please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1862
===================Analysis=================
Yesterday Gold has broken the TL and resistence area 1832-1835 that confirms bullish trend.
This straight and strong rise without any correction indicates it may be the impulsive wave-3.
Gold touched 1867 highest but then ended with a doji showing some selling power in this zone, which could be a one time shortting opportunity for this area.
1835 for sure now becomes the support and best entry point for wave-5, however, 1843 makes a commitment to a support at this time.
I don't have confidence that Gold will turn into long term bearish, but the room for bull is not large either. The ultimate target zone I can foresee is 1899 - 1910 area.
A correction must happen before another push up.
So here are a few situations:
=================Possible Situation==========
No.1 Gold ranges within 1835 - 1867 area before rise up
No.2 Gold continue strong bullish momentum today and break 1870.
No.3 Gold drops from 1867 and down to 1830.
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: 1835-1840, SL 1830, TP 1865
Sell limit: 1865 area, SL 1870, TP 1838-1843. (anti-trend plan. with less position)
No buy stop and sell stop plan today.
Current price: 1862
===================Analysis=================
Yesterday Gold has broken the TL and resistence area 1832-1835 that confirms bullish trend.
This straight and strong rise without any correction indicates it may be the impulsive wave-3.
Gold touched 1867 highest but then ended with a doji showing some selling power in this zone, which could be a one time shortting opportunity for this area.
1835 for sure now becomes the support and best entry point for wave-5, however, 1843 makes a commitment to a support at this time.
I don't have confidence that Gold will turn into long term bearish, but the room for bull is not large either. The ultimate target zone I can foresee is 1899 - 1910 area.
A correction must happen before another push up.
So here are a few situations:
=================Possible Situation==========
No.1 Gold ranges within 1835 - 1867 area before rise up
No.2 Gold continue strong bullish momentum today and break 1870.
No.3 Gold drops from 1867 and down to 1830.
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: 1835-1840, SL 1830, TP 1865
Sell limit: 1865 area, SL 1870, TP 1838-1843. (anti-trend plan. with less position)
No buy stop and sell stop plan today.
Trade active:
sell active at 1865 as planned
