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    Thread: 67243072 - Support and Resistance | Price Action | Fundamentals

    1. #1 Collapse Post
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      Default 67243072 - Support and Resistance | Price Action | Fundamentals

      Account No: 67243072
      Investor Password: dsvmxy89
      Server: InstaForex-Contest.com
      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.


    2. The following 3 users say Thank You to bidyut for this useful post.

      goodguy333 (12-05-2016), NikitaBelle (12-05-2016), PhantomTrader79 (12-11-2016)

    3. #2 Collapse Post
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      Smile

      Hello friend

      Nice to find you here & very nice strategy

      Advanced wishes on your trading for competition

      Cheers
      The Real Money is in 100% Compounding


    4. The following 2 users say Thank You to goodguy333 for this useful post.

      bidyut (12-06-2016), PhantomTrader79 (12-11-2016)

    5. #3 Collapse Post
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      Default

      Quote Originally Posted by goodguy333     
      Hello friend

      Nice to find you here & very nice strategy

      Advanced wishes on your trading for competition

      Cheers
      Thanks goodguy. I've just started my 1st trading. I'll definitely try my best to show good performance. I hope you're doing well in your tradings. Best wishes to you too.

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

      Trade Details:

      Trade No. : 1
      Order No. : 873557078
      Order Type: Buy
      Open Price: 1.0570
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 10 lot

      Reason For Open: I've found that EURUSD has already reached key support level i.e. 1.0516. From here the price is trying to reverse towards up. After looking at small bull candles I've decided to open a buy order. Once the price go beyond 1.0572 i.e. daily pivot level we can expect further rise. I'll hold this position to make some good profit. Expecting to see some 100 positive pips from here.

      Daily Support And Resistance Levels

      Pivot: 1.0572
      R1 1.0615
      R2 1.0671
      R3 1.0714
      R4 1.0756
      S1 1.0516
      S2 1.0473
      S3 1.0417
      S4 1.0360
      Image of 4 Hours Chart and Daily Chart at the time of opening the order.

      Smaller View Of 4 Hours Chart

      Name:  EURUSDH4(smaller-view).png
Views: 84
Size:  14.3 KB

      Full View (4 Hours Chart)

      Name:  EURUSDH4.png
Views: 39
Size:  26.6 KB

      Smaller View Of Daily Chart

      Name:  EURUSDDaily(smaller-view).png
Views: 81
Size:  11.8 KB

      Full View Of Daily Chart

      Name:  EURUSDDaily.png
Views: 41
Size:  26.2 KB


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

      NikitaBelle (12-12-2016)

    7. #4 Collapse Post
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      Default

      Trade Details:

      Trade No. : 1
      Order No. : 873557078
      Order Type: Buy
      Open Price: 1.0570
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 10 lot
      Reason For Close: The very first reason to close my order is to book profit. Secondly, I've found that now the price is hovering in a limited area. I'll get another opportunity if I keep watching the movement of the price. So I've closed the order with 73 pips profit which bring $730 to my account. At this stage of contest I would like to increase the balance so that it'll help me to trade smoothly without any difficulty.

      Close Price: 1.0643
      Trade Result:
      Profit/Loss: Net profit from the order: $730 - (swap=-1.80) = $728.20
      Balance: 10728.20 USD
      Equity: 10728.20
      Free margin: 10728.20


    8. The Following User Says Thank You to bidyut For This Useful Post:

      NikitaBelle (12-13-2016)

    9. #5 Collapse Post
      I just can't quit pips!
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      Default

      Today I've opened few orders, I'll try to explain in simple words.

      Trade Details:

      Trade No. : 2
      Order No. : 873677740
      Order Type: Sell
      Symbol: GBPJPY
      Open Price: 147.24
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 10 lot

      Reason For Open: I've decided to open an order in GBPJPY because the price is in a strong resistance area. The price has already reached to an overbought territory. Expecting to see some selling pressure from here. I'll try to hold the position till it gives me some nice profit. My 1st target is 145.71 i.e. key support for today. However I'm not putting any TP or SL at this moment.

