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$ Millionaire Traders Golden Price Mining

  • #961
  • Jun 16, 2016 1:53am Jun 16, 2016 1:53am
GBP/JPY

Volatility at its best!....are we going to get some resistance at the 38fib plus a possible GL coming up?

Sitting this one out due to volatility but will be watching for the power of Fib and GL's.

Weekly time frame so lets see what the BREXIT brings next week.

All the best
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  • #962
  • Jun 16, 2016 3:13am Jun 16, 2016 3:13am
USD/JPY

For those who love counter-trend trading. Well defined levels within that thick 2014 range. Without any additional confl. any longs would have to depend on PA alone which at the moment is crashing down toward the levels. The duration of the range that produced the levels means that price is facing a collection of highs. Therefore it is likely that a price reaction will occur at least one of them.

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  • #963
  • Jun 16, 2016 4:42am Jun 16, 2016 4:42am
Quoting Quinton
{quote} USD/CAD Here are the next levels to consider for shorts. Price definitely has some bullish ambitions in the near future but is re-entering the recent range that it just poked out of. PA is definately too bullish to consider the lower level for anything but a scalp (and even that is questionable) The upper level right above 1.2900 has multiple fib retracement confl. and possible higher TF H4 200 MA resistance. It also is formed by thicker price knots and a series of significant lows. If price progresses as is has been, by the time it gets...

Price did bounce almost 30 pips from the upper level but I held longer and took a 15 pip loss on a short when it pushed further through it. Reinitiated a long from the same level due to previous price stacking behaviour (great trending action).

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  • #964
  • Edited 6:27am Jun 16, 2016 6:07am | Edited 6:27am
Quoting Quinton
{quote} The run up back into the range was very scalpable for shorts (as I posted), however the intermediate volatility made positioning a longer-term short before the fall tricky. Price is curving down parabolically and entering territory it hasn't seen in years. Will mine for some golden levels in those longer-term ranges going back a few years. Q
EURJPY: The current zone at 116.70-117 looks like a good area to start a retrace. Descending channel line is right here, and it's around Fib-162 extension from last daily 2015 Apr-June leg up. And the whole PA looks like a long squeeze - parabolic drop, etc.
And that recent long H4 candle needs to be squared up, so we may see a bounce back to 118.50-.75 area from here.
upd: BTW today's range is already 291 vs. aver. daily range for this pair 110-130
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  • #965
  • Jun 16, 2016 7:12am Jun 16, 2016 7:12am
Quoting Earleone
{quote} I was losing most off my Golden Levels on chart after crash MT4 this weekend. To have in several different threads I am not sure is the best solution. Maybe use Live charts that can be shared ( f.eks myfxbook live charts ) Or some other Live chart service somewhere where it could be possible to give several users rights to edit etc. Also if we see an level getting close and can be reached during the day it could be an idea to send an reminder posting here in the thread.
sorry for your troubles, unfortunately my advice is late but anyway it's a good habit for the future to have a SD-card or USB flash drive always inserted into your laptop/desktop. Any online storage like Microsoft OneDrive or Google Drive will work too. Copy regularly the following folders from your main MT4 installation plus all your manually entered data from other folders to that external drive and remain happy when even your main hard drive crashes. It's your mandatory stop data loss
profiles
templates
Mql4\Indicators
Mql4\Experts

Having separate sections or in forum terms separate threads for different pairs is as obvious as having separate sections and shelves in our closets. We all have them at home instead of a common big box for all household items. In my understanding the current stage is not a golden mining yet but preparation for the real mining. Hopefully Quinton's GL detector/adviser (oracle?) will just provide a list of hot pairs/levels for the day - that's why there will be no need for additional separate threads...
  • #966
  • Jun 16, 2016 9:15am Jun 16, 2016 9:15am
USD/CAD

Taking a small short against the parabolic up-curve.

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  • #967
  • Jun 16, 2016 9:58am Jun 16, 2016 9:58am
Quoting Quinton
USD/CAD Taking a small short against the parabolic up-curve. {image}

Do you have a TP in mind for USD/CAD short?

