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$ Millionaire Traders Golden Price Mining

  • #261
  • Apr 11, 2016 6:42pm Apr 11, 2016 6:42pm
Quoting MisterG
What do you think guys , a bounce up ? {image}

Since this is a counter-trend with strong downward momentum, I have mine set even lower around 1.2783. This is a tricky long to take as it is possibly oil dependent and the fact that there are many possible levels to be mined in that range.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADDaily.png Size: 51 KB


Are the detailed levels with the major price nuggets that define them:

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH4.png Size: 80 KB
  • #262
  • Apr 11, 2016 6:49pm Apr 11, 2016 6:49pm
Quoting factlover
{quote} 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 {image}

Absolutely. But only with the H1 confluence, which it has. A very nice bounce.

Attached Image (click to enlarge)
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Q
  • #263
  • Edited 11:31pm Apr 11, 2016 9:57pm | Edited 11:31pm
Quoting Quinton
{quote} Absolutely. But only with the H1 confluence, which it has. A very nice bounce. {image} Q
EURAUD: it was pushed below 1.5000. Quinton, it would be nice to have your expertise for lower GL candidates. Do you think the picture still looks bullish, can we expect a bounce from 1.4950 or lower level?
MA-200 can come into play at 1.4915 on H4, and below close to 1.4900 I see a trendline and Fib-23.6 confluence with level 1.4880 which looks well defined as it was in play many times in the past?
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD-H4-160411z.png Size: 108 KB
  • #264
  • Apr 12, 2016 1:59am Apr 12, 2016 1:59am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
Quoting factlover
{quote} EURAUD: it was pushed below 1.5000. Quinton, it would be nice to have your expertise for lower GL candidates. Do you think the picture still looks bullish, can we expect a bounce from 1.4950 or lower level? MA-200 can come into play at 1.4915 on H4, and below close to 1.4900 I see a trendline and Fib-23.6 confluence with level 1.4880 which looks well defined as it was in play many times in the past? {image}
Hello,

I saw you are looking for tls so here is a different one

EA H4 price is around tl

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDH4 tl.png Size: 37 KB


HPT
from level to level - you need mental strength to reach the summit
  • #265
  • Apr 12, 2016 3:04am Apr 12, 2016 3:04am
Quoting factlover
{quote} My picture for AUDUSD. Yesterday I added one more lower level in addition to the one taken from Quinton's chart. Took about 20pips from that up move, my stop was hit during Asian hours today. Just noticed an interesting point, I switched my H4 chart to M30 and noticed a nice supporting curve for current A/U move, it worked good in the past too. It's simple MA 1200, I have it on my H4 chart to see daily 200 MA on H4 - it's the dash-dot line on attached chart, so on M30 it shows daily MA 25. I added more common daily MA 21 for comparison -...
AUDUSD: it's hard to find prev.posts for the same pair... We may be right at the good GL to go down, what do you think, guys?
Level .7640 looks as well defined for me and it's around Fib-62 from last leg down, and a nice set up for the 2nd shoulder in H&S pattern...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDUSD-H4-160412.png Size: 89 KB
Click to Enlarge Name: AUDUSD-H1-160412.png Size: 88 KB
  • #266
  • Apr 12, 2016 3:32am Apr 12, 2016 3:32am
Quoting factlover
{quote} AUDUSD: it's hard to find prev.posts for the same pair... We may be right at the good GL to go down, what do you think, guys? Level .7640 looks as well defined for me and it's around Fib-62 from last leg down, and a nice set up for the 2nd shoulder in H&S pattern... {image} {image}
AUDUSD
I also find it difficult to find the previous post for some instruments. No search function for the specific thread that I know about for Forexfactory. But as you do to start the body of the text with the instruments name makes it easier to navigate the thread.

