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: 2020/05/28
No plan, No trading
Entry reason:
Gold has commited a strong bull rebounce from 1693 to 1714 until now, this is good signal that either wave (3) or correction wave B starts. I would stick to long only until next reverse on the top happens.
The key support for the day becomes 1705 area and key resistence is 1720. Break out to the 1720 will bring a strong bull momentum.
So here's my trading plan for today:
Buy at 1705-1710: SL 1700 TP 1720,
------------Previous analysis ---------------
There are 2 possible situations here:
-----
No.1 wave (v) is not completed at 1763. The previous rise is just wave (1) of v.
Currently gold is doing a retracement wave (2) in a descending wedge channel with an a-b-c-d-e pattern. Gold was also testing the previous wave (iv) channel upper line and seems the support is valid for now.
For this situation, the key resistence level is the upper line of the wedge channel which is 1720 area. Break out the channel will confirm the start of wave (3),
-----
No.2. Wave (v) is already completed at 1763. Now it's doing correction wave A and later B & C may happen and gives me opportunity to long and short again. Then the Gold will start a big fall to 1640 area.
However for this assumption, the end of A or B can not be predicted.
----
-----------Previous trade update------------------
Emotion: Gold bearish power was quite strong for last few days and fall below my support line a few times. I was on the bullish side so the floating loss is making me nervous for a quite while. But luckily Gold find its support on 1694.
Result: I bought at 1705. 1700 , 1697. Manually close the 1705 trade at 1695 but leave the other 2 opened.
1697 ~ 1714 = 1700 pips profit
1700 ~ 1714 = 1400 pips profit
1705 ~ 1695 = 1000 pips loss
3100 - 1000 = 2100 pips in profit in the end.
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: 2020/05/28
No plan, No trading
Entry reason:
Gold has commited a strong bull rebounce from 1693 to 1714 until now, this is good signal that either wave (3) or correction wave B starts. I would stick to long only until next reverse on the top happens.
The key support for the day becomes 1705 area and key resistence is 1720. Break out to the 1720 will bring a strong bull momentum.
So here's my trading plan for today:
Buy at 1705-1710: SL 1700 TP 1720,
------------Previous analysis ---------------
There are 2 possible situations here:
-----
No.1 wave (v) is not completed at 1763. The previous rise is just wave (1) of v.
Currently gold is doing a retracement wave (2) in a descending wedge channel with an a-b-c-d-e pattern. Gold was also testing the previous wave (iv) channel upper line and seems the support is valid for now.
For this situation, the key resistence level is the upper line of the wedge channel which is 1720 area. Break out the channel will confirm the start of wave (3),
-----
No.2. Wave (v) is already completed at 1763. Now it's doing correction wave A and later B & C may happen and gives me opportunity to long and short again. Then the Gold will start a big fall to 1640 area.
However for this assumption, the end of A or B can not be predicted.
----
-----------Previous trade update------------------
Emotion: Gold bearish power was quite strong for last few days and fall below my support line a few times. I was on the bullish side so the floating loss is making me nervous for a quite while. But luckily Gold find its support on 1694.
Result: I bought at 1705. 1700 , 1697. Manually close the 1705 trade at 1695 but leave the other 2 opened.
1697 ~ 1714 = 1700 pips profit
1700 ~ 1714 = 1400 pips profit
1705 ~ 1695 = 1000 pips loss
3100 - 1000 = 2100 pips in profit in the end.
Trade closed: target reached:
1720 target reached.
Manually close yesterday position now.
Manually close yesterday position now.
