Gold 0521 Trading Plan
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: 2020/05/20
No plan, No trading
Entry reason:
---------------------------------------------
Updated analysis:
Gold is reaching the bottom line of an increasing channel, which gives me the potential buy opportunity.
The sell power isn't too strong at this moment, so I decide to add more long here.
here's my plan:
Buy 1740, SL 1732. TP 1749 TP 1763
Confidence level: 65%
----- Previous analysis -------------
Gold has been doing a-b-c-d-e consolidating waves of wave (iv) for almost 3 weeks and now it's in the move of wave (v), which a new high is highly expected in next 5-10 days.
Bullish trend is confirmed so the trade is easy because the direction is clear.
Next few questions are:
1. Where to enter
2. Where to exit. (The target)
The entry:
I would not expect the gold to drops that hardly at this moment
Assume this is a bullish trend , : 1725 ~ 1730 is already a good point for me to re-entry.
I wouldn't' expect price below 1710 (the green trendline ) so much. If it did, it means the wave (v) is so weak and maybe finished. And the drop will be the correction wave A.
The exit:
wave(i) and wave ( iii ) are doing at least $170 in low-high difference. wave (v) may could be 100% or at least 50% ~ 61.8% fib of those.
To calculate the target:
1660 ~ 1690 + (range 100 to $180) = 1760 ~~~ 1840
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: 2020/05/20
No plan, No trading
Entry reason:
---------------------------------------------
Updated analysis:
Gold is reaching the bottom line of an increasing channel, which gives me the potential buy opportunity.
The sell power isn't too strong at this moment, so I decide to add more long here.
here's my plan:
Buy 1740, SL 1732. TP 1749 TP 1763
Confidence level: 65%
----- Previous analysis -------------
Gold has been doing a-b-c-d-e consolidating waves of wave (iv) for almost 3 weeks and now it's in the move of wave (v), which a new high is highly expected in next 5-10 days.
Bullish trend is confirmed so the trade is easy because the direction is clear.
Next few questions are:
1. Where to enter
2. Where to exit. (The target)
The entry:
I would not expect the gold to drops that hardly at this moment
Assume this is a bullish trend , : 1725 ~ 1730 is already a good point for me to re-entry.
I wouldn't' expect price below 1710 (the green trendline ) so much. If it did, it means the wave (v) is so weak and maybe finished. And the drop will be the correction wave A.
The exit:
wave(i) and wave ( iii ) are doing at least $170 in low-high difference. wave (v) may could be 100% or at least 50% ~ 61.8% fib of those.
To calculate the target:
1660 ~ 1690 + (range 100 to $180) = 1760 ~~~ 1840
Trade closed: stop reached
I hit my SL. trade closed
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