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: 2020/06/01
No plan, No trading
Entry reason:
Gold started the retracement on last Friday after Trump's talk and dropped to 1729, however, it recovered all the drops at the open of Monday market due to the Minneapolis war and the absolute chao in the other 33 states in the U.S by the protesters.
This kinda affects the retracement move or bring the bullish back to time. 1740 area showed some resistence power for now but I'm not sure it's committed or not. There are 2 possible wave count here, and the No.2 assumption gives me the reason to do a short test.
So here's my plan:
short at 1737-1742 , SL 1745 TP 1725 1720
Confidence level: 35%
(Low confidence, so I use small slot)
Buy 1715-1720, TP 1750 1760
Confidence level: 55%
------------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: 2020/06/01
No plan, No trading
Entry reason:
Gold started the retracement on last Friday after Trump's talk and dropped to 1729, however, it recovered all the drops at the open of Monday market due to the Minneapolis war and the absolute chao in the other 33 states in the U.S by the protesters.
This kinda affects the retracement move or bring the bullish back to time. 1740 area showed some resistence power for now but I'm not sure it's committed or not. There are 2 possible wave count here, and the No.2 assumption gives me the reason to do a short test.
So here's my plan:
short at 1737-1742 , SL 1745 TP 1725 1720
Confidence level: 35%
(Low confidence, so I use small slot)
Buy 1715-1720, TP 1750 1760
Confidence level: 55%
------------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:
Shorted at 1742
Comment:
I will close 60% of my short t at 1728
