Gold 0226 Trading Journal
Instead of calling Gold analysis, I would use the term of trading journal to record my trades because I may not always have a plan to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 02 / 26
===================Analysis=================
Gold finnaly tested the previous low with a strong bearish power. Bear are still in charge of the market, however, a potential reversal is highly possible at this point.
I can't tell that bulls is going to beat bear very soon but there's no reason to short unless Gold breaks down 1760. In that case, a huge space of profit is for bears in later future.
So if bulls is gonna take over the market, this key point is the signal.
1775
It's not a big rise but just a signal that the reversal may happen.
Above 1775, then 1785 would be the next target or even higher, but if it shows weak buying power at that point which means bears are still the main player of the market.
=================Possible Situation==========
No.1. Gold continually falling and break 1760 and falls hardly
No.2 Gold makes a rebounce to 1785 which is the previous support area and then drop again.
No.2 Gold makes a rebounce to 1785 and breaks the resistence and test 1810 area.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1800 1805 1815
The key support: 1765
buy limit: 1765-1770 with small position, SL 1762, TP 1775 1785.
buy stop 1780, TP TBD.
Sell limit: 1785, TP 1775. SL 1788
sell stop : 1760, TP 1765.
These buy stop & sell stop order is hard to set SL, so I will use trailing SL instead of fixed price.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 02 / 26
===================Analysis=================
Gold finnaly tested the previous low with a strong bearish power. Bear are still in charge of the market, however, a potential reversal is highly possible at this point.
I can't tell that bulls is going to beat bear very soon but there's no reason to short unless Gold breaks down 1760. In that case, a huge space of profit is for bears in later future.
So if bulls is gonna take over the market, this key point is the signal.
1775
It's not a big rise but just a signal that the reversal may happen.
Above 1775, then 1785 would be the next target or even higher, but if it shows weak buying power at that point which means bears are still the main player of the market.
=================Possible Situation==========
No.1. Gold continually falling and break 1760 and falls hardly
No.2 Gold makes a rebounce to 1785 which is the previous support area and then drop again.
No.2 Gold makes a rebounce to 1785 and breaks the resistence and test 1810 area.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1800 1805 1815
The key support: 1765
buy limit: 1765-1770 with small position, SL 1762, TP 1775 1785.
buy stop 1780, TP TBD.
Sell limit: 1785, TP 1775. SL 1788
sell stop : 1760, TP 1765.
These buy stop & sell stop order is hard to set SL, so I will use trailing SL instead of fixed price.
Trade active
I'm entering long at 1769 now to test with small position size. later will add position if trend confirmedTrade active
add long at 1762 nowTrade closed: stop reached
SL hit , out of the market nowTrade closed: stop reached
I decide to exit with a loss now. It's too emotional to buy at this point. I should wait more time until reversal signal appearsTrade active
I am long in at 1764 now as I see a reverse potential in H2Trade closed: stop reached
SL hit. I'm getting a huge loss due to wrong money management. I should not change my SL as it's initial planned.
There's fact that Gold is going down, but I'm predicting 'it will go up'.
I should accept the fact instead of keeping the stupid mindset forever.
Trade closed: stop reached
I should not OPEN new trade once the SL hit until next plan created. but the fact is I am keeping opening new orders with a new SL and of course it's gone again and again
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