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 /18
No plan, No trading
Gold dropped to 1802 within just one minutes for some reasons and complete wave-5 as the last analysis.
From now on, there could be 2 situations:
No.1
Gold starts correction A-B-C first and then drop again.
No.2
Gold continue an extended wave-5, which will test a lower low.
No matter which one will happen, Gold needs some time to rest before next movement because this morning's drop cost big momentun.
So I think consolidation will happen today and maybe tomorrow.
So, here's my plan.
BUY LOW AND SELL HIGH
Buy from 1805-1810, SL 1798 TP 1820 - 1830 area
1st sell , 1825- 1830 area, TP 1810.
2nd sell, 1840 area, TP 1820
===============Previous analysis ==================
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 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 /18
No plan, No trading
Gold dropped to 1802 within just one minutes for some reasons and complete wave-5 as the last analysis.
From now on, there could be 2 situations:
No.1
Gold starts correction A-B-C first and then drop again.
No.2
Gold continue an extended wave-5, which will test a lower low.
No matter which one will happen, Gold needs some time to rest before next movement because this morning's drop cost big momentun.
So I think consolidation will happen today and maybe tomorrow.
So, here's my plan.
BUY LOW AND SELL HIGH
Buy from 1805-1810, SL 1798 TP 1820 - 1830 area
1st sell , 1825- 1830 area, TP 1810.
2nd sell, 1840 area, TP 1820
===============Previous analysis ==================
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.
Trade active:
Short in at 1840 area now as planned
