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: 2020/10/26
No plan, No trading
------------------
Entry reason:
From the day frame chart, I still hold my opinion that Gold didn't complete the BIG correction wave C.
If you remember the drop from 1 month ago from 1970 to 1850, that drop initiats the bearish trend of Gold.
It's possible that the correction wave C is completed at 1850, however, I still think it's too weak for a huge $600 increase in gold from March, 2020.
When it rebounce from 1850, the gold fails to break 1930 twice which indicates that the bullish power isn't fully ready yet to touch the new high.
The gold is just ranging within the area for almost one month from Sept 24 to Oct 26, it looks like the wave-(2) of the correction C and if this assumption validates, then a huge falling might happenn very soon in next few weeks down to 1750 area.
In my chart, I already point out the circle near the ascending trendline, of which the Gold just broke on last Friday, indicating that the consolidation is finnally done and real trend starts.
It needs another day candle stick to confirm my 'guess' on this.
But to me, the trading plan is quite clear that only short is allowed unless Gold goes above 1910 again.
The key support now is: 1893, 1875, 1850 (I use different thickness to indicate the power of strentgh in the chart)
So here's my plan.
Short:
sell from any price from 1900 - 1910. SL 1915 , TP 1875
Long:
No plan to long yet even the Gold touches the support line, because if the trend really comes, the support will become so weak.
Maybe quick scalp at 1850
P.S:
The U.S selection is coming very soon, and seems all large banks have positive expectiion on Gold price in long term. (You may have seen lots of news saying that Goldman Sachs think Gold will reach $2300 in the XXXX year). I don't fight against that long term prediction and I actually agree with them but it doesn't mean Gold will start rise from this point.
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: 2020/10/26
No plan, No trading
------------------
Entry reason:
From the day frame chart, I still hold my opinion that Gold didn't complete the BIG correction wave C.
If you remember the drop from 1 month ago from 1970 to 1850, that drop initiats the bearish trend of Gold.
It's possible that the correction wave C is completed at 1850, however, I still think it's too weak for a huge $600 increase in gold from March, 2020.
When it rebounce from 1850, the gold fails to break 1930 twice which indicates that the bullish power isn't fully ready yet to touch the new high.
The gold is just ranging within the area for almost one month from Sept 24 to Oct 26, it looks like the wave-(2) of the correction C and if this assumption validates, then a huge falling might happenn very soon in next few weeks down to 1750 area.
In my chart, I already point out the circle near the ascending trendline, of which the Gold just broke on last Friday, indicating that the consolidation is finnally done and real trend starts.
It needs another day candle stick to confirm my 'guess' on this.
But to me, the trading plan is quite clear that only short is allowed unless Gold goes above 1910 again.
The key support now is: 1893, 1875, 1850 (I use different thickness to indicate the power of strentgh in the chart)
So here's my plan.
Short:
sell from any price from 1900 - 1910. SL 1915 , TP 1875
Long:
No plan to long yet even the Gold touches the support line, because if the trend really comes, the support will become so weak.
Maybe quick scalp at 1850
P.S:
The U.S selection is coming very soon, and seems all large banks have positive expectiion on Gold price in long term. (You may have seen lots of news saying that Goldman Sachs think Gold will reach $2300 in the XXXX year). I don't fight against that long term prediction and I actually agree with them but it doesn't mean Gold will start rise from this point.
Trade active:
sell in now at 1901
Trade active:
short add at 1904.5
