Golden Levels: EUR/JPY | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Golden Levels: USD/JPY 5 replies

Golden Levels: GBP/JPY 11 replies

Golden Levels: CAD/JPY 2 replies

Golden Levels: AUD/JPY 5 replies

Golden Levels: CHF/JPY 0 replies

Attachments: Golden Levels: EUR/JPY
Exit Attachments

Golden Levels: EUR/JPY

  • #1
  • First Post: Edited Jun 25, 2016 4:28pm Jun 20, 2016 6:42am | Edited Jun 25, 2016 4:28pm
Golden Levels: EUR/JPY

This is thread is for posting golden level chart setups for EUR/JPY only.

You can find out more about how to trade the method here:

>> Before posting charts: Learn More About Trading Forex Golden Levels


Why trade from golden S/R levels?

1. No need to predict. Predicting what the market will do consistently over time is, time taking, stressful and unnecessary.
2. Faster compounding by trading from the best price levels, with a high R:R (Risk:Reward ratio) and high win % rate.
3. Predictable income stream by closing trades for a reasonable R:R (not too low, not too high) and not relying on trends.
4. Less stress: Since our trading is centered around finding specific price levels to trade from, we wait for the market to come to us, not the other way around.
5. Less monitoring the market: Because we define price level to trade from ahead of time, we can use limit orders and/or price alerts.


What are golden levels?

Golden levels are S/R (support/resistance) levels that are more reliable and better priced than most S/R levels. They are found deep within price ranges and are defined by many highs and lows on multiple time frames. An example:

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH1.png Size: 87 KB


Another recent example in oil. Note how trading from the highs of the range would have resulted in a loss. Trading from levels that exist deeper in a range and are respected by price from the long and short side are stronger and result in more profit!

Attached Image (click to enlarge)
Click to Enlarge Name: download.png Size: 120 KB
  • #2
  • Jun 20, 2016 3:51pm Jun 20, 2016 3:51pm
copied my last post from main GL thread, please see more details here: http://www.forexfactory.com/showthre...60#post8985260

I see the reversal at 115.50 was around Fib-200 extension from the last leg up before breaking the major level at 122 (weekly Fib-50 etc.) - see blue Fib levels on chart below. And that is naturally in line with Murrey levels: 2 M-levels leg up and now 2 M-levels move down after the break.
Note that the last quick retrace was to Fib-161.8 (118.10) on that scale
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYDaily2.png Size: 79 KB
  • #3
  • Jun 20, 2016 4:16pm Jun 20, 2016 4:16pm
I see this pair may be in the range 115.50 - 122 for a long time and now it might be making its way toward retesting 120-122 area.
Current area at 117.15 - 117.45 looks like a minor GL zone
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPYH4.png Size: 79 KB
Click to Enlarge Name: EURJPYM15.png Size: 71 KB
  • #4
  • Jun 20, 2016 4:23pm Jun 20, 2016 4:23pm
yesterday's reversal was at Fib-50 from last leg down and confl. with H4 EMA-50 - see H4 chart in my prev.post
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH1.png Size: 68 KB
  • #5
  • Edited Jun 21, 2016 5:02pm Jun 20, 2016 5:55pm | Edited Jun 21, 2016 5:02pm
Quoting factlover
I see this pair may be in the range 115.50 - 122 for a long time and now it might be making its way toward retesting 120-122 area. Current area at 117.15 - 117.45 looks like a minor GL zone {image} {image}

I have similar levels. Depending on how fast price moves toward them (if it does), that TL from the descending triangle could add excellent confluence along with the H$ 200 MAs.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH4.png Size: 62 KB



>> Learn More About Trading Golden Levels
  • #6
  • Jun 23, 2016 5:20pm Jun 23, 2016 5:20pm
Quoting factlover
I see this pair may be in the range 115.50 - 122 for a long time and now it might be making its way toward retesting 120-122 area. Current area at 117.15 - 117.45 looks like a minor GL zone {image} {image}
it's back to 122 area and bounced nicely
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH1.png Size: 72 KB
  • #7
  • Jun 23, 2016 6:42pm Jun 23, 2016 6:42pm
60 mins later... and note: 122 remained unbroken, so I expect it'll continue its downtrend after all is settled down
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYM30.png Size: 75 KB
  • #8
  • Jun 24, 2016 6:37pm Jun 24, 2016 6:37pm
update after brexit. 115.5 level might be tested again so this level may work again from downside as it worked already today. I see retrace may go to 117 zone - it's Fib-61.8 from this last drop, last broken range lows and H1 MAs-200 are there too
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH1.png Size: 68 KB
  • #9
  • Jun 24, 2016 8:36pm Jun 24, 2016 8:36pm
Long EJ targeting 117.41
  • #10
  • Jul 12, 2016 4:09am Jul 12, 2016 4:09am
EJ pair is close to a possible reversal zone around 115.40-115-70
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPYH1.png Size: 71 KB
Click to Enlarge Name: EURJPYDaily.png Size: 94 KB
  • #11
  • Jul 12, 2016 12:31pm Jul 12, 2016 12:31pm
Quoting factlover
EJ pair is close to a possible reversal zone around 115.40-115-70 {image} {image}
That was more a fading of the lows approach.

