Gold 0519 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: 2020/05/18
No plan, No trading
Entry reason:
----- Previous analysis -------------
Gold has been doing a-b-c-d-e conslidating waves of wave (iv) for almost 3 weeks and now it's in the move of wave (v), which a new high is highly expected in next 5-10 days.
Bullish trend is confirmed so the trade is easy because the direction is clear.
Next few questions are:
1. Where to enter
2. Where to exit. (The target)
The entry:
I would not expect the gold to drops that hardly at this moment
Assume this is a bullish trend , : 1725 ~ 1730 is already a good point for me to re-entry.
I wouldn' expect price below 1710 (the grene trendline ) so much. If it did, it means the wave (v) is so weak and maybe finished. And the drop will be the correction wave A.
The exit:
wave(i) and wave ( iii ) are doing at least $170 in low-high difference. wave (v) may could be 100% or at least 50% ~ 61.8% fib of those.
To calculate the target:
1660 ~ 1690 + (range 100 to $180) = 1760 ~~~ 1840
---------------------------------------------
Updated analysis:
Gold has confirmed a suport at 1730 area and starts rebounce. Another retest on the support line will give me good opportunity to enter again.
So here's my plan:
Buy 1730, SL 1735. TP 1749 TP 1763
Confidence level: 65%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
---------------0518 Trading update------------------------
Emotion level for the trade: Cool.
Result : Gold drops hardly (1760 to 1755 in 5 min), so the 1750 support is weak. I didn't enter at this point but open long position at 1730 area.
Partially close my long at 1740 to protect profit. 1000 pips
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: 2020/05/18
No plan, No trading
Entry reason:
----- Previous analysis -------------
Gold has been doing a-b-c-d-e conslidating waves of wave (iv) for almost 3 weeks and now it's in the move of wave (v), which a new high is highly expected in next 5-10 days.
Bullish trend is confirmed so the trade is easy because the direction is clear.
Next few questions are:
1. Where to enter
2. Where to exit. (The target)
The entry:
I would not expect the gold to drops that hardly at this moment
Assume this is a bullish trend , : 1725 ~ 1730 is already a good point for me to re-entry.
I wouldn' expect price below 1710 (the grene trendline ) so much. If it did, it means the wave (v) is so weak and maybe finished. And the drop will be the correction wave A.
The exit:
wave(i) and wave ( iii ) are doing at least $170 in low-high difference. wave (v) may could be 100% or at least 50% ~ 61.8% fib of those.
To calculate the target:
1660 ~ 1690 + (range 100 to $180) = 1760 ~~~ 1840
---------------------------------------------
Updated analysis:
Gold has confirmed a suport at 1730 area and starts rebounce. Another retest on the support line will give me good opportunity to enter again.
So here's my plan:
Buy 1730, SL 1735. TP 1749 TP 1763
Confidence level: 65%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
---------------0518 Trading update------------------------
Emotion level for the trade: Cool.
Result : Gold drops hardly (1760 to 1755 in 5 min), so the 1750 support is weak. I didn't enter at this point but open long position at 1730 area.
Partially close my long at 1740 to protect profit. 1000 pips
Trade active
long position already opens at 1727 -1730Trade closed: target reached
1st TP 1749 reached. I decided to close 70% of my position to protect my profit.
Note
I will still buy again when it drops to 1738-1742. SL 1735
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