please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1864
===================Analysis=================
Yesterday Gold tried to push up but due to some reasons it failed and ends as a false break out in ascending direction.
The drop down to 1850 breaks the bullish trendline so that I will hold my bullish opinion of 1890+ unless Gold rise above 1870 again.
And due to the last drop, it also gives me a picuture of 5-wave pattern, of which the wave-5 ends at 1877.
1878-1850 looks like correction wave-A to me, and the current rebounce seems as correction B.
1866, the 61.8% of Fib, becomes the key resistence for this rebounce and if rejected, I will see at least 1835-1840 as the next bear target.
So here are a few situations:
=================Possible Situation==========
No.1 Gold rise above 1870 and shows strong commitment for bullish, and later will try 1890 again.
No.2 Gold rejected at 1866-1870 area, and then try to find support around 1840 area, with extension to 1830.
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: 1835-1840 area, SL 1830, TP , 1850
Sell limit: 1865-1870 , SL 1872, TP 1840
Buy stop: n/a
Sell stop : n/a
Current price: 1864
===================Analysis=================
Yesterday Gold tried to push up but due to some reasons it failed and ends as a false break out in ascending direction.
The drop down to 1850 breaks the bullish trendline so that I will hold my bullish opinion of 1890+ unless Gold rise above 1870 again.
And due to the last drop, it also gives me a picuture of 5-wave pattern, of which the wave-5 ends at 1877.
1878-1850 looks like correction wave-A to me, and the current rebounce seems as correction B.
1866, the 61.8% of Fib, becomes the key resistence for this rebounce and if rejected, I will see at least 1835-1840 as the next bear target.
So here are a few situations:
=================Possible Situation==========
No.1 Gold rise above 1870 and shows strong commitment for bullish, and later will try 1890 again.
No.2 Gold rejected at 1866-1870 area, and then try to find support around 1840 area, with extension to 1830.
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: 1835-1840 area, SL 1830, TP , 1850
Sell limit: 1865-1870 , SL 1872, TP 1840
Buy stop: n/a
Sell stop : n/a
Trade active:
short in at 1866 as planned
Trade closed: target reached:
TP reached
