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    Results 1 to 10 of 16

    Thread: 67040304 - Support and Resistance | Price Action | Fundamentals

    1. #1
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      Default 67040304 - Support and Resistance | Price Action | Fundamentals

      Account Details

      Login:
      67040304
      Investor Password: ibtioz35
      Server: InstaForex-Contest.com

      Welcome to my ďKing/Queen Of Accuracy Contest 2016Ē thread. Iím glad to be a part of this contest. I hope this contest will able to provide us numerous opportunities to learn from each other. My main motive for participating in mt5 demo trading contest is to improve my trading skills and to share knowledge with others. Iím thankful to our mt5 forum authorities including our respected mt5 admin, respected mt5 moderators and InstaForex for encouraging us to participate in this great contest. Iím also thankful to every member including contestants who are a real source of inspiration. Your good suggestions, advice and tips, are always welcome. Letís proceed to the next.

      My Trading Strategy: Iíve been following support and resistance levels for long time for all of my trades. So far Iíve got good result by following support and resistance in my trading. Iíll try to explain how support and resistance works and why Iím taking a trading decision by looking at particular support level or resistance level. After opening any order Iíll post support and resistance levels along with other details so that itíll be easier for you to identify the levels. Along with brief explanation about a particular order Iíll also provide a screen shot of the chart.

      It is very important for us to follow a particular trend before opening any order. So here Iíll try to follow the trend. Iíve found that to follow a trend it is good to follow candle sticks chart pattern. In other words Iíll try to follow price action by looking at candle stick chart to identify a trend.

      Along with technical side I would like to go with fundamental events too. If we really want to be successful or accurate in analyzing the trend properly then we must follow fundamental releases. Most of the time trend reverses on important economic releases so I must try to follow every fundamental and economical event before opening any order.

      So my strategy will be a combination of Support and Resistance, Price Action and Fundamental Releases. Itíll be easier for me to explain everything once I get involved with a particular trade. Iíll try to explain everything in a clearer manner so that you can understand better. You can ask me anything about my strategy at anytime Iíll be happy to explain you.

      Indicators: Most probably indicators help us to determine whether to sell or buy a currency pair. But in this contest Iíll not use any indicator in my trading. Iíll go with support and resistance as mentioned above. If you want to know more about Support and Resistance then go here.

      Currency Pairs: It is very important to mention in which pair Iím going to trade. I will try to focus more on major pairs mainly EURUSD, GBPUSD, USDJPY, NZDUSD, USDCHF, USDCAD, EURGBP just to name a few.

      Gold and silver will be also in my list. Iíll definitely try to trade in these commodities to grab some profit.

      Time frame: Iíll try to follow 4 hours chart and daily chart. By following daily chart Iíll try to get an idea about the strong trend. It is important to know in which direction the trend is moving and daily chart will help me to identify the exact trend. In other hand by following 4 hours chart itíll be easier for me to decide where and when to open an order. For short term trades Iíll try to follow 1 hour chart but most of my trades will be based on 4 hours and daily chart's behavior.

      Lot Size: This is a contest so I must try to maintain the risk and reward ratio. Iíll not take any big risk in order to gain big profit. Iíll just try to take only that much risk which is easier for me to handle. My main motive will be to take maximum out of minimum. At first Iíll try to start with minimum lot size orders. Gradually Iíll try to increase the lot size along with the increasing value of equity. My lot size would be anywhere from 1 lot to 100 lots in any single order.

      Take Profit And Stop Loss: I would like to put fixed TP at 100 pips and SL at 50 pips. In few occasions I may change the TP and SL levels according to the market condition. Sometimes I may book profit or cut losses below fixed levels as mentioned above.

