Following on from yesterdays posts. Update before US open!

Point to Point, level to level

Lets be cautious now as we're in our sell zone

Please do hit the like button 🙏

We'll be back tomorrow with our thoughts and analysis. KOG

Reminder of basic chart patterns. Every trader should know how to identify basic chart patterns as they are very effective in day to day trading. The bonus with chart patterns is they work on every timeframe.

We will start the series of in-depth chart patterns this week. KOG

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 big. 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.

Quick update members. We had an Excalibur target from yesterday which has been completed. We are now sitting back and waiting for a break and close either side of this immediate hourly range to either long from support higher or short from higher into resistance levels below. Bias is to the downside at the moment but we're not discounting one more push up. The battle is on between the bulls and bears....Key level here which needs to break above to go higher but this is Gold, there's liquidity above!

We shared this on the KOG report on Sunday illustrating the 12H chart and what would happen if the price broke and closed above that 1820 level. As we've mentioned above, stay cautious in this region, they're building volume here to move it. We've taught Camelot traders how to trade these structures so will be keeping a close eye on it. As always, we'll share our daily view.

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Range Box update:

We're in 4H trend with support being around the 1827-29 region.

URGENT MESSAGE:

All our social media accounts are above, you will see our twitter account, instagram account and this telegram channel. We do not have a telegram contact ID apart from for our Camelot members. Our only ID here is KNIGHTSOFGOLD and its not contactable. At the moment you can only contact us through social media and our email address which we gave out for the Camelot membership. We will only contact you if you have sent us a message.

WE DO NOT contact anyone with unsolicited messages. If you get a message on Telegram or email from someone saying they're from KOG its nothing to do with us.

WE DO NOT offer account management or paid signals. Please be careful who you entertain. We only have contact with our members in the Camelot room, via email and on social media through our published channels.

Please be aware of scammers and fraudsters on Telegram and Social media.