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$ Millionaire Traders Golden Price Mining

  • #641
  • May 19, 2016 1:37am May 19, 2016 1:37am
Quoting Quinton
{quote} 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} What language is your broker's EA coded in? Q
Yes MA 200 is Golden together with confluence . I actually added 200 SMA too now.

The EA file is an EX4 file. It is developed by fxbluelabs and is named alarm manager . Looks like they only sell it to brokerages and not individuals.
Trading in the shadow of SM
  • #642
  • May 19, 2016 8:18am May 19, 2016 8:18am
Quoting Quinton
{quote} 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. {image}
Very nice one .

Q, I saw that you was writing someplace here to add fib extensions to as confluence factor. Think it was 168.2 and 200 . Could not find the message again.

Here is one level for gbpusd that is fib extension 168.2 on 4H in confluence with MA 200 on daily , Also some structure also from earlier history on daily ( Not on my chart ) And also the flag on previous top area on 4H gives resistance.
Attached Image(s) (click to enlarge)
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Trading in the shadow of SM
  • #643
  • May 19, 2016 7:26pm May 19, 2016 7:26pm
Quoting Quinton
{quote} Short-term diagonal along for the ride. {image}

Market turned at a slightly lower point. Still with a reasonable SL there is no reason that an early entry would not have survived. The intermediate highs in Feb created a better priced golden level slightly below .7200. Look at PA from the April 21 top, the move up from our level(s) was very predictable. However, one obviously must still fine tune the best entry level to reach maximum profit potential.


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  • #644
  • May 19, 2016 7:32pm May 19, 2016 7:32pm
Quoting Quinton
{quote} I believe I posted a level a bit higher at around .9900. Would consider it only for a short scalp at this point. {image}
Small loss on this scalp. Not to surprised, since I only considered it for a scalp. GBP/AUD on the other hand has been behaving exactly as it should, If I posed this level, it was a ways back as I have been waiting for it to get hit for quite some time now. High volatile pair, so we ignore the lows for entries and assume price will dig into the range. That's exactly what it did and it turned at that price knot from Feb. There is no bunching up of price quite like it at any other point in recent time, with very sharply defined lows through the price knot's range. These are the structures that price has a hard time breaking, esp. when it is highly overbought as it was here.

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  • #645
  • May 19, 2016 9:26pm May 19, 2016 9:26pm
EUR/USD

Not a big fan of the current picture, as I mentioned. However, the technicals are somewhat juicy. TL + .50 fib + well-defined level. Price would have to make its way to 1.1060 - 1.1044 in a somewhat straight shot for me to consider a long scalp. This would ensure that PA is sufficiently oversold when price reaches this level.

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  • #646
  • May 20, 2016 12:12am May 20, 2016 12:12am
USDCHF

Level just below very round number fib 61.8 High 2015 / Low 2016 + stucture + Ratio 1:1 on the leg as confluence factors ( the 2 red trendlines showing the ratio ) . If reached within the closest trading days we are in overbought area.
Attached Image (click to enlarge)
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Trading in the shadow of SM
  • #647
  • May 20, 2016 12:28am May 20, 2016 12:28am
Quoting Quinton
{quote} It's reacting. Well done. Would definately put SL to BE due to previous structure of PA. Q
And now from downside. Nice for shorts .
Trading in the shadow of SM
  • #648
  • May 20, 2016 5:08am May 20, 2016 5:08am
EURGBP is in key zone around .7700, if it holds as support and that was a fake breakout recently this pair will return back into .77 - .79 range. Otherwise if it breaks below .77 I see a good GL candidate at .7550 Fib-50, daily MA200 and Jan range lows or even lower at Fib-61.8 around .74
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  • #649
  • May 22, 2016 6:03am May 22, 2016 6:03am
USDCAD

We are close to a zone. MA 200 on daily, fib ext, overbought on H4 and previous structure for both of the levels.
Will try to zoom down to tick charts when/if it reach zone to get in if I am at the computer.
Attached Image(s) (click to enlarge)
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Trading in the shadow of SM
  • #650
  • May 22, 2016 6:19pm May 22, 2016 6:19pm
Quoting Earleone
USDCHF Level just below very round number fib 61.8 High 2015 / Low 2016 + stucture + Ratio 1:1 on the leg as confluence factors ( the 2 red trendlines showing the ratio ) . If reached within the closest trading days we are in overbought area. {image}

USD/CHF

I agree that a price turn is overdue, but the technical picture is hazy. One approach would be to target a short entry from outright parity if price keeps marching to this price level without any retracement. There is a price knot at .9953 - .9958 that could cause an intermediate reaction, however, since I took a small loss on a short from a lower level last week, I am a bit cautious about reloading just yet.

