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$ Millionaire Traders Golden Price Mining

  • #181
  • Apr 6, 2016 9:35am Apr 6, 2016 9:35am
Quoting fisheggs
{quote} Look at Aussie go {image}
  • #182
  • Apr 6, 2016 10:18am Apr 6, 2016 10:18am
Quoting factlover
{quote} yes, I have A/U in my list. While JPY pairs are settling down I'm trying to learn how we could catch that move down from golden levels perspective. You pointed N/J out before that move and it was taken - thanks! I see I had to check all other JPY pairs and watch if they move in sync. What I see post factum EURJPY was at some good looking level for reverse and close to Fib-62, AUDJPY was at a very reversible level too, CADJPY turned down right at Fib-62 in a very bearish area. SGDJPY could be used as bearish indicator too - it reversed at...

Good question. I do look for PA correlation among the JPY pairs when JPY strengthens. During volatile times, it either means JPY specific news was released or a general risk off event occurred. (In any case it is not a good idea to counter-trend a move when such correlation occurs from anything but the best golden level.)

What you will see many times is that since the PA can be similar on the JPY pairs, the ranges will be similar too and therefore the levels as well.
Note however that most of the time the golden levels and PA of each specific pair should carry the day in and of themselves and and should be traded in isolation. Three semi-golden levels being hit on three separate JPY pairs but would not make for a green light to take a trade from one of them. Also, the golden levels can also be hit at slightly different times. For example, CAD/JPY could still be dropping down to meet up with the nearest golden level, while USD/JPY already reacted the its golden level. But yes, in the the rare case that JPY pairs all hit golden levels at the same time, this would give me extra confidence to position a trade at one of them.

Usually I find that strong, short JPY PA correlation is more often beneficial not as a positive factor to reinforce a trade but as a warning that it might be better to stay out or readjust to a more conservative level. But when multiple golden levels line up across the pairs, by all means use them as confirmation.

Q
  • #183
  • Apr 6, 2016 10:33am Apr 6, 2016 10:33am
Maybe this was the reason why JPY got stronger for the past few hours...

http://nvs24.com/news/world/Japan-re...y-4767331.html

Japan releases $90b to boost economy
Since Frank Sinatra sings in his own way, my chart sing... I did it, my way
  • #184
  • Apr 6, 2016 12:47pm Apr 6, 2016 12:47pm
EUR GBP monthly chart, we are close to topping out on EURGBP. Also the level coincides with 50 fibo of A-B swing. Finally resistance met @ downwards sloping TL, although you might say it's curve fitting and we had 2 overshooting patterns, that's valid, however I check the TL angle historically this TL matches other price moves just fine.

Not sure I'd jump and short this like crazy, but we are definately close to reversing point.
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  • #185
  • Apr 6, 2016 12:55pm Apr 6, 2016 12:55pm
EG top is where UJ bottom is, can't call a bottom out yet on UJ. Here's EG vs UJ weekly correlation. inversly correlated.
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  • #186
  • Apr 6, 2016 2:21pm Apr 6, 2016 2:21pm
Quoting asgcorp
EUR GBP monthly chart, we are close to topping out on EURGBP. Also the level coincides with 50 fibo of A-B swing. Finally resistance met @ downwards sloping TL, although you might say it's curve fitting and we had 2 overshooting patterns, that's valid, however I check the TL angle historically this TL matches other price moves just fine. Not sure I'd jump and short this like crazy, but we are definately close to reversing point. {image}

Hi asgcorp,

Thanks for sharing your long-term view. Absolutely right. One of the TL formed from connecting the major high in 2008 to one of the highs in 2013 looks like it will confluence with the next major golden levels. For the beginners, we are talking long-term technicals here which are always harder to draw accurately. So give the best priced levels the benefit of the doubt. This level is essentially formed by price ranges around the .8200 area.

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  • #187
  • Apr 6, 2016 2:27pm Apr 6, 2016 2:27pm
Hi Quinton. Nice thread you got in here for sure. Yeah, thanks for the heads up also with your chart review, always good to have another look at the technicals.
True, overall I agree, we haven't seen the top yet, my system is telling me there is 45% chance we reach 8140-8180 this month, so it's worthwhile waiting right now (anything over 20% pretty much good chance we will hit this level).
  • #188
  • Apr 6, 2016 2:29pm Apr 6, 2016 2:29pm
not related to golden levels, but if you don't mind, here's H1 EUR GBP EW review, also pointing to more upside still.
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  • #189
  • Apr 6, 2016 2:57pm Apr 6, 2016 2:57pm
Quoting asgcorp
not related to golden levels, but if you don't mind, here's H1 EUR GBP EW review, also pointing to more upside still. {image}
I do not count elliott waves explicitly, but base much of my determination of the most oversold/overbought conditions on this principal. Very often I find a move has over-extended itself to such a degree, that it likely satisfied the impulse cycle even if there is some ambiguity in the wave count. One exhaustion pattern that I call the spike & drift pattern (ending diagonals for EWers) is also a favorite of mine when they meet up with golden levels. These tend to result in trades with very high win rates.

