kjwlegend

Gold 0113 Trading Plan

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
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: 2021/ 01 /13

No plan, No trading

Gold falls hardly from 1958 to 1817, a $141 drop in just 2 days, which make the main trend back to the descending channel .

I'm thinking this fall may not ends at 1817 in a 5-wave possible pattern and another lower low is expecting to happen.

The wave-3 started at 1928 and completed at 1817 with a following a correction time in the range 1830 - 1860.

This correction may take sometime and as long as the gold price not back to 1880+, this assumption will be valid.

The correction support is now at 1838 and it's moving up with time because of its slope. If it breaks the trendline, it will confirm a test at previous low 1817.

And if 1817 not holds, it will be a quick impulsive drop to 1800+ area to finish the wave-5.


So, here's my plan.

Sell at 1860 area, SL 1880 , with little position

Sell stop 1836, TP 1817.

sell stop 1815, TP 1800~ 1805



Trade active: short in at 1860 as planned now

Comments

Hi buddy and you have been missed for a while. Thank you for your fantastic analysis.
Reply
kjwlegend Barzan_Idrees
@Barzan_Idrees,
yeah, I bust my account once due to emotional trading and had a huge loss.

So I paused for a while and need to adjust myself before doing trading again. now I'm back
+2 Reply
Took profit, waiting for your valuable suggestion. Gbu.
Reply
Yeah, I am taking profit when it comes around 1845.thanks for replying me.
Reply
kjwlegend euphoricLion57562
@euphoricLion57562,
we are in profit. I'm already out once and in again
Reply
Took a big loss in Gold, while in your absence, now following you, sold at 1858, Good Luck.
Reply
kjwlegend euphoricLion57562
@euphoricLion57562,
hi. It's been a long time. I also had a big loss.
+2 Reply
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