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$ Millionaire Traders Golden Price Mining

  • #241
  • Apr 9, 2016 9:14am Apr 9, 2016 9:14am
NZD/USD

Tricky situation on this pair. There is some upward momentum over the long-term NZD/USD is trying to carve out a bottom for itself. however, it already bounced at a high level with daily 200 support. Time will tell when or if the lower levels will come into play. At this moment they are only semi golden and at least one of the confluence factors, either the 61.8 fib or the TL must come into play for me to consider a long.

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  • #242
  • Apr 9, 2016 5:21pm Apr 9, 2016 5:21pm
Quoting Quinton
USD/CAD An amazing lineup of factors: the exponential daily 200 MA and long-term .50 fib made price stop right before the 1.3300 area and caused it to drop 400 pips. Price remains in a range, esp. due to uncertainty in the oil market (after large drops like the one over the last months markets tend to range as traders/investors either lick their wounds or remain uncertain about whether it is time to go in for a bargain or wait for further price depreciation). Therefore there is a possibility for price to respect this level again Further up, the...
Quinton, what broker do you use to get your MT4 charts? I'm asking because your daily chart looks correct but usually daily charts in MT4 are not correct as broker's server time is not in sync with FX market open time at 17:00 NY time and because of that MT4 week consists of 6 days not 5. And day boundaries are somewhat different.
I checked it on 2 of my MT4 platforms and they both show wrong EMA200 for USDCAD and different number of days in comparison with your chart.
Here are my pictures of MT4 daily charts and correct one from TradeStation if somebody wants to compare with his/her MT4
Attached Image(s) (click to enlarge)
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  • #243
  • Apr 9, 2016 7:08pm Apr 9, 2016 7:08pm
Quoting Quinton
{quote} 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...
Quoting v2vboni
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
Some notes on JPY pairs. For the last 4-5 months they all go in sync with month borders, UJ and GJ either lead the move or in sync with others. For ex. last major drop was started by UJ on Mar 29, joined by GJ on Mar 30 and then joined by all others on Apr 1, last major leg up was started by UJ and GJ on Feb 24 and then joined by all others a week later on Mar 1.
So I think we should monitor what UJ and GJ are doing when we look into other JPY pairs
  • #244
  • Apr 9, 2016 8:08pm Apr 9, 2016 8:08pm
Quoting factlover
{quote} Quinton, what broker do you use to get your MT4 charts? I'm asking because your daily chart looks correct but usually daily charts in MT4 are not correct as broker's server time is not in sync with FX market open time at 17:00 NY time and because of that MT4 week consists of 6 days not 5. And day boundaries are somewhat different. I checked it on 2 of my MT4 platforms and they both show wrong EMA200 for USDCAD and different number of days in comparison with your chart. Here are my pictures of MT4 daily charts and correct one from TradeStation...
This is a serious issue to consider and is why I am currently using the ICMarkets feed for charting. They have many FX exotics, major global stock indices and a few commodities.

Q
  • #245
  • Apr 10, 2016 3:50pm Apr 10, 2016 3:50pm
Quinton great thread! How many lots do you trade? Are you able to make a good income trading full time?
  • #246
  • Edited 7:15pm Apr 10, 2016 6:51pm | Edited 7:15pm
Quoting Bulletproof9
Quinton great thread! How many lots do you trade? Are you able to make a good income trading full time?
PM sent.
  • #247
  • Apr 10, 2016 7:03pm Apr 10, 2016 7:03pm
EUR/AUD

Two levels are emerging from the major Jan/Feb range that price is heading back toward. Shorts @ 1.5358 - 1.5340 and 1.5575 - 1.5586 respectively.
Both level coincide with fib confluence of .50 and .61.8. The 1.5575 level as defined by that smaller range is not visible on the H1 so we dig down into the M15 and it becomes clearer.

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This is a very volatile pair and so I usually set my targets far from the current market price. Therefore I favor the higher 1.5575 level atm.

