please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1866.5
===================Analysis=================
Gold is definitely making the new direction in next few days.
Last few days Gold shows a strong bullish momentuml, and now ranges in a very small consolidating area.
It's still a question which direction Gold will go but the range is super clear now: 1860 - 1870
Above 1870, 1890 is an easy target based on my calculation, but I won't be so optimistic about 1900+.
Below 1860, 1845-1848 is the key support to re-test with high probability. if broken, 1835 will be the next fast hit.
Gold won't ranges too long.
So here are a few situations:
=================Possible Situation==========
No.1 Gold ranges abvoe 1870
No.2 Gold drops to lower demand zone
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===============
Because the ranging area is too small to do buy limit or sell limit, I would prefer buy or sell stop orders in today's plan.
Buy limit: N/A
Sell limit: N/A
Buy stop: 1870, SL 1865 TP 1890
Sell stop : 1860, sl 1865 tp 1845, 1835
Current price: 1866.5
===================Analysis=================
Gold is definitely making the new direction in next few days.
Last few days Gold shows a strong bullish momentuml, and now ranges in a very small consolidating area.
It's still a question which direction Gold will go but the range is super clear now: 1860 - 1870
Above 1870, 1890 is an easy target based on my calculation, but I won't be so optimistic about 1900+.
Below 1860, 1845-1848 is the key support to re-test with high probability. if broken, 1835 will be the next fast hit.
Gold won't ranges too long.
So here are a few situations:
=================Possible Situation==========
No.1 Gold ranges abvoe 1870
No.2 Gold drops to lower demand zone
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===============
Because the ranging area is too small to do buy limit or sell limit, I would prefer buy or sell stop orders in today's plan.
Buy limit: N/A
Sell limit: N/A
Buy stop: 1870, SL 1865 TP 1890
Sell stop : 1860, sl 1865 tp 1845, 1835
Trade active:
buy opened at 1870 as palnned
Trade closed: stop reached:
what a shit movement
