please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1788
===================Analysis=================
In last week Gold has completed the 8-wave cycle and reached 1780 lowest and start consolidation movement.
The direction for future is unknown yet. The last drop made the price back to the bearish range (below 1810), but the price is still moving along the ascending trendline (1780+) in the big cycle.
We can find a consolidation triangle and the range will be collapsing.
Any break out of this range will confirm the next big movement. But before that, I don't have any preference on bear or bull.
So here are a few situations:
=================Possible Situation==========
No.1 Gold ranges between 1784-1810
No.2 Gold drops below 1780 and test 1760 support
No.3 Gold rise above 1810 and test previous high again.
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: 1780-1785, TP 1810
Sell limit: 1805-1810, TP 1785
Buy stop: n/a
Sell stop : n/a
Current price: 1788
===================Analysis=================
In last week Gold has completed the 8-wave cycle and reached 1780 lowest and start consolidation movement.
The direction for future is unknown yet. The last drop made the price back to the bearish range (below 1810), but the price is still moving along the ascending trendline (1780+) in the big cycle.
We can find a consolidation triangle and the range will be collapsing.
Any break out of this range will confirm the next big movement. But before that, I don't have any preference on bear or bull.
So here are a few situations:
=================Possible Situation==========
No.1 Gold ranges between 1784-1810
No.2 Gold drops below 1780 and test 1760 support
No.3 Gold rise above 1810 and test previous high again.
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: 1780-1785, TP 1810
Sell limit: 1805-1810, TP 1785
Buy stop: n/a
Sell stop : n/a
Trade closed: target reached:
both buy and sell reached the TP
