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$ Millionaire Traders Golden Price Mining

  • #381
  • Apr 20, 2016 6:19pm Apr 20, 2016 6:19pm
Quoting Quinton
AUD/JPY The gap is breaking the technical picture across most pairs a bit. However, 82.46 presents a nice scalping level to take a long from. With 85.68 one of the best priced and least used golden levels to take a short from. 84.71 is a bit used now, but draw it to learn from it as the level was hit beautifully last Friday. {image}
25 pip scalp from this level. Once price starts ranging right in front of the level, the bounces away from them tend to be shorter.

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  • #382
  • Edited 7:02pm Apr 20, 2016 6:46pm | Edited 7:02pm
Quoting Hpt
EG monthly huge pinbar {image} H4 resictance, R23.6 , MA 200, tl broken, so will see whats going on @ level ? {image} HPT
EURGBP: .7845-.7860 area maybe the new range low. It's at weekly Fib-50 and daily EMA-50 coming for support. On H1 level .7845 looks like a gold candidate
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  • #383
  • Apr 20, 2016 7:03pm Apr 20, 2016 7:03pm
Quoting factlover
{quote} EURGBP: .7845-.7860 area maybe the new range low. It's at weekly Fib-50 and daily EMA-50 coming for support. On H1 level .7845 looks like gold candidate {image} {image}

Yes, I think I posted it a few days ago. This is where good trade management comes into play. The H4 200 MAs and the .50 fib already slowed down the downside momentum. This is good. On the not so good side is the fact that these support factors caused price to go sideways close by our level, which means that it will be less oversold than if it had just gone straight to it directly.

So until it clears the .50 fib and 200 MAs from the short side, BE is wise.

Q

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  • #384
  • Apr 20, 2016 7:59pm Apr 20, 2016 7:59pm
AUD/USD

More entries on possible pullbacks to .7732 and .7713. We'll see if the exponential 200 MA catches up to the higher level and acts as an additional confluencing factor to to fib .50.

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  • #385
  • Apr 20, 2016 8:04pm Apr 20, 2016 8:04pm
Quoting Hpt
USDCAD monthly similar USDJPY {image} HPT

That short momentum is strong and is going to require a good level in order to counter-trend trade it. At this point, I am on the side-lines with USD/CAD.
I usually go into the monthly or weekly TF when I intend to hold the trades a bit longer. However, in this case I have no long-term outlook so I scalp from the most recent ranges.

Q
  • #386
  • Apr 21, 2016 12:20am Apr 21, 2016 12:20am
not different ways of skinning a cat, awful analogy. Orderflow is everything, is what EVERY single idiotic indicator you have on ur useless candlesticks is trying to synthesize. FYI, I've never met a fellow real professional whose strategy wasn't entirely orderflow based, this is how the dual-market auction process works, etc etc. all you need is a DOM, not a derivative of a derivation. You will see things first, know WHY the market actually traded to an area, instead of interpreting a mere derivative of order flow in graphical form. Im not trying to be mean but orderflow/volume are the two most crucial subjects to understand, and the reason ALL professionals understand it. ,ej
  • #387
  • Apr 21, 2016 1:04am Apr 21, 2016 1:04am
Hi Quinton, I rarely look around FF these days having found my own way that I like to operate, but do sometimes pop in to see what is happening as it's always best to have an open mind. Have to say I've read right thru your thread and think it's one of the most solid I've come across on FF. Golden levels at the very least have to be respected & if retail traders only concentrated on those I think the stats on blown accounts would be very different

Question for disker - I'm totally with you that it is only order flow that makes the market move, if trading using the DOM I assume you must be trading in the futures market. The question is how do you cope with spoof orders, front running and mostly hidden iceberg type orders, when I've looked at the DOM, in particular on the DAX, I can see very significant orders being placed that never appear on the DOM although do leave a footprint in the quantity of contracts being traded at a particular location?

I would say that your response to Quinton is a bit high handed, trading at golden levels clearly is a good way to trade particularly if the market being traded does not have a central exchange. He doesn't say blindly trade at these levels, more these are levels where there is highly likely to be a lot of interest, couple this with the order flow at those levels and you have found the rich vain within the gold mine.
  • #388
  • Edited 4:26am Apr 21, 2016 3:42am | Edited 4:26am
GBPAUD
Level to watch fib 50 weekly , oversold . Macd Divergence 4H. Possible double bottom. Next level is the fib 61.8 that is even better ( Not marked in attached chart. )

