please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1802
===================Analysis=================
Yesterday the market confirmed the breakout of descending trendline, and I know everyone is expecting Gold to hit target 1830 area.
Usually once the trendline is broken, a re-test would happen before another push up. So even we think it's turning bullish market, I won't buy above 1800 because of low R&R
And based on the observation of today's move, I think the correction is happening.
Currently it's moving in a mall range of 1798 - 1810, which will not very long.
So I'm expecting Gold test test the point 1785-1790 area depending on how strong the move is.
I would suggest wait for 1-2 hour when Gold reaches the target area before entering any position, because there's also another possibility Gold may break below the TL if some crazy news announced.
Key levels:
1818
1799
1787
So here are a few situations:
=================Possible Situation==========
No.1 Gold find strong support at 1800 area and rise again
No.2 Gold break down 1798 and test 1787 area, which is drew in the chart. then rise again
No.3 Gold break the bottom TL, and resume bearish trend.
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: 1787, SL 1782, TP 1800, 1810
Sell stop: 1797, SL 1802, TP 1787
Current price: 1802
===================Analysis=================
Yesterday the market confirmed the breakout of descending trendline, and I know everyone is expecting Gold to hit target 1830 area.
Usually once the trendline is broken, a re-test would happen before another push up. So even we think it's turning bullish market, I won't buy above 1800 because of low R&R
And based on the observation of today's move, I think the correction is happening.
Currently it's moving in a mall range of 1798 - 1810, which will not very long.
So I'm expecting Gold test test the point 1785-1790 area depending on how strong the move is.
I would suggest wait for 1-2 hour when Gold reaches the target area before entering any position, because there's also another possibility Gold may break below the TL if some crazy news announced.
Key levels:
1818
1799
1787
So here are a few situations:
=================Possible Situation==========
No.1 Gold find strong support at 1800 area and rise again
No.2 Gold break down 1798 and test 1787 area, which is drew in the chart. then rise again
No.3 Gold break the bottom TL, and resume bearish trend.
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: 1787, SL 1782, TP 1800, 1810
Sell stop: 1797, SL 1802, TP 1787
交易進行:
BTW I opened a short at 1802 cuz I see a flat consolidation pattern
交易結束：目標達成:
I close 70% of my short at 1789 now
交易結束：目標達成:
all short close at 1787 now
評論:
I didn't expect gold drops this hard. Thus, our original entry point for long (1787) will be extended to 1783 area.
交易進行:
I enter a test buy at 1784, but I don't suggest you do the same.
