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
Handel aktiv:
sell open at 1950
Trade stängt: målet nått:
I'm closing 40% of my position at 1929 now
Handel aktiv:
I add some sells at 1934 for scalpping
