We're done for the week. Hope everyone had a good week.

Reminder: Always remember to use a stop loss, use a sensible lot size, protect your trades once in profit and never let a trade run out of control. These are the basics of trading and why so many traders fail. Its a marathon, not a sprint!

We've protected the Gold trade and taken most of the profit out of the EURUSD trade. We're closing out of all the others as we don't like holding trades over the weekends. We will visit these again on Monday morning.

Wishing everyone a great weekend, see you on Sunday for the KOG report.

Knights of Gold

https://uk.tradingview.com/chart/XAUUSD/S1ZgQOBx-XAUUSD-Daily-KOG-Report/

Please click on the link for full analysis. Your likes, comments and follows are very much appreciated.

Knights of Gold (XAUUSD Analysis) Chat, [23.05.21 14:05]
[In reply to Knights of Gold (XAUUSD/Gold/FOREX Analysis)]
In summary:

Scenario 1:
We see the Gold open and pullback slowly over the course of Monday before rising to our higher levels and then starting the decline over the rest of the week.

Scenario 2:
We see Gold open and continue with the momentum from last week, go up towards the our target levels and then start the drop over the course of the week.

Either way, we’re trading calmly and as always level to level. We will monitor the price action on the smaller timeframes over the early sessions and then decide which way we want to take it.

As always, trade safe, ALWAYS use a small lot and sensible stop loss when trading. We’ll be back tomorrow with our trade ideas and analysis on the smaller timeframes.

Support:
1880-75
1863-60
1850-45

Resistance:
1885
1896-99
1908-12
1924
1948-55

XAUUSD 4H -

We'll wait for the early sessions before we make our move. As long as Excalibur is giving us Long indications we don't think the price is ready to drop. Our range is clear and price action is clean. Gold is allowing us to trade it without getting stuck in positions. We would recommend anyone trading the markets across any pairs to be extremely careful over the coming week. We're approaching month end and have some Red news events coming up. The market knows there are new traders trading smaller accounts using big lot sizes. Always remember, the market wants your money!! Protect yourself and your investment. This is not the market condition to be using large lot sizes and trading without stop losses. We're at price points now where if it turns and you're in the wrong way it will leave you stuck and not give you time to think.

Add the levels, look at the ranges, use the support and resistance, draw the boxes and the trends. Use the information we give you, its free and is there to help

Those of you who have been through the simple Support and Resistance training with us will be able to tell you how valuable and effective simple lines can be on your chart.

These are volume per trade levels in the picture above. Add these to your charts.

Enjoy the rest of your weekend. Back to business tomorrow, looking forward to another successful week on the markets.

DXY -

Before we go. This is something we need to be really careful of. Excalibur on DXY gave us two short targets at the beginning of May. The first one has been hit and gave a double bottom. However, one target is still active, now unless we leave this range and totally clear the levels above it looks like an event will spike this down. We'll keep monitoring this.

KOG

Note to members:

All trads posted last Friday have been in and out of profit, please protect your trades, follow the direction, apply the support and resistance levels to your charts and use them to take partial profits and to reduce risk. Remember to always use a responsible lot size and stop loss. You don't have to use the same Risk to reward as us but please use a sensible one.

First target was hit, trade protected. We may re-enter for target two 1.2146 if we face good resistance above

USDJPY -

Its in profit now, please protect it and maybe take partials while its around here

USDCAD -

Given the perfect entry for this by retracing. Keep an eye on it, if it breaks out of trend it might be an idea to exit or even set the stop to entry so you don't get stuck

GBPCHF -

Bounced at support which could held well. If it breaks support and holds below it we would most likely look to exit. Breaking resistance above is what we're expecting.

XAUUSD - 1H

Its been a quiet day today, very choppy price action, you can see the accumulation and how the price has spiked in both directions to trigger orders and SLs. Looks like we're ready for a breakout very soon, chart above shows the 1H triangle formation we're in, we've given two scenarios. Our preferred scenario here is that the price goes up first and then down to support. However, this triangle can break one way first, get everyone stuck and then go the opposite direction, as we have seen many times before. We'll monitor the price closely over the rest of the session and will share any updates as soon as we can. We're still bias to the direction of shorts at the moment with a target of around 1855-60. Don't forget the Excalibur target above, we know how precise they usually are.

KOG

XAUUSD - 1H

Gold found support at the indicated level on the hourly which presented an ideal area for a long trade. You can see the bullish 1H candle which has broken through the resistance level and now that level seems to be acting as support. We need to be careful here as all the charts are showing no signs of direction as yet. We have the Excalibur target above which we feel is likely as long as we are holding above this support. At the moment we are selling from strong resistance such as this morning and buying from strong support as we've seen below.

In tight ranges like this where we have choppy price action and hardly any chart patterns its best to trade small lots for quick captures until the market finds its feet and picks a direction.

Daily chart showing our zones for entries and exits. We're looking for the present hourly candle to close, looks like it wants to test todays high again. If it breaks up its likely we'll go for the KOG target above. We may not see volume until the US open so lets keep an eye on it

AUDUSD - 1H

This has come into a profit zone. Looking for a strong support at the entry level and for this to go up towards the Excalibur target

GBPCHF - 1H

Not happy with this at the moment so we're out of the trade. 4H looks like it can go a bit lower so we'll look for a better entry, which we'll share with you.

USDCAD - 1H

Numerous opportunities to enter and exit along the trend following the Excalibur target. We're protecting this trade now and taking most of the profit of it

USDJPY - 1H

Always a good idea to take partial profits and protect trades when markets are like this. Again, numerous entry opportunities and profit targets on the way to Excalibur target

EURUSD - 1H

We took a majority of the profits of this at the first target and protected the trade. If you're still in make sure you stick to the SL. We're out now and not jumping back in for target 2