$ Millionaire Traders Golden Price Mining
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
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!!!
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.
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...
{quote} Very glad to hear that the analysis is helping.
{quote} Excellent post Earleone.
.{quote} Thank you very much
{quote} I see where you got that level from. That range from 2015 was rich with mining possibilities.
{quote} Yes, albeit with a smaller position. An absolute BE candidate for all for the usual reasons: First off it's counter-trend as we recently discussed.
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{quote} GBPUSD: with the current long squeeze structure it looks very bullish for me, what do you think, Quinton and guys? The current area around 1.4600 looks as a good defined GL candidate for me and it looks respected. Plus it's Fib-50 from last leg up and Murrey 7/8 level. I see a possible first target at 1.48 and then we may see 1.4875-1.4900 (Fib-162 extension) and super round 1.5 level at Fib-200 extension? {image} {image}
{quote} I bought into it on the 4HR TL as well at 1.4587. Looking good now, but the volatility on the Pound pairs has been savage today. With that in mind, I also bought into GBP/JPY at 1.62 and 161.8 with pretty tight stops to prevent big losses. Stopped out on both, now left in a cloud of dust as it raced off.
