67243072 - Support and Resistance | Price Action | Fundamentals

[bidyut]

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 I’ve 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 I’ve 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 I’ll 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 won’t 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 I’ve 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: I’ve participated in many trading contests organized by MT5 forum authority. In every trading contest I’ve learned something new. I’ve 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 participant’s performance. We can get valuable suggestions, encouragements etc., from others which are most valuable for our trading. I hope this time too I’ll gain a lot of knowledge from my fellow contestants. After all we’re here to learn. Best of luck to every participant.

[goodguy333]

Hello friend

Nice to find you here & very nice strategy

Advanced wishes on your trading for competition

Cheers

[bidyut]

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



Full View (4 Hours Chart)



Smaller View Of Daily Chart



Full View Of Daily Chart

[bidyut]

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

[bidyut]

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)

4 Hours Chart (Smaller View)

Daily Chart (Full)

Daily Chart (Smaller View)



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

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)

4 Hours Chart (Smaller View)

Daily Chart (Full)

Daily Chart (Smaller View)


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

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)

4 Hours Chart (Smaller View)

Daily Chart (Full)

Daily Chart (Smaller View)


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

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)

4 Hours Chart (Smaller View)

Daily Chart (Full)

Daily Chart (Smaller View)

[bidyut]

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

[bidyut]

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)

4 Hours Chart (Smaller View)

Daily Chart (Full)

Daily Chart (Smaller View)


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

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)

4 Hours Chart (Smaller View)

Daily Chart (Full)

Daily Chart (Smaller View)


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

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)


4 Hours Chart (Smaller View)


Daily Chart (Full)


Daily Chart (Smaller View)

[bidyut]

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)

4 Hours Chart (Smaller View)

Daily Chart (Full)

Daily Chart (Smaller View)

[bidyut]

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

[bidyut]

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)

4 Hours Chart (Smaller View)

Daily Chart (Full)

Daily Chart (Smaller View)


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

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)

4 Hours Chart (Smaller View)

Daily Chart (Full)

Daily Chart (Smaller View)


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

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)

4 Hours Chart (Smaller View)