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$ Millionaire Traders Golden Price Mining

  • #101
  • Apr 3, 2016 12:00pm Apr 3, 2016 12:00pm
Quoting Expo33
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,...

USD/CAD

You guys love those long-term charts.

I was eying the same area but set my levels a bit some conservatively and therefore did not enter the market.
This was before the thread was created, but I took a short at the golden level below with daily 200 MA resistance. When these factors line up they are literally golden!

There is enough indecision in this market that the level @ 1.3300 could get retested from the short-side and end up defining at least a short-term range. The H4 200 MAs are looking like there are going to rush in to provide some additional resistance to that level. It depends on how PA acts on the sub-H1 charts.

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More conservative candidates for a short to be found a bit higher up. There are three that I dug up: The lower one @ 1.3336 has a TL and possible H4 200 MAs lining up. The other two are essentially the round levels 1.3400 and 1.3500.


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Many times confluence factors can help you decide between various golden levels, but the situation on USD/CAD is a bit ambiguous right now since the other levels without confluence are priced so much better. Short-term PA will have to decide this one.

Q
  • #102
  • Apr 3, 2016 12:14pm Apr 3, 2016 12:14pm
Quoting Quinton
{quote} FYI there is also weekly 200 MA support for the level you posted. Q
Yes, I see that one now, nice. Also more then 200 pips up to daily 200 MA
Retracement from first test fib50 ( that also was in confluence with sma 200 at that time) was going 400 pips.

So here should be potential imo . Or what do you think?
Trading in the shadow of SM
  • #103
  • Apr 3, 2016 12:33pm Apr 3, 2016 12:33pm
Quoting duy90
What do you think of these levels? {image}
I don't like the top one. The other two are not bad.

If you are trading within a range, always chose levels that are not only well-defined by as close to the extremes of the range as possible. The one you defined around 1.4328 (dotted line on my chart) might come into play if we weren't stuck in a range. Therefore, if at all the better defined and priced level at 1.4366 would be the better bet for a short.

The level @ 1.4147 would be good for a long scalp, esp. considering TL confluence.

You can see how defensive I am being even in my description. Ranges really are the toughest to trade. So much technical ambiguity...

Q

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  • #104
  • Apr 3, 2016 12:48pm Apr 3, 2016 12:48pm
Quoting tarik113
Very nice thread Will you tell us how we can extract these levels ?
It's on the first post.

Q
  • #105
  • Apr 3, 2016 2:35pm Apr 3, 2016 2:35pm
Quoting factlover
{quote} What would be your conclusion on the current GBPUSD configuration in terms of golden level mining?
Not the purest gold but here it is:

http://www.forexfactory.com/showthre...32#post8850532


Quote
I see we don't have a decent golden level in this area and should wait till market breaks the current range

Correct. More gold to be mined in the other pairs.


Quote
What I understood from your notes, we are looking for ranges as possible golden level originators but we should avoid ranges as golden entry areas.

That's exactly right. If you are facing a long-term range like the one that GBP/USD is in, you will only see trending PA on the lower TFs. This means short term trading.

Quote
In this particular case may we still consider your level around 1.4247-1.4252 as semi-golden and look to enter short from it having 1.4170 as a target - as it's about 80 pips away?

It's not as golden as it was on the first touch. I would reconsider it if a really good confluence factor were supporting it.

Q
  • #106
  • Apr 3, 2016 3:04pm Apr 3, 2016 3:04pm
Quoting goldtime
{quote} Mr. Quinton, what do You suggest for gbpusd golden levels of next week. i noticed that audjpy moved in the almost same direction as gbp usd. thanks Sir

http://www.forexfactory.com/showthre...32#post8850532
  • #107
  • Apr 3, 2016 3:06pm Apr 3, 2016 3:06pm
Quoting fuqua
{quote} hey Quiton, thank you very much for your help, i was wondering if i understand this correctly, so we expect price to climb to that golden level and then for it to go down fast and hard ?
This is the goal. The better defined, crisp and priced our golden levels are the more likely it is that exactly this will happen.

