{quote} Awesome thread!Probably the wrong question to ask you, but can I get the formula you used to calculate R:R break even win rate?
The reference chart is on step 5 of the first post: http://www.forexfactory.com/showthread.php?t=584705
Q
$ Millionaire Traders Golden Price Mining
- #67
- Apr 1, 2016 10:51am Apr 1, 2016 10:51am
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.
great level, confl. with fib and I think Top is a good short area - BRN , but a little far
HPT
from level to level - you need mental strength to reach the summit
- #68
- Apr 1, 2016 10:52am Apr 1, 2016 10:52am
- Joined Feb 2006 | Status: Trader | 2,228 Posts
Quinton,
Very concise & informative thread. New & experienced traders should read & heed what you are sharing. We can never stop
learning in this business.
Very concise & informative thread. New & experienced traders should read & heed what you are sharing. We can never stop
learning in this business.
- #70
- Apr 1, 2016 8:52pm Apr 1, 2016 8:52pm
Quinton, Very concise & informative thread. New & experienced traders should read & heed what you are sharing. We can never stop learning in this business.
Thanks for the kind words. And your statement is absolutely true. Always something new to learn in this market.
Q
- #71
- Apr 2, 2016 3:19am Apr 2, 2016 3:19am
- Joined Sep 2012 | Status: AlgoTrader | 3,610 Posts
Valuable swing trading approach Quniton which can (with patience) lead to high RR.
I will follow and share golden levels I find.
Thanks for sharing.
Khalil
I will follow and share golden levels I find.
Thanks for sharing.
Khalil
No guts, no glory
- #72
- Edited 7:57am Apr 2, 2016 7:04am | Edited 7:57am
- 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....
I have doubts on the dotted levels, they seem too much and that is what I meant about excessive
I may be missing other important levels, would very much appreciate your comment, thanks
edit: attached MT4 template
- #73
- Edited 8:44am Apr 2, 2016 7:54am | Edited 8:44am
GBPUSD H4: I see 2 nice golden levels confirmed in Jan and March. Please see attached picture, it would be great to get a feedback.
It seems on H1 chart the confirmations of those levels look even better.
The 1st GL is around Fib-62 level and there were 2 trade-able retraces on Mar 16 and Mar 24.
It looks like there might be a good 2nd GL around Fib-50 level at 1.4165 - 1.4175 at least the market bounced from it on Fri.
Since Fib-62 hold and if we see Fib-50 hold we may expect to move up from here, or to form another range with support at this level as it was a month ago.
So may this 2nd GL still be good to go long? Thanks again for the great thread and your insights, Quinton!
It seems on H1 chart the confirmations of those levels look even better.
The 1st GL is around Fib-62 level and there were 2 trade-able retraces on Mar 16 and Mar 24.
It looks like there might be a good 2nd GL around Fib-50 level at 1.4165 - 1.4175 at least the market bounced from it on Fri.
Since Fib-62 hold and if we see Fib-50 hold we may expect to move up from here, or to form another range with support at this level as it was a month ago.
So may this 2nd GL still be good to go long? Thanks again for the great thread and your insights, Quinton!
- #74
- Edited 8:46am Apr 2, 2016 8:17am | Edited 8:46am
- Joined Sep 2013 | Status: OTM AI IntelliWave™ Trader | 1,107 Posts
{quote} Thank you Quinton for responding, this time I tried on H4. I have doubts on the dotted levels, they seem too much and that is what I meant about excessive I may be missing other important levels, would very much appreciate your comment, thanks {image} edit: attached MT4 template {file}
.I did a study at your chart @Karpa for nzdusd And what I found is that the levels you identify up at 0.7200 area has also fib 61.8 and 38.2 from 2 different measurments of legs that I show in attached charts. I have marked this levels now in my charts and will take some action if it reaches this levels when I see how it behaved now at fib 50.
At the levels now ( fib 50 ) I do not find any important structure in history to use as resistance Anyway I see fib 50 was almost to the pip reached and bounced off ( I show in 1H chart )
( Was just reading Quintons post 27 after I posted this where he already has pointed out this levels at .7200 area , anyway imo the more traders that see a level the more valid it should be, )
Trading in the shadow of SM
- #75
- Apr 2, 2016 10:41am Apr 2, 2016 10:41am
- Joined Mar 2014 | Status: swimming with floaters and snorkels | 1,157 Posts
{quote} Excellent thread Quinton . Follow with interest
indeed there's a confluence of levels and fibos but we may be escaping from the MA's
the question I post is when will we visit 0.72, would we first retrace to, say 6713/6723, or shoot up from here..
- #78
- Edited 2:54pm Apr 2, 2016 2:23pm | Edited 2:54pm
- Joined Aug 2013 | Status: Trader | 4,895 Posts
Hello Quinton.
Thanks for sharing, this is right up my alley. I just noticed this thread and am looking forward to learning and participating.
I was well rewarded going long UCAD this past week based on what I believed to be a "golden" level. I banked some nice pips before Friday's news and was happy to rebuild a long position after Friday's strong post news pullback. Technical confirmation for me was a bit of divergence on the daily, and massively oversold on the 4H. In addition, it lined up well with what I call my purple "planar" lines.
Fundamentally, oil getting hit hard and a bit of pressure on gold as well. The perfect storm for me.
Anyways, safe and prosperous trading to all.
I spotted this trade on the daily but am showing it on the weekly as it incorporates the purple "planar" lines a bit better
Thanks for sharing, this is right up my alley. I just noticed this thread and am looking forward to learning and participating.
I was well rewarded going long UCAD this past week based on what I believed to be a "golden" level. I banked some nice pips before Friday's news and was happy to rebuild a long position after Friday's strong post news pullback. Technical confirmation for me was a bit of divergence on the daily, and massively oversold on the 4H. In addition, it lined up well with what I call my purple "planar" lines.
Fundamentally, oil getting hit hard and a bit of pressure on gold as well. The perfect storm for me.
Anyways, safe and prosperous trading to all.
I spotted this trade on the daily but am showing it on the weekly as it incorporates the purple "planar" lines a bit better
Pride always comes before destruction.... -Proverbs 16:18
- #79
- Apr 2, 2016 2:37pm Apr 2, 2016 2:37pm
- Joined Sep 2012 | Status: AlgoTrader | 3,610 Posts
No guts, no glory
- #80
- Apr 2, 2016 3:56pm Apr 2, 2016 3:56pm
{quote} Hi great level, confl. with fib and I think Top is a good short area - BRN , but a little far {image} HPT
There is a closer level @ .8188 formed by a nice set of lows. The current trend is going to require a high quality golden level in order to reverse.
