[GOLD] Jan 15, 2020 - ALuoTradingJournal
Updated
Recently gold made a new high.
We are currently waiting for a bearish bar in the weekly chart to appear before we can take the action to short it from high.
However, if any price action reaches the price, we can try out some short positions, depending whether you are trading short, medium or long term position.
Short term trade 1544 Short, $4-$5 gold, which means an aim at 1540 or 1539 for tp, depending on where the support level is.
Medium term trade 1569 resistance level, the aim for medium will be the same as long term which is 1525.
Long term trade, any price that goes above 1580 and a resistance occurs, we can give it a shot to trade short.
If price goes over 1590, we will identically believe that this trade has failed. 1590 will be the final destination for short position trade.
Disclaimer: ALuoTradingJournal does not provide any personal advice or general advice. This is only a journal to keep ALuo in noting the trades and what the market in going on as a trading journal. ALuo will not take any responsibility for any profits or losses. Please trade at own risk.
We are currently waiting for a bearish bar in the weekly chart to appear before we can take the action to short it from high.
However, if any price action reaches the price, we can try out some short positions, depending whether you are trading short, medium or long term position.
Short term trade 1544 Short, $4-$5 gold, which means an aim at 1540 or 1539 for tp, depending on where the support level is.
Medium term trade 1569 resistance level, the aim for medium will be the same as long term which is 1525.
Long term trade, any price that goes above 1580 and a resistance occurs, we can give it a shot to trade short.
If price goes over 1590, we will identically believe that this trade has failed. 1590 will be the final destination for short position trade.
Disclaimer: ALuoTradingJournal does not provide any personal advice or general advice. This is only a journal to keep ALuo in noting the trades and what the market in going on as a trading journal. ALuo will not take any responsibility for any profits or losses. Please trade at own risk.
Note
Gold is currently at its 1556 ish long or short key resistance/ support levelNote
We see that 1568~1569 medium term went in straight away in short position and profit 10 in gold price.Currently the weekly chart is a bit 50/50 I would say Ill continue to wait either for the 1568~1569 resistance or the final last 1580+ resistance level, before I make a short position.
Long term trade for the current case with Gold, if it does not breakout 1590 by a lot. I would still take the trend as a bearish short position.
Thanks all, hope you all enjoy my idea
Trade active
Was out in the island the last few days. Didnt get a chance to update the gold situation.Gold went up straight through the last stage pass 1580+ as mentioned on the 23rd of Jan resistance. I made a short position at 1581 to begin with, and change to 1583 and saw this morning on the 29th of Jan around 3AM or 4 AM sydney time at around 1573~1575. I closed around there. Was a delicious breakfast afterall.
However, the trend continued to bearish till afternoon, and finally there is a signal that might retrace.
I am currently looking at 1581 for the next resistance for another short position if it gives signal near there.
1590 resistance level will still be the final destination for short position.
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