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$ Millionaire Traders Golden Price Mining

  • #721
  • May 26, 2016 7:37am May 26, 2016 7:37am
Quoting Sajid
{quote} Sir, I think EURGBP is getting highly influenced by brexit and this may continue for a longer time. This pair currently fundamentals dependent rather technical.

It's still holding up technically, but that is one of the reasons why I widened my entry target.

Q
  • #722
  • May 26, 2016 7:38am May 26, 2016 7:38am
Quoting Quinton
{quote} It's still holding up technically, but that is one of the reasons why I widened my entry target. Q
great as usual.
Forex; the game of movements not the game of candles.
  • #723
  • May 26, 2016 9:31am May 26, 2016 9:31am
Quoting Earleone
{quote} Did overshoot by 20 pips. The range was exhausted for 4H too so I took an entry at 2938 and was getting my entry protected when it reached 2955 again. So my worst case now is BE. Will be out some hours so the rest of position goes to SL ( that gives me BE ) or TP that if so gives me an nice R:R {image}
Yep, took a 20 pip loss. Closed out the partial on GBP/JPY for 84 pips. Still in the AUD/USD long.

Q
  • #724
  • May 26, 2016 12:30pm May 26, 2016 12:30pm
Quoting Quinton
{quote} We've got GBP news coming up in a few hours so we'll see what kind of damage those fundies can do on the PA. This might cause it to move further than expected (or desired ) A short-term golden level appears @ 1.4635. It's fairly sharp but I would like to see price move up away from it a bit before loading up on longs. Fundamental news (both GBP and USD) has me in waiting mode for now, esp. considering how close by price is to that level. Q {image}

Up 20 pips on the long from this level. Looking to let a nice chuck run to 1.4700.

Attached Image (click to enlarge)
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  • #725
  • Edited 2:55pm May 26, 2016 2:32pm | Edited 2:55pm
Quoting Quinton
{quote} Yep, took a 20 pip loss. Closed out the partial on GBP/JPY for 84 pips. Still in the AUD/USD long. Q
Nice GBPJPY , I had short there from yesterday so did not take long. Was closing out after news for 131 pips. Was close to be taken out for BE , but not this time .
I had Buy limit at 158.02 earlier this week and was missing to get filled for a few pips for the main run up . So happy to get some on the way down . ( And I had GBPUSD long that was taken out at BE too. ) So was playing both directions.

I got BE for the USDCAD. It is ok. ( Also BE for the short I had earlier in the week ) Small SL big targets

Ex. Not real:
20 pips SL, 10 pips SL, BE, BE, BE, 20 pips SL, kabom 200 pips win, = 150 pip gain with win rate appr 15% .
Attached Image (click to enlarge)
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  • #726
  • May 26, 2016 8:57pm May 26, 2016 8:57pm
GBPJPY

Entry here after the retest, 30pips after getting in a bit late (161.05) on a 1:1 R:R.

Been a good week for this pair.
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  • #727
  • May 27, 2016 2:45am May 27, 2016 2:45am
Wow - got to be quick with these pullbacks. Was looking at the GBP/ JPY with 200MA conf. and just missed it...... meanwhile the GBP/USD bounced nicely.
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  • #728
  • May 27, 2016 6:26am May 27, 2016 6:26am
USDJPY

Looking for entry at the lower MA200 109.025 , There is some former structure and also it is in confluence with range if we should come down to this levels today.
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  • #729
  • May 27, 2016 7:52am May 27, 2016 7:52am
I took the USD/CAD last night at 1.2955 and 1.2950...Lost 20 pips on each. Re-entered at 1.2928 and 1.2922. Set pending at 1.2980 which closed positive while sleeping and manually closed (too early?) the other at 1.3031. The reversal level seems to have been appx. 1.2920 above small wick
  • #730
  • May 27, 2016 8:19am May 27, 2016 8:19am
Quoting Earleone
USDJPY Looking for entry at the lower MA200 109.025 , There is some former structure and also it is in confluence with range if we should come down to this levels today. {image}
Got to wait for next week.... a good level indeed !!
  • #731
  • May 27, 2016 10:09am May 27, 2016 10:09am
Quoting Earleone
{quote} Did overshoot by 20 pips. The range was exhausted for 4H too so I took an entry at 2938 and was getting my entry protected when it reached 2955 again. So my worst case now is BE. Will be out some hours so the rest of position goes to SL ( that gives me BE ) or TP that if so gives me an nice R:R {image}

The trade was recoverable on a second entry by taking another long from the highest high forming the golden level. Even though the level was initially broken, it was respected as resistance very cleanly before price pushed back up through it. This and the fact that long-term uptrend momentum still existed would have made this an excellent trade. I did not enter as I had enough winners for the week.

Q


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  • #732
  • May 27, 2016 10:16am May 27, 2016 10:16am
Quoting Quinton
{quote} The trade was recoverable on a second entry by taking another long from the highest high forming the golden level. Even though the level was initially broken, it was respected as resistance very cleanly before price pushed back up through it. This and the fact that long-term uptrend momentum still existed would have made this an excellent trade. I did not enter as I had enough winners for the week. Q {image}
Yes, also an buy stop limit order 10 pips above with 20 pips SL would have kept us in the trade. But as I was on the computer I deleted my pending orders and jumped in lower. ( that was not low enough) .
Good week overall for me too
Trading in the shadow of SM
  • #733
  • Edited 8:36am May 28, 2016 2:55am | Edited 8:36am
Quinton.

Again thank you for sharing your excellent Gold Mining strategy. It is the level for trading above trading S/R areas IMO . And after around 5 years of trading in Forex market I think I safely can say that it is the best approach for trading Forex I have seen.

Could you tell a little bit more about what money management strategy you have experienced work best the long term for this strategy?

