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.

Oh, the RIP....👍

All complete here. Tomorrow, we're going to take it easy so I'm having a day off from the telegram shenanigans. See you on Thursday.

Morning Review:

That's the level we wanted to target for the move downside but what now? Yesterday we had 3 confirmations for a long into 4300, LiTE, EXC and the indicators so we couldn't have shorted into that lower level. Price did ultimately complete the 4300 targets and RIPPED again now into the lower defence, EXC target and key level of 4250-55.

Above that we can't short as a bounce can present itself from around here or the extension level which is the bias at 4240. Unless we break below, we'll play caution now on short trades and preferably scalp the longs until structure changes.

Can we go lower? YES! I mentioned on the weekly chart that this swing, if it gains volume can be dangerous to those in the wrong direction, hence level to level longs, if we break below the bias level we'll then look for the retracements to get in. You know how it works!

Bias levels for today

Camelot Friday tomorrow, I use the day to educate, mentor, guide and focus on improving not just the traders but myself! You can never stop learning in this game, it's all about improving on what you have and getting better. This group will be quiet so I'll take this opportunity to wish you all a great weekend ahead.

Please take some time to go through the Tradingview posts and hit the boost button and leave a comment. It would be great to hear from you. KOG