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: 2020/08/28
No plan, No trading
Gold jumped $35 from 1940 to 1975 due to Powell speech, and dumpped $65 from 1975 to 1910 due to Powell speech. And all happened just within 1 hour.
Yesterday I made nice profit with the buy stop trade 1955 and have TP reached at 1970, but then lost all the profit in the crazy drop.
Let's stay away from this man Powell next time !!!
------------------
Entry reason:
Yesterday gold did break the trendline, but drop back to the channel super fast, which means it's not a valid break. From the chart, we can see gold is still making consolidation triangle and now near the top channel 1945.
The bottom line has been pushed up to 1916 now.
So between these range we don't have direction, but just consolidating. And a valid break will confirm the next big move.
I didn't use yesterday high 1975 to draw the line because that is an unreasonable move.
I will still stick to my yesterday point of view: Gold is still in the big C wave, and we still expect the next drop.
So here's my plan:
Sell limit: 1945- 1950 , Stop loss 1955 , TP 1916
Buy limit ( I will cancel the order depends on the power of drop) : 1915-1920 , TP 1940, SL 1910
Sell stop : 1910, TP 1900 1865
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: 2020/08/28
No plan, No trading
Gold jumped $35 from 1940 to 1975 due to Powell speech, and dumpped $65 from 1975 to 1910 due to Powell speech. And all happened just within 1 hour.
Yesterday I made nice profit with the buy stop trade 1955 and have TP reached at 1970, but then lost all the profit in the crazy drop.
Let's stay away from this man Powell next time !!!
------------------
Entry reason:
Yesterday gold did break the trendline, but drop back to the channel super fast, which means it's not a valid break. From the chart, we can see gold is still making consolidation triangle and now near the top channel 1945.
The bottom line has been pushed up to 1916 now.
So between these range we don't have direction, but just consolidating. And a valid break will confirm the next big move.
I didn't use yesterday high 1975 to draw the line because that is an unreasonable move.
I will still stick to my yesterday point of view: Gold is still in the big C wave, and we still expect the next drop.
So here's my plan:
Sell limit: 1945- 1950 , Stop loss 1955 , TP 1916
Buy limit ( I will cancel the order depends on the power of drop) : 1915-1920 , TP 1940, SL 1910
Sell stop : 1910, TP 1900 1865
Trade active:
Short in at 1945 now as planned
Trade active:
Short added at 1948 as planned.
1950 will be my last add.
1950 will be my last add.
Trade active:
My last short 1950.5 added.
Comment:
I'm near my Long SL set up. I will manually close it if Gold doesn't drop back in next 1 hour
Trade closed: stop reached:
my stop hit. I'm out
Trade active:
I'm short again
