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$ Millionaire Traders Golden Price Mining

  • #601
  • May 11, 2016 8:35pm May 11, 2016 8:35pm
Quoting factlover
{quote} AUDUSD: it bounced from 0.73 at Fib-50 area as you expected. I see it may still return to retest .7280 area as it was a major key level in the past: 2004, 2005, 2006, 2008, 2009 {image} {image}
Was pretty certain that the second or third level was going to be hit, esp considering the PA structure. Look how each successive range (retracement of the trend) on the way down becomes shorter and shorter. By the time price got to the .7300 level, there was no significant "ranging right in front of the level" which I always warn about. Therefore price was very oversold by the time it got there.

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Continuing on the theme of "ranging in front of levels", considering that price has already found a nearby turning point at .7300, I am going to also consider some lower levels.

The level from the Feb. highs has the daily 200 MA coming in for confl. Another lower one that has 61.8 fib confl. It is possible that the current price cycle has already completed but in case it has not, I might consider an order split between these two areas.

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  • #602
  • Edited May 12, 2016 2:44am May 11, 2016 10:57pm | Edited May 12, 2016 2:44am
Quoting Quinton
{quote} Hard to spot level! Hope you loosened the entry price range a bit so you didn't miss the ride down.
​Hi Q didn't quite get there but got 48 up and about 50 down and out at the moment on USDJPY just on my second coffee and on 30m chart looking for clues where we are heading with this one could be mess around Friday jvm WHAT THE HELL ITS THURSDAY
  • #603
  • May 12, 2016 1:06am May 12, 2016 1:06am
Quoting Quinton
{quote} And terrifying spreads... There was a time not long ago when you could get decent interest income from GBP/JPY longs and the other JPY crosses. I would absolutely be adding this to my toolkit and factoring the carry into how I position/exit trades from GLs, but for now this approach yields little return. Q

Not so bad spread during London and Ny session. For USDRUB I normally have between 250 and 800 pips and I get swap daily 1384 pips. I Look the spread like a hawk before entry. Sometimes spread is increasing to like 7000 to 10000 pips and I am sure they can even rise it to the double. So This pairs can not be traded with stop loss. Need to be traded by hedging method and for some longer term. ( 10 days for usdrub and you have 13840 pips just in swap )
Trading in the shadow of SM
  • #604
  • May 12, 2016 7:50am May 12, 2016 7:50am
Quoting Earleone
Brent Oil Close to 50 level and fib 50 leg high 2015 low 2016 Overbought and divergence confluence. This also add confluence point to the USDCAD 1.25 level imo. {image}
Brent oil again up to this level. Bounced off nicely last time. It is overbougth again.
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Trading in the shadow of SM
  • #605
  • May 12, 2016 8:01am May 12, 2016 8:01am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
GBPJPY

daily - see confl and tl

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H4 , breakout to upper level ?

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green pips
Hpt
from level to level - you need mental strength to reach the summit
  • #606
  • Edited 8:56am May 12, 2016 8:32am | Edited 8:56am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
Quoting Hpt
GBPJPY daily - see confl and tl {image} H4 , breakout to upper level ? {image} green pips Hpt
SL to BE = exit
from level to level - you need mental strength to reach the summit
  • #607
  • May 12, 2016 6:57pm May 12, 2016 6:57pm
Quoting Quinton
{quote} Was pretty certain that the second or third level was going to be hit, esp considering the PA structure. Look how each successive range (retracement of the trend) on the way down becomes shorter and shorter. By the time price got to the .7300 level, there was no significant "ranging right in front of the level" which I always warn about. Therefore price was very oversold by the time it got there. {image} Continuing on the theme of "ranging in front of levels", considering that price has already found a nearby turning point at .7300, I am...
Thanks, Quinton. Your comments are always insightful, I'm sure you have a special 3rd eye with GL detector for that
Your point with the range scope degrading is really useful http://www.forexfactory.com/attachme...0&d=1463016325
And now AU pair is back to .73 level with a restored range scope .73-.74 - looks like preparing for another cycle down which may go to .71. I see .7070 level has multiple twist patterns. I'll look to go short from .735-.74 area.
Note AU now between two daily 200 MAs scaled to H4 - dash-dot lines on chart, they are MA and EMA 1200 on H4
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  • #608
  • May 12, 2016 10:39pm May 12, 2016 10:39pm
EURAUD Looking heavily over bought 1.58 level on monthly is were the 200SMA is could be a good one for next week for a push down with AUD at extreme over sold on daily's (Factover"s chart above) any thoughts on this pair Guys.
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  • #609
  • May 13, 2016 3:45am May 13, 2016 3:45am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
Quoting jvmv4
EURAUD Looking heavily over bought 1.58 level on monthly is were the 200SMA is could be a good one for next week for a push down with AUD at extreme over sold on daily's (Factover"s chart above) any thoughts on this pair Guys. {image}

