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: 2020/05/12
No plan, No trading
Entry reason:
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There're 2 possible assumption of Gold price based on Elliot Wave Theory.
Assumption No.1 (Less likely now):
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.
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Gold start dropping from 1711 as the previous analysis and now seems losing its berish momentum and find a support at 1692 (the 76.4% fib).
If the price is matching assumption No.1, it should be more violate with a big dump fast and clear. However, the price is still moving like an a-b-c pattern, which makes me more prefer on the No.2 assumtion
There's not much news on Monday & Tuesday to give the power for either direction. I decide to close all my previous short position and do quick buy for scalping in the range 1692 - 1711.
The gold consolidating triangle becomes smaller and smaller. It will break in next 5-10 days for sure.
So here's my plan:
Intra-day trading:
Sell at 1711 - 1718, SL 1723, TP 1692
Confidence level: 60%
Buy at 1696: SL 1692 , TP 1711
Confidence level: 60%
Buy 1680: SL 1675, TP 1715
Confidence level: 70%
Buy Stop : 1730 , TP 1770, SL 172.
Confidence level: 60%
Sell stop: 1670, SL 1680 TP 1640.
Confidence level: 40%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
------------0511Trade Result---------------------------
Emotion level for the trade: Calm. Gold price behave exact as plan
Result: 1900 pips (1711 -1692)
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: 2020/05/12
No plan, No trading
Entry reason:
-------------------------------------------
There're 2 possible assumption of Gold price based on Elliot Wave Theory.
Assumption No.1 (Less likely now):
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.
--------------------------------------------------------------------------
Gold start dropping from 1711 as the previous analysis and now seems losing its berish momentum and find a support at 1692 (the 76.4% fib).
If the price is matching assumption No.1, it should be more violate with a big dump fast and clear. However, the price is still moving like an a-b-c pattern, which makes me more prefer on the No.2 assumtion
There's not much news on Monday & Tuesday to give the power for either direction. I decide to close all my previous short position and do quick buy for scalping in the range 1692 - 1711.
The gold consolidating triangle becomes smaller and smaller. It will break in next 5-10 days for sure.
So here's my plan:
Intra-day trading:
Sell at 1711 - 1718, SL 1723, TP 1692
Confidence level: 60%
Buy at 1696: SL 1692 , TP 1711
Confidence level: 60%
Buy 1680: SL 1675, TP 1715
Confidence level: 70%
Buy Stop : 1730 , TP 1770, SL 172.
Confidence level: 60%
Sell stop: 1670, SL 1680 TP 1640.
Confidence level: 40%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
------------0511Trade Result---------------------------
Emotion level for the trade: Calm. Gold price behave exact as plan
Result: 1900 pips (1711 -1692)
Trade active:
Long position open at 1695 now. SL 1691. TP 1708
Trade closed: target reached:
Gold has reached my TP 1708. Close now.
Emotion level for the trade: Confident
Result : 1300 pips (1695 - 1708)
Emotion level for the trade: Confident
Result : 1300 pips (1695 - 1708)
Trade active:
1st sell position opened at 1710 now
Trade active:
add another short at 1717 now.