please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1787
===================Analysis=================
In my previous analysis, I pointed out that the correction was in the way and bullish target is around 1795-1805 area.
As the time goes by, the resistence area is also slowly drawing down by the moving average and trendline.
I can see 1790-1795 is now a new resistence area, which may make rise to the end.
Even the indicators and H4 trend still appear as a bullish trend, I don't intend to buy around 1790 anymore and should be aware of any possible reversal signal here.
If next H4 candle confirmed as bearish, I will enter short and target at least 1770, which might be another initial start of a new downtrend cycle.
So here are a few situations:
=================Possible Situation==========
No.1 Gold breaks above 1795, and may hit 1805 before further drop
No.2 Gold rejected at 1790 area, and resume the bearish trend again.
P.S:
I'm NOT trying to predict the market, but just to find out the most cost-efficient plan to trade.
=================My Trading Plan===============
Buy limit: N/A
Sell limit: 1790-1800 area, set 3 sell orders per $4 gap. SL 1810.
Buy stop: n/a
sell stop: N/A
Current price: 1787
===================Analysis=================
In my previous analysis, I pointed out that the correction was in the way and bullish target is around 1795-1805 area.
As the time goes by, the resistence area is also slowly drawing down by the moving average and trendline.
I can see 1790-1795 is now a new resistence area, which may make rise to the end.
Even the indicators and H4 trend still appear as a bullish trend, I don't intend to buy around 1790 anymore and should be aware of any possible reversal signal here.
If next H4 candle confirmed as bearish, I will enter short and target at least 1770, which might be another initial start of a new downtrend cycle.
So here are a few situations:
=================Possible Situation==========
No.1 Gold breaks above 1795, and may hit 1805 before further drop
No.2 Gold rejected at 1790 area, and resume the bearish trend again.
P.S:
I'm NOT trying to predict the market, but just to find out the most cost-efficient plan to trade.
=================My Trading Plan===============
Buy limit: N/A
Sell limit: 1790-1800 area, set 3 sell orders per $4 gap. SL 1810.
Buy stop: n/a
sell stop: N/A
