please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1740
===================Analysis=================
In my 0928 analysis, I mentioned Gold might probably finish its wave-5 with the target range 1723-1734. It reached 1728.5 the lowest.
I am expecting some corrections happen before further drop, and the rebounce from 1728 is also a confirmation of the start of correction.
Yesterday Gold test 1740 three times and dropped back to 1732, indicating that 1740 is the key resistence level.
A break out above this level, means the correction is confirmed.
=================Possible Situation==========
No.1 Gold goes above 1740, and then retest this level, and rise again
No.2 Gold falls back from 1740 to lower low.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1740, 1755
The key support: 1730
buy plan:
Buy stop : 1742, TP 1747
But limit: buy when gold breaks the resistence and falls back at 1740
Sell plan:
Sell limit: 1755, 1760
sell stop: N'A
Current price: 1740
===================Analysis=================
In my 0928 analysis, I mentioned Gold might probably finish its wave-5 with the target range 1723-1734. It reached 1728.5 the lowest.
I am expecting some corrections happen before further drop, and the rebounce from 1728 is also a confirmation of the start of correction.
Yesterday Gold test 1740 three times and dropped back to 1732, indicating that 1740 is the key resistence level.
A break out above this level, means the correction is confirmed.
=================Possible Situation==========
No.1 Gold goes above 1740, and then retest this level, and rise again
No.2 Gold falls back from 1740 to lower low.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1740, 1755
The key support: 1730
buy plan:
Buy stop : 1742, TP 1747
But limit: buy when gold breaks the resistence and falls back at 1740
Sell plan:
Sell limit: 1755, 1760
sell stop: N'A
Note
you can see gold already breaks the resistence. I can enter long now and target 1747 or 1755
Note
Trade active
Long opened as planned at 1741.SL 1737
Note
I still remain my opinion that Gold has break the descending trendline, this drop to 1737 seems sharp but just a re-test of the break out. So I'm adding another long at 1738 and move my SL to 1735
Note
but due to the drop, i will also modify my TP from 1755 to 1750 area to be safeTrade closed: stop reached
hit my sl . wait for another opportunityNote
I made a mistake on my trendline drawing, which caused this loss to me.
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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.
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.