please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1778
===================Analysis=================
In early of this week, Gold has broken the ascending trendline and confirmed the bearish trend.
Yesterday, the market has a strong bounce to 1794 for a corrective move but lack of continuity.
The price is current ranging between 1770 - 1795 range, and another correction wave should happen before further drop.
However, we are not sure about the strength of the next move, so the safest way to trade is to sell at high edge.
The newer support has become 1770. Based on the previous selling power, I doubt if this support could last long.
So here are a few situations:
=================Possible Situation==========
No.1 Gold rise up to 1790 - 1800 area before next drop
No.2 Gold breaks 1770 and test 1760 area quickly.
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: N/A
Sell limit: 1795 - 1805 set 3 sell orders per $4 gap. SL 1810.
Buy stop: n/a
Sell stop : 1769, TP 1760
Current price: 1778
===================Analysis=================
In early of this week, Gold has broken the ascending trendline and confirmed the bearish trend.
Yesterday, the market has a strong bounce to 1794 for a corrective move but lack of continuity.
The price is current ranging between 1770 - 1795 range, and another correction wave should happen before further drop.
However, we are not sure about the strength of the next move, so the safest way to trade is to sell at high edge.
The newer support has become 1770. Based on the previous selling power, I doubt if this support could last long.
So here are a few situations:
=================Possible Situation==========
No.1 Gold rise up to 1790 - 1800 area before next drop
No.2 Gold breaks 1770 and test 1760 area quickly.
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: N/A
Sell limit: 1795 - 1805 set 3 sell orders per $4 gap. SL 1810.
Buy stop: n/a
Sell stop : 1769, TP 1760
Comment:
maybe a small test buy to see if the support still valid.
bull signal will be confirmed when price rise above 1775.
bull signal will be confirmed when price rise above 1775.
So I get out of my sell stop order and wait for next opportunity