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: 2020/05/18
No plan, No trading
Entry reason:
----- Previous analysis -------------
Gold has been doing a-b-c-d-e conslidating waves of wave (iv) for almost 3 weeks and now it's in the move of wave (v), which a new high is highly expected in next 5-10 days.
Bullish trend is confirmed so the trade is easy because the direction is clear.
Next few questions are:
1. Where to enter
2. Where to exit. (The target)
The entry:
I would not expect the gold to drops that hardly at this moment
Assume this is a bullish trend , : 1725 ~ 1730 is already a good point for me to re-entry.
I wouldn' expect price below 1710 (the grene trendline ) so much. If it did, it means the wave (v) is so weak and maybe finished. And the drop will be the correction wave A.
The exit:
wave(i) and wave ( iii ) are doing at least $170 in low-high difference. wave (v) may could be 100% or at least 50% ~ 61.8% fib of those.
To calculate the target:
1660 ~ 1690 + (range 100 to $180) = 1760 ~~~ 1840
---------------------------------------------
Updated analysis:
Gold rockets to 1763 from 1742 directly when Monday markets opens, which doesn't do any retracement as I expected on Sunday. It means the bullish power are still quite strong that 1800 + are is highly reachable within this and next week.
Unfortunately it didn't give me the opportunity to enter again and the support line has been re-built too. Depends on the timeframe, 1750 is now the pivot point. Price re bounce at 1750 means strong bullish, price drops 1750 then it will drop more and down to 1737.
So here's my plan:
Buy at 1750, SL 1745 , TP 1763.
Confidence level: 50%
Buy at 1735, SL 1730 . TP 1763
I wouldn't NOT short, even the correction wave may happen.
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
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: 2020/05/18
No plan, No trading
Entry reason:
----- Previous analysis -------------
Gold has been doing a-b-c-d-e conslidating waves of wave (iv) for almost 3 weeks and now it's in the move of wave (v), which a new high is highly expected in next 5-10 days.
Bullish trend is confirmed so the trade is easy because the direction is clear.
Next few questions are:
1. Where to enter
2. Where to exit. (The target)
The entry:
I would not expect the gold to drops that hardly at this moment
Assume this is a bullish trend , : 1725 ~ 1730 is already a good point for me to re-entry.
I wouldn' expect price below 1710 (the grene trendline ) so much. If it did, it means the wave (v) is so weak and maybe finished. And the drop will be the correction wave A.
The exit:
wave(i) and wave ( iii ) are doing at least $170 in low-high difference. wave (v) may could be 100% or at least 50% ~ 61.8% fib of those.
To calculate the target:
1660 ~ 1690 + (range 100 to $180) = 1760 ~~~ 1840
---------------------------------------------
Updated analysis:
Gold rockets to 1763 from 1742 directly when Monday markets opens, which doesn't do any retracement as I expected on Sunday. It means the bullish power are still quite strong that 1800 + are is highly reachable within this and next week.
Unfortunately it didn't give me the opportunity to enter again and the support line has been re-built too. Depends on the timeframe, 1750 is now the pivot point. Price re bounce at 1750 means strong bullish, price drops 1750 then it will drop more and down to 1737.
So here's my plan:
Buy at 1750, SL 1745 , TP 1763.
Confidence level: 50%
Buy at 1735, SL 1730 . TP 1763
I wouldn't NOT short, even the correction wave may happen.
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
Trade active:
Gold has come to my buy area.
I opened my long position at 1733. I will continually add buys from 1725 - 1725.
1st TP: 1750, 2nd TP 1765 . 3rd TP 1788
I opened my long position at 1733. I will continually add buys from 1725 - 1725.
1st TP: 1750, 2nd TP 1765 . 3rd TP 1788
