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    Thread: Group 3 - Trading Oversold and Overbought price condition with Stochastic & ZigZag

    1. #1
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      Default Group 3 - Trading Oversold and Overbought price condition with Stochastic & ZigZag

      Below is my contest account details:

      Account details: 66378283
      Investor password: lxffya76
      Server: InstaForex-conest.com



      ***Strategy:
      Buy when currency price is oversold and Sell when price is overbought.

      Explanation of the strategy: When currency price is down it wont stay forever that way, it will rise at some point in time. That is also true with overbought price condition, the price will go down sooner or later...the only problem is we don't know when the price will reverse,lol. That is how forex market works, that is what I have seen and observed for a long time in my trading. So I based my trading on that simple observation.

      ***Time frames: I will be using 4 different time frames such as M1...M5...M15 and Hourly for my entry and exit.

      ***Currency pair: I will be trading with EUR/JPY only, because am fascinated with this pair. I am a bit busy nowadays so trading with one pair is much easier to manage than trading with multiple pairs.

      ***Indicators:
      I will be using Stochastic Oscillator and Zigzag for my trading in this contest. I stay loyal to these indicators for a long time because they provide me easy understanding of the market behavior. I will provide the link of the thread I created for my indicators...more explanation can be found there with photos how Stoch and Zigzag blended well together to give more accurate signal...Go Here.

      ***Style of trading: I prefer to scalp the market, but I don't mind doing Intraday trading or even Swing trading if the situation calls for it.

      Last word...lol. I wish goodluck to every participants specially my group mate. Am glad to be trading and competing with you guys....!!! Don't worry about me....am no threat to you...am not after winning I just want to have fun joining many contest...
      Last edited by NikitaBelle; 04-13-2014 at 09:20 PM.
      Am still hibernating, will wake up one day, all depends on fate. Hope to see you all-soon! Miss you all friends!


    2. The following 6 users say Thank You to NikitaBelle for this useful post.

      bidyut (04-14-2014), ding dong (04-13-2014), forexguy9 (04-16-2014), Humza (04-14-2014), kiing (04-13-2014), systematicfx (04-14-2014)

    3. #2
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      ***Currency pair: I will be trading with EUR/JPY only, because am fascinated with this pair. I am a bit busy nowadays so trading with one pair is much easier to manage than trading with multiple pairs.
      hhehe,, yup this is a good pair to use Stochastic, dear .... you've experienced with the use of it, you can succeed, dear ... bravo ....


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

      NikitaBelle (04-13-2014)

    5. #3
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      Good strategy you have there. that was my first ever strategy I used in forex trading but then I used more of RSI indicator and EMA. its actually more of trend fading strategy where when demand for a currency is becoming low after a long process of buying or selling you wait for the reversal point.. just be careful with entering from lower time frame to avoid false breakout..

      All the best... want to see you coming out on top because I know what you are capable of
      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


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

      NikitaBelle (04-16-2014)

    7. #4
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      hhehe, I monitor your account, dear. your account goes well, hopefully you can run smoothly, dear.stoch are good indicators used in the Euro / Jpy, but today it moves like a basket, so it is still difficult to predict price movements.


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

      NikitaBelle (04-16-2014)

    9. #5
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      *Order#1

      Currency Pair: EUR/JPY
      Type of order:BUY
      Lot size: 50
      Order#: 832422022
      Entry Price: 140.48 close at 140.65( Stop Loss hit)
      Trade result: close in profit= +835.38


      *Order#2

      Currency Pair: EUR/JPY
      Type of order:BUY
      Lot size: 50
      Order#: 832429710
      Entry Price: 140.64 close at 140.65 (Stop Loss hit)
      Trade result: close in profit= +49.14


      *Order#3

      Currency Pair: EUR/JPY
      Type of order:BUY
      Lot size: 50
      Order#: 832434894
      Entry Price: 140.80 close at 140.65(Stop Loss hit)
      Trade result: close in negative= -737.10


      *Order#4


      Currency Pair: EUR/JPY
      Type of order:BUY
      Lot size: 50
      Order#: 66378283
      Entry Price: 140.74 close at 140.65(Stop Loss hit)
      Trade result: close in negative = -442.26


      Below is my trade screenshot:

      Name:  EUR.JPY Hourly chart.JPG
Views: 45
Size:  43.7 KB

      Reason of Entry:
      Order#1 and Order#2 ends in profit. Unfortunately Order#3 and #4 ends in negative. I based my traded on Hourly time frame above( screenshot). All of my first batch of trade should end in profit unfortunately am so busy that I am simply not there to close them earlier while still in profit. I initially targeted my take profit at 141.05 but the price never reach that level, it hit my stop loss instead,lol


      Reason of Exit:
      Since I am always away from my PC and I can't monitor my trades every minute and close them all manually so I opted to used stop loss to at least limit my loses if the market will go the opposite way.
      Am still hibernating, will wake up one day, all depends on fate. Hope to see you all-soon! Miss you all friends!


