please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1759
===================Analysis=================
In last few days Gold was doing a long correction wave with a clear consolidation range 1746-1766.
There's no clear direction until Gold breaks this range.
Today's Non-farm payroll data will give us a big impulsive move, which might give us a nice trading opportunity.
Based on Elliot Wave theory, a typical wave-5 was ended at 1722 on Sept 30. The price broke out the descending trendline on Oct 4th, which indicated the correction may start. So A-B-C correction wave is probably in process and seems we are in correction B at this moment.
I know in long term, Gold is still in bearish market, however, an up wave C is still unhappen.
So here are a few situations:
=================Possible Situation==========
The news is bad for Gold ===>
No.1. Price drops first, and then rebounce at the key support, and then rise up to complete wave C
No.2 Price drops to the support 1740, but breaks the support and then continue bearish trend. (Wave C becomes invalid or weak)
The news is favor for gold ====>
No.3 Price directly breaks the resistence, and reach 1780 and done.
No.4 Price goes up but reverse quickly and then continue brearish.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1766 1782
The key support: 1752 1746 1740
buy plan:
Buy stop : 1768, SL 1760, 1780
But limit: 1740 area, SL 1735, TP 1767 1780
Sell plan:
Sell limit: 1780 area,
sell stop: 1752, TP 1746
The move will be violate today, for non-experience trader , I suggest you trade 30 mins after the news
Current price: 1759
===================Analysis=================
In last few days Gold was doing a long correction wave with a clear consolidation range 1746-1766.
There's no clear direction until Gold breaks this range.
Today's Non-farm payroll data will give us a big impulsive move, which might give us a nice trading opportunity.
Based on Elliot Wave theory, a typical wave-5 was ended at 1722 on Sept 30. The price broke out the descending trendline on Oct 4th, which indicated the correction may start. So A-B-C correction wave is probably in process and seems we are in correction B at this moment.
I know in long term, Gold is still in bearish market, however, an up wave C is still unhappen.
So here are a few situations:
=================Possible Situation==========
The news is bad for Gold ===>
No.1. Price drops first, and then rebounce at the key support, and then rise up to complete wave C
No.2 Price drops to the support 1740, but breaks the support and then continue bearish trend. (Wave C becomes invalid or weak)
The news is favor for gold ====>
No.3 Price directly breaks the resistence, and reach 1780 and done.
No.4 Price goes up but reverse quickly and then continue brearish.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1766 1782
The key support: 1752 1746 1740
buy plan:
Buy stop : 1768, SL 1760, 1780
But limit: 1740 area, SL 1735, TP 1767 1780
Sell plan:
Sell limit: 1780 area,
sell stop: 1752, TP 1746
The move will be violate today, for non-experience trader , I suggest you trade 30 mins after the news
Trade active:
buy stop opened
Trade closed: target reached:
1780 TP is almost reached. I decide to close half at 1778
Trade closed: target reached:
TP reached
Trade active:
I'm opening a small sell at 1780 as planned. TP 1770 for now
Trade closed: target reached:
1770 done
Trade active:
Now I'm buy at 1770 again, TP 1780
Trade closed: stop reached:
my last 1770 buy is stopped at 1765. Overall today I make 120 pips + 100 pips - 50 pips profit