      Daily Support And Resistance Levels

      Pivot: 146.49
      R1 147.81
      R2 148.59
      R3 149.91
      R4 151.23
      S1 145.71
      S2 144.39
      S3 143.61
      S4 142.83
      4 Hours Chart (Full)
      Name:  GBPJPYH4.png
Views: 34
Size:  25.6 KB
      4 Hours Chart (Smaller View)
      Name:  GBPJPYH4(small).png
Views: 61
Size:  10.9 KB
      Daily Chart (Full)
      Name:  GBPJPYDaily.png
Views: 26
Size:  25.4 KB
      Daily Chart (Smaller View)
      Name:  GBPJPYDaily(small).png
Views: 62
Size:  9.1 KB


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

      Trade Details:

      Trade No. : 3
      Order No. : 873677786
      Order Type: sell
      Symbol: EURJPY
      Open Price: 123.40
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 10 lot

      Reason For Open: EURJPY too reached in an overbought territory. Opened an order with 10 LOT volume without any TP or SL. I'm decided to open an order by looking at 4 hour and daily chart. Next support is seen at 122.43 which is also my initial target. Expecting to see some positive pips here.

      Daily Support And Resistance Levels

      Pivot: 122.92
      R1 123.71
      R2 124.20
      R3 124.99
      R4 125.79
      S1 122.43
      S2 121.64
      S3 121.15
      S4 120.67
      4 Hours Chart (Full)
      Name:  EURJPYH4.png
Views: 37
Size:  26.6 KB
      4 Hours Chart (Smaller View)
      Name:  EURJPYH4(small).png
Views: 62
Size:  10.2 KB
      Daily Chart (Full)
      Name:  EURJPYDaily.png
Views: 31
Size:  25.7 KB
      Daily Chart (Smaller View)
      Name:  EURJPYDaily(small).png
Views: 61
Size:  8.4 KB

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

      Trade Details:

      Trade No. : 4
      Order No. : 873677804
      Order Type: Buy
      Symbol: EURUSD
      Open Price: 1.0513
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 10 lot

      Reason For Open: After a sharp fall the EURUSD pair has able to sustain above 1.0464 support level. I've opened an order immediately just above the support level. The price is standing in a strong support and from here there would be definitely some upward movement. I'll hold this position till 1.0638 which is the 1st resistance for today. Or I may close the order before the target.

      Daily Support And Resistance Levels

      Pivot: 1.0566
      R1 1.0638
      R2 1.0740
      R3 1.0812
      R4 1.0883
      S1 1.0464
      S2 1.0392
      S3 1.0290
      S4 1.0187


      4 Hours Chart (Full)
      Name:  EURUSDH4.png
Views: 35
Size:  27.1 KB
      4 Hours Chart (Smaller View)
      Name:  EURUSDH4(small).png
Views: 58
Size:  15.7 KB
      Daily Chart (Full)
      Name:  EURUSDDaily.png
Views: 37
Size:  26.0 KB
      Daily Chart (Smaller View)
      Name:  EURUSDDaily(small).png
Views: 62
Size:  10.0 KB

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

      Trade Details:

      Trade No. : 5
      Order No. : 873678144
      Order Type: Buy
      Symbol: GBPUSD
      Open Price: 1.2556
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 10 lot

      Reason For Open: GBPUSD has also showing some small reversal above 1st support i.e. 1.2490. I'm expecting that the price would able to sustain above the support level and strt rising from here. It may go into some small time consolidation before any positive outcome.

