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    Thread: 66294981 - Team TOPMAN (Bravo) - Support and Resistance | Price Action | Fundamentals

    1. #1 Collapse Post
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      Default 66294981 - Team TOPMAN (Bravo) - Support and Resistance | Price Action | Fundamentals

      Account Details
      Login: 66294981
      Server: InstaForex-Contest.com
      Investor Password: duirlk71

      Our Team: Topman (Alpha) and Bidyut (Bravo).

      My teammate Topman's contest thread: Visit Here

      Welcome to my contest thread and I知 ready for this great contest named "Darts of Love Championship". First of all I would like to introduce my team leader and partner, he is topman and one of the best member in mt5 forum. I知 lucky to become his partner in this contest and I hope we値l do better this time as a team. Also I expect that from this contest I値l able to learn from topman. This contest would definitely teach us how to trade as a team and apply best strategies into our trades for better results. No matter how differ we池e in trading but our motive would be same i.e. to put our best effort. Previously we致e participated in many mt5 trading contests individually and we have learnt a lot. Our main motive is not only to accumulate big equity or to win but also to show our best performances with our utmost capabilities.

      Strategy: Here my strategy would be based on support and resistance levels calculated on daily pivot. The best thing about trading on support and resistance levels is that it reduces a lot of confusions. Most of the time trend reverses or stops at a point, which is either a support or resistance level. But sometimes price breaks these levels (support and resistance). So before entering into any trade I would like to follow price action. I値l follow 1 hour and 4 hours candle stick chart pattern for a greater result.

      Little inclination towards Fundamental releases.

      We can also make profit with news releases. Most of the time currency pairs respect news releases. I値l also like to follow high impact news releases.

      Indicators: I値l not use any indicator.

      Currency Pairs:
      All major currency pairs (e.g. eurusd, usdchf, gbpusd, audusd etc.) with jpy crosses (e.g. eurjpy, gbpjpy etc.) will be my first preference.

      Any Metal: My 2nd priority would be on Gold trading. I occasionally trade on gold because of its high volatile nature.

      So here my trading will be based on simple methods as I致e mentioned above. It is very important to recognize the actual trend while trading. I want to put everything in a simple manner to you so that it'll be easy for anyone to understand how I trade. My motive is not to show how I perfectly trade but to show what I've learned from others. Also as a team it'll be an unique opportunity for me to learn from my team mate topman.

      Good luck to all participants and hope this contest will be more exciting from our previous contests. Also I would like to encourage new members to participate in this contest so that we値l able to learn from each other. Please feel free to put your valuable opinion. I'll try to answer anything which are related to my trading.

      Let's Start!


      Click image for larger version

Name:	Darts-of-Love-Championship.gif
Views:	144
Size:	7.5 KB
ID:	48623


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

      Passionate Pisces (02-17-2014), topman (02-17-2014), Toxic (02-22-2014)

    3. #2 Collapse Post
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      Very nice explanation mate, i have more confidence while partnership with you yet other opponents also very strong. It is my honourable to be partner with you this time and i need learn more about fundamental technique from you too. I believe whenever we can stand till the end of contest then we are already declare as champion, although we don't win any prizes. Good luck bro and keep contact oftenly.
      My blog : http://blog.mt5.com/topman/
      FROM ZERO TO HERO
      IF YOU THINK YOU CAN, YOU CAN


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

      bidyut (02-17-2014)

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      Default

      Quote Originally Posted by topman     
      Very nice explanation mate, i have more confidence while partnership with you yet other opponents also very strong. It is my honourable to be partner with you this time and i need learn more about fundamental technique from you too. I believe whenever we can stand till the end of contest then we are already declare as champion, although we don't win any prizes. Good luck bro and keep contact oftenly.
      Glad to have your inspiring words. I saw that you're taking very low risks that is very good for our team. Now as a team we should do our best. Don't take any extra pressure and do your natural trading. I know you can do better and that is the real strength of mine. It is true that our opponents are very strong so we've to be very careful. As I've seen in last trading contests, those who stay till the end always able to make it to the top. So we should also try to stay till the end of the contest. If we try to concentrate in our own trades and explain everything well then there are more chances that we can compete with any team. Good luck to you too and yeah I'll contact you time to time.


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

      topman (02-17-2014)

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      Default

      1st Order

      Order no. 829060735
      Type: buy
      Size: 100 Lots
      Symbol: GBPJPY
      Price: 171.73
      S/L: N/A
      T/P: N/A
      Status: Still Opened

      Daily Support And Resistance Levels

      Pivot: 170.42
      R1 170.95
      R2 171.59
      R3 172.12
      R4 172.66
      S1 169.78
      S2 169.25
      S3 168.61
      S4 167.98
      GBPJPY is showing good strength today. After breaking 1st resistance i.e. 170.95 bull trend continue to grow and able to break 2nd resistance as well. I've made a buy order just above 2nd resistance after getting a clear confirmation. 1 hour candle stick pattern showing upward trend and we can easily find a big spike if we look at 4 hours chart. I expect the price of GBPJPY will reach the next resistance level i.e. 172.12 (3rd resistance).