IMO the way you draw the fibs are very uncommon to me me. The idea should be that we find the levels that mostly all institutional and big traders also see as clear levels to either TP or to take entry for a new trade. If the level is clear and in confluence with structure and regular drawn fib many traders have this levels under surveillance. If we draw the fib some unregular way I am not sure many other do and we try just to find a level to enter. But i can be mistaken. The same goes for MA 200 for daily and I also think MA 50 for 4H and 1H ( 4H is the most difficult IMO since traders has different time on their feed so the candles can look completely different anyway fib levels will line up same place)
Trading in the shadow of SM
  • #267
  • Apr 12, 2016 3:33am Apr 12, 2016 3:33am
Quoting Quinton
{quote} 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
Thank you . More mining to come .
Trading in the shadow of SM
  • #268
  • Apr 12, 2016 3:53am Apr 12, 2016 3:53am
USDJPY
Short open again.
I was taking the golden levels from the thread here. Think it was Quinton posting them. I have not been writing what they are and has forgotten. But that they are on my charts shows that I liked the analysis done and has now engaged in new short trade. Had one yesterday to where I was taken out at BE. Anyway it has bounced of the golden levels 2 times before bearsih and are in for the third now. And the trade is with the trend. Also R:R is good down to next level. Appr 1:2. Will protect with BE after 20 to 30 pips floating profit if /when continue in correct direction.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH1.png Size: 53 KB
Trading in the shadow of SM
  • #269
  • Apr 12, 2016 5:02am Apr 12, 2016 5:02am
Quoting Earleone
{quote} IMO the way you draw the fibs are very uncommon to me me. The idea should be that we find the levels that mostly all institutional and big traders also see as clear levels to either TP or to take entry for a new trade. If the level is clear and in confluence with structure and regular drawn fib many traders have this levels under surveillance. If we draw the fib some unregular way I am not sure many other do and we try just to find a level to enter. But i can be mistaken. The same goes for MA 200 for daily and I also think MA 50 for 4H and...
Fib on H1 was drawn in common way. As for H4 it was drawn between last major tops - that what I heard big guys take into account too as a move above last top may be considered as a separate new move in terms of money - i.e. somebody should pay when the market goes up and the money owners need some clear reference points so they may use extremes for that. For ex. check this whole AU move above Dec-2015 top. Retraces from all 3 waves up were to Fib-76 or Fib-62 on that Fib scale.
I'm not sure about the "hidden ad" policy here so I'd better send pm with a link to the site where they use it.
  • #270
  • Apr 12, 2016 5:45am Apr 12, 2016 5:45am
Quoting factlover
{quote} Fib on H1 was drawn in common way. As for H4 it was drawn between last major tops - that what I heard big guys take into account too as a move above last top may be considered as a separate new move in terms of money - i.e. somebody should pay when the market goes up and the money owners need some clear reference points so they may use extremes for that. For ex. check this whole AU move above Dec-2015 top. Retraces from all 3 waves up were to Fib-76 or Fib-62 on that Fib scale. I'm not sure about the "hidden ad" policy here so I'd better...
Thank you for the PM.

Yes I was thinking about the way the fibs was drawn on 4H chart.
IMO fibs works because it is commonly used in trading and the levels becomes like self fulfilling prophecy because the traders see the same levels as S/R .
I think there are many different ways to use the fib tools measurement between points . But the more uncommon the less traders will use it.
IMO
The High low for legs at different tf are commonly used
The fibext levels to get extended top / bottom from leg is commonly used for next structure high/low.

I use fib levels and extensions in confluence with structure / Pivots etc on lower TF for my intradaytrading on tick charts and there I am qte sure that only common drawing of fiblevels has the chance to be respected with an positive edge.
It is anyway possible to draw a fib level to fit almost every top or bottom or swing after they are done by using different high/lows , legs , swings etc. It is enough to choose from. But I do not think that is making it an edge to trade from such levels . I think keep it easy and trade and measure from what most traders that are looking for it see and we more often then not will get our self fulfilling prophecy's
Trading in the shadow of SM
  • #271
  • Apr 12, 2016 7:10am Apr 12, 2016 7:10am
I shorted NZD/JPY at Golden Level 74.58. I had a limit order on it. Triggered while working long day.
  • #272
  • Apr 12, 2016 8:05am Apr 12, 2016 8:05am
Quoting Earleone
USDJPY Short open again. I was taking the golden levels from the thread here. Think it was Quinton posting them. I have not been writing what they are and has forgotten. But that they are on my charts shows that I liked the analysis done and has now engaged in new short trade. Had one yesterday to where I was taken out at BE. Anyway it has bounced of the golden levels 2 times before bearsih and are in for the third now. And the trade is with the trend. Also R:R is good down to next level. Appr 1:2. Will protect with BE after 20 to 30 pips floating...