      Daily Support And Resistance Levels

      Pivot: 1.2605
      R1 1.2681
      R2 1.2796
      R3 1.2872
      R4 1.2947
      S1 1.2490
      S2 1.2414
      S3 1.2299
      S4 1.2183
      4 Hours Chart (Full)
      Name:  GBPUSDH4.png
Views: 39
Size:  26.9 KB
      4 Hours Chart (Smaller View)
      Name:  GBPUSDH4(small).png
Views: 38
Size:  13.9 KB
      Daily Chart (Full)
      Name:  GBPUSDDaily.png
Views: 37
Size:  26.4 KB
      Daily Chart (Smaller View)
      Name:  GBPUSDDaily(small).png
Views: 67
Size:  12.5 KB


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      NikitaBelle (12-15-2016)

    11. #6 Collapse Post
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      Default

      Latest Updates

      Trade Details:

      Trade No. : 3
      Order No. : 873677786
      Order Type: sell
      Symbol: EURJPY
      Open Price: 123.40
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 10 lot

      Reason For Close: After getting some profit from the order I've decided to close it. I've also noticed that the pair was hovering in a limited range for sometime. There was no proper confirmation whether the price would move further or not. The immediate support was at 122.43 and only a break below the level may push the pair further down. So I've just closed the order to play safe from my end.

      Close Price: 122.65
      Trade Result:
      Profit/Loss: Net profit from the order: $634
      -------------------------------------
      -------------------------------------

      Trade Details:

      Trade No. : 2
      Order No. : 873677740
      Order Type: Sell
      Symbol: GBPJPY
      Open Price: 147.24
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 10 lot
      Reason For Close: GBPJPY was much volatile in nature and after getting some profit I've decided to close the order. I've closed the order at 146.63 to book about 516.38 USD. The price has been hovering above daily pivot level i.e 146.49. Like other JPY related pairs this pair too showing no actual downward confirmation. So I've decided to close the order to book some profit.

      Close Price: 146.63
      Trade Result:
      Profit/Loss: Net profit from the order: $516.38


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

      NikitaBelle (12-24-2016)

    13. #7 Collapse Post
      I just can't quit pips!
      I am:
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      Default

      Trade Details:

      Trade No. : 6
      Order No. : 873723587
      Order Type: Sell
      Symbol: GBPJPY
      Open Price: 146.64
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 10 lot

      Reason For Open: GBPJPY has been trending down from an oversold territory. The price action is showing clear downtrend movement. So I've decided to open a sell order in this pair. The immediate support is seen at 145.88. Expected to see some sharp downfall from this pair.

      Daily Support And Resistance Levels

      Pivot: 147.16
      R1 147.99
      R2 149.27
      R3 150.10
      R4 150.94
      S1 145.88
      S2 145.05
      S3 143.77
      S4 142.50

      4 Hours Chart (Full)
      Name:  GBPJPYH4.png
Views: 37
Size:  27.2 KB
      4 Hours Chart (Smaller View)
      Name:  GBPJPYH4(small).png
Views: 53
Size:  14.3 KB
      Daily Chart (Full)
      Name:  GBPJPYDaily.png
Views: 37
Size:  25.1 KB
      Daily Chart (Smaller View)
      Name:  GBPJPYDaily(small).png
Views: 46
Size:  9.8 KB

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

      Trade Details:

      Trade No. : 7
      Order No. : 873723595
      Order Type: Buy
      Symbol: EURUSD
      Open Price: 1.0417
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 10 lot

      Reason For Open: EURUSD has already reached to an oversold territory from where we can expect further upside movement. At the time of opening the order the price was hovering just below daily pivot level 1.0439. I've expected that the price would able to sustain at current level and able to reverse towards up. A 10 lot size order is positioned with instant execution with opening price at 1.0417.

      Daily Support And Resistance Levels

      Pivot: 1.0439
      R1 1.0512
      R2 1.0611
      R3 1.0684
      R4 1.0757
      S1 1.0340
      S2 1.0267
      S3 1.0168
      S4 1.0069

      4 Hours Chart (Full)
      Name:  EURUSDH4.png
Views: 29
Size:  26.3 KB
      4 Hours Chart (Smaller View)
      Name:  EURUSDH4(small).png
Views: 48
Size:  14.4 KB
      Daily Chart (Full)
      Name:  EURUSDDaily.png
Views: 32
Size:  26.0 KB
      Daily Chart (Smaller View)
      Name:  EURUSDDaily(small).png
Views: 45
Size:  14.9 KB

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

      Trade Details:

      Trade No. :
      8
      Order No. :
      873723688
      Order Type:
      Buy
      Symbol:
      EURGBP
      Open Price:
      0.8398
      Stop Loss:
      N/A
      Take Profit:
      N/A

      Volume:
      1 lot

      Reason For Open: In 4 hours chart we can see a clear uptrend movement. However the immediate resistance is seen at 0.8413. I've opened an order here with 1 lot size volue at 0.8396. At the time of trading in this pair I've already opened few orders. Only after looking at clear bull candles I've decided to open an order.

