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: 2020/10/ 07
No plan, No trading
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Entry reason:
Gold was breaking the consolidation range, and now it's retesting the previos channel at 1895 this moment. This early morning it touches 1873 the lowest point. It's good to see a correction wave of the previous drop so that the bears will have more time to accumulate power to test a new lower low.
1873 was near our previous target 1850, and after this correction wave, I will expect another down in later future.
It's my 1 cent, but still in loss, just doing to pass time, becoz Corona time no work, but your suggestion is helpful, Thanks a lot for caring, Gbu.
euphoricLion57562
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Just short. Thanks.
kjwlegend
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@euphoricLion57562,
Hi, you need to control your position to better manage the risk reward ratio.
eg. if 1897 is my ideal short point, I can bet 10%. but if you only can enter at 1892, you need to enter less than 10%. and wait another chance to add position.
Since I don't know your account size, it's just my 2 cents but maybe you have different strategy