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: 2020/06/03
No plan, No trading
Entry reason:
Gold made a fake break out at 1744 and then start the drop to 1722. It founds a small support and start the correction for this dump.
This bearish momentum will NOT finish so quick even most people may still stick to Long. I will do another short again and monitor the power of bearish or bull to see if to enter the buy position.
So here's my plan:
Short at 1732 , SL 1736, TP 1722 1714.
Confidence level: 75%
This trade will only be valid for the 1st time Gold touches the price.
----------Previous trading update------------
Emotion level: I was quite confused when Gold shows the trend to go up above 1743. Later a big drop gave me the confidence that believe it was a fake break out. So I entered short position at 1740.
result: 1740 short to 1724. 1600 pips in profit.
------------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: 2020/06/03
No plan, No trading
Entry reason:
Gold made a fake break out at 1744 and then start the drop to 1722. It founds a small support and start the correction for this dump.
This bearish momentum will NOT finish so quick even most people may still stick to Long. I will do another short again and monitor the power of bearish or bull to see if to enter the buy position.
So here's my plan:
Short at 1732 , SL 1736, TP 1722 1714.
Confidence level: 75%
This trade will only be valid for the 1st time Gold touches the price.
----------Previous trading update------------
Emotion level: I was quite confused when Gold shows the trend to go up above 1743. Later a big drop gave me the confidence that believe it was a fake break out. So I entered short position at 1740.
result: 1740 short to 1724. 1600 pips in profit.
------------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:
sold at 1731
Trade closed: target reached:
My TP 1714 reached.
Take profit from 1731 - 1714. 1700 pips
Take profit from 1731 - 1714. 1700 pips
