612 views
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: 2020/08/06
No plan, No trading
Entry reason:
In my last analysis, I already point out the trading plan for either side move. And Gold broke the triangle and hit 2020 with no resistence. It touches 2047 the highest a few hours ago.
Will Gold continue go up? I don't know. There's a possibility there but I won't buy gold for any price above 2000+.
I look back the chart from June 2 month ago and find a quite obvious 5 wave pattern (shown in the chart). I can't really calculate an accurate for the target price for wave-5 and it's from range 2048 - 2088.
Another thing we need to be careful is, the divergence in RSI and MACD indicator, no need to mention that they are all overbought too.
So here's my plan:
Sell when H4 hour MACD or RSI is going down. use M15 indicator to find entry. I'm not an indicator trader, but it's useful when we don't know when a trend changes.
A short period resistence line is 2044.
Thus, I will sell around 2040-2045. SL , 2050 TP 2000.
There will be a buy opportunity for wave B, the good entry point is around 1970 - 1990. And the rebounce will give me a nice profit selling point at 2020+ again.
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: 2020/08/06
No plan, No trading
Entry reason:
In my last analysis, I already point out the trading plan for either side move. And Gold broke the triangle and hit 2020 with no resistence. It touches 2047 the highest a few hours ago.
Will Gold continue go up? I don't know. There's a possibility there but I won't buy gold for any price above 2000+.
I look back the chart from June 2 month ago and find a quite obvious 5 wave pattern (shown in the chart). I can't really calculate an accurate for the target price for wave-5 and it's from range 2048 - 2088.
Another thing we need to be careful is, the divergence in RSI and MACD indicator, no need to mention that they are all overbought too.
So here's my plan:
Sell when H4 hour MACD or RSI is going down. use M15 indicator to find entry. I'm not an indicator trader, but it's useful when we don't know when a trend changes.
A short period resistence line is 2044.
Thus, I will sell around 2040-2045. SL , 2050 TP 2000.
There will be a buy opportunity for wave B, the good entry point is around 1970 - 1990. And the rebounce will give me a nice profit selling point at 2020+ again.
Trade active:
My shot is opened at 2045 now.
Trade closed: stop reached:
I will exit my short and wait for a little bit
Trade active:
in M15 signal Gold seems start reversing. I will enter a light short again, and SL 2054.
Trade closed: stop reached:
short exit again. wait for another signal
Trade active:
I opened short again at 2060
Trade closed: target reached:
My previous short closed at 2025.
3 shorts hit TP:
2060 --> 2025
2048 --> 2025
2040 --> 2031
2 shorts hit SL:
2045 -> 2050
2050 -> 2055
3 shorts hit TP:
2060 --> 2025
2048 --> 2025
2040 --> 2031
2 shorts hit SL:
2045 -> 2050
2050 -> 2055
Comments
@kjwlegend, excellent.. after closing the short (if it reaches there and finds support.. will you go long at that price ?)
Reply
@pluckyUser92236,
Not immediately open the long after closing short.
A better way to do is to monitor the power of bearish or bullish. If it's strong drop, then probably I wil just add more short till 1980. On th other hand, if it's a strong rebounce then I may open long.
But in my experience, go rest for at least 30 mins or 1 hour before doing next step is the best way to do
Not immediately open the long after closing short.
A better way to do is to monitor the power of bearish or bullish. If it's strong drop, then probably I wil just add more short till 1980. On th other hand, if it's a strong rebounce then I may open long.
But in my experience, go rest for at least 30 mins or 1 hour before doing next step is the best way to do
Reply
It's better to wait for the bearish candle before place a trade.