EURAUD

here are all confl. factors I found , as you see in daily its a big range

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HPT
from level to level - you need mental strength to reach the summit
  • #610
  • May 13, 2016 6:00am May 13, 2016 6:00am
USD Index

Are at critical level. Waterfall ? . Fib are from leg high March / Low May. Heavy structure that must be broken for further bullish move for USD/X
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Trading in the shadow of SM
  • #611
  • Edited 8:37am May 14, 2016 7:50am | Edited 8:37am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
Quoting Hpt
{quote} EURAUD here are all confl. factors I found , as you see in daily its a big range {image} HPT

EURAUD H4

if you want ... , make your decision

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Hpt
from level to level - you need mental strength to reach the summit
  • #612
  • May 16, 2016 10:09pm May 16, 2016 10:09pm
Quoting Quinton
{quote} Was pretty certain that the second or third level was going to be hit, esp considering the PA structure. Look how each successive range (retracement of the trend) on the way down becomes shorter and shorter. By the time price got to the .7300 level, there was no significant "ranging right in front of the level" which I always warn about. Therefore price was very oversold by the time it got there. {image} Continuing on the theme of "ranging in front of levels", considering that price has already found a nearby turning point at .7300, I am...
Up almost 100 pips on this long. Full wave cycle completed + best priced golden levels + daily 200 MA. Doesn't get better than this.
Otherwise a quiet start to the week.

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  • #613
  • May 16, 2016 10:17pm May 16, 2016 10:17pm
Quoting jvmv4
{quote} ​Hi Q didn't quite get there but got 48 up and about 50 down and out at the moment on USDJPY just on my second coffee and on 30m chart looking for clues where we are heading with this one could be mess around Friday jvm WHAT THE HELL ITS THURSDAY

Your twisty level was hit last Friday. Not bad. These are really strong levels and tend to cause a reaction in price even during a range. Good stuff.
Coffee is my fuel. Both for charting and interval training.

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  • #614
  • May 16, 2016 10:23pm May 16, 2016 10:23pm
Quoting Hpt
GBPJPY daily - see confl and tl {image} H4 , breakout to upper level ? {image} green pips Hpt

I know you were eying a breakout, but that golden level you had @ 155.72 was a beautify for a long.

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  • #615
  • May 16, 2016 10:36pm May 16, 2016 10:36pm
Quoting factlover
{quote} Thanks, Quinton. Your comments are always insightful, I'm sure you have a special 3rd eye with GL detector for that
Experience, my friend. Just experience.

Quote
Your point with the range scope degrading is really useful http://www.forexfactory.com/attachme...0&d=1463016325

Yes, it's a great example of this pattern. I am considering adding it to a collection of screenshots to illustrate price overextension. This is the best way to get a feel for it.

Quote
And now AU pair is back to .73 level with a restored range scope .73-.74 - looks like preparing for another cycle down which may go to .71. I see .7070 level has multiple twist patterns. I'll look to go short from .735-.74 area. Note AU now between two daily 200 MAs scaled to H4 - dash-dot lines on chart, they are MA and EMA 1200 on H4 {image}

For now AUD fundamental news is driving the pair up. I would like price to get up into that recent range before considering any shorts. I cannot ignore the golden level at .7529 due it being formed by those price knots. .50 fib also confl. with it.

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  • #616
  • May 16, 2016 10:42pm May 16, 2016 10:42pm
Quoting jvmv4
EURAUD Looking heavily over bought 1.58 level on monthly is were the 200SMA is could be a good one for next week for a push down with AUD at extreme over sold on daily's (Factover"s chart above) any thoughts on this pair Guys. {image}
I actually drew the correct level where price ultimately turned. but did not take the trade. Price ended up lingering to close to the level and there were so many precedent ranges to mine the levels from that nailing the one that would ultimately serve as the turning point would be a exercise in futility. But you were right that AUD was overbought.

Q
  • #617
  • May 16, 2016 10:45pm May 16, 2016 10:45pm
Folks, the postings to this thread are getting more and more focused and leading to higher quality signals. Great job guys.
Really good stuff.

Q
  • #618
  • May 16, 2016 11:06pm May 16, 2016 11:06pm
I've been waiting on 0.749 as a short in the Aussie to go with the dominant trend for a couple of weeks, didn't realize how golden the level is.
thankyou, this thread must be rubbing off on me
  • #619
  • May 17, 2016 1:58am May 17, 2016 1:58am
Noob question, How can I use this indicator? I'm using MT4, dragged the Golden indicator to chart, nothing shows.
  • #620
  • May 17, 2016 4:08am May 17, 2016 4:08am
I think you dragged the alert indicator......the golden levels are manually designated through S/R, Fibs/ MAs and as such there is no indicator, but if you find the Golden level indicator let everyone know!
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