KOG Report has been published on TradingView. Its very brief this week as we'll be trading this level to level rather than trying to capture any big movements. Its the end of the month and this weekly candle close is going to be really important. So please trade this carefully.

We'll update as we go along as we usually do

There is a lot of news this week which is guaranteed to move the markets.

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.

Reminder:

Give yourself room in these market conditions. Big lot sizes don't allow you to do that, especially on Gold. As traders we have to adapt to market conditions

Trade this level to level. Don't think you'll get a clean run the way they're moving it. We want to start going long on Gold but don't feel this is the right time at the moment

Apologies, we've missed out the 1750-48 support level on this chart. Its too late to edit it but please add that level to your charts.

So the support levels:

1777
1775
1765
1750
1748

Key resistance 1795-7. Break above this level look for 1805-7 and above that 1814-17.

Key support now stands at 1788-5. Break below that level look for 1777, 1775.

All the levels are on the KOG report and posted just above

Its the last day of the month and we have a Powell testimony. Couldn't make this up. Trade safe, trade small and expect the unexpected.

Remember, adapt to the market conditions, this isn't the time to be trading big lots unless you're scalping.

About an hour to go for this. There's a huge chance he's going to say something that will move the markets. When it comes to news like this the levels will always be respected, however, its the volatility that they cause that get traders in a mess. We also have NFP tomorrow and another Powell testimony so even more madness to come. Ideally the best thing to do in scenarios like this is either trade small or just stay out of the markets. Let them move it to where they want to move it and once its found a strong support or resistance thats when you take your positions. This not only protects your against the manipulation but in most cases gives you a better entry for your target

We said they would manipulate it to make sure they hit stops. If you're in protect this trade, a smaller lot would have allowed you to handle that reversal

We're not going long on Gold