THE KOG REPORT

22 set

THE KOG REPORT:

In last week’s KOG Report we plotted the potential range and play pre-event (FOMC) giving the resistance level above which we said would present the opportunity to short if targeted and held. This gave traders a fantastic trade into that range low where we gave the targets 2565 and 2555, which were both achieved. We then update traders with the FOMC KOG Report and again gave the levels for the short if resistance was targeted, which worked well. We had identified the same order region which is where price tapped and bounced, giving traders that long we suggested to break above the 2600 level to complete KOGs weekly bias level targets.

Once that trade was taken, we decided to call it a week and wait for the close, giving us another fantastic week in Camelot, not only on Gold but also the other pairs we trade and apply the algo to.

So, what can we expect in the week ahead?

For this week we will say play caution on going long unless we get a pullback! Ideally, we want to see price attempt that 2630-35 region, with the extension of 2640, and if we see signs of a reversal there, we feel an opportunity to short the market is available, initially into the 2610 region and below that 2595 as shown with the red arrows on the chart. We need to monitor this move carefully as there are initial signs we may see a deep pull back next week, so please monitor the levels and watch the red boxes for the breaks!

On the flip, if we do start the week with a move downside, we will be looking at the 2610 level first for a RIP, and if achieved and defended we feel the long trade is available into that 2635 region where again we will look for signs of a reversal.

In summary, unless we break above the 2640 level we want price to give us better opportunities as the last thing we want to do is start taking losses, even small ones while price is still finding it’s feet up here. Hope that is clear for everyone!

KOG’s bias for the week:

Bullish above 2595 with targets above 2630, 2635 and extension level 2640
Bearish on break of 2595 with target below 2570

RED BOXES:

Look for red box breaks above 2626 to confirm move higher
Look for red box breaks below 2613 to confirm lower

As usual, please look out for the red boxes, KOG’s bias of the day and the updated analysis which is posted for the wider community.

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As always, trade safe.

KOG