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:
Yesterday Gold touched 1961, which completed the small correction wave (c), and then quickly dropped to 1925.
So now, gold has completed a typical whole Elliot Wave in the small period. Usually once it's done, the Gold should continue with the previous trend, or in some case, reverse.
The drop from 1960 to 1924 could be the wave-1 of the new cycle, or just a random movement. (we can only confirm it when price break downside to 1920)
Here are 2 assumptions here:
No1. The drop is wave-1. A $35 drop usually will have an 30%-61% Fib rebounce, which is 1941, 1946 area.
And then we can expect a huge drop for wave-3 with target 1900 or 1865 area.
No.2 Gold doesn't decide the direction yet, and the drop is just X, so a consolidation may happen.
Based on this assumption, a rebounce to the previous high or at least 50% of fib is expected.
No matter which assumption, I can do scalpping trading within these range: 1925 - 1960.
But to be noted that 1923 (The 1st green line) is the key wedging point to support these assumption. Break down to 1923 will confirm No.1 and we can also know the wave 3 is happenining.
Key support: 1923
Key resistence: 1937, 1941, 1946
So here's my plan:
Buy from 1923-1927, SL 1920, TP 1940
Sell stop, 1921, TP 1900,
Sell limit: 1940 -1946, SL 1950
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:
Yesterday Gold touched 1961, which completed the small correction wave (c), and then quickly dropped to 1925.
So now, gold has completed a typical whole Elliot Wave in the small period. Usually once it's done, the Gold should continue with the previous trend, or in some case, reverse.
The drop from 1960 to 1924 could be the wave-1 of the new cycle, or just a random movement. (we can only confirm it when price break downside to 1920)
Here are 2 assumptions here:
No1. The drop is wave-1. A $35 drop usually will have an 30%-61% Fib rebounce, which is 1941, 1946 area.
And then we can expect a huge drop for wave-3 with target 1900 or 1865 area.
No.2 Gold doesn't decide the direction yet, and the drop is just X, so a consolidation may happen.
Based on this assumption, a rebounce to the previous high or at least 50% of fib is expected.
No matter which assumption, I can do scalpping trading within these range: 1925 - 1960.
But to be noted that 1923 (The 1st green line) is the key wedging point to support these assumption. Break down to 1923 will confirm No.1 and we can also know the wave 3 is happenining.
Key support: 1923
Key resistence: 1937, 1941, 1946
So here's my plan:
Buy from 1923-1927, SL 1920, TP 1940
Sell stop, 1921, TP 1900,
Sell limit: 1940 -1946, SL 1950
Transaction en cours:
I entered long at 1926 , SL set at 1920.
This is an anti-trend trading with high risk, so control your size if you want to follow.
I'm prepared to loss this order but just want to try to make more profit
This is an anti-trend trading with high risk, so control your size if you want to follow.
I'm prepared to loss this order but just want to try to make more profit
Commentaire:
luckily, the long is in profit now. I added another at 1924
Commentaire:
Gold drops quite fast from 1929 to 1922. not a good sign for the rebounce...
Trade fermée manuellement:
I had sell stop opened. but now closed it mannually since lose of bearish power
Transaction en cours:
I'm entering long at 1917 now.
Commentaire:
tracking in the new post
