Quick Tip:
Draw levels, draw lines, draw patterns and make sure you're always charting. Something will stick out and you'll notice how this works. You don't have to trade, most of us sat this out but its nice to see how the analysis plays out and when it does what you thought it would do. Our one request to all of you, the more you chart, the more you practice, the more you backtest, the more you'll see you can do this and become a successful trader.
Draw levels, draw lines, draw patterns and make sure you're always charting. Something will stick out and you'll notice how this works. You don't have to trade, most of us sat this out but its nice to see how the analysis plays out and when it does what you thought it would do. Our one request to all of you, the more you chart, the more you practice, the more you backtest, the more you'll see you can do this and become a successful trader.
Lots of news today that will move the markets. Especially on the other pairs
Gold support now stands at 1775-7 with resistance being 1785, 1790 and above that 1795-7
Right members, thats the first destination of 1795-97 thats been hit.
We have one above this at 1805-7 and then one above that at around 1810-14. We are expecting this to pullback at some point so now is not the place to get in long
We got a point to point move again based on KOG levels but we have to be really careful here. There will be a lot of bulls trading the breakout and trying to catch the seasonal move.
Please refer to the KOG report for more detail
P.S - Don't be in a rush to short this
Knights of Gold (Gold/FOREX Analysis/Trade ideas)
Here's a quick tip: When the price is in a ranging market look for data of when the price was last in its range. Example above shows we had the range, a breakout above and then a break back inside the range. Draw a box around the range and then identify…
Range update: We're above mid-range now and have broken above the previous highs. We want to see if the 1790-85 level now turns to support. 1797 is a strong level or resistance, so if it targets it and gets there we will see a reaction.
Something to look out for. This daily candle is closing without hardly any wick. Likely we're going to see more upside
Knights of Gold (Gold/FOREX Analysis/Trade ideas)
Here's a quick tip: When the price is in a ranging market look for data of when the price was last in its range. Example above shows we had the range, a breakout above and then a break back inside the range. Draw a box around the range and then identify…
Gold - We've hit all of our targets above on Gold now and we're in the top of the range. We would suggest and selling be small at the moment as we would want to see how the price reacts up here.