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. If you want to follow it please control by your own risk. I can't give you advice on risk management and money slot because we have different risk preference and strategy.
Date: 2020/05/04
Entry reason:
Gold drops from 1737 to 1670 last week. Initially I was thinking the 2nd drop may be a 5-wave pattern (from my last chart) and and directly down to 1640 area. However, it stopped at 1670, another higher low point, which is 100% height of previous wave (1). The bear power isn't as strong as I thought. If it's a 5-wave pattern, it may be 161.8% of wave (1).
So I think it is more like a typical ABC pattern (or if you prefer harmonica, it's ABCD), that makes this drop like an A in the larger cycle.
So I adjust my wave count and trendline a little bit compared to my previous chart.
If this new assumption a is correct:
then, another a-c-c rebounce is expected, which is happening right now to the point B 1711 or 1720, then drop again in a 5-wave pattern to the final TP 1640 area.
There's also another assumption B:
wave V is not completed, and now it's consolidating in a big range .1730 - 1670. After it breaks the purlple trendline, it will rocket to a new high that aim to 1800 area.
But it still has time before the chart gives clear direction.
No plan, No trading
Scalping in the range is my major plan for next week.
Buy limit: 1675, TP 1715, SL 1670
Sell limit: 1710 -1725, TP 1675, SL 1735
Buy Stop : 1735 , TP 1760, SL 1727
Sell stop: 1670, SL 1680 TP 1640.
Confidence level: 70%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
So please note: This is a personal journal only, but NOT a trading suggestion. If you want to follow it please control by your own risk. I can't give you advice on risk management and money slot because we have different risk preference and strategy.
Date: 2020/05/04
Entry reason:
Gold drops from 1737 to 1670 last week. Initially I was thinking the 2nd drop may be a 5-wave pattern (from my last chart) and and directly down to 1640 area. However, it stopped at 1670, another higher low point, which is 100% height of previous wave (1). The bear power isn't as strong as I thought. If it's a 5-wave pattern, it may be 161.8% of wave (1).
So I think it is more like a typical ABC pattern (or if you prefer harmonica, it's ABCD), that makes this drop like an A in the larger cycle.
So I adjust my wave count and trendline a little bit compared to my previous chart.
If this new assumption a is correct:
then, another a-c-c rebounce is expected, which is happening right now to the point B 1711 or 1720, then drop again in a 5-wave pattern to the final TP 1640 area.
There's also another assumption B:
wave V is not completed, and now it's consolidating in a big range .1730 - 1670. After it breaks the purlple trendline, it will rocket to a new high that aim to 1800 area.
But it still has time before the chart gives clear direction.
No plan, No trading
Scalping in the range is my major plan for next week.
Buy limit: 1675, TP 1715, SL 1670
Sell limit: 1710 -1725, TP 1675, SL 1735
Buy Stop : 1735 , TP 1760, SL 1727
Sell stop: 1670, SL 1680 TP 1640.
Confidence level: 70%
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
