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: 2020/08/21
No plan, No trading
Gold was testing 1928 - 1955 bottom and top yesterday for several rounds. I already point out yesterday won't be purely bull or bearish, but just scalping. With this mind, I have taken good profit from the violate move.
Entry reason:
Gold failed to test 1960 or higher so I lower the resistence line to 1955 now.
The ranging may still continue or may not. From my wave analysis, wave C is not finished. and next target will be the pink TL, 1909 area.
I will be very careful from now on, and short trade will be my only direction. Gold may start bouncing again and 1926, but I don't suggest open long at that price again. (Even I already longed from here twice)
If the support is broken, gold may trigger another quick drop to 1906 area.
Key support: 1926 1906
Key resistence: 1955 1960 1970
So here's my plan:
Sell : between 1945 - 1955 , profit taken at 1926 for 50% position. Re-entry short if bounce again
Sell stop: 1923, TP 1910
for SL, I will manually close based on the pin bar
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: 2020/08/21
No plan, No trading
Gold was testing 1928 - 1955 bottom and top yesterday for several rounds. I already point out yesterday won't be purely bull or bearish, but just scalping. With this mind, I have taken good profit from the violate move.
Entry reason:
Gold failed to test 1960 or higher so I lower the resistence line to 1955 now.
The ranging may still continue or may not. From my wave analysis, wave C is not finished. and next target will be the pink TL, 1909 area.
I will be very careful from now on, and short trade will be my only direction. Gold may start bouncing again and 1926, but I don't suggest open long at that price again. (Even I already longed from here twice)
If the support is broken, gold may trigger another quick drop to 1906 area.
Key support: 1926 1906
Key resistence: 1955 1960 1970
So here's my plan:
Sell : between 1945 - 1955 , profit taken at 1926 for 50% position. Re-entry short if bounce again
Sell stop: 1923, TP 1910
for SL, I will manually close based on the pin bar
Trade active
sell open at 1950Trade closed: target reached
I'm closing 40% of my position at 1929 nowTrade active
I add some sells at 1934 for scalpping
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.
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.