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: 2020/06/30
No plan, No trading
Entry reason:
Gold reached 1789 the higest point for the last 8 years ever and made a huge $30 drop yesterday to 1760.
We need to be very careful about bullish now. From the chart, we can see the Gold is currently testing the purple TL (seems already broken), and once confirmed, a big retracement is very likely to happen.
1750 would be the 1st target.
1778 becomes the resistence line as it's the neckline of left shoulders
So here's my plan:
No. 1. Wait the price to touch 1760 again to confirm the break out on the trendline. And wait for another rebounce and short again at 1770.
No.2 if the price not touch 1760 and start going up, I don't trade and just wait for another signal
No.3 when price touch 1760, buy at 1760 with $3 SL, TP 1770.
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: 2020/06/30
No plan, No trading
Entry reason:
Gold reached 1789 the higest point for the last 8 years ever and made a huge $30 drop yesterday to 1760.
We need to be very careful about bullish now. From the chart, we can see the Gold is currently testing the purple TL (seems already broken), and once confirmed, a big retracement is very likely to happen.
1750 would be the 1st target.
1778 becomes the resistence line as it's the neckline of left shoulders
So here's my plan:
No. 1. Wait the price to touch 1760 again to confirm the break out on the trendline. And wait for another rebounce and short again at 1770.
No.2 if the price not touch 1760 and start going up, I don't trade and just wait for another signal
No.3 when price touch 1760, buy at 1760 with $3 SL, TP 1770.
Trade active:
Gold breaks the TL. I'm in short now.
In current bearish power, I won't buy at 1760
In current bearish power, I won't buy at 1760
Comment:
Gold made a crazy rebounce from 1757 in 1 hour. need to watch the market before short again
Comment:
I'm shortting at 1778 based on my analysis in the journal
"1778 becomes the resistence line as it's the neckline of left shoulders"
"1778 becomes the resistence line as it's the neckline of left shoulders"