Q
  • #190
  • Apr 6, 2016 5:23pm Apr 6, 2016 5:23pm
Great thread Quinton! I have been watching from the start and have put it at the top of my watch list. When I get time I intend to copy all of these great charts and organize them into a file for constant reference.
  • #191
  • Edited 9:21pm Apr 6, 2016 6:08pm | Edited 9:21pm
Quoting Quinton
{quote} Although I was reticent to take a position due to the ranging PA, the level seems to be holding. Went up to 40 pips already. Of course, in these cases even if the level holds you have to be quick to take profit when you are trading back into that range. Right now price is heading back toward the level as the range provided ample resistance at least over the short-term.{image}
E/J is still in crouch to go up from 125 level? Will that last spike help?
upd: 125 is broken)
  • #192
  • Apr 6, 2016 7:16pm Apr 6, 2016 7:16pm
Quoting asgcorp
EUR GBP monthly chart, we are close to topping out on EURGBP. Also the level coincides with 50 fibo of A-B swing. Finally resistance met @ downwards sloping TL, although you might say it's curve fitting and we had 2 overshooting patterns, that's valid, however I check the TL angle historically this TL matches other price moves just fine. Not sure I'd jump and short this like crazy, but we are definately close to reversing point. {image}
^^Big agree, been watching 8197 for months now.....

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  • #193
  • Apr 6, 2016 11:04pm Apr 6, 2016 11:04pm
Hi guys!
Today I'm waiting for this level on the AUDUSD. Fist idea is a counter trend trade but only if the candle bar support this idea. Opinion guys?
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  • #194
  • Apr 7, 2016 12:04am Apr 7, 2016 12:04am
Quoting carlostedo
Hi guys! Today I'm waiting for this level on the AUDUSD. Fist idea is a counter trend trade but only if the candle bar support this idea. Opinion guys? {image}
Thats also bang on the 61.8 retracement
Simplicity is the ultimate in sophistication ~ Leonardo Da Vinci
  • #195
  • Apr 7, 2016 12:26am Apr 7, 2016 12:26am
This movement is very possible.
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  • #196
  • Apr 7, 2016 12:40am Apr 7, 2016 12:40am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
GJ

weekly chart just for the overview, L were taken in lower TF,.. in the moment I`m careful with longs, as visible red L are far away.
golden looks not so bad, just my opinion

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trade well

HPT
from level to level - you need mental strength to reach the summit
  • #197
  • Apr 7, 2016 1:36am Apr 7, 2016 1:36am
Quoting factlover
{quote} E/J is still in crouch to go up from 125 level? Will that last spike help? upd: 125 is broken)
That PA was grinding down into the level near 125.00 way too much. Other JPY pairs were behaving similarly.
  • #198
  • Apr 7, 2016 1:38am Apr 7, 2016 1:38am
Sometimes a golden level for a previous long can act as a good exit signal for a long for a nearby level.
Overall JPY breakout behaviour + previous golden level support turned resistance = close for 20 pip scalp.

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  • #199
  • Apr 7, 2016 1:47am Apr 7, 2016 1:47am
Quoting Quinton
{quote} Good question. I do look for PA correlation among the JPY pairs when JPY strengthens. ... Q
Quinton and friends of this thread, I'd like to suggest a simple obvious improvement to the golden mining process. It would be great to have a separate dedicated thread for each pair which deserves attention. So it would be much easier to track all related posts and monitor it in real time.
Quinton, if you like the idea, can you please start new threads for your pairs of interest, named for ex. "Golden Levels: EURUSD", "Golden Levels: AUDUSD", etc.
And you can continue to use this original thread for your common announcements and educational posts and to sync on the process for ex. if somebody wants to take care of a new thread for the pair which is not yet covered. You can keep an updated list of available threads in your first post to this thread.
Thanks for your consideration.
  • #200
  • Apr 7, 2016 1:54am Apr 7, 2016 1:54am
thankyou for doing what you are Quinton,
and learning is always appreciated.
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