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.
I was so adicated to trade even sometimes when plan are not available, and in return, it costs me 200k USD to learn the fact, that not everyday we have opportunity to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 01 /26
===================Analysis=================
Yesterday Gold dropped to 1849 and then rise to 1867 area which is a exact a-b-c pattern as a corretion wave.
a: 1838 - 1857
b: 1857 - 1849
c: 1849 - 1867
And then it dropped to 1847, confirmed that it's remains bearish trend in short term period. The movement follows the No.2 assumption in yesterday analysis.
Today it's still remaining bearish mode as long as the price is under 1858 - 1860 area, which is the bounce off point from 1847. Under 1858, Gold will have the potential to test at least 1838-1840 area again.
Resistence: 1858-1860
Support: 1835-1840
With the close of yesterday, I can see a possible new wave cycle:
wave 1: 1875- 1838
wave 2: 1838 - 1868
wave 3: 1868 - ?
Breaking the support 1838, will confirm the wave 3 is formed
=================Possible Situation==========
No.1 Gold re-tests 1847 (Yesterday low) and hesitate dropping more and bounce back
No.2 Gold tests 1847 with a strong power, and quickly break this support and extend to 1838
No.3 Gold tests 1858 and drops back
Trend reverse:
No.4 Gold goes above 1860 and re-tests 1868 and probably even more.
==================My Trading Plan=================
Buy area: 1835-1840 SL: 1830 TP: 1855-1860. This plan will depeends if gold momentum is high or not.
Sell area: 1857-1859 SL: 1860 TP: 1847, 1840 . (partially close at different point).
Sell stop: 1830, SL 1837 , TP 1805
I was so adicated to trade even sometimes when plan are not available, and in return, it costs me 200k USD to learn the fact, that not everyday we have opportunity to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 01 /26
===================Analysis=================
Yesterday Gold dropped to 1849 and then rise to 1867 area which is a exact a-b-c pattern as a corretion wave.
a: 1838 - 1857
b: 1857 - 1849
c: 1849 - 1867
And then it dropped to 1847, confirmed that it's remains bearish trend in short term period. The movement follows the No.2 assumption in yesterday analysis.
Today it's still remaining bearish mode as long as the price is under 1858 - 1860 area, which is the bounce off point from 1847. Under 1858, Gold will have the potential to test at least 1838-1840 area again.
Resistence: 1858-1860
Support: 1835-1840
With the close of yesterday, I can see a possible new wave cycle:
wave 1: 1875- 1838
wave 2: 1838 - 1868
wave 3: 1868 - ?
Breaking the support 1838, will confirm the wave 3 is formed
=================Possible Situation==========
No.1 Gold re-tests 1847 (Yesterday low) and hesitate dropping more and bounce back
No.2 Gold tests 1847 with a strong power, and quickly break this support and extend to 1838
No.3 Gold tests 1858 and drops back
Trend reverse:
No.4 Gold goes above 1860 and re-tests 1868 and probably even more.
==================My Trading Plan=================
Buy area: 1835-1840 SL: 1830 TP: 1855-1860. This plan will depeends if gold momentum is high or not.
Sell area: 1857-1859 SL: 1860 TP: 1847, 1840 . (partially close at different point).
Sell stop: 1830, SL 1837 , TP 1805
Comment:
I want to update the sell SL to 1863 to give some buffer here.
Trade active:
sell in at 1859
