CFDs on Gold (US$ / OZ)Updated Gold 0311 Analysis
Yesterday the gold completes the A-B-C correction waves at the end price of 1642, which is a little bit higher than we initial estimate 1635. The C seems little weaker than I expect.
watch, the price breaks out the downtrend channel at 1657, so don't be stubborn on short position. Thus, I will be neutral about the future direction until another breakout happens. It's still easy to draw the resistence and support.
Support 1642, 1650
Resistence 1666
I am expecting the Gold will swing in the area
Price like 1684 or 1634 are still important but they are too far from the current price and I'm an intra-day trader.
Here's my trading plan today:
Short: 1665 . SL 1670, TP 1650
buy: 1650, 1644 . SL 1640, TP 1666
NOTE: follow with your own Risk
wechat: 56349014
watch, the price breaks out the downtrend channel at 1657, so don't be stubborn on short position. Thus, I will be neutral about the future direction until another breakout happens. It's still easy to draw the resistence and support.
Support 1642, 1650
Resistence 1666
I am expecting the Gold will swing in the area
Price like 1684 or 1634 are still important but they are too far from the current price and I'm an intra-day trader.
Here's my trading plan today:
Short: 1665 . SL 1670, TP 1650
buy: 1650, 1644 . SL 1640, TP 1666
NOTE: follow with your own Risk
wechat: 56349014
Trade active
Trade open already:Sell 1665
Trade active
Add another slots at 1666Trade active
Add another postion at 1667.5Note
my 1665 order stopped and the rest 2 are still opened.Gold jumps to 1671 but drops very quickly which is still not a valid breakout.
I will monitor my orders and manually close if gold price continue growing.
Trade closed: target reached
my target profit reaches. Even the support line in my analysis is around 1650. I decide to close all my position at 1653.
Pips in this trade, 1667 - 1653 = 140 pips
Trade active
I opened my long position now. buy at 1652.5
Note
I add another buy at 1650Note
add another buy at 1647.Note
Add my final position at 1644 as planned. SL : 1638
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