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kjwlegend
Sep 29, 2021 3:45 AM

Gold 0929 Trading Plan Long

TVC:GOLD240
GOLD (US$/OZ)TVC

Description

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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

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you can see gold already breaks the resistence.

I can enter long now and target 1747 or 1755

Comment

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Trade active

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Long opened as planned at 1741.
SL 1737

Comment

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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

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

Trade closed: stop reached

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hit my sl . wait for another opportunity

Comment

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I made a mistake on my trendline drawing, which caused this loss to me.
Wave AnalysisTrend AnalysisGoldXAUUSD
Comments
kwanexpert
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glad to see you again laoshi
(i do wrong post at your 0928)
in this your H4 chart macd is not yet cross signal line
tf week look very bearish but tf h3 start to show a bit divergence
i wait long time to trade once but still too much lost again & again in my any trade
i like your style of entry point
looking for your next journal
kjwlegend
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@kwanexpert,

I've talked about long buy ideas since a few days ago and I still don't expect gold to be sooo bullish today.

it's crazy
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