please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1793
===================Analysis=================
Today's closure is essential for furture direction. I'd rather use the dayframe instead of H4 to proceed the analysis.
Last Friday Gold break the trendline and test 1812 highest, but then due to some reasons, dropped $30 to 1783 quick and strong.
If no such thing happened, and gold close above 1800, we can confidently saying that Gold will just go rocket in this week or next month.
However, with that drop, it makes the market more arguing again.
The candlestick bar of dayframe turns into a 'shooting star', which is a reversal signal but just need one more candle to confirm.
We can see the price now is moving around the trendline, the closure on any side will tell us the direction.
That's why today's result is important.
By the way, if we look at H4 chart, currently the price is already above the trendline
Let's get back to intraday trading.
1797 is the resistence
1783 remains the strong support.
Gold is consolidating in a small range between 1792 - 1797.
Breaking down 1783 will definitely confirm a bearish movememnt further to 1760 area or even 1735.
Above 1797, then Friday's high will be test again.
Personally I don't think 1792, 1797 will last long, this range will be off in NY session or eariler for sure.
So here are a few situations:
=================Possible Situation==========
No.1 Gold ranges 1783 - 1797 for more time
No.2 Gold drops below 1783 and confirms bearish
No.3 Gold rise above 1797 to confirm bullish market.
P.S:
I'm NOT trying to predict the market, but just to find out the most cost-efficient plan to trade.
=================My Trading Plan===============
scalp: 1792 - 1797 (only before NY session)
buy stop: 1799, TP 1812, SL 1795
Sell stop 1: 1791 , TP 1783 , SL 1795
Sell stop 2: 1782 TP 1770
Sell stop 3: 1768 TP 1760
Current price: 1793
===================Analysis=================
Today's closure is essential for furture direction. I'd rather use the dayframe instead of H4 to proceed the analysis.
Last Friday Gold break the trendline and test 1812 highest, but then due to some reasons, dropped $30 to 1783 quick and strong.
If no such thing happened, and gold close above 1800, we can confidently saying that Gold will just go rocket in this week or next month.
However, with that drop, it makes the market more arguing again.
The candlestick bar of dayframe turns into a 'shooting star', which is a reversal signal but just need one more candle to confirm.
We can see the price now is moving around the trendline, the closure on any side will tell us the direction.
That's why today's result is important.
By the way, if we look at H4 chart, currently the price is already above the trendline
Let's get back to intraday trading.
1797 is the resistence
1783 remains the strong support.
Gold is consolidating in a small range between 1792 - 1797.
Breaking down 1783 will definitely confirm a bearish movememnt further to 1760 area or even 1735.
Above 1797, then Friday's high will be test again.
Personally I don't think 1792, 1797 will last long, this range will be off in NY session or eariler for sure.
So here are a few situations:
=================Possible Situation==========
No.1 Gold ranges 1783 - 1797 for more time
No.2 Gold drops below 1783 and confirms bearish
No.3 Gold rise above 1797 to confirm bullish market.
P.S:
I'm NOT trying to predict the market, but just to find out the most cost-efficient plan to trade.
=================My Trading Plan===============
scalp: 1792 - 1797 (only before NY session)
buy stop: 1799, TP 1812, SL 1795
Sell stop 1: 1791 , TP 1783 , SL 1795
Sell stop 2: 1782 TP 1770
Sell stop 3: 1768 TP 1760
Dagangan aktif:
I decide to short at 1799 because a reversal sign appears here and 1802 is the 61.8% fib resistence.
so I'm entering short with small SL to test
so I'm entering short with small SL to test
Scalping plan will be canceled and I will need to monitor the price more before entering long.