Update on the AUD/USD. It's taken all week, but looks like there may be a weekly bear candle to confirm evening doji star on weekly
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  • #968
  • Jun 16, 2016 10:04am Jun 16, 2016 10:04am
Quoting Quinton
USD/CAD Taking a small short against the parabolic up-curve. {image}
Crude oil is at support level so it can be nice one
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Trading in the shadow of SM
  • #969
  • Jun 16, 2016 10:14am Jun 16, 2016 10:14am
Quoting Quinton
USD/CAD Taking a small short against the parabolic up-curve. {image}
Hi Quinton: Any target? is 1.308 the top? why USDCAD went up where it is supposed to go down after the dovish FOMC and good data from Canada? Any answer is really appreciated. Thank you in advance!
  • #970
  • Jun 16, 2016 10:18am Jun 16, 2016 10:18am
Quoting factlover
{quote} sorry for your troubles, unfortunately my advice is late but anyway it's a good habit for the future to have a SD-card or USB flash drive always inserted into your laptop/desktop. Any online storage like Microsoft OneDrive or Google Drive will work too. Copy regularly the following folders from your main MT4 installation plus all your manually entered data from other folders to that external drive and remain happy when even your main hard drive crashes. It's your mandatory stop data loss profiles templates Mql4\Indicators Mql4\Experts...

Mostly have backup. But has not been taking backup of charts. I run VPS servers too 24/7 where I have trademanagers and EA,s helping me to take care about the trades. I had a minor crash on one MT4 installation on my laptop where I had the GL and after restart it loaded another chart setup for some reason I dont understand and all levels was gone from that mt4 installation ( I run several MT4 installations too on my Laptop since I use different brokers so some levels as at other MT4 installations running on my laptop.
Trading in the shadow of SM
  • #971
  • Jun 16, 2016 10:48am Jun 16, 2016 10:48am
Quoting Fadhl
{quote} Hi Quinton: Any target? is 1.308 the top? why USDCAD went up where it is supposed to go down after the dovish FOMC and good data from Canada? Any answer is really appreciated. Thank you in advance!

Hi Fadhl,

Have a look at my first post. Trading is not about predicting, but about having a statistical edge over several trades. Unfortunately, most beginners fall into this trap and bring with them the preconceived notion that prediction is required in the trading business. Nobody can tell or predict if 1.308 is the ultimate top for the next hour or the next weeks, months. It was however likely that given the clean parabolic move and the quality of the level that it was approaching that price would turn (as it did to the pip).

There is also no "supposed to" when it comes to the markets. Think about it. If price were required to move in a certain direction, then there would be no potential for profit as every trader would know of this "necessary" move. In other words, if price were to necessarily move to a certain price then it would have already done so.

Hope this makes sense.

Q
  • #972
  • Jun 16, 2016 10:51am Jun 16, 2016 10:51am
Quoting Quinton
{quote} Hi Fadhl, Have a look at my first post. Trading is not about predicting, but about having a statistical edge over several trades. Unfortunately, most beginners fall into this trap and bring with them the preconceived notion that prediction is required in the trading business. Nobody can tell or predict if 1.308 is the ultimate top for the next hour or the next weeks, months. It was however likely that given the clean parabolic move and the quality of the level that it was approaching that price would turn (as it did to the pip). There is...
Yes indeed! Thank you!
  • #973
  • Jun 16, 2016 10:53am Jun 16, 2016 10:53am
Quoting Blackopal
{quote} Do you have a TP in mind for USD/CAD short? Update on the AUD/USD. It's taken all week, but looks like there may be a weekly bear candle to confirm evening doji star on weekly {image}

My required R:R was reached without a technical target, so partial profit was taken.
However, would love to see price reach 1.2984 (M5 200 MA w/ level). Not advocating a new long position at this level, but it would be great for a close out.

Although I dug up the level manually, the indicator also nailed it on the M5.

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  • #974
  • Jun 16, 2016 11:17am Jun 16, 2016 11:17am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
EURCHF

tl,murray, fib, ext.., some levels have confl. this is my view
nice R:R


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decide for yourself
Hpt
from level to level - you need mental strength to reach the summit
  • #975
  • Jun 16, 2016 1:29pm Jun 16, 2016 1:29pm
Quoting jetclub.fx
EUR/USD almost @ round number 1.1200 coinciding with MA 200, 0.38 fib and the ascending TL on the Daily. However, it doesn't look deeply oversold right now so I'm also considering a lower level for a long if it comes into play (1.1180-1.1150) Low leverage and scale in if/when it takes off. {image}
EURUSD: it bounced again exactly from yearly pivot point (H+L+C)/3 at 1.1130. Looks like a major key level this year
  • #976
  • Edited 3:08pm Jun 16, 2016 2:57pm | Edited 3:08pm
Quoting factlover
{quote} EURUSD: it bounced again exactly from yearly pivot point (H+L+C)/3 at 1.1130. Looks like a major key level this year
Yes, it worked for me at round number 1.1200 as planned but opted to stay out of the FOMC news which pushed price another 60+ pips and back to the 1.1300 neighborhood (a 100 pips total). Did you see how fast it dropped back after that 100 pip run ? As I said on my previous posts that -technically- price didn't look all that oversold to me and I was keeping an eye to re-enter at lower levels. This low at 1.1130 is likely more the real deal (bar close was 1.1157) but I'd keep an eye on the potential for it to be retested (or broken) in the 1.1150 neighborhood since the upward volatility was energized by the FOMC hikeless move and it might be done for the immediate term for now. I'd practice discretion with Brexit looming in the horizon, what happens now may be a setup for when its related news come.
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  • #977
  • Edited 6:02pm Jun 16, 2016 4:03pm | Edited 6:02pm
Quoting factlover
{quote} EURJPY: The current zone at 116.70-117 looks like a good area to start a retrace. Descending channel line is right here, and it's around Fib-162 extension from last daily 2015 Apr-June leg up. And the whole PA looks like a long squeeze - parabolic drop, etc. And that recent long H4 candle needs to be squared up, so we may see a bounce back to 118.50-.75 area from here. upd: BTW today's range is already 291 vs. aver. daily range for this pair 110-130 {image} {image}
EURJPY: today's spike to 115.49 and quick return back into channel looks like a real long squeeze so it's time to look for a long entry. Note that low point was at Murrey level and weekly Fib-61.8
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  • #978
  • Jun 16, 2016 8:34pm Jun 16, 2016 8:34pm
Quoting Pigpilot
GBP/JPY Volatility at its best!....are we going to get some resistance at the 38fib plus a possible GL coming up? Sitting this one out due to volatility but will be watching for the power of Fib and GL's. Weekly time frame so lets see what the BREXIT brings next week. All the best {image}
GBP/JPY

Still testing the indicator and adding some features before the initial release.

A "heat map" of levels (level defined by highs + lows separated by max 4 pips) reveals a nice cluster of them around 132.00 - 132.88.
The levels go back to the 1995 lows!

I added a slightly lower golden level due to the way price respected it from both the short and long side toward the end of the 2012 range.


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  • #979
  • Jun 16, 2016 8:47pm Jun 16, 2016 8:47pm
Quoting factlover
{quote} EURJPY: today's spike to 115.49 and quick return back into channel looks like a real long squeeze so it's time to look for a long entry. Note that low point was at Murrey level and weekly Fib-61.8 {image} {image}

Hi factlover,

Did not monitor this one, but I do not see a golden level at 166.70. The highs of that fairly dense range caused a reaction for now.

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  • #980
  • Jun 16, 2016 8:59pm Jun 16, 2016 8:59pm
Quoting Hpt
EURCHF tl,murray, fib, ext.., some levels have confl. this is my view nice R:R {image} decide for yourself Hpt

Indeed, there are too many levels for to determine where that turn would have taken place. In fact, I had set a long entry target that did not get triggered.

Q
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