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: 2020/07/15
No plan, No trading
=========Update:=============
Gold reaches the key resistence 1810 and starts reverse. The decsending channel seems quite clear and here's an a-b-c-d-e consolidation pattern is most likely to happen
I'm shortting at 1810 again.
========== yesterday analysis =============
Entry reason:
I'm still thinking Gold compeleted its wave-5 at 1816 and now starts the A-B-C correction before hitting a new high.
Now the price is touching the key TL (purple one) from the large cycle, and already break the TL (blue line) from the small cycle, which indicates that the bull power needs a rest and a consolidation move is highly possible.
The ranging area is from 1795 - 1810 (key resistence). Break out to any direction from this range, will bring a strong momentun to anyside.
Personally, I'm bias on short.
So here's my plan:
Short when the price touch the blue TL again, (under 1810).
Sell stop at 1796 TP 1770
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: 2020/07/15
No plan, No trading
=========Update:=============
Gold reaches the key resistence 1810 and starts reverse. The decsending channel seems quite clear and here's an a-b-c-d-e consolidation pattern is most likely to happen
I'm shortting at 1810 again.
========== yesterday analysis =============
Entry reason:
I'm still thinking Gold compeleted its wave-5 at 1816 and now starts the A-B-C correction before hitting a new high.
Now the price is touching the key TL (purple one) from the large cycle, and already break the TL (blue line) from the small cycle, which indicates that the bull power needs a rest and a consolidation move is highly possible.
The ranging area is from 1795 - 1810 (key resistence). Break out to any direction from this range, will bring a strong momentun to anyside.
Personally, I'm bias on short.
So here's my plan:
Short when the price touch the blue TL again, (under 1810).
Sell stop at 1796 TP 1770