      1 hour chart

      Click image for larger version

Name:	gbpjpyh1.png
Views:	150
Size:	23.4 KB
ID:	48698


      If you look at the above 1 hour chart then you'll find that the candle stick pattern showing how it is trending towards up. It has already break 1st resistance and 2nd resistance. I expect it'll reach next resistance level and more likely to break that level too.

      1 hour chart (small)

      Click image for larger version

Name:	gbpjpyh1(small).png
Views:	144
Size:	3.7 KB
ID:	48700


      In 1 hour smaller view you can find how the price going towards up. It seems that this pair is very strong.

      4 hours chart


      Click image for larger version

Name:	gbpjpyh4.png
Views:	142
Size:	22.2 KB
ID:	48699


      In 4 hours chart we can see how the price spiked up. It defines that this pair is very strong at this moment and likely to break all resistance levels. I expect I will be able to make some profit from this pair.

      4 hours chart (small)

      Click image for larger version

Name:	gbpjpyh4(small).png
Views:	140
Size:	4.4 KB
ID:	48701


      In smaller view of 4 hours chart we see more clearly how the price breaks 2nd resistance and where I've bought the pair.


      You can ask me anything regarding this trade. I'll be happy to answer you. Why I didn't open my trade before or why I've waited for more time to decide etc. (for example). You're free to ask me anything. I'll try to explain further if needed or if you've any doubt related to my particular trade. I'm ready to answer you.


    8. #5 Collapse Post
      It's time to retire!
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      Default

      Quote Originally Posted by bidyut     
      1st Order

      Order no. 829060735
      Type: buy
      Size: 100 Lots
      Symbol: GBPJPY
      Price: 171.73
      S/L: N/A
      T/P: N/A
      Status: Still Opened

      Daily Support And Resistance Levels

      GBPJPY is showing good strength today. After breaking 1st resistance i.e. 170.95 bull trend continue to grow and able to break 2nd resistance as well. I've made a buy order just above 2nd resistance after getting a clear confirmation. 1 hour candle stick pattern showing upward trend and we can easily find a big spike if we look at 4 hours chart. I expect the price of GBPJPY will reach the next resistance level i.e. 172.12 (3rd resistance).

      1 hour chart

      Attachment 48698

      If you look at the above 1 hour chart then you'll find that the candle stick pattern showing how it is trending towards up. It has already break 1st resistance and 2nd resistance. I expect it'll reach next resistance level and more likely to break that level too.

      1 hour chart (small)

      Attachment 48700

      In 1 hour smaller view you can find how the price going towards up. It seems that this pair is very strong.

      4 hours chart


      Attachment 48699

      In 4 hours chart we can see how the price spiked up. It defines that this pair is very strong at this moment and likely to break all resistance levels. I expect I will be able to make some profit from this pair.

      4 hours chart (small)

      Attachment 48701

      In smaller view of 4 hours chart we see more clearly how the price breaks 2nd resistance and where I've bought the pair.


      You can ask me anything regarding this trade. I'll be happy to answer you. Why I didn't open my trade before or why I've waited for more time to decide etc. (for example). You're free to ask me anything. I'll try to explain further if needed or if you've any doubt related to my particular trade. I'm ready to answer you.
      Wow bro, you bought GBP/JPY yet me sold EUR/JPY, hehehe. Although it is different pairs but their movements could be same way due to JPY currency as the tail here. However it is not serious problem bro because we trade independently with own strategies. Good luck bro and wish you book more profits for our team. I lost twice orders yesterday but i hope i can recover it sooner because thus orders with small lots size.
      My blog : http://blog.mt5.com/topman/
      FROM ZERO TO HERO
      IF YOU THINK YOU CAN, YOU CAN


    9. #6 Collapse Post
      I just can't quit pips!
      I am:
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      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

      Quote Originally Posted by topman     
      Wow bro, you bought GBP/JPY yet me sold EUR/JPY, hehehe. Although it is different pairs but their movements could be same way due to JPY currency as the tail here. However it is not serious problem bro because we trade independently with own strategies. Good luck bro and wish you book more profits for our team. I lost twice orders yesterday but i hope i can recover it sooner because thus orders with small lots size.

      Yeah we're trading in two different pairs but the movement is very similar to each other because jpy is common in both pairs. The only difference is that eurjpy is hovering below 3rd resistance which is at 140.78 and you sold the pair at that level which was a good decision from your side. Here I've bought gbpjpy because it broke 2nd resistance. I saw your previous trades and I know you were in profit but later it got stopped out. But it is your strong part. You're using stop loss and TP, also you're trading with small lot size. I wish you can recover your losses soon and don't take any extra pressure and trade as per your own good analysis.

