CFDs on Gold (US$ / OZ)Updated Gold 0806 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: 2020/08/06
No plan, No trading
Entry reason:
In my last analysis, I already point out the trading plan for either side move. And Gold broke the triangle and hit 2020 with no resistence. It touches 2047 the highest a few hours ago.
Will Gold continue go up? I don't know. There's a possibility there but I won't buy gold for any price above 2000+.
I look back the chart from June 2 month ago and find a quite obvious 5 wave pattern (shown in the chart). I can't really calculate an accurate for the target price for wave-5 and it's from range 2048 - 2088.
Another thing we need to be careful is, the divergence in RSI and MACD indicator, no need to mention that they are all overbought too.
So here's my plan:
Sell when H4 hour MACD or RSI is going down. use M15 indicator to find entry. I'm not an indicator trader, but it's useful when we don't know when a trend changes.
A short period resistence line is 2044.
Thus, I will sell around 2040-2045. SL , 2050 TP 2000.
There will be a buy opportunity for wave B, the good entry point is around 1970 - 1990. And the rebounce will give me a nice profit selling point at 2020+ again.
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: 2020/08/06
No plan, No trading
Entry reason:
In my last analysis, I already point out the trading plan for either side move. And Gold broke the triangle and hit 2020 with no resistence. It touches 2047 the highest a few hours ago.
Will Gold continue go up? I don't know. There's a possibility there but I won't buy gold for any price above 2000+.
I look back the chart from June 2 month ago and find a quite obvious 5 wave pattern (shown in the chart). I can't really calculate an accurate for the target price for wave-5 and it's from range 2048 - 2088.
Another thing we need to be careful is, the divergence in RSI and MACD indicator, no need to mention that they are all overbought too.
So here's my plan:
Sell when H4 hour MACD or RSI is going down. use M15 indicator to find entry. I'm not an indicator trader, but it's useful when we don't know when a trend changes.
A short period resistence line is 2044.
Thus, I will sell around 2040-2045. SL , 2050 TP 2000.
There will be a buy opportunity for wave B, the good entry point is around 1970 - 1990. And the rebounce will give me a nice profit selling point at 2020+ again.
Note
The next few candle bar style is really important to confirm the start of this correction. It's better to wait for the bearish candle before place a trade.
Trade active
My shot is opened at 2045 now.Trade closed: stop reached
I will exit my short and wait for a little bitTrade active
in M15 signal Gold seems start reversing. I will enter a light short again, and SL 2054.Trade closed: stop reached
short exit again. wait for another signalTrade active
I opened short again at 2060Trade closed: target reached
My previous short closed at 2025. 3 shorts hit TP:
2060 --> 2025
2048 --> 2025
2040 --> 2031
2 shorts hit SL:
2045 -> 2050
2050 -> 2055
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.