please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 09/23
===================Analysis=================
Yesterday Gold continued bearish move since the reversal of 1776. The down trend was confirmed and there was barely no retracement untill gold broke 1740 support this morning.
I've found gold touches 1738 the lowest today, and then starts the bump to 1755 at this moment.
When I looked back the previous impulsive wave, I find each is made of a typical 5-wave pattern. So there's a possibility that the last one would follow the rules.
The estimate target point would be in the range of 1721-1731.
1760 area becomes the new small resistence, and 1738-1740 is the support.
If gold breaks 1760, it means the 5-wave secenario might be invalid.
=================Possible Situation==========
No.1 Gold continues dropping from 1760 and to 1740 and then start ranging
No.2 Gold drops to 1740 and find barely no support at this point, and break through strongly.
No.3 Gold rise up above 1760 and test 1770
WHY different plan is important? We are not trying to predict the market, but are trying to trade no matter where the market goes.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1760
The key support: 1738
buy plan:
Buy stop : N/A
But limit: N/A
Sell plan:
Sell limit: 1755- 1760 area SL 1765, TP 1740, 1725
sell stop : 1737, TP 1725
Date: 2021/ 09/23
===================Analysis=================
Yesterday Gold continued bearish move since the reversal of 1776. The down trend was confirmed and there was barely no retracement untill gold broke 1740 support this morning.
I've found gold touches 1738 the lowest today, and then starts the bump to 1755 at this moment.
When I looked back the previous impulsive wave, I find each is made of a typical 5-wave pattern. So there's a possibility that the last one would follow the rules.
The estimate target point would be in the range of 1721-1731.
1760 area becomes the new small resistence, and 1738-1740 is the support.
If gold breaks 1760, it means the 5-wave secenario might be invalid.
=================Possible Situation==========
No.1 Gold continues dropping from 1760 and to 1740 and then start ranging
No.2 Gold drops to 1740 and find barely no support at this point, and break through strongly.
No.3 Gold rise up above 1760 and test 1770
WHY different plan is important? We are not trying to predict the market, but are trying to trade no matter where the market goes.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1760
The key support: 1738
buy plan:
Buy stop : N/A
But limit: N/A
Sell plan:
Sell limit: 1755- 1760 area SL 1765, TP 1740, 1725
sell stop : 1737, TP 1725
İşlem kapandı: hedefe ulaştı:
TP 1740 is hit
