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: 2020/06/16
No plan, No trading
Entry reason:
Gold made a very strong retracement from 1703 and now touch 1732 highest (76.8% fib)
It currently formed a double-top in H1 period, and the next 2 hours is important to confirm the pattern.
1721 is the key wedging point here.
My previous analysis in 0615 seems to be a mistake that it wasn't the 5-wave pattern. (if so, gold should not break 1721).
so there are 2 assumptions here.
#1, the previous drop to 1703 is wave 1, and now this 76.8% fib rebounce become wave 2. Then a wave-3 to a new low is expected.
#2, the previous ABC correction wave is completed at 1703. Now the Gold starts wave-1 of a new cycle. If so, a small retracement may happen to 1721 1715 1711 but it will not break 1703.
Based on these assumption
So here's my plan:
Short at 1730, SL 1735, TP 1721 1715.
I will check the support power at 1721 area. if good then I will enter long maybe.
=============Previsou trading update ============
Emotion: Gold didn't move as I expected even all the resistence, trend seems so reasonable. I lost a little bit confidence on 'Trend' trading because here's just a violate market with no exact trend
Result: I short at 1720 but hit SL at 1728. 800 pips in loss.
Lesson learned: In news market, trendline, moving average may not work. We better to follow what happens in last hour until some reverse signal happens. Do NOT enter based on a prediction. It's better to do after a things happen.
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: 2020/06/16
No plan, No trading
Entry reason:
Gold made a very strong retracement from 1703 and now touch 1732 highest (76.8% fib)
It currently formed a double-top in H1 period, and the next 2 hours is important to confirm the pattern.
1721 is the key wedging point here.
My previous analysis in 0615 seems to be a mistake that it wasn't the 5-wave pattern. (if so, gold should not break 1721).
so there are 2 assumptions here.
#1, the previous drop to 1703 is wave 1, and now this 76.8% fib rebounce become wave 2. Then a wave-3 to a new low is expected.
#2, the previous ABC correction wave is completed at 1703. Now the Gold starts wave-1 of a new cycle. If so, a small retracement may happen to 1721 1715 1711 but it will not break 1703.
Based on these assumption
So here's my plan:
Short at 1730, SL 1735, TP 1721 1715.
I will check the support power at 1721 area. if good then I will enter long maybe.
=============Previsou trading update ============
Emotion: Gold didn't move as I expected even all the resistence, trend seems so reasonable. I lost a little bit confidence on 'Trend' trading because here's just a violate market with no exact trend
Result: I short at 1720 but hit SL at 1728. 800 pips in loss.
Lesson learned: In news market, trendline, moving average may not work. We better to follow what happens in last hour until some reverse signal happens. Do NOT enter based on a prediction. It's better to do after a things happen.
Dagangan aktif
my short is in. 1731Nota
TP1 reachedDagangan ditutup: sasaran tercapai
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.