Instead of calling Gold analysis, I would use the term of trading journal to record my trades because I may not always have a plan to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 02 / 25
===================Analysis=================
Gold has reached the support area and 1785 has provided the suport twice for bull. The volume and momentum of Gold is decreasing at this moment which makes the ranging space smaller.
Today's high 1804 has become a new resistence and 1786 has become the new support but it's kinda weak if it touched 3 times.
In H4 period, bearish still domain the market at this moment however it's not good to trade here.
=================Possible Situation==========
No.1. Gold continually falling and break 1785 support and then drops hardly to 1760 area.
No.2 Gold makes sideways between 1785 - 1805 and then continue falling.
No.3 Gold rebounce hardly and break 1805 resistence and test 1815 again.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1800 1805 1815
The key support: 1760 1785
buy limit 1785-1790, SL 1783, TP 1800, or wait a M15 reversal signal at 1785area to enter a buy.
Sell limit: 1800 - 1805, SL 1807, TP 1788.
sell stop : 1782, TP 1765.
These buy stop & sell stop order is hard to set SL, so I will use trailing SL instead of fixed price.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 02 / 25
===================Analysis=================
Gold has reached the support area and 1785 has provided the suport twice for bull. The volume and momentum of Gold is decreasing at this moment which makes the ranging space smaller.
Today's high 1804 has become a new resistence and 1786 has become the new support but it's kinda weak if it touched 3 times.
In H4 period, bearish still domain the market at this moment however it's not good to trade here.
=================Possible Situation==========
No.1. Gold continually falling and break 1785 support and then drops hardly to 1760 area.
No.2 Gold makes sideways between 1785 - 1805 and then continue falling.
No.3 Gold rebounce hardly and break 1805 resistence and test 1815 again.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1800 1805 1815
The key support: 1760 1785
buy limit 1785-1790, SL 1783, TP 1800, or wait a M15 reversal signal at 1785area to enter a buy.
Sell limit: 1800 - 1805, SL 1807, TP 1788.
sell stop : 1782, TP 1765.
These buy stop & sell stop order is hard to set SL, so I will use trailing SL instead of fixed price.
Trade closed: stop reached:
sell stop TP reached
Trade closed: target reached:
sell stop TP reached
BUY SL would be 1780
buy limit: 1780-1785
SELL STOP 1780