CFDs on Gold (US$ / OZ)Updated Gold 1228 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: 2020/12/28
No plan, No trading
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Entry reason:
Gold is jumpping to the previous high 1900 area and takes a rest at 1895 right now.
I think the Gold is reaching the key resistence of the upper edge of the descending channel. It will choose a direction very soon.
We can't know where it goes but it doesn't impact on my trading plan.
So here's my plan:
sell at 1900 -1904, SL 1906.
buy stop at 1906, and add long when it falls back to 1900 area again.
=======================================
Previous analysis:
Gold tested 1860 area yesterday and seems find a valid support here.
From the chart, you can also see 1860 is also the pivot point of the ascending trendline (Green one). if a rebounce happened at this point, there could be a few situation:
No.1 Re-test 1882 resistence line and drop again
No.2 Retest 1882 and break out and go up to 1902 again.
No.3:
If I look into a lower timeframe - M15, 1873 - 1875 is the intra-day pivot point .
There's also a possibility that gold falls again from this point if the bearish power is strong.
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: 2020/12/28
No plan, No trading
------------------
Entry reason:
Gold is jumpping to the previous high 1900 area and takes a rest at 1895 right now.
I think the Gold is reaching the key resistence of the upper edge of the descending channel. It will choose a direction very soon.
We can't know where it goes but it doesn't impact on my trading plan.
So here's my plan:
sell at 1900 -1904, SL 1906.
buy stop at 1906, and add long when it falls back to 1900 area again.
=======================================
Previous analysis:
Gold tested 1860 area yesterday and seems find a valid support here.
From the chart, you can also see 1860 is also the pivot point of the ascending trendline (Green one). if a rebounce happened at this point, there could be a few situation:
No.1 Re-test 1882 resistence line and drop again
No.2 Retest 1882 and break out and go up to 1902 again.
No.3:
If I look into a lower timeframe - M15, 1873 - 1875 is the intra-day pivot point .
There's also a possibility that gold falls again from this point if the bearish power is strong.
Trade active
Long in at 1872 nowTrade closed: target reached
long closed at 1895 now
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