$ Millionaire Traders Golden Price Mining
WIll you make the golden level power mining indicator available here on the thread? It seems very interesting ( like you showed on eurgbp thread just now )
{quote} Yes, I plan on releasing it very soon.
{quote} Yes, I plan on releasing it very soon.
{quote} Thanks Quinton, but I see the following error when I click on your new link: http://www.streamhedge.com/ffgolden The www.streamhedge.com page isnt working www.streamhedge.com didnt send any data. ERR_EMPTY_RESPONSE
your call with 0.76 AUD/USD nailed it brexit, I stayed on the sidelines position going now to the reading thankyou
There is a difference between past PA forming the levels (mainly through various forms of ranges) and the behavior of recent/current PA as it approaches the level. In the former we are interested in static price, in the later we are interested in price as it develops dynamically.
Interestingly, it is when markets become least tradable (ie. ranging) that they turn into a "level factory". In other words, the tighter the ranges are the less tradable the PA (as price does not move enough to move your trades into profit), the better the resulting level will be. You see these in my posts when I refer to price knots.
As for oversold/-bought PA, I stop short of wave counting, but there are times when price moves so far in one direction and has retraced so many times that a correction is more likely than not and the current trend has probably run its course. When I have the time I will put together a collection over price over-extension charts, since I think seeing examples over and over helps develop an intuitive feel for it. One example that comes up over and over again is the spike and drift pattern which is common after news events.
Price overextension is really only one of the supporting factors for a given trade (along with the level, confl.,etc.). Most of the time PA will tell you that you should stand aside (or reduce risk) not when to get in. So it can be used in a negative sense (if that makes sense). (A good example was the double bottom on EUR/GBP). If for example there is a basing cup near a level and price is starting to turn upward with little room between price and the level, it is unlikely that it will be significantly overbought by the time it reaches the level....
In my limited experience I've seen numerous connections between the two. Now my trading method is extremely fluid at the moment, by which I mean it's constantly changing as I experiment. Obviously since I don't use indicators all I can really change is how I "read" the market. I've put a lot of thought into what you said about my method being more PA-centric and the conclusion I came to is that I'm basically putting a lot more value on those static levels than you. That is/was true, but as I've been experimenting with how I "read" the market, I've...
Your level factory comment had me laughing, but it's so true. I've pulled all of my strongest levels from the tops and bottoms of these ranges. GBP pairs are your "level factories" at the moment and while I'm not trading them, they make for extremely interesting case studies. I noticed a comment on price knots in one of your posts and since then I've been seeing the little buggers everywhere. However I am slightly confused here because in your intro post you said "2) Level needs to be crisply defined. When price respected the level it did so by...
I researched Elliot Wave Theory and experimented with it quite a bit. Seems like a bunch of bull to me. I think I now understand what you mean by oversold/bought with regards to pure PA - it's just been moving for a damned long time and *has got to end sooner or later*. Charts would be a major boon to me and greatly appreciated, but please, take your time. You most likely live with a full plate and to be honest... I have all the time in the world. I quit working because I'm completely fed up with the 9-5 bologna and the associated stress/exhaustion....
)!
The first version of the Golden Zone Power Miner had been released!
The first version of the Golden Zone Power Miner had been released!
