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

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That was the red box move we missed today, expecting a little lower. Wasn't to be today but we hope you caught something.

2420-25 would have given a nice entry point and lovely capture, that support level gave the bounce though. We've had a decent run on Gold, so we'll remain patient now.

Unfortunately that's the target level we wanted but wanted to get the better entry from below. Gold had other ideas today, we can blame the 1st of the month, pre-event price action, but we've missed it.

We wanted that 2435-40 region but with the volume there was no set up to short it until early session. We no have resistance at the 2347 level as shown on the red box, which needs to hold price down to continue this move further. Support stands at 2430 which could give a temp bounce. We're not looking to go long today unless it's a scalp on the red boxes, otherwise, we'll continue with the plan.

Red boxes

Todays levels

Today has been smashed already. Unless we get confirmed set ups and clean PA, we're not interested in getting involved with FOMC.

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It's FOMC today, you know what that means. Best practice for new traders is to sit the event out, 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, when the slot machine is full and ready to pay out

FOMC Tomorrow, take it easy now please

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