      My Opinion On MT5 Trading Contests: There is no harm in participating in demo contest. Demo contests are good for us and it can help us to identify our loopholes. It is very important to learn how to handle risks and how to work under pressure. And, only mt5 demo trading contest can help us to develop our overall abilities as a trader. Once you involve with demo trading contest you'll become more responsible and more serious in doing forex trading. Even we lose in contests in terms of profit, ranking, performance etc., we can still win by gaining knowledge and experience. Whether youíre new or old you must participate in this contest. Before participating in this contest please check the rules which are very important to consider. Iíll welcome everybody who wants to suggest me anything related to forex trading. Your valuable suggestions will definitely help me to improve my trading skills. Happy contesting everybody and best of luck!

      Click image for larger version

Name:	The KingQueen Of Accuracy Contest 2016.png
Views:	580
Size:	50.5 KB
ID:	62152


    2. The following 7 users say Thank You to bidyut for this useful post.

      dedy hari kurniawan (02-22-2016), dzin4aans (02-21-2016), goodguy333 (02-20-2016), Kalex (02-20-2016), NikitaBelle (02-20-2016), nkhan2810 (02-20-2016), PhantomTrader79 (02-21-2016)

    3. #2
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      Default

      Always the best thread as expected ...

      This time the result will be best i know ...best wishes bro


    4. The Following User Says Thank You to Kalex For This Useful Post:

      bidyut (02-21-2016)

    5. #3
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      Smile

      Yo Bidyut

      Very nicely presented your views

      Good luck on your endeavours

      Cheers
      The Real Money is in 100% Compounding


    6. The Following User Says Thank You to goodguy333 For This Useful Post:

      bidyut (02-21-2016)

    7. #4
      I just can't quit pips!
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      Quote Originally Posted by Kalex     
      Always the best thread as expected ...

      This time the result will be best i know ...best wishes bro
      I'm grateful to see you in my thread. It is really encouraging to get your positive comments. I'll definitely try to focus more on good trading during contest period. We can't forget your good performance in previous mt5 trading contests. So I too expect good result from you and hope you'll able to show us some memorable performance. Thank you and best wishes for you too.

      Quote Originally Posted by goodguy333     
      Yo Bidyut

      Very nicely presented your views

      Good luck on your endeavours

      Cheers
      Its my pleasure to have your good opinion on my thread. I've just tried to present everything in simple words so that everybody could understand. You're one of our profitable trader and your opinion is very important for me. Your good suggestions are always welcome. Thank you and good luck to you too.


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      Kalex (02-21-2016)

    9. #5
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      I always like the way you write. And you are one of the best trader I have seen. I expect to find the best as well here in this contest. Hope your strategy will work very well for you to bring you success. All the best. Have nice time in trading.


    10. The Following User Says Thank You to nkhan2810 For This Useful Post:

      bidyut (02-21-2016)

    11. #6
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      Ah, the one and only Bidyut my friend, how are you nowadays? Hope everything is good at your end. Where is Forexian? I miss that guy. Sad he can't join us in this contest. Anyways, maybe next time he will. Nice to see your contest thread once again, one of the most detailed thread ever. I love your attention and focus to details, always perfect. Am sure you will win great in this contest bro! Goodluck and keep the faith!

      I noticed that you are using 3 of the most powerful analysis in trading. Price Action and fundamental analysis is already superb tools for good trading! and when you add SR levels it's already perfect! Looking forward for your trade explanation in the days to come. Take care bro bidyut!
      Am still hibernating, will wake up one day, all depends on fate. Hope to see you all-soon! Miss you all friends!


    12. The Following User Says Thank You to NikitaBelle For This Useful Post:

      bidyut (02-21-2016)

    13. #7
      I just can't quit pips!
      I am:
      Inspired
       
      bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut has a reputation beyond repute bidyut's Avatar
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      Quote Originally Posted by nkhan2810     
      I always like the way you write. And you are one of the best trader I have seen. I expect to find the best as well here in this contest. Hope your strategy will work very well for you to bring you success. All the best. Have nice time in trading.
      I'm lucky to have such a wonderful comment from you. Also I'm feeling good that you've liked my thread. Actually I'm not a best trader but I want to be a best trader. I'll definitely try to follow whatever I've mentioned in my thread. I know you're a good trader and one of the top contestant in this contest. I'm grateful to see you in my thread and expecting such encouraging words in future too. Wish you a lot of success and best of luck for this contest.

