Gold 1229 Trading Plan
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: 2020/12/29
No plan, No trading
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The plan was not much different than yesterday.
Entry reason:
The gold is consolidating within the range 1875 --- 1900 and right now is in the bottom ascending trendline.
I find gold fails to break 1884 all day, and everytime when it touchs 1883 area, it falls sharply.
However, 1875 support is also quite strong and gold neither break down to the support line.
There's possible that gold is doing a expansion triangle consolidation in the smaller timeframe. You can't see this in the H4 timeframe but free to check by yourself.
so if this assumption is valid.
wave-1: 1871 - 1882
wave-2: 1883 - 1875
wave-3: ?
wave-4: ?
wave-5: ?
wave 3 possible: 1893
wave 5 possible: 1900-1903
So here's my plan:
buy between 1875 - 1880, TP 1893
buy stop 1885, TP 1893
buy again when price touch 1893 and falls back to 1885-1890, TP 1899 - 1902
Sell limit : 1900 - 1905 , SL 1906
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: 2020/12/29
No plan, No trading
------------------
The plan was not much different than yesterday.
Entry reason:
The gold is consolidating within the range 1875 --- 1900 and right now is in the bottom ascending trendline.
I find gold fails to break 1884 all day, and everytime when it touchs 1883 area, it falls sharply.
However, 1875 support is also quite strong and gold neither break down to the support line.
There's possible that gold is doing a expansion triangle consolidation in the smaller timeframe. You can't see this in the H4 timeframe but free to check by yourself.
so if this assumption is valid.
wave-1: 1871 - 1882
wave-2: 1883 - 1875
wave-3: ?
wave-4: ?
wave-5: ?
wave 3 possible: 1893
wave 5 possible: 1900-1903
So here's my plan:
buy between 1875 - 1880, TP 1893
buy stop 1885, TP 1893
buy again when price touch 1893 and falls back to 1885-1890, TP 1899 - 1902
Sell limit : 1900 - 1905 , SL 1906
Feragatname
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