Not a bad week, I've missed 3 targets on EURUSD, USDCHF and AUDUSD (They're all on the way but not complete so far this week). We've modified the EA to include many new pairs, not just gold. It's been performing well, EURJPY is the only target that isn't complete, I'm going to show you how close it is from giving us a full house this week

EURJPY

Back on Sunday with the KOG Report and the view for the week ahead.

Evening thought:

I keep talking about "I missed the move" and how traders feel when they're not a part of the markets when they're moving. There's nothing wrong with that but it can be detrimental to your account if you feel the need to trade in conditions you aren't used to, or haven't experienced before. As traders, experience teaches us and shows us when the markets are likely to take from us and when the markets are likely to give to us. It will never be 100% but that's why our risk models are there, to protect us.

Let me ask you a question. Would you rather sit there and watch the markets for 3 days, while doing what you need to do in your every day life and wait for a 280pip move, or, scalp the range every day in and out for 30-40pips taking 2-3 trades a day for 3 days getting chopped up in the markets?

I know what option I would choose! The money is made in sitting and waiting, not trading. It's a really frustrating and honestly, boring game, but while you're waiting it's perfect to analyse markets, plot charts, the potential move, backtest, practice etc. Its a full time job but you're not trading full-time. 70% of it is learning the price action, new techniques and fine tuning your own technique. That's how you improve and that's how you become successful, otherwise you're just gambling. Try it, have the discipline and patience to wait for the right trade at the right moment, execute with your risk model in place and limit the amount of trades you take a week. You'll see how it improves your ROI.

That's what we had on Gold...Even this one is so close but messing around

It has to be level to level

For Reference

Evening Thought:

I've worked tirelessly for years to help traders better themselves and give them the tools they need to have some chance of making it in these markets. Ultimately, it comes down to you and your mindset, if your mind is fixed on something, an idea, a bias, an instrument, there's not much I can do to change that! The market's haven't changed for decades, that's because human nature hasn't changed.

Many traders are struggling with Gold at the moment due to the high volatility and get rich quick mentality. Trading Gold entails smaller and manageable lot sizes that allow you to move with the market and you HAVE TO STICK TO YOUR SL. Once that SL is in place, don't move it, it's there to protect you. The market will always give you opportunities, take a small loss if you have to, that's the market telling you you were wrong, you'll end up getting better entries from better levels.

The other thing...For some reason, ego's on traders are writing cheques their butts can't cash. "KOG, I only trade Gold because I'm used to the way it moves". If you were used to the way it moves, why are you burning through your balance!? There are 3500 different instruments on TV, they all have a chart, they all have the same structure and price action and the tools work on all them. While 20% of all retail are trading Gold, the professionals and funds are making money on everything else that is moving nicely. Think about!

That's the first level we wanted, granted, from a little higher but the bias broke and the set ups were there. I'm in the middle of a trading lesson on entry and exit, so support now is 4310-04, that's the level that needs to break to go lower.