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$ Millionaire Traders Golden Price Mining

  • #621
  • May 17, 2016 4:36am May 17, 2016 4:36am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
Quoting Iamaldrin08
Noob question, How can I use this indicator? I'm using MT4, dragged the Golden indicator to chart, nothing shows.
Hello

sorry, but what do you think shows this indi ? .. the golden level ?... no . that would be very nice.
It gives you an alert , .... " ..... Just draw your horizontal levels as usual....". So ...to find the levels is your homework.
please read post1 carefully.
If you wish further informations read here

Quinton’s Simple & Effortless Trading @ Forex Factory

post your charts and the traders here will certainly help

green pips
HPT
from level to level - you need mental strength to reach the summit
  • #622
  • May 17, 2016 4:50am May 17, 2016 4:50am
Yeah, I thought it would show just like in the screenshots. Thanks for the reply, I'll read more about it.
  • #623
  • Edited 6:27am May 17, 2016 6:11am | Edited 6:27am
Crude Oil

Some structure in confluence with Fib 61.8 from high 2015 low 2016 at overbought level. Actually the structure is a little bit above . But it was overshooting the fib 38,2 and 50 fib level a little bit before retracement. Also we have Round number 50 inside the levels.

( PS Quinton . I have added EMA 200 to my charts now It is the Golden dottet line and will be on my charts from now on)


And a little bit offtopic. But useful I hope:
I was receiving a new cool tool from my broker the last week that I can use to place Buy stop limit and sell stop limit orders.

( When price reach the golden level where I will consider to sell it place an sell stop X pips below the golden level ( Opposite for level I want to buy of course) . So if price breaks golden level without any retrace my order will not be triggered ) This is a missing function in Metatrader 4 that only has Buy stop, buy limit , sell stop and sell limit ( Metatrader 5 has the 2 additional functions Buy stop limit and Sell stop limit, Also Ninjatrader has it but not Metatrader 4)

However the EA I received only work on my brokers platform ( They programmed it that way ) and I use several brokers. Anyone has an other EA for this ? It is a nice tool in combination with golden levels IMO.
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Trading in the shadow of SM
  • #624
  • May 17, 2016 7:28am May 17, 2016 7:28am
Quoting Quinton
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. {image}
AUDUSD is back into the recent range and it's still right at the bigger Fib-50. I had level .7360 on my prev.chart posted here -- now it's respected as a resistance.
It looks like level at .7330 (Fib-50) is respected too.

I didn't see enough colored lines on my charts and golden level candidates felt lonely so I'm trying to fix that with Murrey levels
I see those levels as a good addition to look for a confluence. Check how Murrey levels are respected, for ex. current range is going on between 0/8 and 1/8 levels.
Breaking below .7320 - .7330 Fib-50 and Murrey-0/8 will bring continuation of the down trend - that's my current understanding.

I took Murrey levels indicator from this thread http://www.forexfactory.com/showthread.php?t=202379
It's attached here for convenience if you like to try it. I use setting MMPeriod=240 which means 4 hour base for calculation and that works for time frames from M5 to H4. This parameter should be equal or greater than the current time frame in minutes.
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Attached File(s)
File Type: mq4 MML_Multi_Option_v1.24.mq4   28 KB | 263 downloads
  • #625
  • May 17, 2016 8:11am May 17, 2016 8:11am
Quoting Quinton
{quote} If price makes its way from where it is to the 1.4750 level again that would be a very bullish sign and would require a counter-trend trading stance. Would probably consider a level formed in Dec + one of the MAs to add some confl. Not there yet. As for the 1.4400 long, that was a very good one with nice price reaction. I had to reposition again after the initial drop but got in at about where the arrow is. {image}
GBPUSD: with Murrey levels also for MMPeriod=240 base. I had GL candidate at 1.4400 level, we discussed it last week. It looks like we saw a short squeeze then a long squeeze and now it might bounced for real from that golden median area to the up side?
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  • #626
  • May 17, 2016 8:49am May 17, 2016 8:49am
EURUSD: Level 1.1300 looks as good defined on H1 to go up from this area and it's already 35 pips up.
Daily EMA 50 supports here and Murrey 1/8 at 1.1291 hold after it was tested 2 times
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  • #627
  • May 17, 2016 6:53pm May 17, 2016 6:53pm
Quoting nimbinsstone
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.
There are lower levels one could consider, however, given the distance from current price, it is likely that price will be overbought if it makes its way to that level in the next few days. However, would no longer consider the dominant trend down, given past month's PA.

Quote
thankyou, this thread must be rubbing off on me

That's the idea.
  • #628
  • May 17, 2016 6:57pm May 17, 2016 6:57pm
Quoting Iamaldrin08
Yeah, I thought it would show just like in the screenshots. Thanks for the reply, I'll read more about it.

I am working on an algorithm that can assist in mining golden levels. However, there is nothing like getting a visual sense for digging out those golden levels.