      Quote Originally Posted by NikitaBelle     
      Ah, the one and only Bidyut my friend, how are you nowadays? Hope everything is good at your end. Where is Forexian? I miss that guy. Sad he can't join us in this contest. Anyways, maybe next time he will. Nice to see your contest thread once again, one of the most detailed thread ever. I love your attention and focus to details, always perfect. Am sure you will win great in this contest bro! Goodluck and keep the faith!

      I noticed that you are using 3 of the most powerful analysis in trading. Price Action and fundamental analysis is already superb tools for good trading! and when you add SR levels it's already perfect! Looking forward for your trade explanation in the days to come. Take care bro bidyut!
      I'm good thank you. Nice to see you in my thread. For long time I've not seen Forexianz. I too miss him a lot. I think he has got some good work or job offline. I hope he is also doing well. I wish a lot of success to him because he is a nice person. I really miss our team and can't forget your good suggestions during contest time. You're one of the most finest trader in our forum and we're grateful to have you as a motivator and moderator. I'll be happy to get your good guidance during contest time. I'm also thankful for your good compliment.

      Yeah I'll use the above mentioned strategies/analysis. I'm happy to know your views on these strategies/analysis. I'll definitely try to give detailed explanation on every trade. Thank you again for your visit and for your nice comment. Take care and good luck to you too!


    14. The following 2 users say Thank You to bidyut for this useful post.

      NikitaBelle (02-24-2016), Unregistered (1)

    15. #8
      I just can't quit pips!
      I am:
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      Default

      Trade Details:

      Trade No. : 1
      Order No. : 861943925
      Order Type: Sell
      Symbol: AUDUSD
      Open Price: 0.7171
      Stop Loss: 0.7221 [50 Pips]
      Take Profit: 0.7071 [100 Pips]
      Volume: 25 lots

      Reason For Open: AUDUSD pair is bearish and continuously trending towards down from an overbought territory. After much waiting I've decided to open a sell order. The price has already broken 1st support i.e. 0.7182. More likely the pair would able to break 2nd support too which can be found at 0.7162.

      In 4 hours chart price action suggests more dovish tone. I've opened the order at 0.7171 with 50 pips stop loss (at 0.7221) and take profit at 0.7071 with 100 pips.

      There are few strong reasons for opening the price. The pair is already reached in an oversold territory, from where the pair has been facing heavy sell off. In 4 hours and daily chart we can see strong bearish candles. In addition the pair has already broken support level. I've tried to follow the bearish trend and expected to see more bearish move from this pair.

      Economic/Fundamental News Events

      AUD
      1)
      Construction Work Done q/q (Impact: Medium)
      Actual: -3.6%
      Forecast: -2.1%
      Previous: -1.8%

      2)
      Wage Price Index q/q (Impact: Medium)

      Actual: 0.5%
      Forecast: 0.6%
      Previous:0.6%

      USD

      1)
      Flash Services PMI (Impact: Low)

      Actual:
      Forecast: 53.4
      Previous: 53.2

      2)
      New Home Sales (Impact: Medium)

      Actual:
      Forecast: 522K
      Previous: 544K

      3)
      Crude Oil Inventories (Impact: High)

      Actual:
      Forecast: 2.0M
      Previous: 2.1M
      Talking about fundamental side, there is no important news events about to release today order than "New Home Sales (USD)" and "Crude Oil Inventories (USD)". The impact of the above economic releases would be limited. So I'm more focusing at the trend which is strongly dovish. During Aussie session we've seen two economic data releases one is in negative i.e. Construction Work Done q/q. Overall the pair is more likely to go into a southward direction.

      Daily Support And Resistance Levels

      Pivot: 0.7220
      R1 0.7240
      R2 0.7278
      R3 0.7298
      R4 0.7318
      S1 0.7182
      S2 0.7162
      S3 0.7124
      S4 0.7086
      4 Hours Chart (Full Chart)

      Click image for larger version

Name:	AUDUSDH4.png
Views:	526
Size:	26.5 KB
ID:	62224


      Trend is strongly down and it is clearly visible in the above 4 hours chart. For a clearer view you can look at the smaller view of 4 hours chart.