Q
  • #108
  • Apr 3, 2016 3:37pm Apr 3, 2016 3:37pm
Quoting Quinton
{quote} I don't like the top one. The other two are not bad. If you are trading within a range, always chose levels that are not only well-defined by as close to the extremes of the range as possible. The one you defined around 1.4328 (dotted line on my chart) might come into play if we weren't stuck in a range. Therefore, if at all the better defined and priced level at 1.4366 would be the better bet for a short. The level @ 1.4147 would be good for a long scalp, esp. considering TL confluence. You can see how defensive I am being even in my description....
considering there are unclear factors, i would prefer to wait for Your chosen pairs with stronger possibility, thanks Sir
  • #109
  • Apr 3, 2016 3:39pm Apr 3, 2016 3:39pm
great thread with clear levels, keep it up. Also your GBP USD levels pretty much match mine for the new week.
  • #110
  • Apr 3, 2016 3:48pm Apr 3, 2016 3:48pm
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Quinton so what u think // gold 1229.9 - 1229.1
good level?
  • #111
  • Apr 3, 2016 6:52pm Apr 3, 2016 6:52pm
Quoting Quinton
{quote} EUR/JPY There is a ton of confluence on that level. But the true golden level is to be found about 40 pips higher at 130.15 (this level essentially includes 130.00)... One strategy would be to split trade size among the two levels and/or scale into the trade. {image}
Quinton, can you please advise on possible trading plan items in such a case for the EURJPY levels which you marked with Earleone in 129.70 - 130.15 zone.
It's always PA-dependent but in general should we consider a spotted level only as a good entry point if and when the market comes to that level or some powerful level may also be considered as a possibly good target to attract the price so we can try to catch both movements - toward that level and then from it?
Is there some proximity distance where we can look for opportunity to go toward the spotted golden level?
For ex. in this particular case EURJPY is 250-300 pips away from those levels at the moment. In case market goes up then the area above 128.70 (the top of Jan range) may be good to go long toward the spotted zone at 129.70 - 130.15 where we're planning to go short?

Also how do you organize your findings? Do you track some hot list of pairs and coming golden level "touch events" similar to the economic calendar? I see it might be messy...
  • #112
  • Apr 3, 2016 7:07pm Apr 3, 2016 7:07pm
Great thread Quentin, very similar to a system I'm trading. Here is something for you on AUDJPY :
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  • #113
  • Apr 3, 2016 8:11pm Apr 3, 2016 8:11pm
Quoting mastapip
{image} Quinton so what u think // gold 1229.9 - 1229.1 good level?
Hi mastapip,

It's got good form. Price is now raging so I would not rely on any short price pressure to drive a trade into deep profit. It's also a bit close to price but the H1 200 MAs might come in for confluence. All in all not a bad for a short-term trade.

But compare it to the level @ 1242 with TL resistance + some downward price pressure. That was the true golden level for this pair.
I don't monitor gold so I missed that one.

Q

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  • #114
  • Edited 8:28pm Apr 3, 2016 8:16pm | Edited 8:28pm
EURUSD H4: can we consider to go short with the big brother from these levels? On Fri it bounced from Fibo 61.8 which is drawn between 2012 and 2015 lows, and the top level at 1.1458 confirmed as support too in Jan'15
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  • #115
  • Edited 9:04pm Apr 3, 2016 8:47pm | Edited 9:04pm
Quoting factlover
{quote} Quinton, can you please advise on possible trading plan items in such a case for the EURJPY levels which you marked with Earleone in 129.70 - 130.15 zone.
I am only considering 130.15. If the trade does not get triggered and the market turns at 129.70, so be it, there is always another level.

Quote
It's always PA-dependent but...

Btw, there are some levels that are so sharp that you could trade them blindly without considering PA and still stay profitable. But why not put in the extra effort to make an even greater return.