      ---------- Post added at 02:25 PM ---------- Previous post was at 12:14 PM ----------

      Quote Originally Posted by bidyut     
      1st Order

      Order no. 829060735
      Type: buy
      Size: 100 Lots
      Symbol: GBPJPY
      Price: 171.73
      S/L: N/A
      T/P: N/A
      Status: Still Opened
      Price reversed from 2nd resistance and didn't move as per my analysis. I've got margin call and now very little equity left in my account. Sorry topman bro.

      Equity lost: - 9674.59

      Equity left: 325.41 USD


    10. #7 Collapse Post
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      Default

      Quote Originally Posted by bidyut     
      Yeah we're trading in two different pairs but the movement is very similar to each other because jpy is common in both pairs. The only difference is that eurjpy is hovering below 3rd resistance which is at 140.78 and you sold the pair at that level which was a good decision from your side. Here I've bought gbpjpy because it broke 2nd resistance. I saw your previous trades and I know you were in profit but later it got stopped out. But it is your strong part. You're using stop loss and TP, also you're trading with small lot size. I wish you can recover your losses soon and don't take any extra pressure and trade as per your own good analysis.

      ---------- Post added at 02:25 PM ---------- Previous post was at 12:14 PM ----------



      Price reversed from 2nd resistance and didn't move as per my analysis. I've got margin call and now very little equity left in my account. Sorry topman bro.

      Equity lost: - 9674.59

      Equity left: 325.41 USD
      Don't worry bro, it doesn't your fault and i hope you can keep high spirit to continue trading in contest or real. however Fight till the last cent is our forumers spirit and wish you have it too, bro. Cheer up and Good luck.
      My blog : http://blog.mt5.com/topman/
      FROM ZERO TO HERO
      IF YOU THINK YOU CAN, YOU CAN


    11. #8 Collapse Post
      I just can't quit pips!
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      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

      Quote Originally Posted by topman     
      Don't worry bro, it doesn't your fault and i hope you can keep high spirit to continue trading in contest or real. however Fight till the last cent is our forumers spirit and wish you have it too, bro. Cheer up and Good luck.
      Thank you topman bro for your great support. Your few words really help me to continue my trades. Yeah I know mt5 forumers spirit is always high all the time. I know you are capable of handling everything well with your good trades for this contest. In addition whatever I've left in my account I'll try to do some trades to help you. Yeah, I'll fight till the last cent.


    12. #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

      2nd Order

      Order no. 829217758
      Type: buy
      Size: 5 Lots
      Symbol: GBPJPY
      Price: 170.04
      S/L: N/A
      T/P: N/A
      Status: Still Opened

      Reason for trade

      After trending down GBPJPY stopped above 1st support. I've made a buy order above 1st support i.e. 169.74. If we look at 1 hour chart of this pair then we'll find that price has started to make some bull trend. Also 1st support seems to be strong enough to defend the price to go further down. I expect from here it'll reverse towards up and reach near 1st resistance level i.e. 171.30.

      Click image for larger version

Name:	gbpjpyh1(small).png
Views:	95
Size:	8.3 KB
ID:	48862


      Daily Support And Resistance Levels

      Pivot: 170.44
      R1 171.30
      R2 172.00
      R3 172.86
      R4 173.72
      S1 169.74
      S2 168.88
      S3 168.18
      S4 167.48


    13. #10 Collapse Post
      I just can't quit pips!
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      Default

      After showing 7 to 8 positive pips my second order also moved towards opposite direction. I've lost USD 309.70 equity and now only 15.71 USD left into my trading account. This time I didn't able to do well. I've only one regret that I cannot help topman with my current equity. But I'll try to motivate and encourage him to do well in his trades. My both orders were effected by high impact news releases. My 1st order gave me almost more than 10 pips and I was expecting more profit. This time too (2nd order) I was getting some profit but I didn't close the order.

      My mistakes:
      • I bought my 1st order at breakout but that was false breakout as you can see it in my previous post. Also I didn't close the pair when it was in profit. It is a good lesson for me not to wait for more time when there is no chance to move further.
      • My second mistake was very common. That is I took big risk by opening 100 lot size. It is okay to make order with 100 lot but at the same time there are big risks if the price move against our orders. In contest we need to be more aggressive but it doesn't mean we should bet without analyzing the market. I've chosen GBPJPY pair which is very volatile. Big lot size with high volatile pair made my trades more risky and now it is dead.
      • My third mistake was not to respect news releases. I've made orders before news releases and it really effected in my whole trades. Next time I'll be more concerned about it.
      I didn't use SL or TP. Actually I wanted to close my trades manually. In scalping I don't use SL or TP. I don't consider it as a mistake but it is good if we use SL or TP into our trades. It saves our account from any uneven.

      I'll try my best in my next contest.


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

      Mummyz (02-20-2014)

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