please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1787
===================Analysis=================
Yesterday, many bears are trapped by the sharp fall and the quick reversal afterwards.
Today the gold is testing a new high 1789, which is still in the range of wave-2.
I think I made a mistake that I predicted the consolidation pattern as a triangle, which put me in a blind area and set wrong orders resulting in hundreds of dollars loss.
I should wait for a more clear confirmation before putting a bet.
From the chart, I can see gold is approaching the top edge of the trendline of daily frame, at this moment, 1792.
There's a possibility that Gold breaks 1792 and hit 1800+ again. And if this happens, bullish will really take over the market in long term.
OR
Direction becomes reverse from that area and continues the 5-wave pattern down to 1720 area.
By calculating the risk and reward ratio, I'm still more bias on selling direction.
Today's key levels:
1792
1780 ---- Pivot
1775 --- last day strong buying area
1760
I would wait at least one reversal sign at H2 level before adding a order as long as the price stays below 1792. Above 1792, I won't sell.
Gold drops below 1775 will trigger a quick move to 1760
Gold drops below 1750 will trigger a very quick and strong drop to the target 1735 to complete wave 3.
So here are a few situations:
=================Possible Situation==========
No.1 Gold rises to resistence area, 1792, and then starts dropping again, but find support at 1767 area again.
No.2 Gold doesn't get that area, but start dropping.
No.3 Gold rise above 1792 and initiate real bull.
my P.S:
I'm NOT trying to predict the market move. As a trader (not analyst), we need to know how to trade in different conditions, but not predict the conditions.
=================My Trading Plan===============
Sell limit : 1792 , sl $3
market order: when I see a reversal signal
Sell stop 1: 1774, TP 1760
Sell stop 2: 1760 TP 1735
Sell stop 3: 1749 TP 1735
Current price: 1787
===================Analysis=================
Yesterday, many bears are trapped by the sharp fall and the quick reversal afterwards.
Today the gold is testing a new high 1789, which is still in the range of wave-2.
I think I made a mistake that I predicted the consolidation pattern as a triangle, which put me in a blind area and set wrong orders resulting in hundreds of dollars loss.
I should wait for a more clear confirmation before putting a bet.
From the chart, I can see gold is approaching the top edge of the trendline of daily frame, at this moment, 1792.
There's a possibility that Gold breaks 1792 and hit 1800+ again. And if this happens, bullish will really take over the market in long term.
OR
Direction becomes reverse from that area and continues the 5-wave pattern down to 1720 area.
By calculating the risk and reward ratio, I'm still more bias on selling direction.
Today's key levels:
1792
1780 ---- Pivot
1775 --- last day strong buying area
1760
I would wait at least one reversal sign at H2 level before adding a order as long as the price stays below 1792. Above 1792, I won't sell.
Gold drops below 1775 will trigger a quick move to 1760
Gold drops below 1750 will trigger a very quick and strong drop to the target 1735 to complete wave 3.
So here are a few situations:
=================Possible Situation==========
No.1 Gold rises to resistence area, 1792, and then starts dropping again, but find support at 1767 area again.
No.2 Gold doesn't get that area, but start dropping.
No.3 Gold rise above 1792 and initiate real bull.
my P.S:
I'm NOT trying to predict the market move. As a trader (not analyst), we need to know how to trade in different conditions, but not predict the conditions.
=================My Trading Plan===============
Sell limit : 1792 , sl $3
market order: when I see a reversal signal
Sell stop 1: 1774, TP 1760
Sell stop 2: 1760 TP 1735
Sell stop 3: 1749 TP 1735
交易开始:
pretty nice cross bar in H2. I'm opening short at 1785
评论:
price below 1780 will be the key signal
评论:
sell will be added if break 1780!
