Gold 0929 Trading Plan

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

Current price: 1740

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

In my 0928 analysis, I mentioned Gold might probably finish its wave-5 with the target range 1723-1734. It reached 1728.5 the lowest.

I am expecting some corrections happen before further drop, and the rebounce from 1728 is also a confirmation of the start of correction.

Yesterday Gold test 1740 three times and dropped back to 1732, indicating that 1740 is the key resistence level.

A break out above this level, means the correction is confirmed.

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

No.1 Gold goes above 1740, and then retest this level, and rise again
No.2 Gold falls back from 1740 to lower low.


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

Based on these situation:

The key resistence : 1740, 1755
The key support: 1730

buy plan:
Buy stop : 1742, TP 1747
But limit: buy when gold breaks the resistence and falls back at 1740


Sell plan:
Sell limit: 1755, 1760
sell stop: N'A

Comment:

you can see gold already breaks the resistence.

I can enter long now and target 1747 or 1755

Comment:

Trade active:

Long opened as planned at 1741.
SL 1737

Comment:

I still remain my opinion that Gold has break the descending trendline, this drop to 1737 seems sharp but just a re-test of the break out.

So I'm adding another long at 1738 and move my SL to 1735

Comment:

but due to the drop, i will also modify my TP from 1755 to 1750 area to be safe

Trade closed: stop reached:

hit my sl . wait for another opportunity

Comment:

I made a mistake on my trendline drawing, which caused this loss to me.