I lately been using the following Money management for this strategy with nice results:
For all trades: R:R 1:1 take out half position ( trade is locked in to BE without moving the SL )
Next half position is now risk free. Depending on the instrument and if it is countertrend or with the trend or according my outlook I do the following.
With the trend: I try to identify how far the move can go on 4H or daily and set target to next S/R area or the following S/R if I feel the trend is strong and good and with my outlook. I keep the initial SL until it has good distance, and if I have nice balanced trades I can let it just run until TP or SL ( If I f.eks has long GBP/USD and short GBP/JPY and both are locked in to BE with some distance I just let both run to target or BE and mostly one then is taken out BE and one TP and I dont care which way the market goes.
Countertrend: Try to identify the next level that can be reached withing the trading day , will trail stop it when it has some distance after R:R 1:1 where I taken out half position. Anyway if it is going direction for my short term outlook for the pair I can handle the trade as it is with the trend ( iF I think we got in to position at an reversal not retracement)

This is the basic for what I have done the last weeks. But it will be interesting to hear what you do and has experienced work best long term.

I will be working on making more clean charts for posting levels ( close to yours ) now in weekend. I also see that for TF from 4H and daily also MA 50 and MA 100 can be essential as confluence for the golden levels and wonder if you have considered them. ( I want to have them on my chart for confluence ) Sometimes I see potential golden level on 4H but can not find confluence but when I move up to daily I get confluence with MA 50 or MA 100 for the level I identify on 4H chart. And so on .

And I wish a nice weekend to you and all traders following here!!!
Trading in the shadow of SM
  • #734
  • May 28, 2016 6:00am May 28, 2016 6:00am
Hear Hear Earleone,

I've only just had the time (on Long Service Leave) to seriously get back into trading and trawl for key guidance to improve my trading toolbag. I do like Quintons easy explanations of what patterns may potentially be telling the trader and how this may present immediate opportunities or others in the future.

Quinton, you have clearly been immersed in this game a lot longer than I have and like my day job if you do it long enough and have the right mentors then reading the dynamics of the market, making a decision to enter, and getting a favorable outcome or not becomes instinctive.

Keep the examples and explanations of your trading methods coming, we appreciate your responses to our posts whether it is confirmation of our take on things or constructive advice on how to improve.

V/R

Nico
  • #735
  • May 28, 2016 8:11am May 28, 2016 8:11am
Hi Quinton.

I've attached 2HR, 4Hr, and daily charts for Brent Crude. I believe I've spotted a golden level at 47.8 to 48.0, approximately 200 pips below Friday's close. On the daily chart, the level extends back to the major downtrend, with significant congestion periods above and below this level in Jan. 2015 and August-November 2015.

In late April this year it acted as a resistance level resulting in a significant (450 pips in 9 days) downturn, although it was breached by appx. 30 pips to the upside first. In May this year it has been a congestion and support zone.

On the daily chart the 20 day MA currently sits at 48.08, on the 4HR chart the 100 day MA is at 48.11, and on the 2HR chart the 200 day MA is at 48.01.

As Earleone has mentioned above, the level of these MAs change with changing time frames, but I have found levels of confluence here with 3 different MAs on various time frames.

I recall that oil has been mentioned somewhere previously on this thread, but I don't recall if this level has been identified. If so consider this an update, and a homework lesson for me, and an effort to make a positive contribution to this excellent thread!

I look forward to your comments with the expectation that you will improve on my observations.

I would also like to note that the turning point of the USD/CAD occurred at the same time as the Second large bear candle on the 1HR oil chart formed after it's price peaked. At this point, a bearish pin bar also formed on the 2 HR oil chart. That is when I re-entered a long on USD/CAD, and also took a short on oil for 45 pips (should have been more but I was nervous about multiple related exposure). I owe the success of these trades to your identification of the golden level in USD/CAD, as I had a pending long in USD/CAD which initially triggered when I was away from computer.

I would also like to thank you for your generosity in sharing this very insightful trading approach.

Cheers
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  • #736
  • May 28, 2016 8:33am May 28, 2016 8:33am
Quoting Earleone
Quinton!!!
Its a million dollar post.
Forex; the game of movements not the game of candles.
  • #737
  • May 28, 2016 9:06am May 28, 2016 9:06am
Quoting Blackopal
Hi Quinton. I've attached 2HR, 4Hr, and daily charts for Brent Crude. I believe I've spotted a golden level at 47.8 to 48.0, {image} {image} {image}
Close to the same level I posted before. Now can come in play from the upside. Currently I also find confluence with MA 100 if it come in play during the closest trading days. So smart to keep the levels on the charts . They come in play again after some time.
http://www.forexfactory.com/showthre...15#post8922815
Trading in the shadow of SM
  • #738
  • May 29, 2016 10:37am May 29, 2016 10:37am
Quoting Earleone
{quote} Brent oil again up to this level. Bounced off nicely last time. It is overbougth again. {image}
Hi Earleone, what is that channel?
  • #739
  • May 29, 2016 1:58pm May 29, 2016 1:58pm
Quoting hovedguy
{quote} Hi Earleone, what is that channel?
It is some Hybrid channel between Keltner channel, ATR and MA. TMA channel it's named. It is repainting so use with caution . I like to use on 4H and daily for extremes.

I attach it in this post.
Attached File(s)
File Type: ex4 Border ligns.ex4   12 KB | 332 downloads
Trading in the shadow of SM
  • #740
  • May 29, 2016 8:00pm May 29, 2016 8:00pm
Quoting Earleone
USDJPY Looking for entry at the lower MA200 109.025 , There is some former structure and also it is in confluence with range if we should come down to this levels today. {image}
It went with the other MA 200, but still would have been a nice entry.

Q
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