please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1795
===================Analysis=================
Based on my wave count, Gold completed a full 8-wave cycle and the ending piont wave C is 1800. (Shwon as in chart)
The momentum of bullish is quite strong, which makes many people think Gold price is gonna go 1830 or even higher.
In my past charts, I have 90% of time believe A-B-C correction would happen, (which it did), however, I don't get confidence about what fundmental facts support Gold rise higher.
In the FOMC minutes 2 days ago, Fed says it could begin ‘gradual tapering process’ by mid-November, which has huge potential to pull the Gold price down.
From technical perspective:
1. if we look from the daily chart, we can also spot 1800 is the edge of a daily descending TL.
2. Gold rises from 1759 to 1800 with bare no stop. A correction must happen no matter where it goes in future.
3. We see a few cross bars as a reversal signal in the chart.
So I'm expecting gold at least to re-test the below support before making further decision.
key support:
1786
1781 == pivot point
1770
So here are a few situations:
=================Possible Situation==========
No.1 Gold drops within 1781 - 1786, it's just a correction. If we see gold price holds strong here, there's high probability Gold will try to test 1800 again.
No.2 Gold drops below 1780, it means Gold might lose the momentum to fly but will need more time to accumulate power
No.3 Gold drops below 1770, bearish dominate
No.4 (could happen) -- No correction at all, Gold just bump to 1805-1810 area.
Here's my P.S:
I'm NOT trying to predict the market move. As a trader (not analyst), we need to know how to trade in different conditions, but not predict the conditions.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1800, 1806
The key support: 1786, 1781, 1770
buy plan:
Buy stop : N/A
But limit: 1780, sl 1777, TP 1787
Sell plan:
Sell limit: I will just sell at current 1795, add another at 1800 with money management.
sell stop: 1778, TP 1770
Current price: 1795
===================Analysis=================
Based on my wave count, Gold completed a full 8-wave cycle and the ending piont wave C is 1800. (Shwon as in chart)
The momentum of bullish is quite strong, which makes many people think Gold price is gonna go 1830 or even higher.
In my past charts, I have 90% of time believe A-B-C correction would happen, (which it did), however, I don't get confidence about what fundmental facts support Gold rise higher.
In the FOMC minutes 2 days ago, Fed says it could begin ‘gradual tapering process’ by mid-November, which has huge potential to pull the Gold price down.
From technical perspective:
1. if we look from the daily chart, we can also spot 1800 is the edge of a daily descending TL.
2. Gold rises from 1759 to 1800 with bare no stop. A correction must happen no matter where it goes in future.
3. We see a few cross bars as a reversal signal in the chart.
So I'm expecting gold at least to re-test the below support before making further decision.
key support:
1786
1781 == pivot point
1770
So here are a few situations:
=================Possible Situation==========
No.1 Gold drops within 1781 - 1786, it's just a correction. If we see gold price holds strong here, there's high probability Gold will try to test 1800 again.
No.2 Gold drops below 1780, it means Gold might lose the momentum to fly but will need more time to accumulate power
No.3 Gold drops below 1770, bearish dominate
No.4 (could happen) -- No correction at all, Gold just bump to 1805-1810 area.
Here's my P.S:
I'm NOT trying to predict the market move. As a trader (not analyst), we need to know how to trade in different conditions, but not predict the conditions.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1800, 1806
The key support: 1786, 1781, 1770
buy plan:
Buy stop : N/A
But limit: 1780, sl 1777, TP 1787
Sell plan:
Sell limit: I will just sell at current 1795, add another at 1800 with money management.
sell stop: 1778, TP 1770
Trade aktif:
sell opened at 1795, SL 1807, tp 1786 1781
Trading ditutup: target tercapai:
I'm closing my short at 1788 now. re-enter again at 1793
Trading ditutup: target tercapai:
TP 86 reached
Trading ditutup: target tercapai:
TP 81 here
Trade aktif:
I'm opening a small buy at 1781 as planned.
Komentar:
what a crazy gold!
Trading ditutup: stop tercapai:
my 1780 buy hit SL. overal still make profit today but lose great profit potential.
I close too early on my short position at 1782 1786, but not patient enought to wait for another entry of short.
Who knows Gold can just fly $40 2 days ago and drop another $30 without any correction move?
I close too early on my short position at 1782 1786, but not patient enought to wait for another entry of short.
Who knows Gold can just fly $40 2 days ago and drop another $30 without any correction move?
Komentar:
next time I should wait at least a clear signal before open an order
As you can see here, 1786 the support area just push gold back. So I'm planning short again around 1793 1794