THE KOG REPORTTHE KOG REPORT:
In last week’s KOG Report we said we wanted to see price dip into the lower support and give us the opportunity to long into the higher levels targeting the red box targets and the bias levels given. We manged to get this trade and started the week well! We then suggested traders play caution as the set up just wasn’t presenting itself for the short, instead, we updated our plans and published the long idea again which played out well giving us a decent end to the week. The ranging gave us conflicting signals and choppy price action towards the end of the week, so not 100% to plan, but we played it and adapted.
We managed another stellar performance on Excalibur, 6 targets on Gold and another trunk full on the other pairs we trade and analyse in Camelot. Difficult, but consistent nevertheless.
So, what can we expect in the week ahead?
Ideally we would like to wait for the market to open and break out of the range before picking the direction. We have lower support at 2930 and the extension level 2918-14 which needs to be watched for the break in the early part of the week, while the key level above 2950-55 with extension into the 2960 region should act as a barrier which will need to break.
We’ll start by saying if the price does support that 2930-25 level on the open, then the opportunity to long into the 2943 and above that 2950 levels should be available to those looking to go long. We have marked a RIP point 2960-65 but that will only give us the flip so scalps into the lower support region are potentially all we will get.
Above that we have marked our area of interest, this is ideally where we want to be monitoring the price action and looking for signs of a potential reversal, which, if given should give us a nice swing short into the lower levels which will be published on morning reviews and KOG’s bias of the day.
On the flip, If we glitch and make a move downside on the open, look out for the levels of 2920-16 and below that 2910! These region need to hold us up to go higher in order to clear the liquidity from above before another attempt at lower.
It’s the last week of the month, it’s going to be choppy and ranges will form. Indications of lower pricing are on the horizon, the set up just isn’t clear at the moment so play it level to level, keep an eye on the red boxes, look back at the KOG reports and see for yourself how well they play with price. Take it easy, “if it’s exciting, you’re doing it wrong”. We’ll update as through the week as we usually do with the red box targets, KOG’s bias of the day and the indicator levels.
KOG’s bias of the week:
Bullish above 2920 with targets above 2945, 2949. 2952 2955 and above that 2970
Bearish below 2920 with targets below 2916, 2910, 2906, and below that 2898
RED BOX TARGETS:
Break above 2943 for 2947, 2950, 2955, 2962, 2966 and 2977 in extension of the move
Break below 2930 for 2923, 2920, 2910, 2906 and 2899 in extension of the move
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As always, trade safe.
KOG