      4 Hours Chart (Smaller View)

      Click image for larger version

Name:	AUDUSDH4(Smaller_View).png
Views:	554
Size:	11.5 KB
ID:	62225


      Daily Chart (Full Chart)

      Click image for larger version

Name:	AUDUSDDaily.png
Views:	547
Size:	28.7 KB
ID:	62226


      In daily chart too we can find strong selling pressure. You can look at both full and smaller view chart to see the bearish candles. More likely we can find further downward trend. Only we need to wait and nothing else.

      Daily Chart (Smaller View)

      Click image for larger version

Name:	AUDUSDDaily(Smaller_View).png
Views:	541
Size:	11.2 KB
ID:	62227



    16. The following 2 users say Thank You to bidyut for this useful post.

      NikitaBelle (02-24-2016), Unregistered (1)

    17. #9
      I just can't quit pips!
      I am:
      Inspired
       
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      Default

      Trade Details:

      Trade No. : 2
      Order No. : 861943983
      Order Type: Sell
      Symbol: EURUSD
      Open Price: 1.0981
      Stop Loss: 1.1031 [50 Pips]
      Take Profit: 1.0881 [100 Pips]
      Volume: 25 lots

      Reason For Open: EURUSD has already lost its ground and now moving in a well defined bearish slope. The pair has able to break 1st support i.e. 1.0988. Below this level we can find next support at 1.0957 i.e. 2nd support followed by 1.0925 i.e. 3rd support (for today). If we look at 4 hours chart then we'll find a clear downward trend. Daily chart also reflects weakness in the pair.

      USD is strong across the board and here too we can find the good strength of USD over EURO. By looking at 4 hours chart and daily chart I've decided to open a sell order.

      After opening the order at 1.0981 (instant execution) I've put stop loss at 1.1031 [50 pips] and Take profit at 1.0881 [100 pips].

      From technical perspective the pair is strongly dovish. I'm looking for at least 100 pips profit from this order. From fundamental side, there is no important economic events other than USA's "New Home Sales (USD)" and "Crude Oil Inventories (USD)". I'm bearish on this pair from the very beginning but I was waiting for a clear confirmation.

      Economic/Fundamental News Events

      EUR

      1)
      German 30-y Bond Auction (Impact: Low)

      Actual: 0.77|1.6
      Forecast:
      Previous: 1.18|1.2

      USD

      1)
      Flash Services PMI (Impact: Low)

      Actual:
      Forecast: 53.4
      Previous: 53.2

      2)
      New Home Sales (Impact: Medium)

      Actual:
      Forecast: 522K
      Previous: 544K

      3)
      Crude Oil Inventories (Impact: High)

      Actual:
      Forecast: 2.0M
      Previous: 2.1M


      Daily Support And Resistance Levels

      Pivot: 1.1020
      R1 1.1051
      R2 1.1083
      R3 1.1114
      R4 1.1145
      S1 1.0988
      S2 1.0957
      S3 1.0925
      S4 1.0893


      4 Hours Chart (Full Chart)

      Click image for larger version

Name:	EURUSDH4.png
Views:	529
Size:	23.5 KB
ID:	62228



      You can see in the above picture of 4 hours chart, the trend is strongly bearish. Bearish candles are clearly visible and it can be also confirmed by the following smaller view chart.

      4 Hours Chart (Smaller View)

      Click image for larger version

Name:	EURUSDH4(Smaller_View).png
Views:	541
Size:	10.3 KB
ID:	62229


      Daily Chart (Full Chart)

      Click image for larger version

Name:	EURUSDDaily.png
Views:	576
Size:	26.3 KB
ID:	62230


      The pair has established a strong downward trend on daily basis (if you look at daily chart it'll be more clearer). So I've taken the decision to short the pair to follow the strong trend.

