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: 2020/08/19
No plan, No trading
Entry reason:
Gold was super violate yesterday from 2015 to 1976, down and up barely in 2 hours.
It makes the pattern into a hesitating stage that 2 assumptions are available:
No.1:
Gold is in an A-B-C correction wave and it already finish the a-b-c of wave B. Next wave C will be super straight forward and if ti's confirmed , 1800+ price range is hightly expected
No.2
Gold is in a 5-wave pattern and yesterday drop is wave-4. Then a new high 2020+ is expected.
There's no way to predict direction and I think the market will just ranging before FMOC news.
So here's my plan:
scalp between 1980-2000 Sell stop when the TL breaks