Q
  • #248
  • Edited 3:31am Apr 11, 2016 3:13am | Edited 3:31am
Quoting Quinton
EUR/AUD Two levels are emerging from the major Jan/Feb range that price is heading back toward. Shorts @ 1.5358 - 1.5340 and 1.5575 - 1.5586 respectively. Both level coincide with fib confluence of .50 and .61.8. The 1.5575 level as defined by that smaller range is not visible on the H1 so we dig down into the M15 and it becomes clearer. {image} {image} This is a very volatile pair and so I usually set my targets far from the current market price. Therefore I favor the higher 1.5575 level atm. Q
Sorry, Quinton, I'm still confused about the proper procedure how to use this info right now. Why should we dig golden levels 300-500 pips away before market started to go to that area?
In my understanding we are still within your GLs from prev.post 157 about EURAUD here http://www.forexfactory.com/showthre...45#post8855345
(it would be good to have a link to prev.post for the same pair for easier tracking)
That first level at 1.5158 - 1.5172 worked good and market bounced 2 times from it already. Now we're still below it and if we look for upper levels now before market breaks this resistance it's kind of predicting that market would go to those levels.
I also see EA pair may be soon at your new levels as EU is at the major resistance 1.1400 from Feb 2015 like for the 7th ot 8th time already and this attempt looks more serious than previous ones. If AU drops lower or stays in the current range and EU breaks its major resistance we might see your new levels pretty soon.

But in the current stage EA pair is still at Fib-38.2 and we need confirmation that this level is taken. I see that daily EMA 50 and EMA 200 (orange lines on my chart below) are in the current area too which may bring more resistance.
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  • #249
  • Apr 11, 2016 5:14am Apr 11, 2016 5:14am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
EA

Hi friends,
my small part to this discussion, looking for the setup with the lowest risk (simlpe thinking) ,so I prefer the higher L for entry. 1.5350 has confl.
with Ma 200 (green) and my view on tl gives an extra clue,so I have to wait for golden level

In this chart I have a channel show this one-time , don`t want to spam this great thread

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green pips
HPT
from level to level - you need mental strength to reach the summit
  • #250
  • Apr 11, 2016 6:03am Apr 11, 2016 6:03am
Quoting factlover
{quote} Sorry, Quinton, I'm still confused about the proper procedure how to use this info right now. Why should we dig golden levels 300-500 pips away before market started to go to that area? In my understanding we are still within your GLs from prev.post 157 about EURAUD here http://www.forexfactory.com/showthre...45#post8855345 (it would be good to have a link to prev.post for the same pair for easier tracking) That first level at 1.5158 - 1.5172 worked good and market bounced 2 times from it already. Now we're still below...
Ah, good question. It is true that that original E/A level defined here (http://www.forexfactory.com/showthre...45#post8855345) could have been used for a re-entry. However, since it was hit once and E/A has a habit of being one of the more volatile pairs, I considered that level "consumed" and "used" and essentially moved on to more conservative price levels. Does this mean it could not have been used for another short? Sure, but I would say only for a scalp with tight entry and exit rules.

By defining levels 300-500 pips away we are not at all predicting that the market will go there. However, don't forget that all it takes is one news release containing an unexpected figure to boost volatility. Esp. on E/A 300-500 pip moves are a regular occurrence. As I mentioned, many levels can be defined ahead of time long before price reaches them.

Q
  • #251
  • Apr 11, 2016 8:14am Apr 11, 2016 8:14am
JPY Pairs

With a rise in risk appetite, almost all JPY pairs are moving back into previously created ranges (both short and long-term).

