please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1787
===================Analysis=================
Last day Gold dropped to 1777 but now is back to 1786. Gold is continually creating Higher Lows since 1760.
Honestly, I have less confidence about bearish movement and need to bring the consideration of higher high again.
You can see I remove 'SHORT' label in my analysis but use 'Neutral' instead.
This retracement from 1760 could have 2 different scenarios. I have draw them in RED and BLUE colors in the chart.
RED one: We are in the wave 5. Gold might test 1791, the top edge of the trendline of daily frame again before dip. However, there's also good chance it will break that point and starts the big bullish to 1800+ area.
BLUE one: Gold can NOT exceed the previous high 1789. I can expect 1760 very quickly.
I think today is the time that Gold makes the direction since it's already ranging for a long time.
1778 becomes the new pivot.
1792 --- boom point
1778---- dump point
1760 --- support level
Candles pattern won't work at this moment because market are violate. The best trade is to wait the breakout of the key point
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.
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===============
Sell limit : 1792 , sl $3
Sell stop 1: 1775, TP 1760
Sell stop 2: 1760 TP 1735
Sell stop 3: 1749 TP 1735
Current price: 1787
===================Analysis=================
Last day Gold dropped to 1777 but now is back to 1786. Gold is continually creating Higher Lows since 1760.
Honestly, I have less confidence about bearish movement and need to bring the consideration of higher high again.
You can see I remove 'SHORT' label in my analysis but use 'Neutral' instead.
This retracement from 1760 could have 2 different scenarios. I have draw them in RED and BLUE colors in the chart.
RED one: We are in the wave 5. Gold might test 1791, the top edge of the trendline of daily frame again before dip. However, there's also good chance it will break that point and starts the big bullish to 1800+ area.
BLUE one: Gold can NOT exceed the previous high 1789. I can expect 1760 very quickly.
I think today is the time that Gold makes the direction since it's already ranging for a long time.
1778 becomes the new pivot.
1792 --- boom point
1778---- dump point
1760 --- support level
Candles pattern won't work at this moment because market are violate. The best trade is to wait the breakout of the key point
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.
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===============
Sell limit : 1792 , sl $3
Sell stop 1: 1775, TP 1760
Sell stop 2: 1760 TP 1735
Sell stop 3: 1749 TP 1735
评论:
BLUE scenario is invalid now. Let's see how 1792 resistence works
交易开始:
sell limit opened as planned at 1792.6
