Instead of calling Gold analysis, I would use the term of trading journal to record my trades because I may not always have a plan to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 03 / 04
===================Analysis=================
Yesterday gold quickly touched 1700 support and then had a huge swing range between 1725 - 1708 this morning.
From the chart, Gold is in still bearish trend and a consolidation triangle is formed.
It looks like a corrective wave-4 with a-b-c-d-e pattern. In this case, another leg down is expected to a lower low, very possible to break 1700 and to 1680 area.
I should also be careful that maybe wave-5 already ends or almost ending and then a rebounce could happen easily.
I have 2 ellipses on the chart wich shows the key decision point.
=================Possible Situation==========
No.1. Gold touchs E point, and then drops hardly to a lower low
No.2 Gold breaks above E point, and then tests 1740 area then fall back.
.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1723 1740
The key support: 1700
Sell limit: 1720-1723 , SL 1727, tp 1703, 1685
Sell stop: 1699, TP 1686
Buy when my sell limit hit SL, and price re-test 1720 again
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 03 / 04
===================Analysis=================
Yesterday gold quickly touched 1700 support and then had a huge swing range between 1725 - 1708 this morning.
From the chart, Gold is in still bearish trend and a consolidation triangle is formed.
It looks like a corrective wave-4 with a-b-c-d-e pattern. In this case, another leg down is expected to a lower low, very possible to break 1700 and to 1680 area.
I should also be careful that maybe wave-5 already ends or almost ending and then a rebounce could happen easily.
I have 2 ellipses on the chart wich shows the key decision point.
=================Possible Situation==========
No.1. Gold touchs E point, and then drops hardly to a lower low
No.2 Gold breaks above E point, and then tests 1740 area then fall back.
.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1723 1740
The key support: 1700
Sell limit: 1720-1723 , SL 1727, tp 1703, 1685
Sell stop: 1699, TP 1686
Buy when my sell limit hit SL, and price re-test 1720 again
Trade active:
short opened at 1720 as planned
Comment:
I will lock half my profit at 1709 and let the rest go
Trade closed: target reached:
partial closed at 1709 now. maybe re-enter again at 1714
Trade active:
I re-enter at 1717 again
Trade active:
short add at 1721
Comment:
This pin bar is kind of a reversal signal.
I will add short if the U.S news is also negative to gold
I will add short if the U.S news is also negative to gold
Trade active:
another short add at 1717
Trade active:
it's in the bottom edge now.
Trade closed: target reached:
I decide to close 70% of my short now at 1700.
1714 1717 1720 closed now.
1714 1717 1720 closed now.
