$ Millionaire Traders Golden Price Mining

A long road traveled: The result of a decade of trading experience...

It took me lots of ups and downs and quite a while to figure out what works in this market. I have laid out an approach that will lead to profitable trading if followed with discipline. There is no need to spend years following paths that ultimately lead to dead ends. While the path to success is not always easy and will require some practice, every trader should at least be certain about what works and does not work in terms of a trading approach. This is what this thread is about.

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

Posting live price levels will allow us to further discuss the basics of this trading approach as it plays out in the live market.
Many times I miss certain levels that other traders spot so putting our collective efforts to work makes sense.
Please read this entire post before contributing your charts to the individual currency pair threads:

EUR/USD: http://www.forexfactory.com/showthread.php?t=595572
GBP/USD: http://www.forexfactory.com/showthread.php?t=595575
USD/JPY: http://www.forexfactory.com/showthread.php?t=595579
USD/CAD: http://www.forexfactory.com/showthread.php?p=8988232
AUD/USD: http://www.forexfactory.com/showthread.php?t=595587
EUR/JPY: http://www.forexfactory.com/showthread.php?t=595689
AUD/JPY: http://www.forexfactory.com/showthread.php?t=595690
USD/CHF: http://www.forexfactory.com/showthread.php?t=595694
GBP/JPY: http://www.forexfactory.com/showthread.php?t=595698
NZD/USD: http://www.forexfactory.com/showthread.php?t=595704
EUR/GBP: http://www.forexfactory.com/showthread.php?t=595746
EUR/JPY: http://www.forexfactory.com/showthread.php?t=595689
CAD/JPY: http://www.forexfactory.com/showthread.php?t=595774
CHF/JPY: http://www.forexfactory.com/showthread.php?t=595781
EUR/CHF: http://www.forexfactory.com/showthread.php?t=595819
EUR/CAD: http://www.forexfactory.com/showthread.php?t=595825
NZD/JPY: http://www.forexfactory.com/showthread.php?p=8991008


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

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Why do we trade like this?

The millionaire traders in this market (hedge funds, quants, algos, banks) tend to place their orders at specific technical areas. This fact is the basis for the trading approach taken in this thread and these price areas are literally worth gold when we find them yielding at times 100 pips of profit for relatively little risk. However, identifying them might take some digging with your eyes (therefore the word "Mining"). The benefits we gain are:

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)
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.




Quinton

Great format and explanations Quinton. I'm not proficient at finding the golden levels just yet, but they certainty add confidence to trading when set right. Looking forward to following this thread and learning more. Thanks again

I like it:
just came back to looking at waves;
ATM DEMO only.
Not really played with EAs due to sad net and living on solar (small);
will be watching

nice to see this thread

USD/CHF

A fairly sharp gold price level @ .9846 - .9857 for a possible short. Both MAs on the H4 are lining up to support this price area. In terms of long-term technical outlook, this pair is still in a range with a slight downward bias which means we can be on some slight momentum to help us push a possible short into profit. The price action from March 17th on is key here and price has just taken a breather and gone sideways over the last few days. This is good as it will be more likely overbought by the time it hits the level. Given all this, I would be quick to take some profit off the table if a trade is entered into from this level.





Q

GBP/JPY

Level @164.80 coinciding almost to the pip with the .50 fib. This is a very strong technical level. Short taken from it would be a bit counter-trend in nature given the long term bottoming action in the pair. Longs should be positioned @ around 157.30. In both cases, profit should be taken fairly quickly as we are in a range trading context.

Nice to see you continue your efforts here Quinton.

USD/CAD

Some interesting levels on this pair. I am going to draw them all just for the overview. I still consider the more conservative golden levels to be the best.

A contender for a short 1.3411 with H4 MA 200 confluence lining up to support the price level. Another even more golden level at around 1.3500. The fact this is a round price level and positioned further up at a better price make this one a better contender for a short despite the 200 MA confluence on the other level. Another fact to consider is that any short at this point should be treated as a counter trend trade. Another reason to consider the 1.3500 level.

Oil is pulling back a bit for now, despite the bottoming in the commodity. This could provide another opportunity for long positioning at 1.3033. The level is ok, but the PA is potentially even better.



Q

EUR/JPY

The overall long-term trend is down, however the short-term action is pointing toward some upwards pressure.

Long @ 126.10 - 126.21. That tight range from March 15th - 25th gave us this golden level. Both H1 200 MA are coming in for confluence and one of the H4 200 MA is also looking like it will line up with the price level (not shown in chart). I would cautiously call this a short-term trend trade due to the current upward momentum and seeming desire for this pair to break out to the upside. However, the price level @ 127.31 which was a good level but now a bit used would definately be a great place to exit a long (not to necessarily take a short).

EUR/GBP

There is all that much to love here in terms of the price action. We are looking at a 2-month range with a slight upward nudge (wouldn't even really call it a bias). Still some technical levels are worth monitoring. The .7884 level is by this thread's definition crisp. A short could take advantage of the the fact that the long-term trend is getting old and the ranging action of the past month might be hinting at a top. In terms of potential longs, we have the .50 fib, the H4 200 MAs and an ok-ish level all coming together at around .7800. It is likely that there will be a reaction around this area, but giving the PA picture, it would be hard how much price would push away from it.

Talk is cheap...

XAUUSD

for me good levels @ 1168 area, maybe 1175 area is enough, just my view



HPT

It looks great!
Thanks

Welcome HPT!

The level is good and was great as it went back all the way to 2013. A short trade was in the cards in mid-Oct 2015. However, I would not consider it for a long. We want go long from highs and go short from lows (that's what a perfect trend behaves and we want to get as close to this as possible in the market even if the ideal is not always attainable).

There was another golden level @ 1210 that was respected from the long side just a few days ago. It wasn't even priced as well as your level, but again it composed of highs of the range (in the square box).

I usually stay away from commodities due to their volatility, but they do offer some good opportunities, esp. when FX offers few opportunities.

Q

Thanks and welcome missH.

Very interesting. Looking forward to more.

Good trades to all.

Quinton it's a pleasure to learn from a Trader with 10+ year experience. I appreciate your generosity.

I usually dont have too much time for trading, do u think that I can still do well if I monitor charts 30 minutes to 1 hour a Day?

If I commit to only trade the best setups, what average success rate do u think that I could have?
Risk to reward ratio seems great too, I just dont know exactly at what distance from the high\ low of the level you put the limit order, do u use for example any fixed number of pips away from the level to trigger the entry?

Thank u in advance for your cooperation and support.

Regards

At least he can talk better than you

you can't even talk.

i guess you got nothing to show here.