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Knights of Gold (Gold/FOREX Analysis/Trade ideas)
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Knights of Gold (Gold/FOREX Analysis/Trade ideas

KOG

That's where we stand at the moment with no break above the red box for higher pricing at the moment. We have defence below at the 3355 level and below that 3350. Bias level is 3365 for today with resistance now 3375

Gold is now in certain accumulation pending a breakout. We have a pattern in play with targets above but not as high as traders will imagine. This entails caution.

Today we activated lower below the bias level and wanted to attack that level to them attempt a long trade

The level worked well for the short trades from above and then we wanted the bounce to give us at least 50pips

Worked well, got what we wanted but ideally we wanted that 3375 level to reject. As you can see, were playing there again

The indicators again gave us a 50pip short but it was short lived as support didn't break

Now I would say traders play a little caution on gold. Support is here and resistance is at 3385. We're in a formation that usually gives a false signal and then makes the move that is intended. Your risk model and levels need to be up to scratch if you're going to trade for the rest of the week as a breakout is on its way. The pivot is still 3340 which we can't discount so please trade safely.

Trust the process, don't rush trading. These guys who have been trading 6 months and all of a sudden have paid groups are usually influencers, they don't have the track record or the experience of different market conditions. If they're talking about FVG, mushroom soup, some bullet strategy, dogs and cat patterns, you know they've only been here a few months to a year or so. There is nothing new in the markets, the same patterns and algo have existed for decades, since Jessie Livermore was drawing charts on paper.

Markets repeat, they're historical and once you learn price action and candle stick movement, you'll thank the market gods you made an effort to stay in the game and concentrate on something that is a skill for life. Learn to trade, stop following signals, stop copy trading and asking for account management. No one who has done this has become lucrative in this game.

Put the time in to learn, you will be rewarded for your time. Chess, be strategic, know when you're being played by the market and get out, know when you're playing the market and stay in. If it's exciting, you're doing something wrong. This is the most boring profession there is, but it's damn right worth it. KOG

Support here is 3370 which needs to hold for us to re-visit that high again. Resistance however is 3380 while we continue to play this range. We would say take it a little lighter on gold as the breakout is pending, We simply can't just keep trying to trade every setup and candle, it doesn't work like that. You may not like me saying this, but it's about one decent trade, maybe 2 and that's it. Trading isn't about sitting on your phone all day clicking buy/sell