Description
⋅ please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1827.95
===================Analysis=================
Today's plan is exactly same as yesterday.
Gold has reached a higher high at 1832, which is the target zone.
Before 1835 is broken, the sustainbility of bullish market is not confirmed (shown as scenario No.1 in the chart).
So if I want to buy, it's better to do when the resistence becomes support and buy when price re-tests.
OR
Buy at lower demand zone around 1808.
Current pivot is 1820. Below 1820, it will be a fast drop to 1810.
So here are a few situations:
=================Possible Situation==========
No.1 Gold rise above 1834, and confirms a real bullish market in longtime
No.2 Gold drops from 1830-1835 area, and test 1808 area 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: 1808 area, SL 1803 TP 1820
Sell limit: 1828-1835 area, SL 1837, TP 1808 . Better R&R, so I personally prefer this.
Sell stop 1819, TP 1808, SL 1825