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$ Millionaire Traders Golden Price Mining

  • #141
  • Apr 4, 2016 10:08pm Apr 4, 2016 10:08pm
Quoting Quinton
{quote} Hi raiders, Yes, my target for a long entry is set a but further down into that tight march range, making it more golden. Q
I think i got in a bit early, but overall i still think the the short term long is a solid trade with much upside reward
  • #142
  • Apr 4, 2016 10:18pm Apr 4, 2016 10:18pm
Quoting raiders
{quote} I think i got in a bit early, but overall i still think the the short term long is a solid trade with much upside reward

Yes, it already retraced 40 pips off the .50 fib at a level that wasn't badly formed. However, this means price has to move down a bit further before we can consider it oversold again, so keep entries conservative.

Q

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  • #143
  • Apr 4, 2016 11:41pm Apr 4, 2016 11:41pm
Quoting KZman
{quote} Quinton, great thread! I rarely post on FF but had to at least say this mining technique is very intriguing. Are you still thinking of getting long EJ? Getting pretty close to those levels. Kz

Thanks KZmn & welcome!

If price continues to linger without moving, then no.
Also, if JPY does not decorrelate from equity weakness I might stay out.

Q
  • #144
  • Apr 5, 2016 2:40am Apr 5, 2016 2:40am
Quoting Quinton
{quote} As mentioned, due to upcoming news I won't take another position, but one can still learn from what is going on here. Price seems to be ultimately settling for a golden level at 75.42 - 74.45. It is better priced and is tested by multiple ranges from both the short and long side. As I mention in the intro, these are much stronger than levels just formed from only highs or only lows. I called this pattern the twisty pattern on the other thread because visually, price nuggets (ranges) twist around price from the long side and then right after...
NZDJPY: going deeper in N/J hunt. I see a next good level might be in 74.35 area. It's Fib-50 drawn on daily chart between Feb-2011 low and Dec-2014 high. And it's Fib-76.4 level in the current retrace, it should be even more oversold than at Fib-61.8.
And in addition here we have a nice yellow trendline - coming from weekly chart, started in Dec-2008
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  • #145
  • Apr 5, 2016 2:46am Apr 5, 2016 2:46am
Quoting raiders
{quote} I think i got in a bit early, but overall i still think the the short term long is a solid trade with much upside reward
can't win them all
  • #146
  • Edited 4:58am Apr 5, 2016 4:43am | Edited 4:58am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
EJ H1

seeing this waterfall , preffering the 123.65 level

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from level to level - you need mental strength to reach the summit
  • #147
  • Apr 5, 2016 5:30am Apr 5, 2016 5:30am
Quoting raiders
About to bounce from rising trend line, 50 fib from recent bounce, bullish divergence, over sold on 30m, 15m and very close to 1h {image}
Quoting Hpt
EJ H1 seeing this waterfall , preffering the 123.65 level {image}
EURJPY too. What do you think about 125 level as a good point to bounce up for us? it's about Fib-50 of the last whole run from Mar 1. And it looks well defined as golden, what do you think, Quinton?
I also see it might go up and down around central line of long channel from Jul-2015 or even Nov-2014. Lots of movements was around this central line in the past.
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  • #148
  • Apr 5, 2016 5:35am Apr 5, 2016 5:35am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
NJ H4

confl. with fib


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from level to level - you need mental strength to reach the summit
  • #149
  • Edited 8:47am Apr 5, 2016 6:50am | Edited 8:47am
Quoting Quinton
AUD/USD If a determined move toward down to .7528 occurs (following the wave structure of this pair over the last month), leading to price becoming quickly oversold, expect a bounce up at this level. A good golden level to capitalize on that upward momentum taking place atm. At the moment no confluence factors that I can see. Watch out for AUD trade and rate news tomorrow. {image}
Another confirmation is that .7530 was a major low in Apr-2015. I'm watching it to go long but I see it may go dipper looking into this sharp run down. Some guys draw Fibo between last highs too. On that scale we are already below Fib-50 of the run from Dec-2015 high to the last Mar-2016 high. So I'm waiting if it goes to .7500 round number which is close to that Fib-61.2 area
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  • #150
  • Apr 5, 2016 8:53am Apr 5, 2016 8:53am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
Quoting factlover
{quote} {quote} EURJPY too. What do you think about 125 level as a good point to bounce up for us? it's about Fib-50 of the last whole run from Mar 1. And it looks well defined as golden, what do you think, Quinton? I also see it might go up and down around central line of long channel from Jul-2015 or even Nov-2014. Lots of movements was around this central line in the past. {image} {image}
Hi.

