Update on the Gold position we have open at the moment. We're looking for this to come down towards the 1823-2- levels where we'll take 70% of the position and move the stop to entry. We'll still with the stop loss where it is. If this breaks above that 1835 level then its likely we're going to see some more bullish movement in Gold targeting 1840 first, 1855 and then 1862.
Its the last trading day of the month so there is likely to be a lot of movement during and after the US session as traders will want to come out of positions for month end. Please trade safe and protect your trades. We're not entering anymore positions until next week on Gold or Silver.
Its the last trading day of the month so there is likely to be a lot of movement during and after the US session as traders will want to come out of positions for month end. Please trade safe and protect your trades. We're not entering anymore positions until next week on Gold or Silver.
Knights of Gold (Gold/FOREX Analysis/Trade ideas)
Our plan for yesterday didn't quite work out as we were stopped out on the short we published for FOMC. We're looking again for a one more shot at the short, its very bullish and we've broken above the 1820 level but we can see some resistance above that may…
70% taken stop to entry. Now it can do what it wants.
Knights of Gold (Gold/FOREX Analysis/Trade ideas)
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Nice end to the month. Wishing everyone a great weekend. KOG
KOG Members, there aren't many Analysts or Traders on social media who openly manifest their Gold Analyses like us. We publicly showcase how we trade, and how we analyse the charts level to level. All the Gold analyses is free. Even though we have paid members and the KOG community we've stuck to our word and commitment to traders by maintaining this free group and sharing the gold analyses for free.
Many members who have been here from the beginning, will have seen how effective the analysis is in positioning them in the right direction, without getting caught on Gold.
Please do us a favour, share the group with likeminded traders and support us on social media. We want to help as many new traders as we can.
KOG
Many members who have been here from the beginning, will have seen how effective the analysis is in positioning them in the right direction, without getting caught on Gold.
Please do us a favour, share the group with likeminded traders and support us on social media. We want to help as many new traders as we can.
KOG
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Invite link:
https://t.me/KnightsofGold
Find us on:
Instagram:
https://www.instagram.com/knights_of_gold/
Twitter:
https://twitter.com/KnightsOfGold2
We appreciated all your likes, follows and comments. Give us a follow, share the group and keep up to date with KOG.
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Knights of Gold (Gold/FOREX Analysis/Trade ideas)
We trade level to level. Follow at your own risk. Always use a sensible stop loss. Strictly for educational purposes, not trading advice. We are showing you what we analyse and how we trade the markets.
Week ahead KOG report has been published on TradingView. Please do give us a like and a follow.
We've published a brief update on TradingView.
We can see all the MAs tightly converging together not really giving the price a lot of movement. There are two price points that are important here, the 18080/9 level and the 1812/14 level. Breaking and closing above the 1812/14 level will likely lead the price to resume bullishly towards the 1820-25 price points while closing below the 1808 level is likely to push the price back down towards the key level support below at 1795. We haven't changed our view much from the KOG report published on Sunday where we suggested a similar scenario on Gold .
Its a tight range for Gold so tread carefully and ideally wait for either price point to break before getting in. The only clue we have here is the trend of which we are sitting right at the top. So we would need a strong bullish engulfing candle to break this to the upside.
Not much more to report unfortunately KOG troops. Its a waiting game for us.
We can see all the MAs tightly converging together not really giving the price a lot of movement. There are two price points that are important here, the 18080/9 level and the 1812/14 level. Breaking and closing above the 1812/14 level will likely lead the price to resume bullishly towards the 1820-25 price points while closing below the 1808 level is likely to push the price back down towards the key level support below at 1795. We haven't changed our view much from the KOG report published on Sunday where we suggested a similar scenario on Gold .
Its a tight range for Gold so tread carefully and ideally wait for either price point to break before getting in. The only clue we have here is the trend of which we are sitting right at the top. So we would need a strong bullish engulfing candle to break this to the upside.
Not much more to report unfortunately KOG troops. Its a waiting game for us.
KOG - Camelot trading room results for July 2021. Not too bad a month for us even though we've seen ranging markets across many pairs.
General guide: If you’re trading an account size:
Less than £500:
LOT SIZE – 0.01 with a MAX LOT SIZE OF 0.03 AT ANY GIVEN TIME - You need to pick your trades and pick your entries carefully. Your risk needs to be low, however, a 0.01 lot size will give you flexibility when the market goes against you.
£500 – 1000:
LOT SIZE – 0.02-0.03 with a MAX LOT SIZE OF 0.06 AT ANY GIVEN TIME – You need to pick your trades and pick your entries carefully. Your risk needs to be low, however, a 0.02-0.03 lot size will give you flexibility when the market goes against you. Split your entries and take partial profits along the way until your target is reached. E.g Enter 0.03, when you reach 10-15pips take 0.02 in profit and set the stop to entry, let 0.01 run to the target with the trade protected.