Q
  • #629
  • May 17, 2016 11:47pm May 17, 2016 11:47pm
​USDCHF pushing up and starting to get near reaction levels 9862 9884 if we get there should see push down and turn in EURUSD
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  • #630
  • May 18, 2016 12:25am May 18, 2016 12:25am
​US Dollar hit 100 SMA on weekly chart at 1167 also coming to reaction level at 1199 1207 much the same as CHF
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  • #631
  • May 18, 2016 3:56am May 18, 2016 3:56am
USDNOK - USD Index

USDNOK meet some nice structure at oversold level. USDIndex is at overbought level fib 123.2 extension+ Previous highs and ratio.

Will try to get an runner if level at USDNOK hold.
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Trading in the shadow of SM
  • #632
  • May 18, 2016 4:14am May 18, 2016 4:14am
XAUUSD ( Gold )

Fib 61.8 + MA200 + Structure. Will if it comes to level today be a little bit oversold. FOMC and oil inventories so today will be interesting day.
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Trading in the shadow of SM
  • #633
  • May 18, 2016 6:11pm May 18, 2016 6:11pm
Quoting factlover
{quote} AUDUSD is back into the recent range and it's still right at the bigger Fib-50. I had level .7360 on my prev.chart posted here -- now it's respected as a resistance. It looks like level at .7330 (Fib-50) is respected too.
Breaking below .7320 - .7330 Fib-50 and Murrey-0/8 will bring continuation of the down trend - that's my current understanding.
AUDUSD: back in down trend. I see it may stop here for some time between .7200 (Fib-62) and .7260 daily MA200 - and it's last 2 levels of the current Murrey octave which may serve as a support
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  • #634
  • May 18, 2016 6:19pm May 18, 2016 6:19pm
Quoting factlover
{quote} GBPUSD: with Murrey levels also for MMPeriod=240 base. I had GL candidate at 1.4400 level, we discussed it last week. It looks like we saw a short squeeze then a long squeeze and now it might bounced for real from that golden median area to the up side? {image}
GBPUSD: 1.44 level finally worked as golden. I took about 160 pips on that last move. Stopped at Fib 61.8 but looks very bullish overall?
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  • #635
  • May 18, 2016 6:19pm May 18, 2016 6:19pm
Quoting Earleone
( PS Quinton . I have added EMA 200 to my charts now It is the Golden dottet line and will be on my charts from now on)
That's where it belongs. But seriously, the use of the 200 period MA is such a long standing convention in this industry that it would be foolhardy to not consider it.

Quote
And a little bit offtopic. But useful I hope: I was receiving a new cool tool from my broker the last week that I can use to place Buy stop limit and sell stop limit orders. ( When price reach the golden level where I will consider to sell it place an sell stop X pips below the golden level ( Opposite for level I want to buy of course) . So if price breaks golden level without any retrace my order will not be triggered ) This is a missing function in Metatrader 4 that only has Buy stop, buy limit , sell stop and sell limit ( Metatrader 5 has the...

What language is your broker's EA coded in?

Q
  • #636
  • May 18, 2016 6:54pm May 18, 2016 6:54pm
Quoting factlover
EURUSD: Level 1.1300 looks as good defined on H1 to go up from this area and it's already 35 pips up. Daily EMA 50 supports here and Murrey 1/8 at 1.1291 hold after it was tested 2 times {image}

For a scalp, sure. However, this pair is officially back in that nasty range that dates back to the beginning of 2015. It is the longest range since the range that lead to the turn of the main trend in 2001. Once price breaks out for good, it is likely that a new direction will be set, however for now this pair will produce few opportunities.

Q

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  • #637
  • May 18, 2016 7:00pm May 18, 2016 7:00pm
Quoting jvmv4
​USDCHF pushing up and starting to get near reaction levels 9862 9884 if we get there should see push down and turn in EURUSD {image}

I believe I posted a level a bit higher at around .9900. Would consider it only for a short scalp at this point.

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  • #638
  • May 18, 2016 7:03pm May 18, 2016 7:03pm
Quoting Earleone
XAUUSD ( Gold ) Fib 61.8 + MA200 + Structure. Will if it comes to level today be a little bit oversold. FOMC and oil inventories so today will be interesting day. {image}

It's reacting. Well done. Would definately put SL to BE due to previous structure of PA.

Q
  • #639
  • May 18, 2016 7:08pm May 18, 2016 7:08pm
Quoting factlover
{quote} AUDUSD: back in down trend. I see it may stop here for some time between .7200 (Fib-62) and .7260 daily MA200 - and it's last 2 levels of the current Murrey octave which may serve as a support {image}
Short-term diagonal along for the ride.

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  • #640
  • May 18, 2016 7:15pm May 18, 2016 7:15pm
Quoting factlover
{quote} GBPUSD: 1.44 level finally worked as golden. I took about 160 pips on that last move. Stopped at Fib 61.8 but looks very bullish overall? {image}

Yes, this was one of the best trades of the week so far. Put SL to BE quickly due to the pending GBP news. Got stopped out beforehand for a small loss and reentered due to the H4 200 MA confl. Closed out for 150 pips after the initial spike started to lose momentum. These confl. factors can revive a golden level nicely, I see it over and over again.

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