Respect your money:
A lot of traders feel they need to trade every day and throughout the day for some reason. They want to sell it, then buy it, then sell it and then buy it all day long. This, unless you're a professional scalper doesn't work. Even when scalping, traders are looking at the longer time frame charts for direction and then scalping in that direction with huge lots! If you think you're going to be able to trade up and down all day you're only gambling with your hard earned money. Respect your money, respect your account, respect your risk strategy and respect your money management. Don't let your emotions get you into situations because you've over traded, 1-2 good trades a day or even a week, that's all it takes
A lot of traders feel they need to trade every day and throughout the day for some reason. They want to sell it, then buy it, then sell it and then buy it all day long. This, unless you're a professional scalper doesn't work. Even when scalping, traders are looking at the longer time frame charts for direction and then scalping in that direction with huge lots! If you think you're going to be able to trade up and down all day you're only gambling with your hard earned money. Respect your money, respect your account, respect your risk strategy and respect your money management. Don't let your emotions get you into situations because you've over traded, 1-2 good trades a day or even a week, that's all it takes
Best and worst times to trade the markets:
London open – 7am-10:30am GMT has heavy volume and will give good trading opportunities
US Open – 12:30 – 2:30pm GMT has heavy volume and will give good trading opportunities
The Sydney and Tokyo overlap – 11pm-4am is not so volatile but will still give opportunities
The first few days of the start of the month and the last few days of the end of the month are also volatile days. Institutions usually come out of short term positions in preparation for a new month, this is why traders are always keen to see how the monthly candle closes.
Mondays – Mondays are not a great day to trade, the market will try to find its feet after the weekend close, there may also be news over the weekend that the market reacts to on Monday open. You will find the data can be skewed and there can be glitches on the charts between closing and opening price. Its best to let the market settle on Monday morning.
Fridays – Just like the end of the month, institutions and funds like to close out positions at the end of the week in preparation for a new week ahead. For this reason you will find on some occasions you will get a late Friday buy in or sell off. Its good practice to not enter and trades after the early afternoon session on a Friday.
London open – 7am-10:30am GMT has heavy volume and will give good trading opportunities
US Open – 12:30 – 2:30pm GMT has heavy volume and will give good trading opportunities
The Sydney and Tokyo overlap – 11pm-4am is not so volatile but will still give opportunities
The first few days of the start of the month and the last few days of the end of the month are also volatile days. Institutions usually come out of short term positions in preparation for a new month, this is why traders are always keen to see how the monthly candle closes.
Mondays – Mondays are not a great day to trade, the market will try to find its feet after the weekend close, there may also be news over the weekend that the market reacts to on Monday open. You will find the data can be skewed and there can be glitches on the charts between closing and opening price. Its best to let the market settle on Monday morning.
Fridays – Just like the end of the month, institutions and funds like to close out positions at the end of the week in preparation for a new week ahead. For this reason you will find on some occasions you will get a late Friday buy in or sell off. Its good practice to not enter and trades after the early afternoon session on a Friday.
Knights of Gold (Gold/FOREX Analysis/Trade ideas)
If you're following our Crypto ideas, they're still active and on Tradingview
TradingView
KnightsofGold — Trading Ideas and Scripts — TradingView
Follow KnightsofGold on TradingView for unique chart analysis, custom indicators, and market view. Join our global community of traders and investors.
Out of Gold. Not testing this level again now, scalps done, that's it
Please do help support us and the free channel by hitting the like/boost 🚀 button 🙏
Knights of Gold (Gold/FOREX Analysis/Trade ideas)
Out of Gold. Not testing this level again now, scalps done, that's it
Unless scalping that level was used and ready to pop, hence the message yesterday to stay out of it, and let it go up if it wanted to. The move came nicely from resistance giving the short for a lovely capture, if you took it, that should be you done for the week! It's end of month, if you're still in the markets, well done, be happy with it and come back next week! Take when they give, give little when they take!