@Disker23
The forex market is a big dark pool market . If you can see the orderbook for that globally please inform us about how to do that. Some brokers show their orderbook but it is just a fragment of the market.
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Trading in the shadow of SM
  • #389
  • Apr 21, 2016 4:19am Apr 21, 2016 4:19am
Quoting Quinton
{quote} Yes, I think I posted it a few days ago. This is where good trade management comes into play. The H4 200 MAs and the .50 fib already slowed down the downside momentum. This is good. On the not so good side is the fact that these support factors caused price to go sideways close by our level, which means that it will be less oversold than if it had just gone straight to it directly. So until it clears the .50 fib and 200 MAs from the short side, BE is wise. Q {image}
EURGBP: level .7873 is a key support now after it was broken in Mar-Apr, it was 2015 year high and had a long history as a key level. I'm looking to go long from this area
  • #390
  • Apr 21, 2016 5:15am Apr 21, 2016 5:15am
Quoting Earleone
GBPAUD Level to watch fib 50 weekly , oversold . Macd Divergence 4H. Possible double bottom. Next level is the fib 61.8 that is even better ( Not marked in attached chart. ) @Disker23 The forex market is a big dark pool market . If you can see the orderbook for that globally please inform us about how to do that. Some brokers show their orderbook but it is just a fragment of the market. {image} {image}
Took 75 pips on this countertrend trade. R:R 1:2 so it is nice.
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Trading in the shadow of SM
  • #391
  • Apr 21, 2016 6:36am Apr 21, 2016 6:36am
Quoting Quinton
{quote} That short momentum is strong and is going to require a good level in order to counter-trend trade it. At this point, I am on the side-lines with USD/CAD. I usually go into the monthly or weekly TF when I intend to hold the trades a bit longer. However, in this case I have no long-term outlook so I scalp from the most recent ranges. Q

it looks like 1.2680 has been a key spot for over 10 years now...I've taken some longs, and look to add on a good close today...
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Look Sharp/Trade Tight
  • #392
  • Apr 21, 2016 6:37am Apr 21, 2016 6:37am
ps, good to see the thread up and running again...
Look Sharp/Trade Tight
  • #393
  • Apr 21, 2016 6:40am Apr 21, 2016 6:40am
Seems like reasonable stuff in here ... subscribed.
Fix up, trade sharp ...
  • #394
  • Apr 21, 2016 9:06am Apr 21, 2016 9:06am
Quoting PayTheLimit
{quote} it looks like 1.2680 has been a key spot for over 10 years now...I've taken some longs, and look to add on a good close today... {image}
PayTheLimit, welcome to the new thread. Always good to have you.

Definitely an area of congestion that price will likely have trouble pushing through. It's positioning the short-term trades that is more difficult when counter-trend trading. Have set an entry target of 1.2560 - 1.2539 for any shorts but market might turn substantially before then.

How long do you intent to hold for?

Q
  • #395
  • Apr 21, 2016 9:09am Apr 21, 2016 9:09am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
Quoting PayTheLimit
ps, good to see the thread up and running again...
nice to see you again
from level to level - you need mental strength to reach the summit
  • #396
  • Apr 21, 2016 10:10am Apr 21, 2016 10:10am
Quoting ziggy
Hi Quinton, I rarely look around FF these days having found my own way that I like to operate, but do sometimes pop in to see what is happening as it's always best to have an open mind. Have to say I've read right thru your thread and think it's one of the most solid I've come across on FF.
Hi Ziggy and thank you for the kind words.

The goal was to create a high quality thread that would stand the test of time on FF.

Q
  • #397
  • Apr 21, 2016 10:25am Apr 21, 2016 10:25am
Quoting Quinton
GBP/JPY Massive resistance area at golden level @ 158.44 with 61.8 and H4 200 MAs confluencing. Pair seems to be basing long-term, but is still experiencing enough downward pressure over the short-mid term. 158.57 for a secondary short area. {image}

Took an early short around the exp. 200 MA @ 158.27. Glad I did since those early april lows slowed price down, causing it to stop just short of the golden level.
116+ pips. Out at the .50 fib.

Q


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  • #398
  • Apr 21, 2016 10:30am Apr 21, 2016 10:30am
Quoting Earleone
GBPAUD Level to watch fib 50 weekly , oversold . Macd Divergence 4H. Possible double bottom. Next level is the fib 61.8 that is even better ( Not marked in attached chart. ) @Disker23 The forex market is a big dark pool market . If you can see the orderbook for that globally please inform us about how to do that. Some brokers show their orderbook but it is just a fragment of the market. {image} {image}

Love when levels get hit almost to the pip.

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  • #399
  • Apr 21, 2016 10:33am Apr 21, 2016 10:33am
Quoting Quinton
NZD/USD The current environment with upward momentum should have us looking for pullbacks to golden support levels and any confluence factors. In this case .6925 - .6928 looks to be the next level to consider for a long position. {image}

Golden level hit but PA is too aggressively short so will half position.

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  • #400
  • Apr 21, 2016 10:48am Apr 21, 2016 10:48am
Quoting Hickson
Seems like reasonable stuff in here ... subscribed.

Thanks Hickson and welcome.

Q
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