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      ding dong (04-16-2014)

    11. #6
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      dear queen !!!
      how is going on today? i think you are doing rock today. i think now you , me and rin0 is on contest from our group. best of luck for you and hope you will be able to do great. you are following great strategy. you are well experienced.
      so i am really interested for getting next update of your trade.


    12. The following 2 users say Thank You to kiing for this useful post.

      ding dong (04-16-2014), NikitaBelle (04-16-2014)

    13. #7
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      ***...UPDATE...***


      *Order#5

      Currency Pair: EUR/JPY
      Type of order:BUY
      Lot size: 50
      Order#: 832471028
      Entry Price: 140.68 close at 140.26...( Close manually to avoid MC!)
      Trade result: close in negative= -2,066.32


      *Order#6

      Currency Pair: EUR/JPY
      Type of order:BUY
      Lot size: 50
      Order#: 832491954
      Entry Price: 140.78 close at 140.85... (Take profit hit)
      Trade result: close in profit= +343.14


      *Order#7

      Currency Pair: EUR/JPY
      Type of order:BUY
      Lot size: 50
      Order#: 832503681
      Entry Price: 140.78 close at 140.85....(Take profit hit)
      Trade result: close in positive= +343.14


      *Order#8


      Currency Pair: EUR/JPY
      Type of order:BUY
      Lot size: 50
      Order#: 832508985
      Entry Price: 140.62 close at 140.26....(close manually to avoid MC!)
      Trade result: close in negative = -1,771.13




      ***There is no chart pic this time because it is just a follow up trade of my first 4 batch of trades above. EUR/JPY has been bearish for sometime now, it's been oversold based on my observation...am waiting for it to reverse that is why I continue to buy EJ...



      Reason of Entry: Opening buy order is always my choice because I knew sooner or later EUR/JPY would turn bullish from it's bearish market condition anytime soon. My only mistake is that I was not able to close my profitable trades while I still have the chance because time is my enemy. Another biggest mistake is wrong entry and opening more than 1 position at a time,lol. I could have let MC claim this account last night but somehow I changed my mind,lol. Order#5 and order#8 are both profitable trades if only I have the chance to close it early before EJ plunge once again. Order#6 and order#7 both close in small profits.


      Reason of Exit: I closed Order#5 and #8 manually because my account last night is nearing margin call situation,lol. I was debating if I need to continue with this contest or just let MC take it's course. Now...my main target is to bring back this account to it's original capital which is 10K. It would require hard work and smart work because I only have 3 days left...let see...I got nothing to lose anymore. I will continue to fight...
      Am still hibernating, will wake up one day, all depends on fate. Hope to see you all-soon! Miss you all friends!


    14. The following 2 users say Thank You to NikitaBelle for this useful post.

      ding dong (04-16-2014), kiing (04-16-2014)

    15. #8
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      well, the opening of the European session later might be a good signal for the pair Euro / Jpy, dear. price movement before it was confused, but the opening of the European market will be good to have movement, dear.


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      NikitaBelle (04-18-2014)

    17. #9
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      Nice trading ...

      Seems you are in a good pace ,i saw in many posts that you are concerned about margin calls

      but i feel that you will be in top of the Group soon


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      NikitaBelle (04-18-2014)

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      Quote Originally Posted by NikitaBelle     
      Reason of Entry: Opening buy order is always my choice because I knew sooner or later EUR/JPY would turn bullish from it's bearish market condition anytime soon. My only mistake is that I was not able to close my profitable trades while I still have the chance because time is my enemy. Another biggest mistake is wrong entry and opening more than 1 position at a time,lol. I could have let MC claim this account last night but somehow I changed my mind,lol. Order#5 and order#8 are both profitable trades if only I have the chance to close it early before EJ plunge once again. Order#6 and order#7 both close in small profits.
      yeah EURJPY was rocking last night, I knew If its break 80 level it will go to 141.25. I thought if I put a buy stop order that would be good because that will invalid my sell order and Exactly it happen , it broke the line I got SL just I hadn't any BUY STOP order.


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