£1000 – 1500
LOT SIZE 0.05-0.07 with a MAX LOTS SIZE OF 0.10 AT ANY GIVEN TIME - You need to pick your trades and pick your entries carefully. Split your entries and take partial profits along the way until your target is reached. E.g Enter 0.05, when you reach 10-15pips take 0.03 in profit and set the stop to entry, let 0.02 run to the target with the trade protected.
£2000+
LOT SIZE 0.05 – 0.15 with a MAX LOT SIZE OF 0.17 AT ANY GIVEN TIME - . Split your entries and take partial profits along the way until your target is reached. E.g Enter 0.07, when you reach 10-15pips take 0.05 in profit and set the stop to entry, let 0.02 run to the target with the trade protected.
Too many traders get stopped out and blow accounts because their lot sizes are too bit. A small reversal on the pair and panic sets in because a high percentage of the account is in drawdown. They take the loss and the market ends up going their way in the end. This is not the way to trade! You will make money but ultimately you will face huge losses on your account. The market is designed to play with your emotions and your greed, you need to use this to your advantage. The only way to protect yourself is money and risk management, it’s a fundamental tool and skill required to trade.
Less than £500:
LOT SIZE – 0.01 with a MAX LOT SIZE OF 0.03 AT ANY GIVEN TIME - You need to pick your trades and pick your entries carefully. Your risk needs to be low, however, a 0.01 lot size will give you flexibility when the market goes against you.
£500 – 1000:
LOT SIZE – 0.02-0.03 with a MAX LOT SIZE OF 0.06 AT ANY GIVEN TIME – You need to pick your trades and pick your entries carefully. Your risk needs to be low, however, a 0.02-0.03 lot size will give you flexibility when the market goes against you. Split your entries and take partial profits along the way until your target is reached. E.g Enter 0.03, when you reach 10-15pips take 0.02 in profit and set the stop to entry, let 0.01 run to the target with the trade protected.
£1000 – 1500
LOT SIZE 0.05-0.07 with a MAX LOTS SIZE OF 0.10 AT ANY GIVEN TIME - You need to pick your trades and pick your entries carefully. Split your entries and take partial profits along the way until your target is reached. E.g Enter 0.05, when you reach 10-15pips take 0.03 in profit and set the stop to entry, let 0.02 run to the target with the trade protected.
£2000+
LOT SIZE 0.05 – 0.15 with a MAX LOT SIZE OF 0.17 AT ANY GIVEN TIME - . Split your entries and take partial profits along the way until your target is reached. E.g Enter 0.07, when you reach 10-15pips take 0.05 in profit and set the stop to entry, let 0.02 run to the target with the trade protected.
Too many traders get stopped out and blow accounts because their lot sizes are too bit. A small reversal on the pair and panic sets in because a high percentage of the account is in drawdown. They take the loss and the market ends up going their way in the end. This is not the way to trade! You will make money but ultimately you will face huge losses on your account. The market is designed to play with your emotions and your greed, you need to use this to your advantage. The only way to protect yourself is money and risk management, it’s a fundamental tool and skill required to trade.
Gold!! 15M Chart
Stuck in a frustrating range, nice for scalpers but frustrating for traders looking to hold a position. When we're in a scenario like this and you are going to trade then its best to use your levels and trade support to resistance, resistance to support. We've shown the potential trends and the support/resistance levels on the 15M chart to make it easier to see and trade. Just as we suggested yesterday, one of the key levels needs to break in order for this to make its move so we'll remain with no bias to long term direction for now.
Our only position is the short trade we are still holding 30% of from last week which is around 1828 with the stop moved to entry.
Stuck in a frustrating range, nice for scalpers but frustrating for traders looking to hold a position. When we're in a scenario like this and you are going to trade then its best to use your levels and trade support to resistance, resistance to support. We've shown the potential trends and the support/resistance levels on the 15M chart to make it easier to see and trade. Just as we suggested yesterday, one of the key levels needs to break in order for this to make its move so we'll remain with no bias to long term direction for now.
Our only position is the short trade we are still holding 30% of from last week which is around 1828 with the stop moved to entry.
Whats to come? We can see another push up towards that 1818-20 level where we would hope it finds resistance again. Our range is 1809 to 1816/18, accumulation like this before a big news release (NFP) is likely to cause a big break out in Gold . Bulls are looking for 1900 and bears are looking for 1700. What a coincidence, we're consolidating near enough in the middle of both price points!
Please trade safely, ideally with smaller lot sizes than usual and with a stop loss in place.
KOG
Please trade safely, ideally with smaller lot sizes than usual and with a stop loss in place.
KOG