Gold 1127 Trading Plan
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: 2020/11/27
Many people suffered a big loss on the capital due to the previous drop, so did I, while a big group of people laugh and left with a big profit.
No plan, No trading
------------------
Entry reason:
Gold find a strong support around 1800 area, while many people notice that 200 EMA on the day chart is at 1800, where most people have strong expectation and SL at this price.
Gold is doing consolidation wave from range 1808 - 1818, a small range.
There are 2 possible assumption for next move:
No.1 Elliot wave , Gold is in the wave 4
wave-1: 1895 - 1852
wave-2: 1852 - 1879
wave-3: 1879 - 1801
wave-4: 1801 - ?
wave-5: ?- 1750~1870
In this assumption, another drop is still expected to confirm the real bottom.
If 1800 were the bottom, the correction up should be more stronger than current situation.
However, if Gold price gose above 1850, then this assumption become invalid, another bump up will happen very quickly
No.2 EMA Trend theory
Well, the only reason to support this assumption for me is 200 EMA at 1800 the key point, and most people believe 1800 is already a key bottom price to go up.
break down to this point will cause some problem.
Personally either assumpton is fine to me, the current price is:
Support: 1800, 1808
Resistence : 1817, 1830
So here's my plan:
Buy around 1808, SL $2, TP 1817 (Scalp order)
buy around 1800, SL $5, TP 1830
Buy stop 1818, TP 1830
Sell at 1817, SL $2.5 TP 1810 (scalp order)
sell stop at 1807, TP 1800
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: 2020/11/27
Many people suffered a big loss on the capital due to the previous drop, so did I, while a big group of people laugh and left with a big profit.
No plan, No trading
------------------
Entry reason:
Gold find a strong support around 1800 area, while many people notice that 200 EMA on the day chart is at 1800, where most people have strong expectation and SL at this price.
Gold is doing consolidation wave from range 1808 - 1818, a small range.
There are 2 possible assumption for next move:
No.1 Elliot wave , Gold is in the wave 4
wave-1: 1895 - 1852
wave-2: 1852 - 1879
wave-3: 1879 - 1801
wave-4: 1801 - ?
wave-5: ?- 1750~1870
In this assumption, another drop is still expected to confirm the real bottom.
If 1800 were the bottom, the correction up should be more stronger than current situation.
However, if Gold price gose above 1850, then this assumption become invalid, another bump up will happen very quickly
No.2 EMA Trend theory
Well, the only reason to support this assumption for me is 200 EMA at 1800 the key point, and most people believe 1800 is already a key bottom price to go up.
break down to this point will cause some problem.
Personally either assumpton is fine to me, the current price is:
Support: 1800, 1808
Resistence : 1817, 1830
So here's my plan:
Buy around 1808, SL $2, TP 1817 (Scalp order)
buy around 1800, SL $5, TP 1830
Buy stop 1818, TP 1830
Sell at 1817, SL $2.5 TP 1810 (scalp order)
sell stop at 1807, TP 1800
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