CFDs on Gold (US$ / OZ)Updated Gold 0511 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: 2020/05/10
No plan, No trading
Entry reason:
---------------------Previous analysis-----------------------
There're 2 possible assumption of Gold price based on Elliot Wave Theory.
Assumption No.1 :
The big wave V is already completed at 1738. Now it's starting A-B-C correction wave.
The previous drop to 1670 is the correction wave a, and now correction wave b rebounce is expected, with the possible touchpoint at 1711 or 1720, then drop again in a 5-wave pattern to the final TP 1640 area.
Assumption No.2:
Wave V is not completed, and now it's consolidating in a triangle .1730 - 1670.
a-b-c-d-e pattern is highly possible based on the Gold current move.
And after it breaks the purlple trendline , it will rocket to a new high that aim to 1800 area.
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On 8th of May, the Gold start dropping from 1723 and end at 1700 in that day. It could be the last correction wave e, or the start of the big C, no matter which it is, the first target would be the bottom trendline around 1680. I still have potential profit to make with a safe edge.
1700 is almost the middle point of triangle, so it's not wise to enter a trade, neither long nor short. Because you need to risk the same SL as your TP, it's just like gambling a coin with 2 sides. 50% loss, 50% win.
1696 is 61.8% of the previous rise, which may provide a good support for short time. 1711 becomes the resistence line.
The gold consolidating triangle becomes smaller and smaller. It will break in next 5-10 days for sure.
So here's my plan:
Intra-day trading:
Sell at 1711 - 1718, SL 1723, TP 1680
Confidence level: 70%
Buy at 1696: SL 1693 , TP 1711
Confidence level: 40%
Buy 1680: SL 1675, TP 1715
Confidence level: 60%
This plan will only valid for the 1st time that the price touch the line.
Buy Stop : 1730 , TP 1770, SL 172.
Confidence level: 60%
Sell stop: 1670, SL 1680 TP 1640.
Confidence level: 40%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
------------0508 Trade Result---------------------------
Emotion level for the trade: Calm. Gold price behave exact as plan
Result: 2000 pips (1722-1702)
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: 2020/05/10
No plan, No trading
Entry reason:
---------------------Previous analysis-----------------------
There're 2 possible assumption of Gold price based on Elliot Wave Theory.
Assumption No.1 :
The big wave V is already completed at 1738. Now it's starting A-B-C correction wave.
The previous drop to 1670 is the correction wave a, and now correction wave b rebounce is expected, with the possible touchpoint at 1711 or 1720, then drop again in a 5-wave pattern to the final TP 1640 area.
Assumption No.2:
Wave V is not completed, and now it's consolidating in a triangle .1730 - 1670.
a-b-c-d-e pattern is highly possible based on the Gold current move.
And after it breaks the purlple trendline , it will rocket to a new high that aim to 1800 area.
--------------------------------------------------------------------------
On 8th of May, the Gold start dropping from 1723 and end at 1700 in that day. It could be the last correction wave e, or the start of the big C, no matter which it is, the first target would be the bottom trendline around 1680. I still have potential profit to make with a safe edge.
1700 is almost the middle point of triangle, so it's not wise to enter a trade, neither long nor short. Because you need to risk the same SL as your TP, it's just like gambling a coin with 2 sides. 50% loss, 50% win.
1696 is 61.8% of the previous rise, which may provide a good support for short time. 1711 becomes the resistence line.
The gold consolidating triangle becomes smaller and smaller. It will break in next 5-10 days for sure.
So here's my plan:
Intra-day trading:
Sell at 1711 - 1718, SL 1723, TP 1680
Confidence level: 70%
Buy at 1696: SL 1693 , TP 1711
Confidence level: 40%
Buy 1680: SL 1675, TP 1715
Confidence level: 60%
This plan will only valid for the 1st time that the price touch the line.
Buy Stop : 1730 , TP 1770, SL 172.
Confidence level: 60%
Sell stop: 1670, SL 1680 TP 1640.
Confidence level: 40%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
------------0508 Trade Result---------------------------
Emotion level for the trade: Calm. Gold price behave exact as plan
Result: 2000 pips (1722-1702)
Trade active
Sell position already opened at 1711.Note
My sell position is valid and confirmed. Price quickly drops to 1693 and now bounce back to 1700.
The support line seems solid at 1693 (the trendline touch point) but I need to monitor the price carefully and see if the long is valid.
I didn't buy yet btw.
Trade closed: stop reached
Close 50% of my sell position at 1692 now cuz it reaches the bottom trend line. I'm not sure if it's gonna bounce or drop, so I close partial to protect profitTrade closed: target reached
Close 50% of my sell position at 1692 now cuz it reaches the bottom trend line. I'm not sure if it's gonna bounce or drop, so I close partial to protect profitTrade closed: target reached
all short position closed at 1696 now
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