I hope your SL(108.50) will survive.
  • #273
  • Apr 12, 2016 8:09am Apr 12, 2016 8:09am
Quoting factlover
{quote} EURAUD: it was pushed below 1.5000. Quinton, it would be nice to have your expertise for lower GL candidates. Do you think the picture still looks bullish, can we expect a bounce from 1.4950 or lower level? MA-200 can come into play at 1.4915 on H4, and below close to 1.4900 I see a trendline and Fib-23.6 confluence with level 1.4880 which looks well defined as it was in play many times in the past? {image}
Most setup on EUR/AUD are hit and run. What looks like a small bounce is actually a 30-70 pip move. They occur faster on EUR/AUD than on most other pairs and therefore most levels should be scalped not held for long (unless you have a super pure golden level with great confl. and super PA). Your 1.5000 entry actually had both H4 and H1 200 period MA confluence. The 1.4912 - 1.4925 golden level with H4 200 MA confl made for an even better entry. However, you can see why the 1.4880 level did not hold up that well. Looking at the range that created it, it is nowhere near as well formed as the 1.4912 level.

Q
  • #274
  • Apr 12, 2016 8:25am Apr 12, 2016 8:25am
Quoting gstup
{quote} I hope your SL(108.50) will survive.
Nope . Taken out. It is ok. R:R is good for all trades I take and I do not expect statistical to win all off them even if that would have been nice . If I manage 50% win rate with R:R 1:2 it is excellent imo.
Trading in the shadow of SM
  • #275
  • Apr 12, 2016 8:26am Apr 12, 2016 8:26am
Quoting Earleone
{quote} Nope . Taken out. It is ok. R:R is good for all trades I take and I do not expect to win all off them even if that would have been nice

Sad to hear that.Green pips for you!

BTW are you still bearish(USDJPY)?
  • #276
  • Apr 12, 2016 8:31am Apr 12, 2016 8:31am
Quoting factlover
{quote} EURAUD: it was pushed below 1.5000. Quinton, it would be nice to have your expertise for lower GL candidates. Do you think the picture still looks bullish, can we expect a bounce from 1.4950 or lower level? MA-200 can come into play at 1.4915 on H4, and below close to 1.4900 I see a trendline and Fib-23.6 confluence with level 1.4880 which looks well defined as it was in play many times in the past? {image}
Just to add, aside from the general nature of EUR/AUD, the recent move down into the range on April 7th and then back out of it made it clear that any long trades taken on a 2nd move back into it would be closed quickly. Our expectation for a sustained upward move from any of these levels is therefore greatly diminished in these kinds of situations.

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDH1.png Size: 56 KB
  • #277
  • Apr 12, 2016 9:41am Apr 12, 2016 9:41am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
EA

remark: @ 1.48707 is the monthly pivotline, go to HT and look left, you can the whats happend in this area, just my view.
HPT
from level to level - you need mental strength to reach the summit
  • #278
  • Apr 12, 2016 10:07am Apr 12, 2016 10:07am
I posted similar levels on the other pairs. Might get stopped out @ BE on this short since I was expecting a slightly larger pullback. However, still a thing of beauty. Great structure on that golden level (tested from both the short and long side) and 200 period MA confluence. These small counter-trend scalps for 30-50 pips are great to grow equity when larger moves are lacking.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYH1.png Size: 42 KB
  • #279
  • Apr 12, 2016 10:29am Apr 12, 2016 10:29am
Quoting Blackopal
I shorted NZD/JPY at Golden Level 74.58. I had a limit order on it. Triggered while working long day.

Stopped out at 75.08. Right where it turned
  • #280
  • Apr 12, 2016 10:40am Apr 12, 2016 10:40am
Quoting gstup
{quote} Sad to hear that.Green pips for you! BTW are you still bearish(USDJPY)?
ATM I am flat and neutral. I will not take countertrend ( long ) from this level before it makes HH HL and new HH then I will consider longs ( if it not bounce some golden level again .
Trading in the shadow of SM
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