please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1762
===================Analysis=================
The resistence level from last week was 1756. You should notice that gold just break this level which means the strong bearish trend is paused before the market accumulating more strength to decide where to go.
I will remain my opinion that 5-wave targeting 1725 is still valid (marked in blue in the chart), but at this moment, we need to be more careful abou the move.
1762 the next key resistence level for the short term direction.
It would give 3 possible scenarios for next move, which will be listed in the article below.
Gold price is still below the descending trendline, thus I would not place a buy cuz the R&R ratio is quite low, even the current bullish trend seems strong.
I would not place market order for sell either, cuz bearish move is not confirmed yet.
I think it's better to use a pin bar strategy along with the support of trendline techniques.
If you see a cross or any other reversal signal of red bars in H1 timeframe at the key level, then you can place sell order.
=================Possible Situation==========
No.1 (Marked as A) : Gold drops from 1760, and maybe range between 1740-1760 for a while or test a lower low
No.2 (Marked as B): Gold breaks above 1760, then it's very likely to test the big trendline one more time, and then drop to the lower low.
No.3 (Marked as C): Gold price breaks 1760, and then maybe re-test 1760 one more time and resume bullish, and finnally break the trendline.
WHY different plan is important? We are not trying to predict the market, but are trying to trade no matter where the market goes.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1760, 1670
The key support: 1740
buy plan:
Buy stop : N/A
But limit: N/A
Unless secnario NO.3 happens, I wouldn't place buy.
Sell plan:
Open sell when I see reversal pin bar signal. or just 0.01 sell at 1762 to test and add more if i see reverse here.
Sell test: 1762, SL 1765, TP 1740 1725
Sell limit: 1770, SL 1775, TP 1740 1725
sell stop : 1737, TP 1725
Current price: 1762
===================Analysis=================
The resistence level from last week was 1756. You should notice that gold just break this level which means the strong bearish trend is paused before the market accumulating more strength to decide where to go.
I will remain my opinion that 5-wave targeting 1725 is still valid (marked in blue in the chart), but at this moment, we need to be more careful abou the move.
1762 the next key resistence level for the short term direction.
It would give 3 possible scenarios for next move, which will be listed in the article below.
Gold price is still below the descending trendline, thus I would not place a buy cuz the R&R ratio is quite low, even the current bullish trend seems strong.
I would not place market order for sell either, cuz bearish move is not confirmed yet.
I think it's better to use a pin bar strategy along with the support of trendline techniques.
If you see a cross or any other reversal signal of red bars in H1 timeframe at the key level, then you can place sell order.
=================Possible Situation==========
No.1 (Marked as A) : Gold drops from 1760, and maybe range between 1740-1760 for a while or test a lower low
No.2 (Marked as B): Gold breaks above 1760, then it's very likely to test the big trendline one more time, and then drop to the lower low.
No.3 (Marked as C): Gold price breaks 1760, and then maybe re-test 1760 one more time and resume bullish, and finnally break the trendline.
WHY different plan is important? We are not trying to predict the market, but are trying to trade no matter where the market goes.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1760, 1670
The key support: 1740
buy plan:
Buy stop : N/A
But limit: N/A
Unless secnario NO.3 happens, I wouldn't place buy.
Sell plan:
Open sell when I see reversal pin bar signal. or just 0.01 sell at 1762 to test and add more if i see reverse here.
Sell test: 1762, SL 1765, TP 1740 1725
Sell limit: 1770, SL 1775, TP 1740 1725
sell stop : 1737, TP 1725
Comment:
Current price is 1759. Gold is failed to rise up and I see a cross bar in last H4 candle.
I decide to open a small sell at 1759, SL 1765
I decide to open a small sell at 1759, SL 1765
Trade closed: target reached:
Gold tests 1745 start a small rebounce now. I think it's gonna range for a while. So I'm closing my short at 1747 to take some profit in.
I will re-enter short at 1760 again.
I will re-enter short at 1760 again.
Trade active:
I find gold is somehow lossing the power to rise up at 1754.
I'm entering short again at 1753 right now with SL 1757
I'm entering short again at 1753 right now with SL 1757
Comment:
Gold rebounce quickly. out of my short now with $2 loss
key resistence : 1760-1762
1670 ---> 1770