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: 2020/06/04
No plan, No trading
Entry reason:
Gold has broken the ascending trendline. It may be a fake break out because we see the price rebounce from 1692 to 1704 now.
But due to yesterday's break test, my bullish view is not strong as before, and it's also not complete bearish because 1687 is key point that tells the trend.
I will be neutral for today and tomorrow.
More likely, it's going to range in the 1691 1710 untilanother big news happened (maybe friday).
So here's my plan:
Buy at 1687 - 1693, TP 1710 , SL 1685
SELL AT 1705- 1710 SL 1713, TP 1690
Confidence level: 60%
It's also hard to count the wave, from the current chart, it might be the correction C.
----------Previous trading update------------
Short at: 1705- 1708, SL 1700
Emotion level: I was too confident about the trendline support to ignore the power of candle. And when it breaks, it also hit my confidence to trade.
Lesson learned: Trendline support must need 2 or 3 bars to confirm the reverse. I should now enter the anti-trend trade so fast, needs to wait the momentum to end.
Result: I have 3 orders . 1702 1704 1708. Total 1400 pips in loss
------------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: 2020/06/04
No plan, No trading
Entry reason:
Gold has broken the ascending trendline. It may be a fake break out because we see the price rebounce from 1692 to 1704 now.
But due to yesterday's break test, my bullish view is not strong as before, and it's also not complete bearish because 1687 is key point that tells the trend.
I will be neutral for today and tomorrow.
More likely, it's going to range in the 1691 1710 untilanother big news happened (maybe friday).
So here's my plan:
Buy at 1687 - 1693, TP 1710 , SL 1685
SELL AT 1705- 1710 SL 1713, TP 1690
Confidence level: 60%
It's also hard to count the wave, from the current chart, it might be the correction C.
----------Previous trading update------------
Short at: 1705- 1708, SL 1700
Emotion level: I was too confident about the trendline support to ignore the power of candle. And when it breaks, it also hit my confidence to trade.
Lesson learned: Trendline support must need 2 or 3 bars to confirm the reverse. I should now enter the anti-trend trade so fast, needs to wait the momentum to end.
Result: I have 3 orders . 1702 1704 1708. Total 1400 pips in loss
------------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:
short opened at 1704 as planned
Trade active:
short entered at 1708
