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

That's what we got

That's what we wanted

FOMC: Wait for the price to go where they want to take it, look for a clean set up, then enter the markets if you wish to trade. The most amount of money and accounts are blown during FOMC and NFP because traders are trying to capture the volume driven candles with large lots. This is not trading, this is gambling! Tonight the casino is open, the drinks are free to entice you, only you can have that discipline to sit and wait patiently for the right moment. Those who are new to trading and those who are less experienced, please stay away from trading until tomorrow. Remember, the trade comes after the event, they will whipsaw the market, maybe not on the release, but during the Q&A session which is at 30mins past the hour

THE FLIP! LEARN IT

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Correction - Unless you're already holding protected and managed trades from above.

That's enough until FOMC is over and done with. Respect the market, have the discipline to know when you've taken enough from it.

We're done, no more trading, no longs, no shorts!!

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After:

Before:

Difficult to hold so you either level to level scalp it, or you set the TP and SL and leave the chart alone. Either way, it hasn't targeted the weekly high so far so those entries from above are safe. Any entries now need to be protected as we approach the key level support below.