      Daily Support And Resistance Levels

      4 Hours Chart (Full)

      Name:  EURGBPH4.png
Views: 34
Size:  27.3 KB
      4 Hours Chart (Smaller View)

      Name:  EURGBPH4(small).png
Views: 45
Size:  15.9 KB
      Daily Chart (Full)

      Name:  EURGBPDaily.png
Views: 37
Size:  25.6 KB
      Daily Chart (Smaller View)
      Name:  EURGBPDaily(small).png
Views: 46
Size:  12.6 KB


    14. The Following User Says Thank You to bidyut For This Useful Post:

      NikitaBelle (12-24-2016)

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

      Daily Support And Resistance Levels

      Pivot: 0.8372
      R1 0.8413
      R2 0.8440
      R3 0.8481
      R4 0.8521
      S1 0.8345
      S2 0.8304
      S3 0.8277
      S4 0.8249
      ------------------------------------
      ------------------------------------

      Trade Details:

      Trade No. : 9
      Order No. : 873723864
      Order Type: Sell
      Symbol: EURJPY
      Open Price: 123.04
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 1 lot

      Reason For Open: I've opened in an order 1 LOT volume size in EURJPY pair. The price is trying to stablize but in technical perspective the price would go down. The price is not able to cross 123.23 towards up i.e. daily pivot level. The immediate support is seen at 122.39. Once it is broken more bearish side is possible.

      Daily Support And Resistance Levels

      Pivot: 123.23
      R1 123.91
      R2 124.75
      R3 125.43
      R4 126.10
      S1 122.39
      S2 121.71
      S3 120.87
      S4 120.02

      4 Hours Chart (Full)
      Name:  EURJPYH4.png
Views: 35
Size:  25.5 KB
      4 Hours Chart (Smaller View)
      Name:  EURJPYH4(small).png
Views: 49
Size:  13.3 KB
      Daily Chart (Full)
      Name:  EURJPYDaily.png
Views: 37
Size:  25.2 KB
      Daily Chart (Smaller View)
      Name:  EURJPYDaily(small).png
Views: 52
Size:  10.4 KB


    16. The Following User Says Thank You to bidyut For This Useful Post:

      NikitaBelle (12-24-2016)

    17. #9 Collapse Post
      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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      Default

      New Updates

      Trade Details:

      Trade No. : 6
      Order No. : 873723587
      Order Type: Sell
      Symbol: GBPJPY
      Open Price: 146.64
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 10 lot
      Reason For Close:
      I've just closed the order to book some profit from it
      Close Price: 145.18
      Trade Result:
      Profit/Loss: Net profit from the order: $1246.27 - (swap) (-5.78) = $1240.49

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

      Trade Details:

      Trade No. : 9
      Order No. : 873723864
      Order Type: Sell
      Symbol: EURJPY
      Open Price: 123.04
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 1 lot
      Reason For Close:
      After much awaiting the price had not showing any satisfactory movement. So I've decided to close the order in few pips profit. However the lot size was only 1 so there is no question of making big out of it. I've opened this order at that time when I had many opened orders running. And there was no additional equity to buy more than 1 lot.
      Close Price: 121.86
      Trade Result:
      Profit/Loss: Net profit from the order: $100.72 - (swap) (-0.34) = $100.38

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

      Trade Details:

      Trade No. :
      8
      Order No. :
      873723688
      Order Type:
      Buy[COLOR=blue]
      Symbol:
      EURGBP
      Open Price:
      0.8398
      Stop Loss:
      N/A
      Take Profit:
      N/A

