Then this happened..

Knights of Gold (Gold/FOREX Analysis/Trade ideas)
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Knights of Gold (Gold/FOREX Analysis/Trade ideas

KOG

Hopefully see you on Sunday for the KOG Report. Wishing you all a great weekend ahead. KOG

Quiet today. This is all we've done but it's worked well. We had the two key levels marked for a pull back.

Smacked them

Then got the bounce

We are active higher but this range is now simple accumulation and the stretch here from the open is insane. A disciplined trader will be sitting and watching waiting for the next two days candle closes on the daily. We have key support at 5560 and resistance at 5110 which is most likely where they will want to close above to open up higher pricing.

Silver is concerning us, it's moving like there is no tomorrow so far above the mean that getting in on this move from where it is will be extremely dangerous. That's also approaching a key level here

We've taken a nice trade on GJ, NAS has hit its target, US30 is on the way and Oil is active. There is a point to me mentioning this....Try not to put all your eggs in one basket, we've specialised in gold but I would never say "I'm a gold trader". I trade the markets, that means, wherever there is a set up that abides by my rules, the algo agrees, the indictors align, I will trade. Money is money, there is no difference between making money from Gold or making money from Orange juice.

Some of you will struggle in these markets, that's not your strategy failing you, it just that your strategy will work in certain market conditions and not in others. That's where you have to identify which instrument is looking better to trade. That's the honest truth, some days I will tell the team, I'm not touching gold, we'll find something else to trade.

SILVER - What a trade

Slight stretch there on the dip but the hot spot and defence did activate for the swing long up to here. Our key level today is 5070 while another engulfing is needed here to attempt the breach above. A Choppy day expected and with FOMC tomorrow, I would expect this to start the pre-event PA at some point after the NY-Open.

Pre-event price action:

Trend within trends on the smaller timeframes

Patterns that conflict each other - You may get a H&S but with that is a double bottom for example. They do this intentionally to get traders committed to the wrong direction

Ranging price staying close to short term MA's

Swings and spikes all of a sudden - This is a stop loss hunter activation taking liquidity from the high and low of a potential range

Ask yourself these questions:

Do I understand intra-day levels?
Do I understand pre-event price action?
Do I understand trading with ranges and price accumulation?
Do I have a risk model that protects me and my account no matter where the price goes?