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: 2020/06/09
No plan, No trading
Entry reason:
Gold breaks the descending trendline and makes a strong bullish move to 1710, which is the 76.4% fib of the previous drop.
The strong bearish trend from last week is impacted, so the price will be fluctuating in the big range 1670 - 1720.
Key resistence now: 1710 1720
Key support: 1688 1670
I will just do swing trade either buy or sell whenever the price is near the edge.
So here's my plan:
Sell at 1710, TP 1690 1670
Confidence level: 55%
Buy 1670, TP 1710
========================== Previous trade update =============
Emotion level: Gold was trying to fall this afternoon and touches 1693 but in next hours, it bumps up unexpectedly for some reasons I don't know. It beats my confidence a little bit and for a while I don't know how to trade.
Result: I add quite few shorts during the rise, but finnally they all hit SL which brought big loss to me.
Lesson learn: Even I'm confident about the major trend, I should wait for the reverse signal before adding mo positions.
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: 2020/06/09
No plan, No trading
Entry reason:
Gold breaks the descending trendline and makes a strong bullish move to 1710, which is the 76.4% fib of the previous drop.
The strong bearish trend from last week is impacted, so the price will be fluctuating in the big range 1670 - 1720.
Key resistence now: 1710 1720
Key support: 1688 1670
I will just do swing trade either buy or sell whenever the price is near the edge.
So here's my plan:
Sell at 1710, TP 1690 1670
Confidence level: 55%
Buy 1670, TP 1710
========================== Previous trade update =============
Emotion level: Gold was trying to fall this afternoon and touches 1693 but in next hours, it bumps up unexpectedly for some reasons I don't know. It beats my confidence a little bit and for a while I don't know how to trade.
Result: I add quite few shorts during the rise, but finnally they all hit SL which brought big loss to me.
Lesson learn: Even I'm confident about the major trend, I should wait for the reverse signal before adding mo positions.
