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$ Millionaire Traders Golden Price Mining

  • #761
  • May 31, 2016 11:17am May 31, 2016 11:17am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
Quoting Hpt
GBPAUD Weekly confl. MA 50 , fib 76.4 for short ? -consider today monthly candle close {image} possible level for quick scalp long ?? , level confl with gap (just my data feed) from Feb. and MA 50 {image} H1 , 31.05 {image} Hpt
GBPAUD

entry hit ,wait and see


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HPT
from level to level - you need mental strength to reach the summit
  • #762
  • May 31, 2016 11:25am May 31, 2016 11:25am
Quoting Hpt
{quote} GBPAUD entry hit ,wait and see {image} HPT
It will be interesting. I will not go bullish any GBP now with the latest news ( Brexit poll ).
Trading in the shadow of SM
  • #763
  • May 31, 2016 11:29am May 31, 2016 11:29am
Quoting Pigpilot
GBP/JPY Day Chart - Gotta watch those higher time frames. H & S out of the bottom.....confirm this is similar to your cup formation Quinton?.... GL right at the neck line. I was trading the long out of this morning, this has been a great pair over the last couple of weeks, some great levels and classic patterns to trade from on the 5/30min chart. Pullback ate into my profit.....154.00 was too greedy! The GL's on this along with classic consolidation patterns almost makes it too easy to read the next move. Highlighted area and arrow on the 30min...

It is in indeed a cup, which is essentially a range with a bias toward a reversal. Short-term trading is indeed the correct approach for this pair at the moment. Price has not broken away from the highs of the cup enough for me to consider entering any longs from any golden levels formed by them. In fact, for the time being price it looks like price is going to be lingering within the cup for a little while.

Q
  • #764
  • May 31, 2016 11:31am May 31, 2016 11:31am
Quoting aje6767
I love the concept here.Keep it up Quinton and others
Welcome and feel free to contribute. We can always need a few more good eyes to mine for those golden levels.

Q
  • #765
  • May 31, 2016 12:04pm May 31, 2016 12:04pm
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
Quoting hpt
{quote} gbpaud entry hit ,wait and see {image} hpt
gbpaud m1

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hpt
from level to level - you need mental strength to reach the summit
  • #766
  • May 31, 2016 12:40pm May 31, 2016 12:40pm
Good morning/day/evening!

I feel kinda lost at the moment. Any good set-ups for tomorrow or for later today?

Good luck everyone!
  • #767
  • May 31, 2016 12:40pm May 31, 2016 12:40pm
Quoting factlover
{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}
There was a bounce that was good for 100 pips, but it would have required an earlier entry.

GBP/USD is in a similar relationship to GBP/JPY. Both are forming bottoming patterns but the bull run is experiencing some growing pains. In neither case did price pull away enough initially in the long direction to consider a pullback entry in the direction of the trend. You want to take trend trades from retracements were there is some decent space between the last time price broke through the level and the point at which it returns to it. This gives orders enough time to accumulate at that level, increasing the chance for a bull run (which in this case has not yet materialized).

At this point, the conservative approach would be to trade within these ranges if mid-term PA gets heavily overextended (i.e. spike & drift pattern, or full cycle trend completion pattern).

Q
  • #768
  • May 31, 2016 12:45pm May 31, 2016 12:45pm
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
Quoting Earleone
{quote} It will be interesting. I will not go bullish any GBP now with the latest news ( Brexit poll ).
Hey E

thanks for comment, seems that everyone looks bearish on Brexit, I try to trade what I see. - Shorting from higher level -
Just my view

HPT
from level to level - you need mental strength to reach the summit
  • #769
  • May 31, 2016 12:55pm May 31, 2016 12:55pm
GBPUSD For me it looks like this pair is seeing some support at the 61.8 Fib level, it is where the previous support was found. Even though I think, a much stronger golden level is around 1.43972 level, this might still be a BUY, depending on what the next 4h candle is doing. Just my thoughts.
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  • #770
  • May 31, 2016 1:07pm May 31, 2016 1:07pm
NZD/JPY

Interesting picture on this pair with price set between two golden level formed by tight ranges. Both H4 200 MAs are looking to turn from resistance to support as they cut right past the highs of the lower range. PA a bit bearish with that recent bearish exhaustion candle, so would need to monitor short-term PA before considering a long position. For a short, the upper level has 61.8 fib and possible TL confl. (if price takes its time getting to the upper golden level).


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  • #771
  • May 31, 2016 1:18pm May 31, 2016 1:18pm
Quoting dominus
GBPUSD For me it looks like this pair is seeing some support at the 61.8 Fib level, it is where the previous support was found. Even though I think, a much stronger golden level is around 1.43972 level, this might still be a BUY, depending on what the next 4h candle is doing. Just my thoughts. {image}

This is a brexit fade. Also both 200 MAs on the H4 are in play as confluence. Again, this is a short-term trading environment: Lower position size, move SL to BE rather quickly, lock in profit. Although I usually don't trade based on PA, I would wait for price to push back up to the higher golden level before considering a long.

