please note: This is a personal journal only, but NOT a trading suggestion.
Current price: 1775
===================Analysis=================
Gold finnaly bounced from 1761 area to the current price 1775, which is the calculated R1 mentioned in my last analysis.
Due to the fact of U.S inflation and tarppering, Gold lacks of the fundmental support to be bullish in long term.
The drop from 1800 to 1760 just initiates the new cycle of bearish, right now we are in the correction wave-2.
I'm not sure how long this consolidation will be, but the levels are stated below:
key resitence:
1785
1780
1775
key support:
1760
1750
1735
Because the H4 looks strong, Gold might have a small retrace from 1775, and then jump again to finish wave-2 (or maybe not). So I would better wait for a second confirmation to enter big size of short.
It's little bit risky to buy but if you are are M5 or M15 style trader, it's still okay with proper risk control.
Gold drops below 1750 will trigger a very quick and strong drop to the target 1735 to complete wave 3. and later we
So here are a few situations:
=================Possible Situation==========
No.1 Gold rise to risistence area, 1780 - 1785 and then start dropping. Breaking 1760 will be the confirmation of wave-3
No.2 Gold drops from 1780 -1785, but find strong support at 1760 agian. It means the wave-2 will be a complex consolidation movement, and we can do sideway trades here.
No.3 Gold rise above the resistence area, and probably to test 1800 again.
my P.S:
I'm NOT trying to predict the market move. As a trader (not analyst), we need to know how to trade in different conditions, but not predict the conditions.
=================Trading Plan===============
Sell limit : 1775 - 1785, SL 1790, TP 1760 1750, 1735.
Sell stop 1: 1758 TP 1750
Sell stop 2: 1749 TP 1735
Current price: 1775
===================Analysis=================
Gold finnaly bounced from 1761 area to the current price 1775, which is the calculated R1 mentioned in my last analysis.
Due to the fact of U.S inflation and tarppering, Gold lacks of the fundmental support to be bullish in long term.
The drop from 1800 to 1760 just initiates the new cycle of bearish, right now we are in the correction wave-2.
I'm not sure how long this consolidation will be, but the levels are stated below:
key resitence:
1785
1780
1775
key support:
1760
1750
1735
Because the H4 looks strong, Gold might have a small retrace from 1775, and then jump again to finish wave-2 (or maybe not). So I would better wait for a second confirmation to enter big size of short.
It's little bit risky to buy but if you are are M5 or M15 style trader, it's still okay with proper risk control.
Gold drops below 1750 will trigger a very quick and strong drop to the target 1735 to complete wave 3. and later we
So here are a few situations:
=================Possible Situation==========
No.1 Gold rise to risistence area, 1780 - 1785 and then start dropping. Breaking 1760 will be the confirmation of wave-3
No.2 Gold drops from 1780 -1785, but find strong support at 1760 agian. It means the wave-2 will be a complex consolidation movement, and we can do sideway trades here.
No.3 Gold rise above the resistence area, and probably to test 1800 again.
my P.S:
I'm NOT trying to predict the market move. As a trader (not analyst), we need to know how to trade in different conditions, but not predict the conditions.
=================Trading Plan===============
Sell limit : 1775 - 1785, SL 1790, TP 1760 1750, 1735.
Sell stop 1: 1758 TP 1750
Sell stop 2: 1749 TP 1735
Trade attivo:
As planned, I have sell opened at 1781 now
Trade attivo:
Gold reaches 1785, add my short position as planned
