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Knights of Gold (Gold/FOREX Analysis/Trading

GOLD SNR:

Support:
1771
1765
1761

Resistance:
1779
1785
1795-7
1805-7

Chart on its way

You can see we've followed down towards the first line of support. This is where we're we should protect trades and take a majority of profits of the table, especially as we are forming a double bottom on the 4H chart

We would expect there to be a retracement but our bias still remains short.

Now we want to see something like this as long as the price stays below the first level of 1785 and above that 1795-97

Breaking 1795-7 and closing above it will lead to those higher prices.

We have NFP tomorrow so unless they move it during the US session we should see some ranging price action

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

Members, NFP later today

This is going to be a really interesting one and will cause a lot of volatility in the markets

We're going to try and put together the NFP report in time for it, if we can't please use the levels on the analysis already shared

Its not recommended you trade this unless you have at least 6 months trading experience. Even then smaller lots than usual.