The next level candidate for a short is similar to the one on CAD/JPY.

http://www.streamhedge.com/viewchart...7-12_EURJPY_H4


>> Learn More About Golden Levels
  • #12
  • Edited 3:49pm Jul 12, 2016 3:14pm | Edited 3:49pm
Quoting Quinton
{quote} That was more a fading of the lows approach. The next level candidate for a short is similar to the one on CAD/JPY. http://www.streamhedge.com/viewchart...7-12_EURJPY_H4 >> Learn More About Golden Levels
yea, I'll expect some bounces and resistance above 117.30 too as there are lots of confluences in that area.
I expected Fib-50 from the last brexit drop with recent low and high extremes should be respected somehow. this area is broken but now it seems 115.60-80 zone may serve as a support for the next jump to 117+ area.
I'm scalping short at the moment from 116.30 with target at that Fib-50 115.75
  • #13
  • Jul 13, 2016 12:01am Jul 13, 2016 12:01am
Quoting Quinton
{quote} That was more a fading of the lows approach. The next level candidate for a short is similar to the one on CAD/JPY. http://www.streamhedge.com/viewchart...7-12_EURJPY_H4 >> Learn More About Golden Levels
It still bounced below 115.40 so this level might be respected. It's Fib-62 from last weekly leg up (Jul 2012 - Dec 2014), and 2 channel TLs are nearby, plus H4 EMA 200 is coming to the area too.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH4.png Size: 79 KB
  • #14
  • Jul 14, 2016 1:20am Jul 14, 2016 1:20am
We are in the 117.30 zone with price touching H4 MA200 - right before London open. It's time to monitor this pair closely for a possible retrace.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPYH1.png Size: 74 KB
Click to Enlarge Name: EURJPYH4.png Size: 81 KB
  • #15
  • Jul 16, 2016 4:47am Jul 16, 2016 4:47am
Quoting Quinton
{quote} That was more a fading of the lows approach. The next level candidate for a short is similar to the one on CAD/JPY. http://www.streamhedge.com/viewchart...7-12_EURJPY_H4 >> Learn More About Golden Levels
EJ pair goes in up trend within ascending channel lines. The turning zone was on the upper channel border at 118.00 - 118.15 which certainly was respected. Now it's back to 115.30 area. I see a possible GL candidates down the way at 113.70-114 area (Fib-61.8 and descending channel TL) and at 112.50-60 (Fib-76.4, Murrey 0/8, the low border of that last ascending channel)

Quinton, it would be great to hear your comments on this pair. It jumped about 100 pips higher above our expected GL candidates in 117.40-50 area. Maybe we can learn something about good GL selection based on this pair this week? Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH1.png Size: 79 KB
  • #16
  • Jul 21, 2016 5:29pm Jul 21, 2016 5:29pm
looks like around 116.35 we may have a GL area to bounce up. Confl: H1 200 MAs, and both H4 MAs 200 here too.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH1.png Size: 80 KB
  • #17
  • Jul 22, 2016 8:29am Jul 22, 2016 8:29am
Quoting factlover
{quote} EJ pair goes in up trend within ascending channel lines. The turning zone was on the upper channel border at 118.00 - 118.15 which certainly was respected. Now it's back to 115.30 area. I see a possible GL candidates down the way at 113.70-114 area (Fib-61.8 and descending channel TL) and at 112.50-60 (Fib-76.4, Murrey 0/8, the low border of that last ascending channel) Quinton, it would be great to hear your comments on this pair. It jumped about 100 pips higher above our expected GL candidates in 117.40-50 area. Maybe we can learn something...

Been working on an update for the indicator and some other code.

There is quite a bit to learn here:

First off, your level at 115.48 which had only been defined by one high and low (albeit major ones) was confirmed by a thick price knot (thickest in months) and also provided some 'twisty' action around the same area. The result was a nice bounce from that level:

http://www.streamhedge.com/viewchart...7-22_EURJPY_H1


The indicator actually nailed the turning point and defined the intermediate high of the current rage around 118.70 (cluster of 4 generated golden levels). Should one have passed on the 117.40 area for those deeply seated levels? It's always a question of lost opportunity vs. lost trades. Even with these generated levels, a row of lows like those generated by the mid-/late- June range @ 117.40 are usually worth taking a trade from.

http://www.streamhedge.com/viewchart...7-22_EURJPY_H1



>> Learn More About Golden Levels
  • #18
  • Jul 23, 2016 12:26pm Jul 23, 2016 12:26pm
Quoting Quinton
{quote} The indicator actually nailed the turning point and defined the intermediate high of the current rage around 118.70 (cluster of 4 generated golden levels). Should one have passed on the 117.40 area for those deeply seated levels? It's always a question of lost opportunity vs. lost trades. Even with these generated levels, a row of lows like those generated by the mid-/late- June range @ 117.40 are usually worth taking a trade from. http://www.streamhedge.com/viewchart...7-22_EURJPY_H1
Thanks, Quinton. I see different colored golden lines on your last chart. How were they generated? Are they from different time frames or you inserted the last bright one manually?
http://www.streamhedge.com/viewchart...7-22_EURJPY_H1
  • #19
  • Jul 26, 2016 6:35am Jul 26, 2016 6:35am
Quoting factlover
{quote} Thanks, Quinton. I see different colored golden lines on your last chart. How were they generated? Are they from different time frames or you inserted the last bright one manually? http://www.streamhedge.com/viewchart...7-22_EURJPY_H1
Correct. I wanted to compare the generated levels with the manual level I mined. The generated cluster of GLs had slightly better form (more respect from both the long and short side and better priced obviously). Both zones were worth considering. But one could have stayed a bit more conservative and only considered the golden level cluster as the only short entry target.

Q


>> Learn More About Golden Levels
  • #20
  • Aug 9, 2016 5:34am Aug 9, 2016 5:34am
previously spotted levels at 112.50 and 113.75 were respected on the way down and now on the way up, the price just bounced from 113.75 area - confl with Fib-62 level from last leg up
added a new GL zone at 114.65 - 85
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH1.png Size: 87 KB
0 traders viewing now