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  • #772
  • May 31, 2016 1:22pm May 31, 2016 1:22pm
Quoting Quinton
{quote} This is a brexit fade. Also both 200 MAs on the H4 are in play as confluence. Again, this is a short-term trading environment: Lower position size, move SL to BE rather quickly, lock in profit. Although I usually don't trade based on PA, I would wait for price to push back up to the higher golden level before considering a long. {image}

Spike & drift pattern on the lower TF.

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  • #773
  • May 31, 2016 1:31pm May 31, 2016 1:31pm
GBP/NZD

Beautiful basing action on this pair from the cup.

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  • #774
  • May 31, 2016 1:46pm May 31, 2016 1:46pm
Quoting Hpt
{quote} Hey E thanks for comment, seems that everyone looks bearish on Brexit, I try to trade what I see. - Shorting from higher level - Just my view HPT
Very well done
I too became very fundamental bearish from the poll published today. Anyway price do not go in an vertical line and there is pullbacks and most likely some bigger ones from golden levels giving space to lock in BE. And we trade technical here . So it is why I say it will be interesting .
Trading in the shadow of SM
  • #775
  • May 31, 2016 1:55pm May 31, 2016 1:55pm
Quoting Earleone
{quote} Very well done I too became very fundamental bearish from the poll published today. Anyway price do not go in an vertical line and there is pullbacks and most likely some bigger ones from golden levels giving space to lock in BE. And we trade technical here . So it is why I say it will be interesting .

Indeed. In case I didn't stress it enough, this is not the time to commit larger order sizes to any position (esp. when fading an event like the brexit). Some levels will hold, other will be broken. But the potential profit outlook in general is lower than usual.

Q
  • #776
  • May 31, 2016 3:29pm May 31, 2016 3:29pm
Quoting Quinton
{quote} This is a brexit fade. Also both 200 MAs on the H4 are in play as confluence. Again, this is a short-term trading environment: Lower position size, move SL to BE rather quickly, lock in profit. Although I usually don't trade based on PA, I would wait for price to push back up to the higher golden level before considering a long. {image}
The spike and drift is playing out.
Price turned at a golden level set deeper in that May 10th-12th range. Taking a loss on the first entry and re-entering at the better priced level would still yield profit but it's harder work than usual.

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  • #777
  • May 31, 2016 3:49pm May 31, 2016 3:49pm
Quoting Quinton
{quote} The spike and drift is playing out. Price turned at a golden level set deeper in that May 10th-12th range. Taking a loss on the first entry and re-entering at the better priced level would still yield profit but it's harder work than usual. {image}
Quoting dominus
GBPUSD For me it looks like this pair is seeing some support at the 61.8 Fib level, it is where the previous support was found. Even though I think, a much stronger golden level is around 1.43972 level, this might still be a BUY, depending on what the next 4h candle is doing. Just my thoughts. {image}
I see the current area as a possible reverse zone too. It bounced not from Fib-61.8 and both H4 MA 200 at 1.4485 (still it looks like these are respected) but from daily EMA 50, H4 TL and Murrey 5/8 at 1.4465. I wouldn't go long until I see it's hold above 1.4515-25 area.
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  • #778
  • May 31, 2016 4:08pm May 31, 2016 4:08pm
EURGBP

0.77565 confluence with Fib 50 and possible MA200 on 4H looks like it can be an interesting Golden level .

My different colors for MA for the SMA and EMA is the following
Blue is MA 50
Red is MA 100
Gold is MA 200
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Trading in the shadow of SM
  • #779
  • May 31, 2016 5:44pm May 31, 2016 5:44pm
Quoting dominus
GBPUSD For me it looks like this pair is seeing some support at the 61.8 Fib level, it is where the previous support was found. Even though I think, a much stronger golden level is around 1.43972 level, this might still be a BUY, depending on what the next 4h candle is doing. Just my thoughts. {image}
I completely agree with you and your GL falls right on top of mine. I also see a S/R line at .4465 that it keeps respecting from both directions. Looks to my (untrained) eye like what little bullish momentum it had has run it's course and we're about to see a range. Good opportunities to scalp a few pips. It's been an extremely volatile pair since late February and that doesn't seem to be slowing down.

That said, I just found this thread a couple days ago and have been reading feverishly to get to the end. It's an absolute goldmine (pun intended) of helpful tips that a novice trader like myself needs to get up and running. Keep up the good work, everyone!

EDIT: feel free to ignore the notes on my chart. A traumatic brain injury several years ago left me with memory problems so I need to write down any thoughts in my head or they disappear.
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  • #780
  • May 31, 2016 5:46pm May 31, 2016 5:46pm
Quoting factlover
{quote} {quote} I see the current area as a possible reverse zone too. It bounced not from Fib-61.8 and both H4 MA 200 at 1.4485 (still it looks like these are respected) but from daily EMA 50, H4 TL and Murrey 5/8 at 1.4465. I wouldn't go long until I see it's hold above 1.4515-25 area. {image}
GBPUSD: I think we can add yearly and monthly pivots to GL confluence check list. For ex. last week and yesterday GU pair couldn't break 2015 year close level at 1.4733 and it bounced yesterday from 1.4565 which is 2015 low.

EURUSD: it respects again 2015 yearly pivot at 1.1130, it bounced at daily MA-200 and Murrey 3/8 on Monday. TL and Fib-61.8 are here too. With new month started it may be a good GL to go long from here?
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