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: 2020/07/02
No plan, No trading
Entry reason:
Today gold made a drop to 1757 then a quick rebounce to the current price 1779 now. That drop will have some impact on the bullish liquity so the buyers need more equity to push Gold to 1800+ or higher. The US unemployee rate stats also has negative impact on Gold.
Look from the H2 chart cycle, I am thinking gold completed the 5-wave at 1788 now and starts the A-B-C correction.
A: 1788 - 1757
B: 1757 - 1780
C: ?
This assumption is approved yet because usually wave-3 should be longer than wave-1. However, the pattern looks so reasonable so I would give it a try.
This pattern will become invalid if Gold rise to 1788 +
So here's my plan:
Short at 1778 - 1782 , SL 1788. TP-1750
Confidence level: 35% ( Add short in such as trong bull market will have low chance to win. so confidence level is quite low)
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: 2020/07/02
No plan, No trading
Entry reason:
Today gold made a drop to 1757 then a quick rebounce to the current price 1779 now. That drop will have some impact on the bullish liquity so the buyers need more equity to push Gold to 1800+ or higher. The US unemployee rate stats also has negative impact on Gold.
Look from the H2 chart cycle, I am thinking gold completed the 5-wave at 1788 now and starts the A-B-C correction.
A: 1788 - 1757
B: 1757 - 1780
C: ?
This assumption is approved yet because usually wave-3 should be longer than wave-1. However, the pattern looks so reasonable so I would give it a try.
This pattern will become invalid if Gold rise to 1788 +
So here's my plan:
Short at 1778 - 1782 , SL 1788. TP-1750
Confidence level: 35% ( Add short in such as trong bull market will have low chance to win. so confidence level is quite low)
