Gold 0525 Trading Plan

TVC:GOLD   CFDs on Gold (US$ / OZ)
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: 2020/05/25

No plan, No trading

Entry reason:

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.
Bullish trend 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.

The bars are still in the upward channel and above the trend support line (the green line).

I would do buy in in the area with small SL.

here's my plan:

Buy 1722- 1730, SL 1718, TP 1749. 1763 1788

Buy stop 1745, TP 1763 1788. SL 1737

-----------to be updated later------------------
emotion level:

Trade active: Long opened at 1725


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