Instead of calling Gold analysis, I would use the term of trading plan or trading journal to record my trades.
So please note: This is a personal journal only, but NOT a trading suggestion. Please control your own risk if you want to follow, we may have different risk preference and position management strategy.
Date: 2020/08/27
No plan, No trading
Gold made a fake drop broke and started an insane rebounce with absolute no correction from 1904 to 1954, a $50 jump.
Yesterday I had a huge lose because I want to catch a correction wave and then Long, but the move didn't stop at all and make my sell stop order cause a huge loss.
Entry reason:
Even with the insane rebounce, I don't have too much confidence that Gold turns into bullish in large cycle. If I still stand my previous opinion --- Gold is in the big corrective wave C, then the consolidtion move from 1904 to 1954 is the should be the wave 2 of the C. And this wave 2 makes up a consolidation triangle in the chart.
Based on this wave count, there will be a huge drop that happening soon, down to 1800 area. (But to be noted, 1910 area still a big support)
Besides, from the parralle channel and the big trendline (red one), we can found the gold dropped from the top channel at 1954.
The key changing point between bull and bearish is: 1952 for now.
Due to the crazy rise, there are also lots of support from 1934-1938
So here's my plan:
Buy limit 1935-1938 for the 1st time, TP 1950, SL 1930
buy stop 1955, TP 1970
Sell limit from 1949 - 1952, SL 1954, TP 1935 , 1910
Buy limit 1906
So please note: This is a personal journal only, but NOT a trading suggestion. Please control your own risk if you want to follow, we may have different risk preference and position management strategy.
Date: 2020/08/27
No plan, No trading
Gold made a fake drop broke and started an insane rebounce with absolute no correction from 1904 to 1954, a $50 jump.
Yesterday I had a huge lose because I want to catch a correction wave and then Long, but the move didn't stop at all and make my sell stop order cause a huge loss.
Entry reason:
Even with the insane rebounce, I don't have too much confidence that Gold turns into bullish in large cycle. If I still stand my previous opinion --- Gold is in the big corrective wave C, then the consolidtion move from 1904 to 1954 is the should be the wave 2 of the C. And this wave 2 makes up a consolidation triangle in the chart.
Based on this wave count, there will be a huge drop that happening soon, down to 1800 area. (But to be noted, 1910 area still a big support)
Besides, from the parralle channel and the big trendline (red one), we can found the gold dropped from the top channel at 1954.
The key changing point between bull and bearish is: 1952 for now.
Due to the crazy rise, there are also lots of support from 1934-1938
So here's my plan:
Buy limit 1935-1938 for the 1st time, TP 1950, SL 1930
buy stop 1955, TP 1970
Sell limit from 1949 - 1952, SL 1954, TP 1935 , 1910
Buy limit 1906
Commentaire:
1938 buy in
Transaction en cours:
Add another buy at 1934 as planned.
Trade fermée: cible de profit atteinte:
I Closed my buys.
Will wait to see if short or buy stop again
Will wait to see if short or buy stop again
Trade fermée: cible de profit atteinte:
1970 TP reached !
If Gold stands above 1952 for one hour, I will turn into bullish