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: 2020/06/02
No plan, No trading
Entry reason:
Gold broke the bull trendline but is forming a conslidating triangle. The direction is not predictable right now, but I can just follow the break up and make a trade.
It seems more like the correction wave (4) of the small cycle, and if so, another rise to 1750 is expected.
So here's my plan:
Buy stop 1743, TP 1760
Sell stop 1735, TP 1710
Confidence level: 65%
------------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: 2020/06/02
No plan, No trading
Entry reason:
Gold broke the bull trendline but is forming a conslidating triangle. The direction is not predictable right now, but I can just follow the break up and make a trade.
It seems more like the correction wave (4) of the small cycle, and if so, another rise to 1750 is expected.
So here's my plan:
Buy stop 1743, TP 1760
Sell stop 1735, TP 1710
Confidence level: 65%
------------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:
I am openning a short because of the fake break
Comment:
Bearish is confirmed.
I will short more when it comes back
I will short more when it comes back
Trade closed manually:
Close 50% of my short at 1728 now
Trade closed: target reached:
All my short close at 1724 now.
I will re-enter at 1732
I will re-enter at 1732
1740 -> 1732