Gold 0609 Trading Plan
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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: 2020/06/09
No plan, No trading
Today's plan is exact same as yesterday. Nothing changed. Gold has reached my sell range. I opened my short already at 1702 . SL is 1707
Entry reason:
Gold has broken the key trend turning point (1688) last Friday due to the unexpected and insane increase on the U.S Non-farm Payroll statistics and drop on the unemployee rate compared to April.
It's confirmed the wave analysis that gold is in the big correction wave C and the final target could be even 1640 - 1650.
100% of A = 1671 (assume starts at 1763(
168.1% of A = 1653
From the chart, the resistence and bearish trendline is so easy to spot, which makes the trading plan simple and easy too.
So here's my plan:
Sell in 1690-1705 , TP 1670 1660 1650
Confidence level: 75%
Risk reward ratio : 3.5+
Gold may find the support at 1670 again and start ranging form 1670 - 1700 for a while. I don't know that, but if the support is valid for the 1st time retouch, I will do a small buy for scalping.
It's an anti-trend trade with low confidence, so my position will be 3X smaller than my short position.
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: 2020/06/09
No plan, No trading
Today's plan is exact same as yesterday. Nothing changed. Gold has reached my sell range. I opened my short already at 1702 . SL is 1707
Entry reason:
Gold has broken the key trend turning point (1688) last Friday due to the unexpected and insane increase on the U.S Non-farm Payroll statistics and drop on the unemployee rate compared to April.
It's confirmed the wave analysis that gold is in the big correction wave C and the final target could be even 1640 - 1650.
100% of A = 1671 (assume starts at 1763(
168.1% of A = 1653
From the chart, the resistence and bearish trendline is so easy to spot, which makes the trading plan simple and easy too.
So here's my plan:
Sell in 1690-1705 , TP 1670 1660 1650
Confidence level: 75%
Risk reward ratio : 3.5+
Gold may find the support at 1670 again and start ranging form 1670 - 1700 for a while. I don't know that, but if the support is valid for the 1st time retouch, I will do a small buy for scalping.
It's an anti-trend trade with low confidence, so my position will be 3X smaller than my short position.
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