      Volume:
      1 lot[B][COLOR=black]
      Reason For Close:
      From long hours the price was not moving as per my expectations. I've closed the order in small profit.
      Close Price: 0.8399
      Trade Result:
      Profit/Loss: Net profit from the order: $1.24 - (swap $0.42) = $0.82


    18. #10 Collapse Post
      I just can't quit pips!
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      Default

      Trade Details:

      Trade No. : 10
      Order No. : 873811910
      Order Type: Sell
      Symbol: GBPNZD
      Open Price: 1.7866
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 10 lot

      Reason For Open: The pair has already reached in an oversold territory. The price has started to go into southward direction. GBPNZD is a highly volatile pair and I've tried to take an opportunity here and opened a sell order just to make some profit. I've opened an order with 10 lot size at 1.7866. The immediate support is seen at 1.7797.

      Daily Support And Resistance Levels

      Pivot: 1.7870
      R1 1.7957
      R2 1.8030
      R3 1.8117
      R4 1.8203
      S1 1.7797
      S2 1.7710
      S3 1.7637
      S4 1.7563

      4 Hours Chart (Full)
      Name:  GBPNZDH4.png
Views: 34
Size:  27.4 KB
      4 Hours Chart (Smaller View)
      Name:  GBPNZDH4(small).png
Views: 43
Size:  11.9 KB
      Daily Chart (Full)
      Name:  GBPNZDDaily.png
Views: 35
Size:  28.3 KB
      Daily Chart (Smaller View)
      Name:  GBPNZDDaily(small).png
Views: 38
Size:  10.4 KB

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

      Trade Details:

      Trade No. : 10
      Order No. : 873811910
      Order Type: Sell
      Symbol: GBPNZD
      Open Price: 1.7866
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 10 lot
      Reason For Close:
      The pair was hovering in a limited range. Closed the order in small profit.
      Close Price: 1.7858
      Trade Result:
      Profit/Loss: Net profit from the order: $55.43 + 4.77(swap) = $60.2

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

      Trade Details:

      Trade No. : 11
      Order No. : 873841414
      Order Type: Buy
      Symbol: GBPUSD
      Open Price: 1.2367
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 10 lot

      Reason For Open: GBPUSD has started to ride towards up. The immediate resistance is seen at 1.2413. I've opened an order by looking at 4 hours bull candles. The price has already reached in a strong support. From here I've expected to see some profit.

      Daily Support And Resistance Levels

      Pivot: 1.2363
      R1 1.2413
      R2 1.2461
      R3 1.2511
      R4 1.2562
      S1 1.2315
      S2 1.2265
      S3 1.2217
      S4 1.2170
      4 Hours Chart (Full)
      Name:  GBPUSDH4.png
Views: 38
Size:  26.4 KB
      4 Hours Chart (Smaller View)
      Name:  GBPUSDH4(small).png
Views: 46
Size:  12.8 KB
      Daily Chart (Full)
      Name:  GBPUSDDaily.png
Views: 32
Size:  27.3 KB
      Daily Chart (Smaller View)
      Name:  GBPUSDDaily(small).png
Views: 36
Size:  11.8 KB

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

      Trade Details:

      Trade No. : 12
      Order No. : 873893915
      Order Type: Sell
      Symbol: GBPNZD
      Open Price: 1.7791
      Stop Loss: N/A
      Take Profit: N/A

      Volume: 10 lot

      Reason For Open: A clear downward channel has already been made by 4 hours candles. A sharp fall can be expected from this pair. From last couple of trading sessions the pair is being falling continuously. Further downtrend can be expected below 1.7735 i.e. immediate support. However the price is still much above the support level so I've opened an order with 10 lot size.

      Daily Support And Resistance Levels

      Pivot: 1.7834
      R1 1.7890
      R2 1.7989
      R3 1.8045
      R4 1.8101
      S1 1.7735
      S2 1.7679
      S3 1.7580
      S4 1.7481

      4 Hours Chart (Full)
      Name:  GBPNZDH4.png
Views: 30
Size:  27.3 KB
      4 Hours Chart (Smaller View)
      Name:  GBPNZDH4(small).png
Views: 42
Size:  14.9 KB
      Attached Images    


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