please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1796
===================Analysis=================
Yesterday I was looking at my chart and think Gold probably could test 1830. But it just bring me a weird feeling when price rejected hardly at 1798.
Then I scanned my chart and find there are so many trendlines in the chart. Then I start thinking, if there are many trendlines, then what exactly the trend is.
It will make people so confusing about trading. Thus I decide to fresh my mind and keep only 1 trendline, the most clear to observe and belong to the current chart timeframe.
I used to use dayframe or weekly frame trendline but trading in H1 chart, which doesn't make sense.
So after the re-draw, I get a clear picture about the next movement.
NOTE #1 : THIS IS JUST MY PERSONAL VIEW.
Once gold broke the ascending TL a few days ago at 1793, the bullish had turned into ranging or little bit weak bearish market.
Gold touches 1797.8 today but fail to break up, indicating that the bullish momentum become weak or need more time to accumulate power to go up.
Gold bounced from 1784 twice, forms the flat consolidation range of 1783-1798.
Under this assumption, as long as Gold stays below 1800, there's very high chance to go downside again.
Droping below 1780 will bring a serious fall in a few hours.
The only chance that Gold turns into bullish is to have strong rise and quickly break 1800, otherwise, there's higher possibility to go down side.
NOTE #2: I need another H2 red candle to confirm my assumption
Key levels:
1798
1783
So here are a few situations:
=================Possible Situation==========
No.1 Gold ranges between 1783-1798
No.2 Gold break either side to start an impulsive wave.
P.S:
I'm NOT trying to predict the market, but just to find out the most cost-efficient plan to trade.
=================My Trading Plan===============
Buy limit: N/A
Sell limit: 1798 area , SL 1801, TP 1783
Sell stop: 1782, TP 1770, 1760 , SL 1785
Current price: 1796
===================Analysis=================
Yesterday I was looking at my chart and think Gold probably could test 1830. But it just bring me a weird feeling when price rejected hardly at 1798.
Then I scanned my chart and find there are so many trendlines in the chart. Then I start thinking, if there are many trendlines, then what exactly the trend is.
It will make people so confusing about trading. Thus I decide to fresh my mind and keep only 1 trendline, the most clear to observe and belong to the current chart timeframe.
I used to use dayframe or weekly frame trendline but trading in H1 chart, which doesn't make sense.
So after the re-draw, I get a clear picture about the next movement.
NOTE #1 : THIS IS JUST MY PERSONAL VIEW.
Once gold broke the ascending TL a few days ago at 1793, the bullish had turned into ranging or little bit weak bearish market.
Gold touches 1797.8 today but fail to break up, indicating that the bullish momentum become weak or need more time to accumulate power to go up.
Gold bounced from 1784 twice, forms the flat consolidation range of 1783-1798.
Under this assumption, as long as Gold stays below 1800, there's very high chance to go downside again.
Droping below 1780 will bring a serious fall in a few hours.
The only chance that Gold turns into bullish is to have strong rise and quickly break 1800, otherwise, there's higher possibility to go down side.
NOTE #2: I need another H2 red candle to confirm my assumption
Key levels:
1798
1783
So here are a few situations:
=================Possible Situation==========
No.1 Gold ranges between 1783-1798
No.2 Gold break either side to start an impulsive wave.
P.S:
I'm NOT trying to predict the market, but just to find out the most cost-efficient plan to trade.
=================My Trading Plan===============
Buy limit: N/A
Sell limit: 1798 area , SL 1801, TP 1783
Sell stop: 1782, TP 1770, 1760 , SL 1785
Comment:
I find a doji in H2 at 1802 now.
Short opened at 1802. SL 1805
Short opened at 1802. SL 1805
Comment:
confused now. bulls are so strong
Trade closed: stop reached:
SL hit. wait for more opportunity
Trade active:
SHORT RE-ENTERED
Trade closed: stop reached:
SL hit again. STOP TRADING TODAY
next time it drops below 1798 will confirm the start of fall