Instead of calling Gold analysis, I would use the term of trading journal to record my trades because I may not always have a plan to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 03 / 08
===================Analysis=================
Due to the weekend $1.9 billion stimulus bill news in the weekend, Gold jumped up with a Gap in the open of Monday market.
This is a clear sign that previous bearish is over (at least in short term) and a reversal is happening right now.
In the chart, I also drew a 5-wave pattern. I'm not confident about the starting point of the wave 1, but pretty sure about wave-4 and wave-5.
Gold has broken the descending trendline, which gives me the direction for trading of this week.
I would not short the market until Gold reach the 3rd resistence, 1750+ area.
=================Possible Situation==========
No.1 Gold rises and starts falling again from the 1723 or 1738 resistence
No.2 Gold rises with strong bullish power to the TP 1750 and drop
No.3 Gold ranges between 1705 - 1725 for a while and test 1750 resistence again.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1723, 1738 , 1758
The key support: 1698-1705
Buy plan: Enter buy when Gold fills the gap in the morning (1705 area) or tests the blue trendline again.
The entry point is not that important as long as we build our position slowly.
I don't have any short plan until 1740
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 03 / 08
===================Analysis=================
Due to the weekend $1.9 billion stimulus bill news in the weekend, Gold jumped up with a Gap in the open of Monday market.
This is a clear sign that previous bearish is over (at least in short term) and a reversal is happening right now.
In the chart, I also drew a 5-wave pattern. I'm not confident about the starting point of the wave 1, but pretty sure about wave-4 and wave-5.
Gold has broken the descending trendline, which gives me the direction for trading of this week.
I would not short the market until Gold reach the 3rd resistence, 1750+ area.
=================Possible Situation==========
No.1 Gold rises and starts falling again from the 1723 or 1738 resistence
No.2 Gold rises with strong bullish power to the TP 1750 and drop
No.3 Gold ranges between 1705 - 1725 for a while and test 1750 resistence again.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1723, 1738 , 1758
The key support: 1698-1705
Buy plan: Enter buy when Gold fills the gap in the morning (1705 area) or tests the blue trendline again.
The entry point is not that important as long as we build our position slowly.
I don't have any short plan until 1740
Trade active:
Long in now at 1705
Trade active:
Long added at 1701
Comment:
it breaks the previous support which makes me doubt about the trend
Trade active:
I'm adding a last long at 1690 , SL would be 1685.
Comment:
I think a big mistake I made today is that I was too optimistic about the bullish that I didn't consider the bearish movement.
A good trader should not predict the market, but just watch the movement.
The bullish pattern was broken when price broke 1698 and back to the descending channel.
A good trader should not predict the market, but just watch the movement.
The bullish pattern was broken when price broke 1698 and back to the descending channel.
Trade closed: stop reached:
SL HIT. out for now
Comment:
I will see if the market reversed to enter long again. but still hold my opinion, I won't short until 1740+
Trade active:
I'm adding long again at 1689 as I see the support zone is still valid and a rebounce is happening somehow
Trade closed: stop reached:
SL hit again. back to trade tomorrow
Long entered as planned