please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1802
===================Analysis=================
Yesterday the market confirmed the breakout of descending trendline, and I know everyone is expecting Gold to hit target 1830 area.
Usually once the trendline is broken, a re-test would happen before another push up. So even we think it's turning bullish market, I won't buy above 1800 because of low R&R
And based on the observation of today's move, I think the correction is happening.
Currently it's moving in a mall range of 1798 - 1810, which will not very long.
So I'm expecting Gold test test the point 1785-1790 area depending on how strong the move is.
I would suggest wait for 1-2 hour when Gold reaches the target area before entering any position, because there's also another possibility Gold may break below the TL if some crazy news announced.
Key levels:
1818
1799
1787
So here are a few situations:
=================Possible Situation==========
No.1 Gold find strong support at 1800 area and rise again
No.2 Gold break down 1798 and test 1787 area, which is drew in the chart. then rise again
No.3 Gold break the bottom TL, and resume bearish trend.
P.S:
I'm NOT trying to predict the market, but just to find out the most cost-efficient plan to trade.
=================My Trading Plan===============
Buy limit: 1787, SL 1782, TP 1800, 1810
Sell stop: 1797, SL 1802, TP 1787
Current price: 1802
===================Analysis=================
Yesterday the market confirmed the breakout of descending trendline, and I know everyone is expecting Gold to hit target 1830 area.
Usually once the trendline is broken, a re-test would happen before another push up. So even we think it's turning bullish market, I won't buy above 1800 because of low R&R
And based on the observation of today's move, I think the correction is happening.
Currently it's moving in a mall range of 1798 - 1810, which will not very long.
So I'm expecting Gold test test the point 1785-1790 area depending on how strong the move is.
I would suggest wait for 1-2 hour when Gold reaches the target area before entering any position, because there's also another possibility Gold may break below the TL if some crazy news announced.
Key levels:
1818
1799
1787
So here are a few situations:
=================Possible Situation==========
No.1 Gold find strong support at 1800 area and rise again
No.2 Gold break down 1798 and test 1787 area, which is drew in the chart. then rise again
No.3 Gold break the bottom TL, and resume bearish trend.
P.S:
I'm NOT trying to predict the market, but just to find out the most cost-efficient plan to trade.
=================My Trading Plan===============
Buy limit: 1787, SL 1782, TP 1800, 1810
Sell stop: 1797, SL 1802, TP 1787
Trade active:
BTW I opened a short at 1802 cuz I see a flat consolidation pattern
Trade closed: target reached:
I close 70% of my short at 1789 now
Trade closed: target reached:
all short close at 1787 now
Comment:
I didn't expect gold drops this hard. Thus, our original entry point for long (1787) will be extended to 1783 area.
Trade active:
I enter a test buy at 1784, but I don't suggest you do the same.
