Golden Levels: USD/CAD

Golden Levels: USD/CAD

This is thread is for posting golden level chart setups for USD/CAD 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:




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!

Golden level @ 1.3017 formed by the recent cup. Despite being caught in a longer term range, short-term PA is bullish with some decent upward momentum which would support any long position taken after a pull back to the level.

http://www.streamhedge.com/viewchart...-12_USDCAD_M30


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Small loss on the long entry. Could have closed at +30 pips put held for a larger move. Price reversed slightly lower at 1.3000 + hourly 200 MA before running up 50+ pips.

Q


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Yup, it was a nice movement up. Next time, Quinton

Price is in a range with some short-term down trending momentum. I do not see any extremely high quality golden level that would cause price to stop in its tracks if that momentum picked up in a significant way. So if at all I would chose conservative targets from which to take shorts on a pullback. One of thickest price knots is helping to define a deeply set golden level around 1.3019 - 1.3030. I would also be more comfortable taking a position at the Sunday open from a more conservative level during less liquid times when price has the potential move more quickly.


http://www.streamhedge.com/viewchart/4hSEjhM/2016-8-12_USDCAD_H4


Q


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Quinton,
Please could you do a video with sound explaining how to mine these golden levels.

Although price is still in a long-term range, medium-term price action is fluid enough to take advantage of trades of medium term duration.
Around 1.3100 there are several conservatively placed scalping levels for short positions as price momentum wanes and price approaches the early September range.
Below are several levels (1.2938 and 1.2900 region) to consider for longs if price turns bearish and approaches last week's reversal cup.

http://www.streamhedge.com/viewchart...9-12_USDCAD_H1


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USD/CAD has been aggressively pushing upward. Here are several levels to consider for possible long positions on a price retracement against the main trend. The level at 1.3100 has diagonal and M15 200 confluence. The fact that the lower time frame MA comes into possible play indicators that that this is a short-term play and profit should be booked quickly. A more conservatively priced zone for a long exists at around 1.3050.

http://www.streamhedge.com/viewchart...-14_USDCAD_M15


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