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: 2020/09/29
No plan, No trading
------------------
Entry reason:
Gold start rebounce from 1849 and test the bottom 1849 twice and now reached 1877.
There are quite different wave count scenario here: ========================= No.1 The previous big drop is wave-3 Then the current A-B-C correction is consolidating as wave 4 and it may be ranging for little bit more time. And the highest rebounce for wave-4 will be 1890.
----------------
No.2. The previous big drop already completes a 5 wave pattern, and the wave-5 was a extended wave. This current A-B-C forms the final correction of the 8-wave cycle and once completed, another downside drop is expected. But for the A-B-C correciton, the highest could be 1885 or 1900. ==========================
So no matter which scenario, I'm expecting a possible reversal happened at higher price. However, I will not enter long above 1880 . (If you follow my previous analysis, I was long from 1850) . Because a reverse could happen (or may not), which will make the buy position risk reward ratio quite low.
Due to the quite strong bullish today, I may still enter long around 1870 area with $5 SL but it's a short term trading plan. I will more likely to put short around 1885. When the price touchs the line for the 1st time, there will be an easy-win trade with at least 800 pips profit. Later we don't know.
So here's my plan:
The current key resistence will be 1883, 1890 1915 The key support is: 1866.