please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1787
===================Analysis=================
In my previous analysis, I mentioned Gold bearish may start by the pressure of descending trendline. It dropped from 1790 to 1773 lowest yesterday, which was close to my 1770 TP.
It rebounced a little bit and now we should watch whether the trendline still having pressure on the rise.
The current pivot is: 1782
Gold is still in the correction but all indicators (atr/ volume / boll / etc.) show another impulsive wave is coming soon.
Of course we are not 100% sure where it goes, but Gold is still in the bearish channel, I am more bias on shorting based on the current situation.
The key support now is: 1772
Breaking this support will cause another quick dip to 1760 area.
So here are a few scenarios:
=================Possible Situation==========
No.1 Gold breaks above 1783, it means Gold will continue move in a big conslidation range between 1772 - 1794
No.2 Gold rejected at 1782 area and drop again. It means the bearish still dominates the market, we should expect a lower low with this scenario
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. I will see if anohter reversal signal appears around 1772
Sell limit: 1782 , SL 1786, TP 1772, 1760
Buy stop: n/a
sell stop: 1770, TP 1760, sl 1775
Current price: 1787
===================Analysis=================
In my previous analysis, I mentioned Gold bearish may start by the pressure of descending trendline. It dropped from 1790 to 1773 lowest yesterday, which was close to my 1770 TP.
It rebounced a little bit and now we should watch whether the trendline still having pressure on the rise.
The current pivot is: 1782
Gold is still in the correction but all indicators (atr/ volume / boll / etc.) show another impulsive wave is coming soon.
Of course we are not 100% sure where it goes, but Gold is still in the bearish channel, I am more bias on shorting based on the current situation.
The key support now is: 1772
Breaking this support will cause another quick dip to 1760 area.
So here are a few scenarios:
=================Possible Situation==========
No.1 Gold breaks above 1783, it means Gold will continue move in a big conslidation range between 1772 - 1794
No.2 Gold rejected at 1782 area and drop again. It means the bearish still dominates the market, we should expect a lower low with this scenario
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. I will see if anohter reversal signal appears around 1772
Sell limit: 1782 , SL 1786, TP 1772, 1760
Buy stop: n/a
sell stop: 1770, TP 1760, sl 1775
Trade active:
sell opend as planed
Trade closed: stop reached:
sell closed for now. bull are quite strong
