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$ Millionaire Traders Golden Price Mining

  • #561
  • May 3, 2016 11:48pm May 3, 2016 11:48pm
Quoting jvmv4
​Hi Q NZDJPY looking interesting looks like on weekly has a missing wave down to 71 or 70 but could reverse at current levels got any ideas for this one Q or is it of your radar jvm {image}
It's hard to tell what will happen. Sometimes one can tell if a wave cycle has most likely completed (extreme oversold or overbought situations).
However, it do not believe this is possible for every scenario even though wave counters try to impose wave counting rules as if this were possible. As I mentioned before if long-term price does not look sufficiently overextended I will depend on short-term PA to determine the extent of price overextension. In this case probably on M30-H1.

With that said, if price makes its way down to those highs, they will be hard to ignore. Over the past 15 years+ there hasn't be a range quite like it on this pair:

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Here are two golden levels there are defined by short-term ranges with the larger range and exist at more conservative prices. The choice will be between taking a long from those highs around 69.00+ with larger stops or from deeper set golden level with tighter stops.

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  • #562
  • May 4, 2016 1:04am May 4, 2016 1:04am
Quoting Quinton
{quote} It's hard to tell what will happen. Sometimes one can tell if a wave cycle has most likely completed (extreme oversold or overbought situations). However, it do not believe this is possible for every scenario even though wave counters try to impose wave counting rules as if this were possible. As I mentioned before if long-term price does not look sufficiently overextended I will depend on short-term PA to determine the extent of price overextension. In this case probably on M30-H1. With that said, if price makes its way down to those highs,...
Thanks for the outlook Q makes allot of sense will look on 30/60m for clues have a great day jvm
  • #563
  • Edited 6:30am May 4, 2016 6:11am | Edited 6:30am
GBPUSD: I see 2 zones to watch for a possible reversal back into up trend.
1. around 1.4385-1.4400: Fib-50 from last leg up, confl. EMA200 and daily TL coming from 2013
2. around 1.4300 - 1.4315: Fib-61.8 and another MA200
2nd daily chart is messy - just for illustration where trend lines come from
upd: added 3rd zone down the road 1.4200 - 1.4230 may be even to 1.4185 (Fib-76.4) for squaring up that long candle on Apr 18 as almost all candles in that pair were squared up so far.
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  • #564
  • May 4, 2016 6:58am May 4, 2016 6:58am
Quoting Quinton
{quote} In at reduced position. As with the AUD long, the nearby range needs to be cleared by price for continued short momentum continuation. {image}

Closed out the short from the first golden level for 45 pips when it was clear that price was not going to break down those recent highs. Price is respecting both levels really well. However, in a case where price is caught between two golden levels as is there case here, it is important to go to BE fairly quickly. We'll see what happens with a short from the second level and if the first golden level becomes sustained support. The benefit of trading from only the best level is that you can take a small profit or go to BE. It makes all the difference.

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  • #565
  • May 4, 2016 7:01am May 4, 2016 7:01am
Quoting Quinton
AUD/USD After a huge drop due to the AUD rate decision, downward price pressure is starting to wane near a golden level. This level also defines a long-term range boundary so we should consider this a range trade. Essentially we are seeing short-term spike and drift action. {image}

Trailed stop and gained 24 pips. Price pressure was too great for a sustained move. However, not a bad level.

Q
  • #566
  • May 4, 2016 7:25am May 4, 2016 7:25am
Quoting jvmv4
{quote} Thanks for the outlook Q makes allot of sense will look on 30/60m for clues have a great day jvm
  • #567
  • May 4, 2016 8:44am May 4, 2016 8:44am
Quoting Quinton
{quote} Trailed stop and gained 24 pips. Price pressure was too great for a sustained move. However, not a bad level. Q
PA is basing around the golden level and trying to carve out a bottom as can be seen by the higher TF candles. H4 candle closed above it and next one has formed and remains above it.

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  • #568
  • May 4, 2016 11:35am May 4, 2016 11:35am
Quoting Quinton
{quote} PA is basing around the golden level and trying to carve out a bottom as can be seen by the higher TF candles. H4 candle closed above it and next one has formed and remains above it. {image}

Small 15 pip loss on a second long attempt. Will no longer attempt longs, as I consider the level broken for now.
Q
  • #569
  • May 4, 2016 11:39am May 4, 2016 11:39am
USD/CAD

Will the H4 200 MAs give this pair a much needed retracement? The level that coincides with the MAs is ok, but I would not go so far as to say it is golden.

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  • #570
  • May 4, 2016 11:44am May 4, 2016 11:44am
GBP/AUD

Possible levels to position longs on pullbacks and take advantage of clear upward momentum. I consider the first level better form that the lower one and both have .50 and 61.8 fin confl. respectively. Always be careful with this pair. I would reduce positions greatly (and or increase stops) on pairs like this due to increased volatility and liquidity constraints.

