please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1796.8
===================Lessons=================
Today's plan is almost same as yesterday. but I want to markdown a few lessons learned from yesterday loss.
1. DO NOT predict the consolidation pattern before it really happens.
I made a conclusion that it will be a flat rectangle consolidation move, with resistence 1798, but ignored the fact the real range is 1785- 1810.
Due to this mistake, I set order with wrong SL which results in a big loss for me.
2. DO NOT TRADE the first 15 MINUTES during the news session. (whatever NFP, FOMC, etc).
Yesterday market is highly violate and just up and down in minutes, full with traps around that make people confusing about the direction.
So I went in with a M1 bar, and then get hit in next minute.
3. DO NOT TRADE immediately after the 1st loss.
When I get my first big loss, and then I saw the price was moving and started regrets that why the market kicked me out and then jumped in again with bigger lot size (everyone wants to make moeny back quickly). Then the crazy gold just slap on my face again. These 2 consecutive loss make me feel bad.
So again, I keep these journals to track my progress and learning. I could be right or WRONG with the analysis, and you may get profit or loss by following them.
I would suggest you just take these as a referrence but not a golden book.
===================Analysis=================
Based on the chart, the breakout and re-test of TL is still valid and somehow confirmed.
I see RSI and MACD is declining, so today I'm still more bias on short Gold till 1784 level. 1793 appearantly shows some commitment of support, breaking this level will make Gold quick down to the target.
Key levels for the day:
1810
1784
So here are a few situations:
=================Possible Situation==========
No.1 Gold ranges between 1783-1810
No.2 Gold break either side to start an impulsive wave.
P.S:
I'm NOT trying to predict the market, but just to find out the most cost-efficient plan to trade.
=================My Trading Plan===============
Buy limit: N/A
Sell limit: 1800-1803 area, SL 1812, TP 1784
Sell stop: 1792, TP 1784
Sell stop: 1782, TP 1776
Current price: 1796.8
===================Lessons=================
Today's plan is almost same as yesterday. but I want to markdown a few lessons learned from yesterday loss.
1. DO NOT predict the consolidation pattern before it really happens.
I made a conclusion that it will be a flat rectangle consolidation move, with resistence 1798, but ignored the fact the real range is 1785- 1810.
Due to this mistake, I set order with wrong SL which results in a big loss for me.
2. DO NOT TRADE the first 15 MINUTES during the news session. (whatever NFP, FOMC, etc).
Yesterday market is highly violate and just up and down in minutes, full with traps around that make people confusing about the direction.
So I went in with a M1 bar, and then get hit in next minute.
3. DO NOT TRADE immediately after the 1st loss.
When I get my first big loss, and then I saw the price was moving and started regrets that why the market kicked me out and then jumped in again with bigger lot size (everyone wants to make moeny back quickly). Then the crazy gold just slap on my face again. These 2 consecutive loss make me feel bad.
So again, I keep these journals to track my progress and learning. I could be right or WRONG with the analysis, and you may get profit or loss by following them.
I would suggest you just take these as a referrence but not a golden book.
===================Analysis=================
Based on the chart, the breakout and re-test of TL is still valid and somehow confirmed.
I see RSI and MACD is declining, so today I'm still more bias on short Gold till 1784 level. 1793 appearantly shows some commitment of support, breaking this level will make Gold quick down to the target.
Key levels for the day:
1810
1784
So here are a few situations:
=================Possible Situation==========
No.1 Gold ranges between 1783-1810
No.2 Gold break either side to start an impulsive wave.
P.S:
I'm NOT trying to predict the market, but just to find out the most cost-efficient plan to trade.
=================My Trading Plan===============
Buy limit: N/A
Sell limit: 1800-1803 area, SL 1812, TP 1784
Sell stop: 1792, TP 1784
Sell stop: 1782, TP 1776
Trade active:
sell stop opened as planed
Trade closed: stop reached:
sell stop out for now. wait for the area to sell high
Trade active:
re=enter at 1796
Trade closed: target reached:
1784 TP HIT.
Trade closed: target reached:
TP 1777 area rreached. all closed
plan to re-short again at 1785