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

  1. #1 You can automatically minimize the read posts in your account in the 'Forum Settings'
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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 Ive 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 Ive 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 Ill 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 wont 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 Ive 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: Ive participated in many trading contests organized by MT5 forum authority. In every trading contest Ive learned something new. Ive 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 participants performance. We can get valuable suggestions, encouragements etc., from others which are most valuable for our trading. I hope this time too Ill gain a lot of knowledge from my fellow contestants. After all were here to learn. Best of luck to every participant.


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

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

  3. #2 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    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. 2 users say Thank You to goodguy333 for this useful post.

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

  5. #3 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    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: 552 Size: 14.3 KB

    Full View (4 Hours Chart)

    Name: EURUSDH4.png Views: 499 Size: 26.6 KB

    Smaller View Of Daily Chart

    Name: EURUSDDaily(smaller-view).png Views: 554 Size: 11.8 KB

    Full View Of Daily Chart

    Name: EURUSDDaily.png Views: 495 Size: 26.2 KB


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    NikitaBelle (12-12-2016)

  7. #4 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    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


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    NikitaBelle (13-12-2016)

  9. #5 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    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: 493 Size: 25.6 KB
    4 Hours Chart (Smaller View)
    Name: GBPJPYH4(small).png Views: 521 Size: 10.9 KB
    Daily Chart (Full)
    Name: GBPJPYDaily.png Views: 486 Size: 25.4 KB
    Daily Chart (Smaller View)
    Name: GBPJPYDaily(small).png Views: 528 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: 500 Size: 26.6 KB
    4 Hours Chart (Smaller View)
    Name: EURJPYH4(small).png Views: 527 Size: 10.2 KB
    Daily Chart (Full)
    Name: EURJPYDaily.png Views: 489 Size: 25.7 KB
    Daily Chart (Smaller View)
    Name: EURJPYDaily(small).png Views: 523 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: 492 Size: 27.1 KB
    4 Hours Chart (Smaller View)
    Name: EURUSDH4(small).png Views: 527 Size: 15.7 KB
    Daily Chart (Full)
    Name: EURUSDDaily.png Views: 492 Size: 26.0 KB
    Daily Chart (Smaller View)
    Name: EURUSDDaily(small).png Views: 532 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: 491 Size: 26.9 KB
    4 Hours Chart (Smaller View)
    Name: GBPUSDH4(small).png Views: 498 Size: 13.9 KB
    Daily Chart (Full)
    Name: GBPUSDDaily.png Views: 490 Size: 26.4 KB
    Daily Chart (Smaller View)
    Name: GBPUSDDaily(small).png Views: 529 Size: 12.5 KB


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    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
    Last edited by bidyut; 23-12-2016 at 06:25 PM.


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  13. #7 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    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: 501 Size: 27.2 KB
    4 Hours Chart (Smaller View)
    Name: GBPJPYH4(small).png Views: 517 Size: 14.3 KB
    Daily Chart (Full)
    Name: GBPJPYDaily.png Views: 492 Size: 25.1 KB
    Daily Chart (Smaller View)
    Name: GBPJPYDaily(small).png Views: 507 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: 486 Size: 26.3 KB
    4 Hours Chart (Smaller View)
    Name: EURUSDH4(small).png Views: 517 Size: 14.4 KB
    Daily Chart (Full)
    Name: EURUSDDaily.png Views: 487 Size: 26.0 KB
    Daily Chart (Smaller View)
    Name: EURUSDDaily(small).png Views: 520 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: 499 Size: 27.3 KB
    4 Hours Chart (Smaller View)

    Name: EURGBPH4(small).png Views: 511 Size: 15.9 KB
    Daily Chart (Full)

    Name: EURGBPDaily.png Views: 493 Size: 25.6 KB
    Daily Chart (Smaller View)
    Name: EURGBPDaily(small).png Views: 525 Size: 12.6 KB
    Last edited by bidyut; 23-12-2016 at 07:37 PM.


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    NikitaBelle (24-12-2016)

  15. #8 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    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: 495 Size: 25.5 KB
    4 Hours Chart (Smaller View)
    Name: EURJPYH4(small).png Views: 525 Size: 13.3 KB
    Daily Chart (Full)
    Name: EURJPYDaily.png Views: 491 Size: 25.2 KB
    Daily Chart (Smaller View)
    Name: EURJPYDaily(small).png Views: 521 Size: 10.4 KB


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  17. #9 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    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
    Last edited by bidyut; 24-12-2016 at 09:37 AM.


  18. #10 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    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: 494 Size: 27.4 KB
    4 Hours Chart (Smaller View)
    Name: GBPNZDH4(small).png Views: 505 Size: 11.9 KB
    Daily Chart (Full)
    Name: GBPNZDDaily.png Views: 493 Size: 28.3 KB
    Daily Chart (Smaller View)
    Name: GBPNZDDaily(small).png Views: 249 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: 243 Size: 26.4 KB
    4 Hours Chart (Smaller View)
    Name: GBPUSDH4(small).png Views: 67 Size: 12.8 KB
    Daily Chart (Full)
    Name: GBPUSDDaily.png Views: 57 Size: 27.3 KB
    Daily Chart (Smaller View)
    Name: GBPUSDDaily(small).png Views: 61 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: 56 Size: 27.3 KB
    4 Hours Chart (Smaller View)
    Name: GBPNZDH4(small).png Views: 68 Size: 14.9 KB
    Attached Images    
    Last edited by bidyut; 24-12-2016 at 12:18 PM.


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