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. If you want to follow it please control by your own risk. I can't give you advice on risk management and money slot because we have different risk preference and strategy.
Date: 2020/04/30
Entry reason:
I got SL on my last trade.
Gold broke up the previous consolidating range and now reach 1720 and hit my SL 1718.
Here's an assumption:
Gold drops from 1737 to 1688 and forms the wave (1). 1688 to 1720 seems to be the retracement wave (2) of the point. wave 2 could also target 1728. which is the 76.8% position and also near the top trendline.
If the previous wave B (at 1738) is correct, then C (1640) is highly expected.
I would still go short on Gold unless Gold price jumps higher than 1735.
No plan, No trading
Short : 1720 - 1728 SL: 1735
Sell stop : 1710 , 1700 1690
Confidence level: 40% (This trade may still be a loss but the Risk & reward ratio is still good for me)
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To be updated later:
Emotion level for the trade:
Result :
So please note: This is a personal journal only, but NOT a trading suggestion. If you want to follow it please control by your own risk. I can't give you advice on risk management and money slot because we have different risk preference and strategy.
Date: 2020/04/30
Entry reason:
I got SL on my last trade.
Gold broke up the previous consolidating range and now reach 1720 and hit my SL 1718.
Here's an assumption:
Gold drops from 1737 to 1688 and forms the wave (1). 1688 to 1720 seems to be the retracement wave (2) of the point. wave 2 could also target 1728. which is the 76.8% position and also near the top trendline.
If the previous wave B (at 1738) is correct, then C (1640) is highly expected.
I would still go short on Gold unless Gold price jumps higher than 1735.
No plan, No trading
Short : 1720 - 1728 SL: 1735
Sell stop : 1710 , 1700 1690
Confidence level: 40% (This trade may still be a loss but the Risk & reward ratio is still good for me)
----------------------------------------
To be updated later:
Emotion level for the trade:
Result :
Emotion level for the trade: excited
Result : Gold price drops hardly like the plan, which makes me good return on the trade.