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  • #571
  • May 4, 2016 12:12pm May 4, 2016 12:12pm
Quoting Quinton
USD/CAD Will the H4 200 MAs give this pair a much needed retracement? The level that coincides with the MAs is ok, but I would not go so far as to say it is golden. {image}
Can be . It moves on oil. Brent oil is on fib 50 and oversold and has some nice structure at this area. So with the correlation it can be nice. USD index is currently stalling on the 4H MA. So it is not what is pushing the usd/cad up
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Trading in the shadow of SM
  • #572
  • May 4, 2016 4:26pm May 4, 2016 4:26pm
Quoting factlover
GBPUSD: I see 2 zones to watch for a possible reversal back into up trend. 1. around 1.4385-1.4400: Fib-50 from last leg up, confl. EMA200 and daily TL coming from 2013 2. around 1.4300 - 1.4315: Fib-61.8 and another MA200 2nd daily chart is messy - just for illustration where trend lines come from upd: added 3rd zone down the road 1.4200 - 1.4230 may be even to 1.4185 (Fib-76.4) for squaring up that long candle on Apr 18 as almost all candles in that pair were squared up so far. {image} {image}

Great post. I have a similar view. I would consider anything below 1.4380 a return back into the range and therefore the idea of a momentum driven long at that point would most likely be out of the window. 1.4400 is already quite far into the range which is good since the highs have had a chance to slow down that fast paced price momentum. Level could be a bit better defined, so including .50 fib and the MA into that possible price entry range is definately a good idea.

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  • #573
  • May 4, 2016 4:30pm May 4, 2016 4:30pm
Quoting Earleone
{quote} Can be . It moves on oil. Brent oil is on fib 50 and oversold and has some nice structure at this area. So with the correlation it can be nice. USD index is currently stalling on the 4H MA. So it is not what is pushing the usd/cad up {image} {image}

Good cross-market analysis. Indeed, the main driver has been oil and CAD weakness not general USD weakness.

Q
  • #574
  • May 5, 2016 12:31am May 5, 2016 12:31am
Great material. Thanks for sharing!
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #575
  • Edited 1:42am May 5, 2016 1:22am | Edited 1:42am
Quoting Quinton
{quote} Great post. I have a similar view. I would consider anything below 1.4380 a return back into the range and therefore the idea of a momentum driven long at that point would most likely be out of the window. 1.4400 is already quite far into the range which is good since the highs have had a chance to slow down that fast paced price momentum. Level could be a bit better defined, so including .50 fib and the MA into that possible price entry range is definately a good idea. {image}
GBPUSD: technically it's at the low boundary of the up channel, so I look if it will be able to bounce from here. Fib-38.2 is also a good number and broken trendline is here too. Level 1.4460 looks like a good GL candidate too, why not?
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  • #576
  • May 5, 2016 5:20am May 5, 2016 5:20am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
Gbpjpy

m30

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hpt
from level to level - you need mental strength to reach the summit
  • #577
  • May 5, 2016 1:27pm May 5, 2016 1:27pm
Quoting factlover
{quote} GBPUSD: technically it's at the low boundary of the up channel, so I look if it will be able to bounce from here. Fib-38.2 is also a good number and broken trendline is here too. Level 1.4460 looks like a good GL candidate too, why not? {image}
Because it is only formed only by some of the highs of the range. Also it also wasn't respected from both the long and short side (unlike he 1.4400 level which has a lot of tight ranges forming it). The fact that is little "strong" confluence and price coming down hard from the high have me set my sights on the first level you pointed out @ 1.4400. Although for the time being price is respecting the highs. Also overall PA is choppy which is very likely due to a lot of indecision on the part of traders as they jump from short-term rumor to short-term rumor and are easily shaken from their existing positions. The fact that GBP is already near long-term lows and the pending Brexit vote add lots of fuel to this fire. Compare it to USD/CHF for example or some of the exotic crosses and you'll see what I mean.

Q
  • #578
  • May 5, 2016 3:48pm May 5, 2016 3:48pm
Quoting eaglestar
Great material. Thanks for sharing!
Thanks for your kind words and welcome.

Q
  • #579
  • May 5, 2016 10:21pm May 5, 2016 10:21pm
Quoting Hpt
Gbpjpy m30 {image} hpt

That golden level is holding up nicely.
Not sure I would expect much of a pullback from it on Friday, though.
Q
  • #580
  • May 5, 2016 10:51pm May 5, 2016 10:51pm
AUD/USD

Further easing may be planned by the RBA and the news of this caused the AUD to plunge yet again. Price is now drifting short after this drop as buyer try to make up for having missed the initial volatility and therefore sell late in order to make up for this. The drifting PA is only noticeable on the lower TFs and I would wait for it to become visible on at least M30 before initiating a long. There following chart illustrates two possible golden level candidates. The first has .50 fib confl. drawn from significant highs and lows while the lower one is obviously better priced and is formed from both the long and short side. We will see how close price gets to them before the weekend.

Q
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