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: 2020/09/25
No plan, No trading
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Entry reason:
Gold start rebounce from 1849 to 1876 and now drops to 1855 at the current price. A $26 rebounce seems quite weak for a $100 drop. There's possibility that A-B-C wave to complete the full rebounce, and now we are in the wave b of the correction.
The current key resistence will be 1876, 1883, 1895, 1915
The key support is: 1849.
So here's my plan:
Buy from 1849 - 1855, TP 1876, 1880. SL , 1847 Sell from 1885
I am new to hourly charts but your analysis makes sense. You see resistance at 1885 based on the tails from 21-Sep or some other reason. I see gold doing the ABC move up to 1915.
What does TP mean?