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.
No plan, No trading
Gold has been doing a-b-c-d-e consolidating waves of wave (iv) for almost 3 weeks and now it's in the move of wave (v), which a new high is highly expected in next 5-10 days.
is confirmed so the trade is easy because the direction is clear. I would do buy only until the wave v is completed.
Based on the current move, wave (v) could be another 5-wave pattern and currently wave (2) of v is in process.
It seems gold is test the previous wave (iv) channel, and the wave 2 is like a a-b-c-d-e pattern correction wave. The key support point now becomes 1708
Here's my plan:
Purchase at 1707-1710 : SL 1700 TP 1763
-----------Previous trade update------------------
emotion level: Sad but in control
Trade closed manually: Gold price break the key level 1718. I decide to exit the long for now with small loss.
My previous 1725 long exit at 1718 with $7 in loss.