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 butnot a trading suggestion. If you want to follow it please control by your own risk. I can't give you advice on risk management and money slot.
Date: 2020/04/28
Entry reason: Gold has confirmed a double top and reverse at 1734. A quick dump on last Friday to 1710 confirmed a downtrend at least in a short term, even it bounce back to 1728 in the same day, but the downtrend channel is formed.
Gold is still in the downtrend channel, and it bounce up quickly from the bottom channel and touch the top channel 1711 in half hour ago.
I think it's for a new 5-wave pattern and there's a wave 5 to be expected which should be a new lower below 1692 at this afternoon.
SL: 1718
TP: 1700, 1683, 1637
Confidence level: As long as the price doesn't go above 1715, my confidence level is 60%, price below 1700 then I have 75% confidence.
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To be updated later:
Emotion level for the trade:
Result :
So please note: This is a personal journal only butnot a trading suggestion. If you want to follow it please control by your own risk. I can't give you advice on risk management and money slot.
Date: 2020/04/28
Entry reason: Gold has confirmed a double top and reverse at 1734. A quick dump on last Friday to 1710 confirmed a downtrend at least in a short term, even it bounce back to 1728 in the same day, but the downtrend channel is formed.
Gold is still in the downtrend channel, and it bounce up quickly from the bottom channel and touch the top channel 1711 in half hour ago.
I think it's for a new 5-wave pattern and there's a wave 5 to be expected which should be a new lower below 1692 at this afternoon.
SL: 1718
TP: 1700, 1683, 1637
Confidence level: As long as the price doesn't go above 1715, my confidence level is 60%, price below 1700 then I have 75% confidence.
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
result: slight loss after the gold price rebouce.