Account No: 67243072
Investor Password: dsvmxy89
Chosen Stock Market Data: DAX30
Currency Pairs: EUR/USD, GBPUSD, GBPJPY, EUR/JPY, EURGBP, GBPNZD
Time Frame: H1 and H4
Indicators: Support and Resistance
My Trading History: In past contests Iíve tried to focus more on support and resistance along with price action, fundamentals etc. This time too I would like to apply same strategy in my trading. As a daily trader Iíve been using daily chart as to determine in which direction the price is moving, in other words to check the trend I would like to follow daily chart. In 4 hours chart it is easy to follow price action and to open a trade 1 hour chart suits me best.
Brief introduction about my trading strategy: My trading system is very simple and it is not complex at all. I will try to follow clear trend before opening any order. When the candle sticks form a good pattern (uptrend or downtrend momentum) I would go for opening a buy or sell order. Here Iíll try to look at support and resistance levels. Before opening any order it is very essential to look at economic calendar. Most of the time technical indicators wonít give us accurate results because fundamentals are just opposite to it. So it is very important to look at the impact of fundamental releases before deciding whether to open an order or not. Sometimes I will try to avoid trading during high volatility just to avoid any loss or mismanagement in trading account.
So my trading is simply based on support-resistance, price action and fundamentals.
To know more about support and resistance, Go Here.
Lot size: By looking at my past performance Iíve decided to open only minimal lot size orders. I would like to open 10 lot size orders at the beginning and gradually try to increase the lot size along with growing equity.
Stop loss: My stop loss will be set to 50 pips from opening price.
Target: 100 pips
Conclusion: Iíve participated in many trading contests organized by MT5 forum authority. In every trading contest Iíve learned something new. Iíve found that these trading contests are good for improving our trading system, it also gives us the required confidence. It helped me to become more organized and a responsible trader. The good thing is that we can gain a lot of knowledge by looking at other participantís performance. We can get valuable suggestions, encouragements etc., from others which are most valuable for our trading. I hope this time too Iíll gain a lot of knowledge from my fellow contestants. After all weíre here to learn. Best of luck to every participant.