:
buy 1715-1720. SL 1710 . TP 1765
confidence level: 55%
---- Previous plan update ---
emotion level: it blew my mind with that drop, which proves me I was too optimitic about the bullish pattern. A little bit sad with the SL.
Result: My previous 1735-40 long hit the SL 1732. and I also lose the chance to win this bearish profit. I didn't wait the candle confirm the reverse before I open the position.
Lose 400 pips + 800 pips in total
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: 2020/05/21
No plan, No trading
Entry reason:
Gold has been doing a-b-c-d-e consolidating 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.
Now gold hardly drops to 1719 area, which touches the bullish trendline (bottom) and it's also 61.8% fib of the wave (1) of wave (v).
I'm thinking this drop could be the correction wave (2) of the final (v) but uncertain for now.
I would still keep long at this point unless the price drops down to the previous consolidating area.
here's my plan:
buy 1715-1720. SL 1710 . TP 1765
confidence level: 55%
---- Previous plan update ---
emotion level: it blew my mind with that drop, which proves me I was too optimitic about the bullish pattern. A little bit sad with the SL.
Result: My previous 1735-40 long hit the SL 1732. and I also lose the chance to win this bearish profit. I didn't wait the candle confirm the reverse before I open the position.
Lose 400 pips + 800 pips in total
Trade active:
My long opens at 1719.
Comment:
I will close 40% of my position at 1740 and let the rest run
Comment:
Current price: 1737
Trade closed: target reached:
I have partially close my position at 1739 1740.
I will by again when Gold touches 1730 area again.
I will by again when Gold touches 1730 area again.
