If you followed my past analysis for a while, you might see I have a pretty nice wining rate of my plan and prediction. However, I still lose a lot of money which almost makes me brankrupt.
Logically you know what is right, but you just reject to do so.I feel I still should keep my journal so that I can follow what the market is going on.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 09/21
Gold broke 1780 support and reached down to 1742, the new lower last week.
In my 0914 0915 analysis, I gave the second scenario that in case Gold went downside, it will confirm a shorterm trend.
Yesterday Gold broke 1766 resistence and reached 1781. As long as the price stay below 1780, the 5-wave pattern is valid.
However, since the point of wave-4 is changed, I will need to re-calculate the target point of wave-5.
The estimate target would a range of 1721-1731.
If the gold breaks the trendline (the circle in the chart), the previous assumption will be dismissed.
No.1 Gold drops from 1780 area, and down to 1740, and range for a while
No.2 Gold drops from 1780 and directly down to 1730 area.
No.3 Gold breaks the resistence 1780, and the next resistence will be 1805.
WHY different plan is important? We are not trying to predict the market, but are trying to trade no matter where the market goes.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1781, 1805
The key support: 1741, 1725
Buy stop : When the gold breaks 1781, and re-test 1781. I will enter buy with small SL
But limit: 1720
Sell limit: 1778-1781 area, SL 1785. TP 1740, 1730
sell stop : 1740, TP 1725
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