please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1772
===================Analysis=================
In Yesterday analysis, I mentioned that 1770 won't last long, and Gold breaks this level to test a new low at 1761 lowest, which was the sell TP yesterday.
Sadly it didn't give me chance to enter the short.
In today's Asia market, we already see a rebounce from 1762 to 1776 highest, which is a confirmation of the new correction move.
1770 now become a short term support again, above this level, I will expect 1795 to be the next bullish target.
The market has been bearish for a full week, even in long term Gold is in bearish, but the selling power is vanishing which can cause an emotional rebounce with accumulating bullish orders.
Today is the NFP news day again which might bring high violity to the market, so chances could be in both side.
Before the news, I would prefer buy till 1790.
So here are a few situations:
=================Possible Situation==========
No.1 The 1770 support valids, and Gold will continuely rise up to 1795. Maybe it will be drop or turn into strong bullish
No.2 Gold drops below 1770, and test a lower low 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: 1770 area, SL $5, tp 1790
Sell limit: 1795 - 1805 set 3 sell orders per $4 gap. SL 1810.
Buy stop: n/a
sell stop N/A
Current price: 1772
===================Analysis=================
In Yesterday analysis, I mentioned that 1770 won't last long, and Gold breaks this level to test a new low at 1761 lowest, which was the sell TP yesterday.
Sadly it didn't give me chance to enter the short.
In today's Asia market, we already see a rebounce from 1762 to 1776 highest, which is a confirmation of the new correction move.
1770 now become a short term support again, above this level, I will expect 1795 to be the next bullish target.
The market has been bearish for a full week, even in long term Gold is in bearish, but the selling power is vanishing which can cause an emotional rebounce with accumulating bullish orders.
Today is the NFP news day again which might bring high violity to the market, so chances could be in both side.
Before the news, I would prefer buy till 1790.
So here are a few situations:
=================Possible Situation==========
No.1 The 1770 support valids, and Gold will continuely rise up to 1795. Maybe it will be drop or turn into strong bullish
No.2 Gold drops below 1770, and test a lower low 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: 1770 area, SL $5, tp 1790
Sell limit: 1795 - 1805 set 3 sell orders per $4 gap. SL 1810.
Buy stop: n/a
sell stop N/A
Trade active:
buy opened at 1768 , SL 1763
Trade closed: target reached:
I decide to close 50% at 1781 now because it's weekend
