Knights of Gold (Gold/FOREX Analysis/Trade ideas)
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We trade level to level. Follow at your own risk. Always use a sensible stop loss. Strictly for educational purposes, not trading advice. We are showing you what we analyse and how we trade the markets.
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We took that at just short of 3385 70-90pips, not going to enter again here at 3375. If it goes up it goes but that 4H is looking delicate.
When price is ranging:
Don't get used to it, they do this intentionally. They will play the range, get your confidence up until you start increasing your lots sizes, then they'll move and if you're in the wrong direction, they'll take back everything you make and more. When you have a decent day on the markets, don't try and force a trade, your next trade needs to be even more precise than the last one. A mistake traders make is think to themselves, yesterday I made $100, today I can afford to lose $50 and I'm still up. No, because if you lack the discipline to sit out and wait for an A STAR set up, you'll lack the discipline to stop losing when you get to $50.
Now we have this resistance level 3385 which can give us a pullback into the 3378-75 level but if held, we should complete the move into the red box
3385 first target hit. These indicators have so many different variants plugged in to make sure our traders are getting the right set up at the right time no matter what the market is doing
Nothing interesting in the news today so potential for a tighter range to form between the key levels. Red box targets will remain the same as yesterday while where still around here.
Not too bad here for the week so far. The range we anticipated is playing, the hot spots are working well and yesterdays target level was completed. The higher level rejected giving the move downside but support here is now a little lower at the 3370 region which will need to break to go lower.
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Still playing the 3365-78 levels which are holding but also giving opportunities for scalps on the red box indicators which are firing!
No major news today but it's likely NY will bring in the volume
