Gold 0515 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: 2020/05/15
No plan, No trading
Entry reason:
(The No.1 assumption is invalid now, so I removed it. You can still check my history plan for my thoughts about them)
Gold has been doing a-b-c-d-e conslidating waves of wave (iv) for almost 3 weeks and now it finally makes the direction. The candle has confirmed the break and I don't see any bearish power to pull it down at least for now.
I would expected Gold to reach the wave (v) within the next 5-10 days.
So here's my plan:
Only buy at the support and no sell, until the reverse is noticed. (at least a huge dump candle)
The trend is quite easy to trade.
Buy 1720-1727: SL 1710. TP 1745, 1760, 1771.
Confidence level: 80%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
---------------0514 result update-------------------------
Emotion level for the trade: Frustrating for 1 hour. Gold doesn't drop to 1680 first for a nice long entry. I was too stick to the plan but ignored the candle power. The price goese from 1716 to 1721 in 5 minutes shows a strong buy momentum. I should exit my buy before hit my SL.
My previous short at 1718 hit the SL but I entered buy stop to make some profit back.
Result : I sell at 1714 and 1718. both hit SL 1723. 900 pips and 500 pips , $1300 usd in loss.
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: 2020/05/15
No plan, No trading
Entry reason:
(The No.1 assumption is invalid now, so I removed it. You can still check my history plan for my thoughts about them)
Gold has been doing a-b-c-d-e conslidating waves of wave (iv) for almost 3 weeks and now it finally makes the direction. The candle has confirmed the break and I don't see any bearish power to pull it down at least for now.
I would expected Gold to reach the wave (v) within the next 5-10 days.
So here's my plan:
Only buy at the support and no sell, until the reverse is noticed. (at least a huge dump candle)
The trend is quite easy to trade.
Buy 1720-1727: SL 1710. TP 1745, 1760, 1771.
Confidence level: 80%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
---------------0514 result update-------------------------
Emotion level for the trade: Frustrating for 1 hour. Gold doesn't drop to 1680 first for a nice long entry. I was too stick to the plan but ignored the candle power. The price goese from 1716 to 1721 in 5 minutes shows a strong buy momentum. I should exit my buy before hit my SL.
My previous short at 1718 hit the SL but I entered buy stop to make some profit back.
Result : I sell at 1714 and 1718. both hit SL 1723. 900 pips and 500 pips , $1300 usd in loss.
Trade closed: target reached
PARTIAL CLOSE now at TP 1745
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