Instead of calling Gold analysis, I would use the term of trading journal to record my trades because I may not always have a plan to trade.
I was so adicated to trade even sometimes when plan are not available, and in return, it costs me 200k USD to learn the fact, that not everyday we have opportunity to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 02 / 05
===================Analysis=================
We saw a huge bearish power yesterday that made Gold falling without any stop. The only rebounce was head to 1827 area, which is just a little bit then my target selling area.
All support zone below 1830 is useless and Gold reached straight to 1785.
The move yesterday confirms a bearsh trend and seen as an impulsive wave 3, so there's still a lower low to be expected in later future. The current rebounce to 1810 is consider as wave-4. I don't think it's gonna be ended fast, but tonight is also a huge violate market. We'd better fast in and fast out, and don't be trapped in one direction.
1812-1815 area is the 38.2% fib of wave-3 and seems to be good zone to enter short. But if it goes above 1815, next possible target would be 1830.
However, if gold heads up to 1830, the wave count is not validated and all the above needs to be re-checked.
Based on the assumption that:
=================Possible Situation==========
No.1 Gold tests the resistence area and drop again.
No.2 Gold breaks above the resistence and try 1830
No.3 Gold tries 1780+ area again and rebounce
No.4 Gold breaks down 1780 and tests previous low 1760 area.
==================My Trading Plan=================
Based on these situation:
The support: 1783 1800
The resistence: 1815 1830
sell limit: 1815 area, SL $5, TP 1800 1783
Buy limit: 1780 area, SL $1778 , TP 1810
I was so adicated to trade even sometimes when plan are not available, and in return, it costs me 200k USD to learn the fact, that not everyday we have opportunity to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 02 / 05
===================Analysis=================
We saw a huge bearish power yesterday that made Gold falling without any stop. The only rebounce was head to 1827 area, which is just a little bit then my target selling area.
All support zone below 1830 is useless and Gold reached straight to 1785.
The move yesterday confirms a bearsh trend and seen as an impulsive wave 3, so there's still a lower low to be expected in later future. The current rebounce to 1810 is consider as wave-4. I don't think it's gonna be ended fast, but tonight is also a huge violate market. We'd better fast in and fast out, and don't be trapped in one direction.
1812-1815 area is the 38.2% fib of wave-3 and seems to be good zone to enter short. But if it goes above 1815, next possible target would be 1830.
However, if gold heads up to 1830, the wave count is not validated and all the above needs to be re-checked.
Based on the assumption that:
=================Possible Situation==========
No.1 Gold tests the resistence area and drop again.
No.2 Gold breaks above the resistence and try 1830
No.3 Gold tries 1780+ area again and rebounce
No.4 Gold breaks down 1780 and tests previous low 1760 area.
==================My Trading Plan=================
Based on these situation:
The support: 1783 1800
The resistence: 1815 1830
sell limit: 1815 area, SL $5, TP 1800 1783
Buy limit: 1780 area, SL $1778 , TP 1810
