THE KOG REPORTTHE KOG REPORT:
In last week’s KOG Report we mentioned the importance of the levels we had in mind for the week ahead and to expect some movement in the markets while it attempts to break out of the range it’s been accumulating in.
We mentioned the level of 2022-20 as the initial level, where if price found support, we felt an opportunity to long the market back into the order region would be available to traders, but only on the scalp, which as you can see happened nearly to the pip. We then said we would be looking for a reaction in price around that region and felt an opportunity to short from there back down in attempt to break the support and target the 2010 level would be available.
The levels and plan worked well giving traders opportunities both ways netting phenomenal pip captures and trading this the way it should be done in a ranging market. We also completed our daily bias targets as well as Excalibur targets. We then closed in a potential move on the way to target but we suggested traders take what the market gives and we’ll start fresh again on market open.
A fantastic week again in Camelot, not only on gold but the numerous other pairs we trade.
So, what can we expect in the week ahead?
This week again, we’ll stick to a similar plan and look for lower pricing. Only this time, we’ll be expecting a bounce from the lower support regions which we feel will give sharp move, so please be careful not to short or long too early!
We have the levels of 2020-18 and below that 2010-08, if this regions are attempted from opening, we feel an opportunity to long the market back up into the 2025-7 and above that 2030-35 levels are available, it is here that we want to see price stall. If it does, as shown in path we feel we can again attempt to short the market with the plan to break below that 2000 level targeting lower support before the bounce we’re looking for.
Please note, this all depends on the price staying below the order region during the early sessions, as breaking above will lead to further gains before we then see a reaction from higher up in the pool and get another opportunity to short. It sounds like a long-winded process, but putting a complex plan into one idea like we do takes some work.
The path and levels should help you along the way as well the daily updates and KOG’s bias of the day. Please keep an eye out for these!
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As always, trade safe.
KOG
