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: 2020/06/11
Gold's price become crazy yesterday due to Powell's talk early today, and reaches 1741 high.
It's quite sacarstic that the Non-farm payroll data last week indicates the strong positive expectation on the U.S economy but another talk 3 days after changed everything.
I think the direction is still unclear cuz there are few important resistence 1744 1763. Unless they were broken, otherwise i can't say it's bullish market.
Is the buying power strong? Yes.
Is gold turns into bullish? I don't know.
For intra-day planning, the wedging point becomes 1720, below that TL means Sell power is big.
Upper resistence is 1742.
So here's my plan:
Buy 1720 , SL $3. If SL hit, when retest the line, I will do short at this point
Sell 1740, SL $5
=======================Lesson learned from previous trades (SL) =============
Two consecutive stop loss of my trades also confuse me a lot for the direction.
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: 2020/06/11
Gold's price become crazy yesterday due to Powell's talk early today, and reaches 1741 high.
It's quite sacarstic that the Non-farm payroll data last week indicates the strong positive expectation on the U.S economy but another talk 3 days after changed everything.
I think the direction is still unclear cuz there are few important resistence 1744 1763. Unless they were broken, otherwise i can't say it's bullish market.
Is the buying power strong? Yes.
Is gold turns into bullish? I don't know.
For intra-day planning, the wedging point becomes 1720, below that TL means Sell power is big.
Upper resistence is 1742.
So here's my plan:
Buy 1720 , SL $3. If SL hit, when retest the line, I will do short at this point
Sell 1740, SL $5
=======================Lesson learned from previous trades (SL) =============
Two consecutive stop loss of my trades also confuse me a lot for the direction.
Trade active:
Short in at 1737
