please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1774
===================Analysis=================
Yesterday, Gold moved exactly as planned. It rebounce to 1782 but then re-test 1775, then jump again to 1785 to finish wave-2.
Currently, gold is ranging between 1767 - 1784. A triangle consolidation pattern may happen here.
Due to the previous drop, I still think we are in the new cycle of bearish market, although a clear confirmation is yet to happen.
Even H4 closed as green, Gold is still facing a couple of resistence levels to resume the bullish trend.
Today's key levels:
key resitence:
1777
1775
key support:
1767
1760
Gold drops below 1767 will trigger a quick move to 1760, if it rises above 1777, then yesterday's high 1785 is achievable.
Gold drops below 1750 will trigger a very quick and strong drop to the target 1735 to complete wave 3.
Personally I would prefer to short at high price
So here are a few situations:
=================Possible Situation==========
No.1 Gold rise to resistence area, 1777, and then starts dropping again, but find support at 1767 area again.
No.2 Gold rises to resistence 1777 and drops and breaks 1767 with a strong move.
No.3 Gold rise above 1777, and test yesterday high.
my P.S:
I'm NOT trying to predict the market move. As a trader (not analyst), we need to know how to trade in different conditions, but not predict the conditions.
=================My Trading Plan===============
Sell limit : 1775 - 1777, SL 1780, TP 1767 1760.
Sell limit 2: 1785, sl 1790, tp 1760
Sell stop 1: 1765, TP 1760
Sell stop 2: 1760 TP 1735
Sell stop 3: 1749 TP 1735
Current price: 1774
===================Analysis=================
Yesterday, Gold moved exactly as planned. It rebounce to 1782 but then re-test 1775, then jump again to 1785 to finish wave-2.
Currently, gold is ranging between 1767 - 1784. A triangle consolidation pattern may happen here.
Due to the previous drop, I still think we are in the new cycle of bearish market, although a clear confirmation is yet to happen.
Even H4 closed as green, Gold is still facing a couple of resistence levels to resume the bullish trend.
Today's key levels:
key resitence:
1777
1775
key support:
1767
1760
Gold drops below 1767 will trigger a quick move to 1760, if it rises above 1777, then yesterday's high 1785 is achievable.
Gold drops below 1750 will trigger a very quick and strong drop to the target 1735 to complete wave 3.
Personally I would prefer to short at high price
So here are a few situations:
=================Possible Situation==========
No.1 Gold rise to resistence area, 1777, and then starts dropping again, but find support at 1767 area again.
No.2 Gold rises to resistence 1777 and drops and breaks 1767 with a strong move.
No.3 Gold rise above 1777, and test yesterday high.
my P.S:
I'm NOT trying to predict the market move. As a trader (not analyst), we need to know how to trade in different conditions, but not predict the conditions.
=================My Trading Plan===============
Sell limit : 1775 - 1777, SL 1780, TP 1767 1760.
Sell limit 2: 1785, sl 1790, tp 1760
Sell stop 1: 1765, TP 1760
Sell stop 2: 1760 TP 1735
Sell stop 3: 1749 TP 1735
Trade active:
sell opened at 1777 as planned
Comment:
I'm updating a chart here.
Per my analysis stated previously, this could be a triangle consolidation pattern.
Comment:
The breach of the bottom edge will trigger a a very fast drop
So I'm adding a sell stop order at 1769
So I'm adding a sell stop order at 1769
Trade active:
MY 1777 SHORT hit SL when it rise up.
Now I'm entering short again at 1780 because of the huge fall
Now I'm entering short again at 1780 because of the huge fall
Comment:
chart updating:
wave-2 is formed with a typical A-B-C pattern, which means once the gold is touching 1767 again, there's very least chance it could bounce again. and the next drop will be strong and fast.
As long as gold does't break 1790, I remain my opinion that we are still in the correction wave-2
wave-2 is formed with a typical A-B-C pattern, which means once the gold is touching 1767 again, there's very least chance it could bounce again. and the next drop will be strong and fast.
As long as gold does't break 1790, I remain my opinion that we are still in the correction wave-2
Comment:
