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/ 01
No plan, No trading
------------------
Entry reason:
Gold doesn't react to the U.S non-farm employeement data, so that I believe it will still follow the previous technical analysis, that wave C is still under going.
=========================
No.1 The previous big drop is wave-3
Then the current A-B-C correction is consolidating as wave 4 and it may be ranging for little bit more time.
And the highest rebounce for wave-4 will be 1890.
----------------
No.2. The previous big drop already completes a 5 wave pattern, and the wave-5 was a extended wave.
This current A-B-C forms the final correction of the 8-wave cycle and once completed, another downside drop is expected.
But for the A-B-C correciton, the highest could be 1885 or 1900.
==========================
Based on the current wave, I can see the No.2 scenario is likely to be the case and the correction is almost done for this rebounce.
If this H2 or H4 candle confirm the bearish , I will expect the price start going drop and test 1850 again.
So here's my plan:
The current key resistence will be 1913
The support 1890, 1880 1850
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/ 01
No plan, No trading
------------------
Entry reason:
Gold doesn't react to the U.S non-farm employeement data, so that I believe it will still follow the previous technical analysis, that wave C is still under going.
=========================
No.1 The previous big drop is wave-3
Then the current A-B-C correction is consolidating as wave 4 and it may be ranging for little bit more time.
And the highest rebounce for wave-4 will be 1890.
----------------
No.2. The previous big drop already completes a 5 wave pattern, and the wave-5 was a extended wave.
This current A-B-C forms the final correction of the 8-wave cycle and once completed, another downside drop is expected.
But for the A-B-C correciton, the highest could be 1885 or 1900.
==========================
Based on the current wave, I can see the No.2 scenario is likely to be the case and the correction is almost done for this rebounce.
If this H2 or H4 candle confirm the bearish , I will expect the price start going drop and test 1850 again.
So here's my plan:
The current key resistence will be 1913
The support 1890, 1880 1850
Trade active
short added at 1908
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.