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Thread: Group 6 - 66377131 - Support and Resistance | Price Action | Fundamentals

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    Default Group 6 - 66377131 - Support and Resistance | Price Action | Fundamentals

    Account Details

    Login: 66377131
    Server: InstaForex-Contest.com
    Investor Password: vcsjro72

    Welcome to MT5 World Cup. Qualifying Stage is already over and this is Preliminary Stage where Im a contestant in Group 6. In our group weve four contestants namely Mummyz, steave50, bidyut (myself) and Ghaidar. Weve to compete with each other to reach the next level. There are 16 groups in Preliminary stage and only one (who fulfills all requirements) from each group would go for next round. This is an honour for me to compete with good competitors.

    My introduction and opinion:

    Im Bidyut, a member in MT5 forum. I always like to participate in MT5 trading contests. Because I believe if I face real competition with good traders then I can improve my own trading. Also this is a best way to learn from other good traders if we try to engage ourselves in any good competition. So for me participation in MT5 trading contest is more important than winning. In my previous contests I have identified many mistakes made by me. So here Ill try to control my emotions and try to avoid any further mistakes. Ill try my best in this contest by putting my honest effort. My first priority will be to provide true examples of proven strategies which are profitable and easy to understand.

    My Strategy:

    I basically use support and resistance levels to determine where to buy or where to sell a pair. Support and resistance levels are not only helpful to decide where to open an order but also to determine where to put TP or SL. It is known fact that nobody could predict the trend 100% correctly or we cant make profit from every trade. But we can at least try to increase the percentage of profitable trades than losing trades. Most of the time support and resistance help us to analyze the trend correctly. So I believe it is one of the best and simple way to make profit from any market condition. Sometimes we may fail to get profit only by following support and resistance levels. Because there are many other factors which may effect the price movements of any currency pair. It may be due to some economic releases or political events etc. Forex market is very sensitive to the economy of a country so Ive to closely monitor economic releases as well along with support-resistance levels. One of the best strategies to make a decision to buy or sell is the price action. Ive to closely watch the candle stick pattern before making any decision. So here along with support-resistance levels and fundamentals Ill try to follow price action.

    To know more about Support and Resistance please visit here: Support And Resistance

    Why Price action in important?

    I consider Price action as an important part in trading because we cant buy any pair at once in any support level or sell it at any resistance. Currency prices may not respect these levels all the time. So the solution is to wait for some time to get a clear confirmation. We can easily predict or analyze the trend if we follow the price action closely. Sometimes currency price reverses from support or resistance levels but sometimes it breaks these levels. So here Ill try to open any order either in reversals where candle sticks form a trend or I'll open an order in breakouts. In order to follow a trend Ive to rely on support and resistance with price action.

    Time Frame and Chart Patterns:

    To identify a clear trend I would like to follow 1 hour and 4 hours chart. In scalping 15 and 30 minutes charts will be helpful for me to open any order. I always use candle stick chart because it is easy to understand the price movements of any currency pair.

    Risk Management:

    The most important part of forex trading is how we manage the balance and equity. Most of the time I will go for scalping where my target would be to take 10 to 20 pips from every trade. While scalping my lot size would be 10 to 100. Except scalping Ill take small risks by opening 10 lot size orders with 100 pips target and 50 pips stop loss. I may increase or decrease the lot size as per market conditions or it solely depends on the amount of equity.

    I may cut losses if I see any trade go towards opposite direction. Or if I feel there is no chance to reverse, at that situation I will definitely try to get off from such trade without looking for SL hits.

    Currency Pairs:

    My first preference will be to trade with major currency pairs because of low spread and high liquidity. Also I would like to trade with JPY crosses because of huge movements. Some of my favourite pairs are EURUSD, USDJPY, USDCHF, AUDUSD, USDCAD, EURJPY, GBPJPY etc.

    Metals:

    More likely I would like to trade in Gold. But it is only an option for me. If I get good price level to trade in this precious metal then Ill definitely go for it to make some good profit.

    To All Participants including me:

    MT5 world cup is one of the best contests in MT5 forum. Here weve to compete with good traders and this is one of a first kind where weve to go through different stages. Im bit lucky that Ive qualified for Preliminary stage without any competition. But itll not happen anymore. In this stage Ive to show my real trading strategy. I know in contests aggressiveness is very much required but Ill try to control my emotions and only take that much risk which is required. All participants are good. Our strategies may be different from each other but our motive is same i.e. to show our real trading system. Good luck!

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    Last edited by PhantomTrader79; 19-05-2014 at 02:43 AM.


  2. 10 users say Thank You to bidyut for this useful post.

    مناڈکیت (13-04-2014), Black Mamba (14-04-2014), chimasky (13-04-2014), kiing (13-04-2014), kissshore (13-04-2014), Mummyz (15-04-2014), nasimuddin (13-04-2014), systematicfx (13-04-2014), topman (14-04-2014), zahid4x (13-04-2014)

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    Bidyut means something amazing.

    Your thread is well decorated and nice explanation have there.