I have my sights set on potential long entries on pullbacks at the two lower golden levels.

Attached Image (click to enlarge)
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  • #651
  • May 22, 2016 6:35pm May 22, 2016 6:35pm
Quoting factlover
EURGBP is in key zone around .7700, if it holds as support and that was a fake breakout recently this pair will return back into .77 - .79 range. Otherwise if it breaks below .77 I see a good GL candidate at .7550 Fib-50, daily MA200 and Jan range lows or even lower at Fib-61.8 around .74 {image}

EUR/GBP

The level is ok, the confl. is better. I would focus on really good PA to enter a long from it since it will be counter-trend. Looking at a short scalp at the beginning of the week at this level:

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  • #652
  • May 22, 2016 6:45pm May 22, 2016 6:45pm
Quoting Quinton
{quote} USD/CHF I agree that a price turn is overdue, but the technical picture is hazy. One approach would be to target a short entry from outright parity if price keeps marching to this price level without any retracement. There is a price knot at .9953 - .9958 that could cause an intermediate reaction, however, since I took a small loss on a short from a lower level last week, I am a bit cautious about reloading just yet. I have my sights set on potential long entries on pullbacks at the two lower golden levels. {image}
Sir, Totally agree on Long entries on pullback. But do you not think that 1.000 will come into play for going short?
Forex; the game of movements not the game of candles.
  • #653
  • May 22, 2016 6:57pm May 22, 2016 6:57pm
Quoting Sajid
{quote} Sir, Totally agree on Long entries on pullback. But do you not think that 1.000 will come into play for going short?

Absolutely, that's why I mentioned parity. If price moves at the same rate is have been with few or no major retracements, 1.000 is definately a candidate for a short.

Q
  • #654
  • May 22, 2016 7:17pm May 22, 2016 7:17pm
GBP/USD

Last's week's best golden level @ 1.4400 looking to get revived for a long scalp by MA and TL confluence.

Attached Image (click to enlarge)
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  • #655
  • May 22, 2016 7:47pm May 22, 2016 7:47pm
Quoting Earleone
USDCAD We are close to a zone. MA 200 on daily, fib ext, overbought on H4 and previous structure for both of the levels. Will try to zoom down to tick charts when/if it reach zone to get in if I am at the computer. {image} {image}
USD/CAD

The Exp. Daily 200 MA is doing enough on its own to stop price from pushing up to your zone, however, 1.3236 is definately a great level with great price knots forming it.

Currently monitoring the following pullback level for longs @ 1.2955

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  • #656
  • May 22, 2016 7:51pm May 22, 2016 7:51pm
Quoting Quinton
GBP/USD Last's week's best golden level @ 1.4400 looking to get revived for a long scalp by MA and TL confluence. {image}
. I am looking for long on 1.44500
Forex; the game of movements not the game of candles.
  • #657
  • May 22, 2016 7:59pm May 22, 2016 7:59pm
Quoting Sajid
{quote} . I am looking for long on 1.44500

I actually see some potential scalping levels further up, however, I see nothing all that golden about 1.4450 to be honest.

Q
  • #658
  • May 22, 2016 8:41pm May 22, 2016 8:41pm
GBP/JPY

This pair is currently forming a rounded bottom, so therefore longs are favored. Both 158.38 for an early entry and 158.00 are well-formed golden levels. With H1 100 MA confluence on 158.38 and H4 200 MA confl. on 158.00. The MAs are trend defining, so esp. in this case it would be good to have them on board as the trade would greatly benefit from upward momentum.

Attached Image (click to enlarge)
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  • #659
  • May 22, 2016 9:48pm May 22, 2016 9:48pm
USD/JPY

To go along with the GBP/JPY analysis, there is a classic pullback setup for a long @ 109.39 with both H1 200 MAs and TL in sharp alignment.

Attached Image (click to enlarge)
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  • #660
  • May 22, 2016 10:30pm May 22, 2016 10:30pm
Quoting Quinton
GBP/JPY This pair is currently forming a rounded bottom, so therefore longs are favored. Both 158.38 for an early entry and 158.00 are well-formed golden levels. With H1 100 MA confluence on 158.38 and H4 200 MA confl. on 158.00. The MAs are trend defining, so esp. in this case it would be good to have them on board as the trade would greatly benefit from upward momentum. {image}
Hi Q and all,

Not a Newby to trading but like your simple..ha..bare bones approach to chart reading.

I do see your good levels for longs at 158/ 158.40. The Daily is wedging and monthly has had some good turns at this level over the past 20 years.

All the best.

Nico
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