please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1753
===================Analysis=================
Gold has made a insane bounce off since 1722 to 1764 with barely no stop.
I know this correction will happen but didnt expect it to be this strong.
In my previous analysis, I point out that 1742 area is the key resistence area, and once break out, an entry point for buy opportunity will be clear.
Yesterday the Gold broke the resistence A, which confirms the start of A-B-C correction.
But we also need to be aware that gold just reach the daily descending trendline (shown as the circle), which makes gold move to be really confusing in next few days.
I would suggest go in and out quickly no matter you're doing buy or sell.
=================Possible Situation==========
No.1 Gold goes back to 1740 area, and then rise again to 1765 at least.
No.2 Gold directly goes up from 1750, and to 1780 quickly.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1764, 1780
The key support: 1750, 1740
buy plan:
Buy stop : N/A
But limit: 1735-1744 area. It's quite big range, so I will add my position with separate orders.
Sell plan:
Sell limit: 1762-1765 area, SL 1767. TP 1750 1740
sell stop: N'A
Current price: 1753
===================Analysis=================
Gold has made a insane bounce off since 1722 to 1764 with barely no stop.
I know this correction will happen but didnt expect it to be this strong.
In my previous analysis, I point out that 1742 area is the key resistence area, and once break out, an entry point for buy opportunity will be clear.
Yesterday the Gold broke the resistence A, which confirms the start of A-B-C correction.
But we also need to be aware that gold just reach the daily descending trendline (shown as the circle), which makes gold move to be really confusing in next few days.
I would suggest go in and out quickly no matter you're doing buy or sell.
=================Possible Situation==========
No.1 Gold goes back to 1740 area, and then rise again to 1765 at least.
No.2 Gold directly goes up from 1750, and to 1780 quickly.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1764, 1780
The key support: 1750, 1740
buy plan:
Buy stop : N/A
But limit: 1735-1744 area. It's quite big range, so I will add my position with separate orders.
Sell plan:
Sell limit: 1762-1765 area, SL 1767. TP 1750 1740
sell stop: N'A
Trade active:
short opened at 1760 area
