kjwlegend
Long

Gold 0522 Trading Plan

TVC:GOLD   CFDs on Gold (US$ / OZ)
nstead 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: 2020/05/22

No plan, No trading

Entry reason:

Gold has been doing a-b-c-d-e consolidating waves of wave (iv) for almost 3 weeks and now it's in the move of wave (v), which a new high is highly expected in next 5-10 days.
Bullish trend is confirmed so the trade is easy because the direction is clear.

Gold Drops from 1763 to 1718 and then start rebounce (current price at: 1735). This move gives me some confidence that the final wave (v) might be a 5 wave pattern again and now wave (2) of v is in progress.

Depends on the timeframe, the resistence line will decrease too (the red line), and the break out beyond the line will confirm the start of wave 3 .


here's my plan:

Buy 1725- 1730, SL 1720, TP 1743. 1763 1788

Buy stop 1745, TP 1763 1788. SL 1737




---- Previous plan update ---
emotion level: I wasn't too confident about 1718 long because the berish power is quite strong yesterday. However, it's still a successful trade because the Risk&Reward ratio is good.
Result: 1718 - 1739 . 2100 pips . $2k in profit

Comments

good stuff
Reply
wave 2 seems complete with the b c retracement, and now at the beginning of wave 3
+1 Reply
where will u re-enter?
Reply
kjwlegend dennistang1970
@dennistang1970,

Hello, I already entered at 1729. It game me the opportunity 2 hours ago
Reply
There's also another possibility the price could drop to the Purple line 1710 again. Thus, I will closely monitor the market. Don't forget to control your SL if you want to follow
Reply
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