Instead of calling Gold analysis, I would use the term of trading plan or trading journal to record my trades.
So please note: This is a personal journal only, but NOT a trading suggestion. Please control your own risk if you want to follow, we may have different risk preference and position management strategy.
Date: 2020/12/01
Wave C is coming late as my expectation but it's coming..
Check my analysis from 1 month ago in the related ideas
No plan, No trading
------------------
Entry reason:
Based on Elliot wave , Gold is in the final wave 5. Maybe an extended wave-5 could happen, but right now there's no reason to short any more at this price.
wave-1: 1895 - 1852
wave-2: 1852 - 1879
wave-3: 1879 - 1801
wave-4: 1801 - 1819
wave-5: 1819- 1750~1770
We have seen a nice rebounce from 1760 area to 1793 now, which already confirms the start of correction wave. A typical A-B-C correction to the area of 1820 is highly possible within this week before next drop or unknown direction.
Currently gold has completed the wave (a), if another quick drop to 1780 area happens tonight, it will give me a nice opportunity to buy with nice reward.
So here's my plan:
Long
buy from 1780-1785 , TP 1820
So please note: This is a personal journal only, but NOT a trading suggestion. Please control your own risk if you want to follow, we may have different risk preference and position management strategy.
Date: 2020/12/01
Wave C is coming late as my expectation but it's coming..
Check my analysis from 1 month ago in the related ideas
No plan, No trading
------------------
Entry reason:
Based on Elliot wave , Gold is in the final wave 5. Maybe an extended wave-5 could happen, but right now there's no reason to short any more at this price.
wave-1: 1895 - 1852
wave-2: 1852 - 1879
wave-3: 1879 - 1801
wave-4: 1801 - 1819
wave-5: 1819- 1750~1770
We have seen a nice rebounce from 1760 area to 1793 now, which already confirms the start of correction wave. A typical A-B-C correction to the area of 1820 is highly possible within this week before next drop or unknown direction.
Currently gold has completed the wave (a), if another quick drop to 1780 area happens tonight, it will give me a nice opportunity to buy with nice reward.
So here's my plan:
Long
buy from 1780-1785 , TP 1820
