Gold 1013 Trading Plan

please note: This is a personal journal only, but NOT a trading suggestion.

Current price: 1762

===================Analysis=================

Yesterday Gold touches 1769, the exact 61.8% of fib line, and then started dropping.

In my 1011 analysis, I already listed a few facts and pointed out that we are in the ranging market, where the price will just go up and down.

I still remain my opinion (STILL RANGING) until gold breaks the consolidation range: 1750 - 1770.

I don't predict the market for bearish or bullish but only follow the price facts.

Today FOMC will announce some news that have potential to push gold out of the range.


So here are a few situations:

=================Possible Situation==========

No.1 Gold continue ranging between 1750-1770.
No.2 Gold goes above 1770, and will test 1780 again.
No.3 Gold dip below 1750, and then next target will be 1730 area.

Here's my P.S:
I'm NOT trying to predict the market move. As a trader (not analyst), we need to know how to trade in different conditions, but not predict the conditions.

==================My Trading Plan=================

Based on these situation:

The key resistence : 1765, 1770
The key support: 1751

Plan 1: trade the consolidation.
buy plan:
Buy stop : N/A
But limit: 1750 area, SL 1747, TP 1765

Sell plan:
Sell limit: 1770, SL 1773, TP 1760 1750
sell stop: N/A

Plan 2: trade the breakout.

buy plan:
Buy stop : 1771, TP 1780, SL 1765
But limit: n/a

Sell plan:
Sell limit: n/a
sell stop: 1748, SL 1755, TP 1735

Trade active:

I have a test sell at 1768

Trade active:

Open sell at 1770 as planned.

Trade closed: stop reached:

Gold touches 1774, which hit my SL. I'm out for now and will see where it goes

Comment:

if any reversal signal appears at 1774, I will re-enter short. otherwise, wait for other opportunity

Trade active:

short re-entered at 1770 when news announced

Trade closed: stop reached:

SL hit again shit