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: 2020/08/25
No plan, No trading
Entry reason:
Gold didn't do a 50% or 61% correction but directly drop from 38.2% (1937) to the lowest point 1914 now.
I still think gold is in the big C, but, this correction wave didn't meet right volume for next big drop.
Watch out the pink trendline in my chart, where the gold could start a huge rebounce in H4 period chart for next day. Thus, I will not be complete bearish but more like ranging between resistence and support.
If gold rise above 1926, then it has high possibility to test 1950 area again. Otherwise, 1926 would become an entry point for short again.
I don't suggest to short from here, to 'gambling' a lower low.
The pink TL will be the trigger to do another sell stop
Thus, I'm thinking doing long from here, unless 1914 support broken. Then a huge potential is expected for the big wave C
Key support: 1914
Key resistence: 1926 1937
So here's my plan:
buy from 1914 - 1917, SL 1912. TP 1926
Short from 1926 with small SL for test. Adding slots when direction confirmed.
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: 2020/08/25
No plan, No trading
Entry reason:
Gold didn't do a 50% or 61% correction but directly drop from 38.2% (1937) to the lowest point 1914 now.
I still think gold is in the big C, but, this correction wave didn't meet right volume for next big drop.
Watch out the pink trendline in my chart, where the gold could start a huge rebounce in H4 period chart for next day. Thus, I will not be complete bearish but more like ranging between resistence and support.
If gold rise above 1926, then it has high possibility to test 1950 area again. Otherwise, 1926 would become an entry point for short again.
I don't suggest to short from here, to 'gambling' a lower low.
The pink TL will be the trigger to do another sell stop
Thus, I'm thinking doing long from here, unless 1914 support broken. Then a huge potential is expected for the big wave C
Key support: 1914
Key resistence: 1926 1937
So here's my plan:
buy from 1914 - 1917, SL 1912. TP 1926
Short from 1926 with small SL for test. Adding slots when direction confirmed.
Transaction en cours:
I'm still in long and have position opened at 1923, 1918 1916
Trade fermée: ordre d’arrêt atteint:
I hit my SL. will wait for another opportunity
Commentaire:
I can onyl say, WTF is Gold doing???