Quote
In case market goes up then the area above 128.70 (the top of Jan range) may be good to go long toward the spotted zone at 129.70 - 130.15 where we're planning to go short?

You are talking breakout trading, which I usually avoid since it requires predicting trend momentum (hard to predict!). It is much simpler to tell whether it is likely that a given level is golden enough to cause price to bounce off of it enough to book some profit. I always try and take trades where there is a price pullback or over-extension of some sort. This puts supply/demand on my side.

I know it's hard to wait for price to reach golden levels, but that's where the profit is and it will come if you are patient. No need to overthink things....[/quote]

Quote
Also how do you organize your findings? Do you track some hot list of pairs and coming golden level "touch events" similar to the economic calendar? I see it might be messy...


Not sure what you mean. I do set alerts when price nears my levels or set the limit order directly.

Q
  • #116
  • Apr 3, 2016 9:01pm Apr 3, 2016 9:01pm
Quoting studio1
Great thread Quentin, very similar to a system I'm trading. Here is something for you on AUDJPY : {image}
AUD/JPY

That one was a beauty wasn't it. Well done. It was hit to the pip with both daily 200 MAs confluencing. This is the kind of level that grows an account.
Still monitoring the golden level @ 87.21 which is crisply defined.

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  • #117
  • Edited 10:18pm Apr 3, 2016 9:19pm | Edited 10:18pm
Quoting Quinton
{quote}Not sure what you mean. I do set alerts when price nears my levels or set the limit order directly. Q
Do you have a list of your findings to monitor them so you see when price is near your levels?
How many pairs you usually monitor? or you try to keep a particular number of coming levels and look for them with different pairs until you fill your list? On average how often do you trade with this approach? Thanks.
  • #118
  • Apr 3, 2016 9:23pm Apr 3, 2016 9:23pm
Quoting factlover
EURUSD H4: can we consider to go short with the big brother from these levels? On Fri it bounced from Fibo 61.8 which is drawn between 2012 and 2015 lows, and the top level at 1.1458 confirmed as support too in Jan'15 {image}

You'd be fading the highs not the lows since 1.1458 only acted as support briefly. Again, I am not saying that you cannot fade highs profitably, but in this case you have several higher lows being formed within the long-term range (blue circle in chart). This kind of PA requires nice strong levels to trade against, as one should usually expect strong price continuation in this circumstances.

Some previously good levels have been cut up in this range. The level at 1.1336 which I believe was mentioned in my previous thread made for a great short on Feb 9 & March 17.

If I had to pick a level to fade, it would be @ 1.1542 - 1.1558. It lies beyond the messy range and lots of buying needs to occur before we can get there, leading to a greater chance of overbought conditions if price gets there.

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  • #119
  • Apr 3, 2016 9:54pm Apr 3, 2016 9:54pm
interesting level (1.1542 - 1.1558). I have an order working at 1.1480 / 1.1530 stop - which is fading the top of the range as you pointed out.
  • #120
  • Apr 4, 2016 1:13am Apr 4, 2016 1:13am
Quoting Quinton
{quote} I don't like the top one. The other two are not bad. If you are trading within a range, always chose levels that are not only well-defined by as close to the extremes of the range as possible. The one you defined around 1.4328 (dotted line on my chart) might come into play if we weren't stuck in a range. Therefore, if at all the better defined and priced level at 1.4366 would be the better bet for a short. The level @ 1.4147 would be good for a long scalp, esp. considering TL confluence. You can see how defensive I am being even in my description....
Nice thread! This "system" if people wish to even call it that is how I trade. I do try and use elliot wave theory to try and figure out the count of the trend. But for the most part this is how I get down. Glad I found it.
BTW i have been waiting for this trade since last week. I actually have the level of 1.41520 that Im watching. This is the .764 retracement level the .768 is sitting at 1.4143 so I'm thinking were gonna get long somewhere in between but I don't want to miss this trade so id rather be in earlier than later. This move down should also complete wave c of b of the downward correction from 1.4459 so the move from here should take the pair past that level if the market agrees
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