Forex Factory (https://www.forexfactory.com/forum.php)
-   Trading Journals (https://www.forexfactory.com/forumdisplay.php?f=49)
-   -   Golden Levels: NZD/USD (https://www.forexfactory.com/showthread.php?t=595704)

Quinton Jun 20, 2016 9:47am | Post# 1

Golden Levels: NZD/USD
 
2 Attachment(s)
Golden Levels: NZD/USD

This is thread is for posting golden level chart setups for NZD/USD only.

You can find out more about how to trade the method here:

>> Before posting charts: Learn More About Trading Forex Golden Levels


Why trade from golden S/R levels?

1. No need to predict. Predicting what the market will do consistently over time is, time taking, stressful and unnecessary.
2. Faster compounding by trading from the best price levels, with a high R:R (Risk:Reward ratio) and high win % rate.
3. Predictable income stream by closing trades for a reasonable R:R (not too low, not too high) and not relying on trends.
4. Less stress: Since our trading is centered around finding specific price levels to trade from, we wait for the market to come to us, not the other way around.
5. Less monitoring the market: Because we define price level to trade from ahead of time, we can use limit orders and/or price alerts.


What are golden levels?

Golden levels are S/R (support/resistance) levels that are more reliable and better priced than most S/R levels. They are found deep within price ranges and are defined by many highs and lows on multiple time frames. An example:

Click to Enlarge

Name: EURUSDH1.png
Size: 87 KB

Another recent example in oil. Note how trading from the highs of the range would have resulted in a loss. Trading from levels that exist deeper in a range and are respected by price from the long and short side are stronger and result in more profit!

Click to Enlarge

Name: download.png
Size: 120 KB

goodness Jun 21, 2016 7:50am | Post# 2

Hi Quinton,
does this qualify as a golden level?

https://www.mql5.com/en/charts/53412...securities-llc

Quinton Jun 21, 2016 8:17am | Post# 3

1 Attachment(s)
Hi Quinton, does this qualify as a golden level? https://www.mql5.com/en/charts/53412...securities-llc
Hi goodness,

Since price already stopped short of this level and reversed and price is both long-term and short-term fairly bullish, I would not take a position from just the range's low's. If price were extremely overbought, I would consider it. But in this case it is not even close to being overextended (quite the opposite).

So, since a short would be a counter-trend trade at this point, I would only chose short entry targets that are far enough from current price so that if price reaches them it will do so when it is overbought and more likely to reverse. I marked two possible levels in the chart.

Click to Enlarge

Name: NZDUSDDaily.png
Size: 77 KB


>> Learn More About Trading Golden Levels

Quinton Jun 21, 2016 9:55am | Post# 4

1 Attachment(s)
{quote} Hi goodness, Since price already stopped short of this level and reversed and price is both long-term and short-term fairly bullish, I would not take a position from just the range's low's. If price were extremely overbought, I would consider it. But in this case it is not even close to being overextended (quite the opposite). So, since a short would be a counter-trend trade at this point, I would only chose short entry targets that are far enough from current price so that if price reaches them it will do so when it is overbought and more...

The higher level @ .7411 is not only better priced for a short, but the weekly 200 MA is confluencing sharply with it. This would definately make it the prime candidate for a short.

Click to Enlarge

Name: NZDUSDWeekly.png
Size: 27 KB


>> Learn More About Trading Golden Levels

Hpt Jun 22, 2016 4:28am | Post# 5

1 Attachment(s)
NZDUSD

little different view, looking for tls , try shorts here . upper red tl starts in Sept. 2013
SL@BE, so its easy now

Click to Enlarge

Name: NZDUSDDaily 21.06.16.png
Size: 40 KB

decide for yourself

Hpt

Quinton Jun 22, 2016 7:23am | Post# 6

NZDUSD little different view, looking for tls , try shorts here . upper red tl starts in Sept. 2013 SL@BE, so its easy now {image} decide for yourself Hpt
That TL helps, but if at all I would probably set my sights on the lows @ .7180 for a first short entry target (at the earliest).
That's the closest golden level action I see so far.

Q



>> Learn More About Trading Golden Levels

Quinton Jul 3, 2016 8:57pm | Post# 7

Price is approaching two sets of golden levels, both defined by Jan - May 2015 range. The golden zone power indicator revealed the higher price levels @ .7515, while I added the lower levels manually according to the golden level definition @ .7420 (price respects the level sharply from both the long and short side). Also, the weekly 200 MA is dipping right below it. Therefore while it is not as well priced for a short at the higher level, it should be considered on these merits.
The better priced level has long-term .50 fib confluence drawn from the mid-2014 high. This is a good technical setup for an evenly split position across both price zones.


http://www.streamhedge.com/viewchart...-7-4_NZDUSD_W1

>> Learn More About Golden Levels

Hpt Aug 13, 2016 9:30am | Post# 8

2 Attachment(s)
NZDUSD D1

tl (turquoise) is well respected

Click to Enlarge

Name: NZDUSDDaily.png
Size: 58 KB

if tl and MC is broken ?? MA as resitance

H1

Click to Enlarge

Name: NZDUSDH1.png
Size: 45 KB

decide for yourself
Hpt

Quinton Aug 29, 2016 2:25pm | Post# 9

Similar situation to AUD/USD is that a long-standing trend deflated and now bargain buyers are rushing in.
Although the H1 200 MAs are looking to confluence with levels around .7270, price probably has further to go up until a meaningful correction occurs. The levels around .7300 with .50 fib confluence and the indicator generated cluster of levels (very well formed and priced) further up around .7314 with 61.8 fib confluence would be better targets for shorts.

http://www.streamhedge.com/viewchart...8-29_NZDUSD_H1



>> Learn More About Golden Levels


© Forex Factory