Gold 0707 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: 2020/07/07
No plan, No trading
Entry reason:
Gold slowly grows today that broke the 1780 resistence line, and now stop around 1786.
Even I don't see any berish power today, I should be very careful to buy Gold at this current price.
Watch the 4 hour chart, MACD indicator. There's a hidden divergence may happen here, which indicates a hard drop in next few days. (Of course gold may gain strong buying power and hit a new high).
In terms of wave analysis, as long as Gold price not cross 1788, correction wave A-B-C pattern is still valid. 1778 is the wedging point of bullish and berish. Drop below 1778 will confirm a start of wave-C.
So here's my plan:
buy stop at 1790, TP 1795 1800. with $3 SL
Short at 1786, SL 1790. TP 1777, 1750
Add more short at 1776, SL 1785, TP 1750
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: 2020/07/07
No plan, No trading
Entry reason:
Gold slowly grows today that broke the 1780 resistence line, and now stop around 1786.
Even I don't see any berish power today, I should be very careful to buy Gold at this current price.
Watch the 4 hour chart, MACD indicator. There's a hidden divergence may happen here, which indicates a hard drop in next few days. (Of course gold may gain strong buying power and hit a new high).
In terms of wave analysis, as long as Gold price not cross 1788, correction wave A-B-C pattern is still valid. 1778 is the wedging point of bullish and berish. Drop below 1778 will confirm a start of wave-C.
So here's my plan:
buy stop at 1790, TP 1795 1800. with $3 SL
Short at 1786, SL 1790. TP 1777, 1750
Add more short at 1776, SL 1785, TP 1750
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