Gold 1004 Trading Plan
please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1761
===================Analysis=================
Gold has made a insane bounce off since 1722 to 1764 with barely no stop.
A correction must happen before gold can really be bullish in long term. So I won't chase buy at this point.
The minimum correction point is 1750 area, the ideal buying area is around 1740.
I can see there's a cross bar in H4, which indicates that the bearish might just start a little.
But I should not put all bet in short because there's also a possibility that gold can be crazy and go up.
=================Possible Situation==========
No.1 Gold goes back to 1740 area, and then rise again to 1765 at least.
No.2 Gold doesn't drop at all and directly rise up to 1780.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1764, 1780
The key support: 1750, 1740
buy plan:
Buy stop : N/A
But limit: 1735-1744 area. It's quite big range, so I will add my position with separate orders.
Sell plan: (with smaller position than usual)
Sell limit: 1762-1765 area, SL 1767. TP 1750 1740
sell stop: N'A
Current price: 1761
===================Analysis=================
Gold has made a insane bounce off since 1722 to 1764 with barely no stop.
A correction must happen before gold can really be bullish in long term. So I won't chase buy at this point.
The minimum correction point is 1750 area, the ideal buying area is around 1740.
I can see there's a cross bar in H4, which indicates that the bearish might just start a little.
But I should not put all bet in short because there's also a possibility that gold can be crazy and go up.
=================Possible Situation==========
No.1 Gold goes back to 1740 area, and then rise again to 1765 at least.
No.2 Gold doesn't drop at all and directly rise up to 1780.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1764, 1780
The key support: 1750, 1740
buy plan:
Buy stop : N/A
But limit: 1735-1744 area. It's quite big range, so I will add my position with separate orders.
Sell plan: (with smaller position than usual)
Sell limit: 1762-1765 area, SL 1767. TP 1750 1740
sell stop: N'A
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