CFDs on Gold (US$ / OZ)Updated Gold 0429 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. If you want to follow it please control by your own risk. I can't give you advice on risk management and money slot because we have different risk preference and strategy.
Date: 2020/04/29
Entry reason:
Gold has confirmed a double top and reverse at 1734. A quick dump on last Friday to 1710 confirmed a downtrend at least in a short term.
Gold broke the previous downtrend channel but formed a flat top-bottom ranging area. From my point of view, it's conslidating until another break. Although the direction is not confirmed yet, I would still prefer go short at high price.
Ranging area: 1712 - 1692
Pattern will be invalid when price breaks either side.
I would adjust my TP to 1692 for short period if it touch again. I may buy Gold if a nice rebouncing pin bar appear or just sell stop if a strong candle break the support 1692.
No plan, No trading
Short : 1712 SL: 1718 TP: 1692
Long: 1692 | SL : 1688: TP 1712
Sell stop : 1688 : TP 1677
Confidence level: 60%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
So please note: This is a personal journal only, but NOT a trading suggestion. If you want to follow it please control by your own risk. I can't give you advice on risk management and money slot because we have different risk preference and strategy.
Date: 2020/04/29
Entry reason:
Gold has confirmed a double top and reverse at 1734. A quick dump on last Friday to 1710 confirmed a downtrend at least in a short term.
Gold broke the previous downtrend channel but formed a flat top-bottom ranging area. From my point of view, it's conslidating until another break. Although the direction is not confirmed yet, I would still prefer go short at high price.
Ranging area: 1712 - 1692
Pattern will be invalid when price breaks either side.
I would adjust my TP to 1692 for short period if it touch again. I may buy Gold if a nice rebouncing pin bar appear or just sell stop if a strong candle break the support 1692.
No plan, No trading
Short : 1712 SL: 1718 TP: 1692
Long: 1692 | SL : 1688: TP 1712
Sell stop : 1688 : TP 1677
Confidence level: 60%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
Note
To be updated later:Emotion level for the trade: Confusing during the trade, but clear now.
Result :
I was beliving that gold may touch 1692 for the (d) point, however I ignored the reverse signal on the price 1697. and even I know it was consolidating, but I traded like it's gonna break to a lower low.
In a result, I didn't protect my profit which is a failed trade. I need to stick to my plan
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.