Q
  • #252
  • Apr 11, 2016 8:18am Apr 11, 2016 8:18am
H1 levels are killers for scalping
  • #253
  • Apr 11, 2016 8:31am Apr 11, 2016 8:31am
Quoting Quinton
{quote} Ah, good question. It is true that that original E/A level defined here (http://www.forexfactory.com/showthre...45#post8855345) could have been used for a re-entry. However, since it was hit once and E/A has a habit of being one of the more volatile pairs, I considered that level "consumed" and "used" and essentially moved on to more conservative price levels. Does this mean it could not have been used for another short? Sure, but I would say only for a scalp with tight entry and exit rules. By defining levels 300-500...
Thanks, Quinton. I understand it's useful to be aware about distant GL levels too. I asked already about your recommendation how to manage a list of coming "GL related signals". We can keep golden lines on the charts as a result of our digging, but mining normally includes not just digging but some sort of ore delivery. There should be some daily routine to get a list of golden level "deliverables" for this particular day which may be included into the trading plan.
Many thanks for your insights and lots of GL samples. It would be great if you can add some very brief daily overview of what is on your radar for this day - without charts, just a list of most promising golden pairs for the day.
  • #254
  • Apr 11, 2016 9:11am Apr 11, 2016 9:11am
Quoting Earleone
USDCHF Close to Fib 61.8 and structure from april 2015 level now. So this level I think is worth to watch. Level also was acting as resistance and support in 2014 {image}
Got one trade countertrend last week. No trading the level bearish. ( It was extending the level but I took it). got appr 1:2 Risk Reward for both trades. Hope other was getting this ones too.
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Trading in the shadow of SM
  • #255
  • Apr 11, 2016 9:48am Apr 11, 2016 9:48am
Quoting Earleone
{quote} Got one trade countertrend last week. No trading the level bearish. ( It was extending the level but I took it). got appr 1:2 Risk Reward for both trades. Hope other was getting this ones too. {image}
Perfect. Well done, Earlone.

I posted this area about a week ago. Good call on closing it early, as the PA was grinding down into it.

Q
  • #256
  • Apr 11, 2016 11:51am Apr 11, 2016 11:51am
EUR/CHF

Not the highest grade level. However it will be interesting to see how price behaves around 1.0911 w/ 61.8 and H4 MAs in play. Short-term PA on the M5 would be absolutely key here to take a position. Also consider the fact that we are currently in a range with strong bullish candles on H4.

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  • #257
  • Apr 11, 2016 1:45pm Apr 11, 2016 1:45pm
What do you think guys , a bounce up ?
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Man lie, woman lie, numbers don't
  • #258
  • Apr 11, 2016 3:45pm Apr 11, 2016 3:45pm
Quoting MisterG
What do you think guys , a bounce up ?
Hi MisterG
This is my USDCAD chart, level is slightly above yours. I think the level is good but the last bouce was not long ago (black arrow) so in my opinion, the probability of a bounce is reduced. I'll reduce the timeframe to a 4H or 1H and wait for a good patter that confirm the bounce.

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  • #259
  • Edited 9:11pm Apr 11, 2016 6:35pm | Edited 9:11pm
Quoting Quinton
{quote} This is a serious issue to consider and is why I am currently using the ICMarkets feed for charting. They have many FX exotics, major global stock indices and a few commodities. Q
Unfortunately ICMarkets doesn't work with US customers and I had some problems with resuming my test account from their site as it expired after 30days. Then I found a new test account may be opened from their MT4 so that may work.
Anyway I checked some other brokers and found that FXCM has correct settings in their MT4 platform so I switched my charting to that feed https://www.fxcm.com/platforms/metatrader-4/
and btw MT5 from their official site works good with daily charts too, you may use it just for charting and it looks like their demo account never expires http://www.metatrader5.com/

upd: I found it works with Oanda MT4 too at least with a live account, you should set server in the login dialog to "Oanda-GMT+2 Live" to get a correct daily charting
  • #260
  • Edited 9:05pm Apr 11, 2016 6:41pm | Edited 9:05pm
Quoting factlover
{quote} EA pair is still at Fib-38.2 and we need confirmation that this level is taken. I see that daily EMA 50 and EMA 200 (orange lines on my chart below) are in the current area too which may bring more resistance. {image}
EURAUD: I just realized that 1.5000 in that pair as super round number should look as a good golden level by itself and it's kind of in uptrend anyway, so I'm long at 1.5010 and set it to BE already
upd: there was a sharp pullback which bounced exactly from 1.5000 level, I reloaded long at 1.5022 - and kicked out with another pullback
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