I like the opening
really good
really good 
$ Millionaire Traders Golden Price Mining
- #43
- Mar 30, 2016 10:52pm Mar 30, 2016 10:52pm
Hi everyone! This is my view of USDJPY. I think that the price is in a support level on daily timeframe. I see that HPT haven't that level on his chart, any reason sir? What do you think guys? {image}
It's a well formed level actually, the only problem is that is has been used quite a bit. As you probably noticed price cracked through it a bit more than one would like today. Also it is not situated near the extremes of the range (in this case the lows) which means that price will never be very oversold when it reaches it. You can scalp these levels within ranges for short-term gains, however it can get stressy... There are easier fish in the sea.
When in a range, price by definition does not move much, so don't expect much in terms of pips when trading within them.
Q
- #45
- Mar 31, 2016 3:43am Mar 31, 2016 3:43am
{quote} Hi Hpt, I'm having trouble seeing those level @ 113.60 & 115.13 as golden. USD/JPY is in a tricky position right now. The next best levels to take shorts from are found beyond the current range. Those lows from Jan and Aug 2015 have to be considered but they are still a bit far away. Still there is not much else nearby. However, this is a good opportunity to show how powerful those tight ranges are in getting price to reverse. Look at that tight range (let's call them nuggets to keep with the golden theme) in the golden box. It represents...
you are right it`s better to search in D1, I found these levels in weekly the problem could be .. far away in history...
and in this tf its more difficult to spot the exact level, so in this case drilldown 10 years ago is sometimes ... hard , and could be not good enough
normally its to far as confirmation
but 113,60/75 works well,
so my question : how far you look max. back in D1
thanks levelmaster
HPT
from level to level - you need mental strength to reach the summit
- #47
- Mar 31, 2016 7:36am Mar 31, 2016 7:36am
{quote} Hi Q, you are right it`s better to search in D1, I found these levels in weekly the problem could be .. far away in history... and in this tf its more difficult to spot the exact level, so in this case drilldown 10 years ago is sometimes ... hard , and could be not good enough
Absolutely correct. It becomes much harder to draw the level accurately on the D1+ TF. When you go back that far, there are simply too many highs and lows forming too many nuggets to know with accuracy where price will most likely turn. That being said, it would not rule out that a good, clean level can be found on the Daily+, however most tradable levels will not be minable from there. If you find yourself being forced to dig for them on the W and M, since there is nothing close by on the lower TF it might be an indicator to draw the best nearby levels and wait until price reaches them. No need to force things when there are other pairs that give up easier pips.
Q
- #48
- Mar 31, 2016 7:59am Mar 31, 2016 7:59am
- Joined Mar 2014 | Status: swimming with floaters and snorkels | 1,157 Posts
{quote} Sure, your levels are from a higher TF than I usually use for mining, but there is some gold to be found on the weekly. It can get tricky though to draw them accurately as the TF gets higher. I find that H1 - daily is usually the most fruitful mining ground.Q
{quote} Absolutely correct. It becomes much harder to draw the level accurately on the D1+ TF. When you go back that far, there are simply too many highs and lows forming too many nuggets to know with accuracy where price will most likely turn. That being said, it would not rule out that a good, clean level can be found on the Daily+, however most tradable levels will not be minable from there. If you find yourself being forced to dig for them on the W and M, since there is nothing close by on the lower TF it might be an indicator to draw the best...
- #49
- Mar 31, 2016 10:05am Mar 31, 2016 10:05am
EUR/CAD
Nice level mined near bottom of long-term range @ 1.5154. Fib .50 coincides perfectly with it. Will take some time for price to get there if it does, but digging for these level ahead of time is what this approach is all about.
Q
Nice level mined near bottom of long-term range @ 1.5154. Fib .50 coincides perfectly with it. Will take some time for price to get there if it does, but digging for these level ahead of time is what this approach is all about.
Q
- #50
- Mar 31, 2016 10:22am Mar 31, 2016 10:22am
NZD/JPY Short @ 78.13 - 78.30 Significant price exhaustion on this pair + approaching level formed from that tight range back in Jan/Feb. Price going a bit parabolic so the last price leg can get very steep. Keep those golden levels golden! {image} The H4 also reveal that the .50 fib confluences perfectly with the deeply set golden level at around 78.30. {image}
There are pips to be mined in these pairs that most don't look at!
Q
- #51
- Mar 31, 2016 4:23pm Mar 31, 2016 4:23pm
Quinton, really thanks for sharing your experience with us! Keep the good work. Waiting for your post about your tools and EA's.......... wishing that finally i will find tools and EA's that help us trading instead of doing the work for us, i wish see some of them here
That's exactly what they will do. Will require some time to get them ready for release... wishing there were more than 24hrs in a day.
- #56
- Apr 1, 2016 6:05am Apr 1, 2016 6:05am
- Joined Feb 2006 | Status: Trader | 2,228 Posts
Talk is cheap... {image}
So Is Butting In.
- #58
- Edited 8:04am Apr 1, 2016 7:39am | Edited 8:04am
Ok here is a golden level that I missed out on. It is ultra sharp and an example of a golden level if there ever was one. I let the overall negative PA in that range influence me and therefore I did not give this pair enough attention during the analysis phase to spot this level. Even if we miss out on a level they still present a good opportunity to learn.
Look how price tests it from the short and long side, without chopping through it. Everytime it gets broken it get broken cleanly. This is the gold standard when it comes to levels.
Q
Look how price tests it from the short and long side, without chopping through it. Everytime it gets broken it get broken cleanly. This is the gold standard when it comes to levels.
Q
- #59
- Apr 1, 2016 7:58am Apr 1, 2016 7:58am
Does this qualifies? 38.2% Fib Big round number I think .803 is a good entry .813 SL {image}
The level itself is not by definition golden since you are fading one low and a collection of highs. We usually want follow the trend pattern and short lows and go long on highs. Also at 38.2 price tends not to be all that overbought. That's why we usually use 68.1 and .50. However, that doesn't mean that the trade won't work out if price action plays along. Also no need to look that far back on the daily, there is plenty of mining to be done on the lower TFs. In fact, the levels you can see on H1 and H4 will by more accurate in general.
Check out this level a bit high up on the E/G. Look at those lows. It almost looks like they form a wall that price has to first break through to go further. That's what we want in a golden price level to take a short entry from.
Q
- #60
- Apr 1, 2016 8:20am Apr 1, 2016 8:20am
- Joined Mar 2014 | Status: swimming with floaters and snorkels | 1,157 Posts
{quote} Golden level got hit again today. This time with candle exhaustion. Let's see what this one brings.
