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: 2020/08/11
No plan, No trading
Entry reason:
Gold droped from 2048 to 2015 this morning as I analyzed yesterday. (You can view the related ideas below)
So it's kinda of confirm that Gold is moving in the A-B-C pattern. I'm not sure if the drop today completes the (a) wave or not, but obviously it finds the support at 2015. (In the chart I am thinking the big A is made up with another 3-wave pattern a-b-c)
There's a possibility that yesterday's high (2048) is already the completion of wave (b), but it's also possible that b is moving as a rectangle or triangle consolidation. I don't know this yet, but since the support seems good at 2015, I am more bias on the conslidation move that wave (b) will take longer time to complete.
In such a consolidation market, we can do scalp within the range.
The chart doesn't change too much compared to yesterday's chart
So here's my plan:
Buy at 2015-2017 , SL 2013. TP 2030, 2040
Short at 2040-2050 area. sl 2053 , TP 2000
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: 2020/08/11
No plan, No trading
Entry reason:
Gold droped from 2048 to 2015 this morning as I analyzed yesterday. (You can view the related ideas below)
So it's kinda of confirm that Gold is moving in the A-B-C pattern. I'm not sure if the drop today completes the (a) wave or not, but obviously it finds the support at 2015. (In the chart I am thinking the big A is made up with another 3-wave pattern a-b-c)
There's a possibility that yesterday's high (2048) is already the completion of wave (b), but it's also possible that b is moving as a rectangle or triangle consolidation. I don't know this yet, but since the support seems good at 2015, I am more bias on the conslidation move that wave (b) will take longer time to complete.
In such a consolidation market, we can do scalp within the range.
The chart doesn't change too much compared to yesterday's chart
So here's my plan:
Buy at 2015-2017 , SL 2013. TP 2030, 2040
Short at 2040-2050 area. sl 2053 , TP 2000
Trade active:
Long opened at 2017 as planned
Trade closed: stop reached:
long position closed.
Support line already breaks. I would wait to short now.
Support line already breaks. I would wait to short now.
