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/ 03 / 04
===================Analysis=================
Yesterday gold quickly touched 1700 support and then had a huge swing range between 1725 - 1708 this morning.
From the chart, Gold is in still bearish trend and a consolidation triangle is formed.
It looks like a corrective wave-4 with a-b-c-d-e pattern. In this case, another leg down is expected to a lower low, very possible to break 1700 and to 1680 area.
I should also be careful that maybe wave-5 already ends or almost ending and then a rebounce could happen easily.
I have 2 ellipses on the chart wich shows the key decision point.
=================Possible Situation==========
No.1. Gold touchs E point, and then drops hardly to a lower low
No.2 Gold breaks above E point, and then tests 1740 area then fall back.
.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1723 1740
The key support: 1700
Sell limit: 1720-1723 , SL 1727, tp 1703, 1685
Sell stop: 1699, TP 1686
Buy when my sell limit hit SL, and price re-test 1720 again
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 03 / 04
===================Analysis=================
Yesterday gold quickly touched 1700 support and then had a huge swing range between 1725 - 1708 this morning.
From the chart, Gold is in still bearish trend and a consolidation triangle is formed.
It looks like a corrective wave-4 with a-b-c-d-e pattern. In this case, another leg down is expected to a lower low, very possible to break 1700 and to 1680 area.
I should also be careful that maybe wave-5 already ends or almost ending and then a rebounce could happen easily.
I have 2 ellipses on the chart wich shows the key decision point.
=================Possible Situation==========
No.1. Gold touchs E point, and then drops hardly to a lower low
No.2 Gold breaks above E point, and then tests 1740 area then fall back.
.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1723 1740
The key support: 1700
Sell limit: 1720-1723 , SL 1727, tp 1703, 1685
Sell stop: 1699, TP 1686
Buy when my sell limit hit SL, and price re-test 1720 again
Trade active
short opened at 1720 as plannedNote
I will lock half my profit at 1709 and let the rest goTrade closed: target reached
partial closed at 1709 now. maybe re-enter again at 1714Trade active
I re-enter at 1717 againTrade active
short add at 1721Note
This pin bar is kind of a reversal signal. I will add short if the U.S news is also negative to gold
Trade active
another short add at 1717Trade active
it's in the bottom edge now.Trade closed: target reached
I decide to close 70% of my short now at 1700. 1714 1717 1720 closed now.
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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.
Related publications
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.