    I will follow you each and every steps of trading in this market.

    Happy trading dear.
    Welcome To My Blog
    Just One Click May Brings Valuable Info About Forex To You


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  5. #3 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    You have a good way of explaining your trading strategy, indicators and even the actions you are going to take that even a newbie in forex trading will understand and have the zeal of joining a contest like this one. Keep it up

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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  7. #4 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Quote Originally Posted by nasimuddin     
    Bidyut means something amazing.

    Your thread is well decorated and nice explanation have there.

    I will follow you each and every steps of trading in this market.

    Happy trading dear.
    I'm pleased to have such encouraging words from your side. I've just tried to explain a little about my trading strategy. Also I've tried to show my good interest in mt5 trading contest. It'll be worth if somebody understands well about my trading strategy because we're here for the same reason. In this contest I'll try to focus on my work that is to give the best out of my previous experience. I know that MT5 world cup is not going to be easy but I'll try to give my best. If I concentrate in my own tradings then automatically my performance turns to be good. This is your kindness that you are showing your good interest in following my trades. I'll also try to follow your trades so that we can learn something new from each other. Good luck for your trades!

    Quote Originally Posted by chimasky     
    You have a good way of explaining your trading strategy, indicators and even the actions you are going to take that even a newbie in forex trading will understand and have the zeal of joining a contest like this one. Keep it up
    I'm very happy to see you in my thread and glad to have your nice comments. If my explanation helps someone then I'll consider it as a greatest reward. I always like to follow your trades because you're an amazing trader in our forum. I consider you as a good mentor for many of us. You're one of the best trader who never afraid to trade in Gold. I'm just trying to follow good people like you. You're one of the top contenders in this contest. I wish you will able to show your good performance and reach to the final stage. Best of luck!


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    Quote Originally Posted by bidyut     
    ...I wish you will able to show your good performance and reach to the final stage. Best of luck!
    Thank you for the encouragement and I wish you the same (that is for you to make it to the final stage). It will be a dream come true if I do make it to the final stage where the last four contestants are already sure of a price notwithstanding their position. Goodluck in your trades.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    I know you would always have something to offer. this is actually a clear and wonderful strategy. Price is actually what moves the market so i believe price action is a very strong strategy to be used in this competition.
    Best of luck
    IF YOU WANT TO LAST LONG IN THE MARKET THEN APPLY THIS SIMPLE METHOD

    https://forum.mt5.com/showthread.php?86700-The-Splitting-lot-size-Method-of-Trading


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  13. #7 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Quote Originally Posted by chimasky     
    Thank you for the encouragement and I wish you the same (that is for you to make it to the final stage). It will be a dream come true if I do make it to the final stage where the last four contestants are already sure of a price notwithstanding their position. Goodluck in your trades.
    Whatever I told in my previous post is true and I believe if you try a little then you can easily reach to the final. We're lucky to have such a wonderful trader in our forum. It is always great to see your live trades. Thank you for your good wishes. I'll also try my best but I know I've to work really hard this time. Hope you're ready to fight again.

    Quote Originally Posted by systematicfx     
    I know you would always have something to offer. this is actually a clear and wonderful strategy. Price is actually what moves the market so i believe price action is a very strong strategy to be used in this competition.
    Best of luck
    Nice to see you in my thread. Yeah price action is a good strategy to identify any real trend. I've selected few simple but powerful strategies. I've experienced that support-resistance and price action always work better. Along with these good strategies I'll try to avoid any big mistakes so that I can fight till the end of preliminary stage. Thank you and best of luck to you too!


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  15. #8 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Quote Originally Posted by kiing     
    dear mate !!!
    you are the most hard working guys i have ever seen in Forum. you really work hard and you are a creative trader.
    its really a nice thread you have made again. hope you will do a good and nice bomb blusting trading contest again !!!!
    best of luck for you and hope you will do a great result in near future.......
    Glad to have your nice compliments. I've no words left to say, I'm flattered. I've tried to make this thread as simple as possible so that everybody could understand what I'm going to do in this contest. Your few words will definitely give me a lot of positive energy and encouragement. Yeah, I'll try my best. Good luck for your trades too.


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  17. #9 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Just coming here to say hello and best wishing for my ex-partner and my best friend. I wish you all of best, mate. Nice thread + nice person + nice strategy = Nice Result.
    My blog : http://blog.mt5.com/topman/
    FROM ZERO TO HERO
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  19. #10 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Quote Originally Posted by topman     
    Just coming here to say hello and best wishing for my ex-partner and my best friend. I wish you all of best, mate. Nice thread + nice person + nice strategy = Nice Result.
    Hello topman bro. Yeah I'm the same person your ex-partner and best friend. I'm very happy to see you in my thread. Last time I didn't able to contribute anything good to our team because of my own mistake. But I've got a lot of good motivation from your trades. You were fighting till the end of the contest which is a real example of a good trader. In this contest I'm trying to follow your good steps that is to stay positive all the time. Good luck for your trades too!


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