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: 2020/06/10
No plan, No trading
Entry reason:
Gold breaks the previous bearish trendline and now might be fluctuating in the big range 1670 - 1720. I think the price is still in the big descending parralle channel and touch top channel.
A breakout to 1722 will be the trend changing point for bullish.
Key resistence level: 1721 1729
Key support: 1688 1670
I will just do swing trade either buy or sell whenever the price is near the edge.
A reverse on 1688 could form a potential Header & Should pattern. So I will close 50% of profit in this area.
So here's my plan:
Short at 1720, SL 1725, TP 1690
Confidence level: 55%
=======================Lesson learned from previous trades (SL) =============
1. Even I'm confident about the major trend, I should wait for the reverse signal before adding more positions.
2. When the price break the trendline (1694), I should pay attention and exit the trade first before SL hit.
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: 2020/06/10
No plan, No trading
Entry reason:
Gold breaks the previous bearish trendline and now might be fluctuating in the big range 1670 - 1720. I think the price is still in the big descending parralle channel and touch top channel.
A breakout to 1722 will be the trend changing point for bullish.
Key resistence level: 1721 1729
Key support: 1688 1670
I will just do swing trade either buy or sell whenever the price is near the edge.
A reverse on 1688 could form a potential Header & Should pattern. So I will close 50% of profit in this area.
So here's my plan:
Short at 1720, SL 1725, TP 1690
Confidence level: 55%
=======================Lesson learned from previous trades (SL) =============
1. Even I'm confident about the major trend, I should wait for the reverse signal before adding more positions.
2. When the price break the trendline (1694), I should pay attention and exit the trade first before SL hit.
Trade active:
Short in now.
Trade closed: stop reached
