Gold 0603 Trading Plan - Addition
Cập nhật
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: 2020/06/03
No plan, No trading
Entry reason:
Gold find the support at at 1714 (as analyzed in the previous article) and the short term bearish momentum is losing.
I'm not sure the further direction but a Header & Shoulder pattern is quite clear showned in the chart.
The future move is still unclear but there are few options here:
Gold goes up:
Correction wave B or the wave (v) to start. 1745 1750 is the key resistence. Above 1753 , then a new high 1790 is expected. or if it falls at 1750, then gold bullish is over, a big drop will happen.
Gold goes down:
To test the big support line around 1706.
I would try this support 1714 first and see if the Fib works.
So here's my plan:
Buy at 1714, SL 1711. TP 1745.
Confidence level: 45%
buy at 1705, SL 1700, TP 1740
Confidence level: 65%.
----------Previous trading update------------
Emotion level: Confident. I was quite sure about that 1732 short to 1714, because bearish inertia is not a easy thing to stop
result: 1731 to 1714 short. 1700 pips in profit
------------wave 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.
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: 2020/06/03
No plan, No trading
Entry reason:
Gold find the support at at 1714 (as analyzed in the previous article) and the short term bearish momentum is losing.
I'm not sure the further direction but a Header & Shoulder pattern is quite clear showned in the chart.
The future move is still unclear but there are few options here:
Gold goes up:
Correction wave B or the wave (v) to start. 1745 1750 is the key resistence. Above 1753 , then a new high 1790 is expected. or if it falls at 1750, then gold bullish is over, a big drop will happen.
Gold goes down:
To test the big support line around 1706.
I would try this support 1714 first and see if the Fib works.
So here's my plan:
Buy at 1714, SL 1711. TP 1745.
Confidence level: 45%
buy at 1705, SL 1700, TP 1740
Confidence level: 65%.
----------Previous trading update------------
Emotion level: Confident. I was quite sure about that 1732 short to 1714, because bearish inertia is not a easy thing to stop
result: 1731 to 1714 short. 1700 pips in profit
------------wave 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.
Bình luận
As a technical trader, I plan to enter the long if the U.S ADP data is bearish for Gold. SL is small so the risk is controlled.
Giao dịch đang hoạt động
I entered a very small lots at 1709 now, will do more at 1705Bình luận
Long added at 1706Bình luận
Long added at 1704 now.Đóng lệnh: dừng lỗ
SL reached. I will wait for the next chance.
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