      Daily Chart (Smaller View)

      Click image for larger version

Name:	EURUSDDaily(Smaller_View).png
Views:	526
Size:	10.1 KB
ID:	62231


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      NikitaBelle (02-24-2016)

    19. #10
      I just can't quit pips!
      I am:
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      Default

      Trade Details:

      Trade No. : 2
      Order No. : 861943983
      Order Type: Sell
      Symbol: EURUSD
      Open Price: 1.0981
      Stop Loss: 1.1031 [50 Pips]
      Take Profit: 1.0881 [100 Pips]
      Volume: 25 lots
      Hit Stop Loss: -1250.00


      -----------------------------------------------
      -----------------------------------------------

      Trade Details:

      Trade No. : 3
      Order No. : 861966789
      Order Type: Sell
      Symbol: EURJPY
      Open Price: 122.52
      Stop Loss: N/A
      Take Profit: N/A
      Volume: 10 lots

      Reason For Open: EURJPY is strongly moving in a southward direction. I can expect the pair would able to follow the strong bearish trend. The price has already broken the 1st support i.e. 122.86. I've opened an order in this pair at 122.52 with no SL or TP.

      The pair has been maintaining a strong bearish movement from last 3 weeks. It seems that Yen is strong across the board which can be visible in almost every JPY related pairs.

      In 4 hours chart we can see clear downtrend. Daily chart is also showing strongly bearish trend.

      Daily Support And Resistance Levels

      Pivot: 123.73
      R1 124.40
      R2 125.27
      R3 125.94
      R4 126.61
      S1 122.86
      S2 122.19
      S3 121.32
      S4 120.45


      4 Hours Chart (Full Chart)

      Click image for larger version

Name:	EURJPYH4.png
Views:	553
Size:	21.2 KB
ID:	62233


      Look at the candles in the chart, it is strongly bearish. There is no symptoms of reversal from here so I've decided to open a sell order.

      4 Hours Chart (Smaller View)

      Click image for larger version

Name:	EURJPYH4(Smaller_View).png
Views:	507
Size:	11.8 KB
ID:	62234



      Daily Chart (Full Chart)

      Click image for larger version

Name:	EURJPYDaily.png
Views:	543
Size:	23.5 KB
ID:	62235


      Daily chart also favouring bearish slope. Look at the above chart.

      Daily Chart (Smaller View)

      Click image for larger version

Name:	EURJPYDaily(Smaller_View).png
Views:	536
Size:	11.6 KB
ID:	62236




      -----------------------------------------------
      -----------------------------------------------

      Trade Details:

      Trade No. : 4
      Order No. : 861969594
      Order Type: Sell
      Symbol: GBPJPY
      Open Price: 154.98
      Stop Loss: N/A
      Take Profit: N/A
      Volume: 10 lots

      Reason For Open: Like other JPY crosses GBPJPY is also strongly dovish. Yen is very strong across the board and I want to take this as an opportunity. The pair has already made a good progress towards down. Now trying to break 2nd support i.e. 155.04. I've opened the order by looking at the price action which is strongly bearish.

      4 Hours and daily chart both favouring downward movement. At present I'm not putting any take profit or stop loss because I want to grab maximum pips from this order. If I see anything wrong later then I'll modify the order or close the order.

      There is no news events for now related to JPY or GBP so we can expect further downside from this pair.

      Daily Support And Resistance Levels

      Pivot: 158.00
      R1 159.05
      R2 160.96
      R3 162.01
      R4 163.07
      S1 156.09
      S2 155.04
      S3 153.13
      S4 151.23
      4 Hours Chart (Full Chart)

      Click image for larger version

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      This is clearer from the above picture that GBPJPY will continue to go into a bearish zone. Trend is strongly bearish.

      4 Hours Chart (Smaller View)

      Click image for larger version

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      Daily Chart (Full Chart)

      Click image for larger version

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      In Daily chart also we can see strong downtrend. Expecting to see more bearish move from this pair.

      Daily Chart (Smaller View)

      Click image for larger version

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