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: 2020/08/31
No plan, No trading
Is gold really ready to fly?
------------------
Entry reason:
As we know Gold broke the 1955 resistence and the red trendline, and touched 1973 last Friday and reached 1976 when Monday market opens.
It looks Gold has changed the direction turned into bullish with high potential (2015 or higher)
However I wouldn't be too optimisitc to long at this moment. 1973 is the 61.8% fib of the previous drop (2015 - 1904) and we are very near the key resistence here. Gold cross above 1977, or cross the top pink trendline would be the confirmation of bullish and the next target will be 2015 area.
There's possibility that Gold is still in the big B wave cycle and ranging for more time. Since it broke the trendline, it will give me a long opportunity when it retouch the trendline.
Under this assumption, wave C is still not coming yet and a huge drop is still possible.
Key resistence: 1976
Key support: 1955, 1935, 1920
So here's my plan:
Sell limit: 1973 -1976, TP 1955. SL 1978
Buy limit: 1955, SL 1950, TP 1975
Buy limit: 1920, SL 1915, TP 1965
buy stop 1978, tp 2000+ . Use trail stop with 500 pips, or close manually when market reverse
Sell stop, 1915, tp 1865. Use trail stop with 500 pips, or close manually when market stop
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: 2020/08/31
No plan, No trading
Is gold really ready to fly?
------------------
Entry reason:
As we know Gold broke the 1955 resistence and the red trendline, and touched 1973 last Friday and reached 1976 when Monday market opens.
It looks Gold has changed the direction turned into bullish with high potential (2015 or higher)
However I wouldn't be too optimisitc to long at this moment. 1973 is the 61.8% fib of the previous drop (2015 - 1904) and we are very near the key resistence here. Gold cross above 1977, or cross the top pink trendline would be the confirmation of bullish and the next target will be 2015 area.
There's possibility that Gold is still in the big B wave cycle and ranging for more time. Since it broke the trendline, it will give me a long opportunity when it retouch the trendline.
Under this assumption, wave C is still not coming yet and a huge drop is still possible.
Key resistence: 1976
Key support: 1955, 1935, 1920
So here's my plan:
Sell limit: 1973 -1976, TP 1955. SL 1978
Buy limit: 1955, SL 1950, TP 1975
Buy limit: 1920, SL 1915, TP 1965
buy stop 1978, tp 2000+ . Use trail stop with 500 pips, or close manually when market reverse
Sell stop, 1915, tp 1865. Use trail stop with 500 pips, or close manually when market stop
Trade closed: target reached:
1955 TP reached
