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: 2020/06/02
No plan, No trading
Entry reason:
Gold dropped from 1744 to 1727 area and then started a quick rebounce and back to 1742 this morning. As shown in the chart, the rebounce happened at the shorterm ascending trendline, which builds a consolidating triangle for the gold. The area becomes smaller so today it will give the direction.
If it goes up, 1750 1760 is the next target. Otherwise, the short term Gold bullish is over and the big retracement will happen. Another retest on 1728 support will most likely happen and the support won't be so strong.
So here's my plan:
short at 1740 , SL 1745 TP 1718 1710
Confidence level: 65%
Buy limit 1706 , SL 1700.
buy stop 1745. TP 1760
------------wave 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: 2020/06/02
No plan, No trading
Entry reason:
Gold dropped from 1744 to 1727 area and then started a quick rebounce and back to 1742 this morning. As shown in the chart, the rebounce happened at the shorterm ascending trendline, which builds a consolidating triangle for the gold. The area becomes smaller so today it will give the direction.
If it goes up, 1750 1760 is the next target. Otherwise, the short term Gold bullish is over and the big retracement will happen. Another retest on 1728 support will most likely happen and the support won't be so strong.
So here's my plan:
short at 1740 , SL 1745 TP 1718 1710
Confidence level: 65%
Buy limit 1706 , SL 1700.
buy stop 1745. TP 1760
------------wave 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 active:
Sell order opened
