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: 2020/08/21
No plan, No trading
Gold was super violate on last Friday from range 1913 to 1945. Luckily I closed my short at 1915 when I saw the pin bar reversed.
Entry reason:
From the Friday's move, Gold didn't go straight downside but shows a power of bullish reverse.(watch the TL break as shown in the chart)
I start to think it's an end of the small 5-waves pattern and Gold started the a-b-c correction, of which the (a) completed on last Friday at 1943.
I still believe Gold is in the Big bearish C wave but a small correction (a)-(b)-(c) is happening right now, If so, another pump up may happen and test the previous high 1945 at least or 1955-1960.
Thus I would be netural about the trend today but still short at higher price.
Key support: 1922-1925
Key resistence: 1945 -1955
So here's my plan:
I would buy from : 1922-1930 area with SL 1920. TP 1945, 1955
Sell from: 1950 -1960, SL 1965, TP 1910 1900.
Under my assumption, Short would have more potential and possibility to win. So I would use small slot in buy or do buy with quick scalping techniques for short term trade.