Im looking for the lower levels, because they have a better R:R , and we are searching for overbought/oversold areas.
My view

green pips
HPT
from level to level - you need mental strength to reach the summit
  • #151
  • Apr 5, 2016 9:10am Apr 5, 2016 9:10am
Quoting factlover
{quote} NZDJPY: going deeper in N/J hunt. I see a next good level might be in 74.35 area. It's Fib-50 drawn on daily chart between Feb-2011 low and Dec-2014 high. And it's Fib-76.4 level in the current retrace, it should be even more oversold than at Fib-61.8. And in addition here we have a nice yellow trendline - coming from weekly chart, started in Dec-2008 {image}
At this point we are catching falling knives. It could hold though, esp. since it exists at the lower end of the range.
But, the risk off environment must have us be vigilant going long any commodity or JPY pair.

Q
  • #152
  • Apr 5, 2016 10:00am Apr 5, 2016 10:00am
Hi Quinto,

very educative thread!
How do you define the trade direction on the golden level? Why do you draw two golden lines close to each other?
  • #153
  • Apr 5, 2016 10:06am Apr 5, 2016 10:06am
Quoting Hpt
EJ H1 seeing this waterfall , preffering the 123.65 level {image}

If at all, yes. Note that it already made for a great long on March 22. Not seeing much confluence though, which I would like for a green light for another long at that level.

Q
  • #154
  • Apr 5, 2016 10:16am Apr 5, 2016 10:16am
Quoting Quinton
{quote} If at all, yes. Note that it already made for a great long on March 22. Not seeing much confluence though, which I would like for a green light for another long at that level. Q
Hello,

first, thanks for this great thread
Maybe a silly question but how do i have to understand "confluence"? sorry but english is not my native language.
(.)(.) think first ...
  • #155
  • Apr 5, 2016 10:58am Apr 5, 2016 10:58am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
Quoting Hpt
{quote} update UJ used ext. - little modification - from upper level (A) to low (B) bounce back (C) to golden entry level.... and surprise surprise , nice confirmation visible in D1 H4 {image} D1 {image} HPT

price reached high (level) from 1.10.14
from level to level - you need mental strength to reach the summit
  • #156
  • Apr 5, 2016 12:09pm Apr 5, 2016 12:09pm
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....

GBP/USD reacting around those lower price nuggets. Trading back into the range is tricky as I mentioned.
  • #157
  • Apr 5, 2016 3:07pm Apr 5, 2016 3:07pm
EUR/AUD

Already 60+ pips up from our initial golden level. Any reloads on short should come from those deeper seated levels in the range. Due to the parabolic nature of price, this short move may just be a retracement of a continued bull move into the range.

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  • #158
  • Apr 5, 2016 3:08pm Apr 5, 2016 3:08pm
eurcad 1.510 = 1.5080 maybe on the Londonopen?
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  • #159
  • Apr 5, 2016 4:39pm Apr 5, 2016 4:39pm
Quoting mastapip
eurcad 1.510 = 1.5080 maybe on the Londonopen? {image} {image} {image}

Yes, been monitoring that level. Although I have set mine a bit more conservatively and also added secondary levels around 1.5200. That row of lows from that Jan/Feb range is too significant to ignore.

Q

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  • #160
  • Apr 5, 2016 4:42pm Apr 5, 2016 4:42pm
Quoting maximumguita
{quote} Hello, first, thanks for this great thread Maybe a silly question but how do i have to understand "confluence"? sorry but english is not my native language.
Hi maximumguita,

No problem. Technicals like fib retracements, MAs etc. become confluence factors then they overlap or coincide with our drawn level. They strengthen the levels from which we trade and in general we can expect a greater price reaction from a level with confluence.

Q
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