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Thread: Group B - 66386189 - Support and Resistance | Price Action | Fundamentals

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    Default Group B - 66386189 - Support and Resistance | Price Action | Fundamentals

    Account Details

    Login: 66386189
    Server: InstaForex-Contest.com
    Investor Password: rrpckg43

    Welcome to my contest thread. Im happy to inform you that Im now in Semi Final Stage. In Semi Final weve 4 groups namely Group A, B, C and D. As per contest rule only one top positive scorer from each group would go to the final stage. Im in Group B, where Ive to compete with 2 wonderful participants namely our respected moderator azmassi and respected fellow member مناڈکیت. Moderator azmassi is a great trader and a nice person. Im glad that Im in your group. Ive no capability to introduce my friend مناڈکیت. Only I want to say Im proud to be in your group. Youve already proved that youre an excellent trader. I expect I will learn a lot from my friendly competitors in this stage. I would like to congratulate both of you for entering into Semi Final. I hope you will continue to provide us excellent example of great trading skills. Wish you all the best!

    My introduction: I can skip my own introduction but I consider it as an important part because were here to know each other. Im Bidyut a member in mt5 forum. Im an old member but everyday Im learning new things from mt5 forum. MT5 forum has shaped my trading career and Im proud that Im a member in this great forum. Im participating here in MT5 World Cup not only to win but also to improve my trading skills. If I would advance to the next level then it will definitely give me a lot of confidence. I believe if we participate in various contests (particularly in trading contests) then we can easily improve our trades.

    Time To Discuss About My Strategies

    I believe sticking to a good strategy is better than learning 100 new strategies. If we cannot understand a particular strategy then it is not possible for us to apply it in our trades. One good strategy is enough to make good profit in market, so here Ill use same basic strategies as Ive applied in my previous contest stage. We can definitely go for new strategies but before that weve to decide which one is good for us and easy for us to understand. Ill explain everything in this tread. I want to clarify one more thing that there is no single strategy which is considered as good or bad. If a strategy is easy to understand or if we are capable of applying it into our trades successfully then it is considered as good.

    Support And Resistance: These are technical levels but also plays a psychological level most of the time. Buyers always like to buy at Support and Sellers always sell at Resistance. This is so simple, isnt it? If Yes: Then why people failed to make profit? If No: then how we can make profit?

    If you need any further explanation about Support And Resistance then please visit here: Support And Resistance

    I've to follow certain things before considering Support and Resistance as good levels to open any trade. First of all Ive to look at the trend and then the price action. Also Ive to follow fundamental releases. So here I've to decide when to open a trade by going through the following:
    • By following Fundamental releases: I would like to keep an eye on fundamental releases. We can closely monitor these releases by looking at Forex Calendars. Fundamental releases always have greater impact in price movements. If we ignore it then our analysis may not give cent percent accuracy. So Fundamental releases are very much important to consider while trading. For example, Last Friday market became slow because of Bank Holidays. Even after our analysis proved to be good we may not able to make any profit if we ignore fundamentals.
    • By following Trend: In forex, trend plays an important part. If we failed to follow a trend then we may face huge losses. Here Ill try to analyze the trend by looking at 1 hour and 4 hours chart. Trend stops at support or resistance levels. So either I would like to open in reversals or in breakouts.
    • By following price action: Price action is an important part in my strategy. I always decide to open any trade by following price action. In candle stick chart price always form trend which is easy to follow. It also gives a clear confirmation whether a pair is bullish or bearish. We cant open any trade in support or resistance levels at once because it may failed to follow these levels. So Ive to strictly follow price action before entering to the market.
    How is it possible to combine everything as a whole to make profit?

    Ive mentioned about support and resistance, fundamental releases, price action, trend etc. But how is it possible to follow everything? The answer is to wait for the correct time to trade. If we wait a little then we can get a clear picture of a particular trend. For example, if we buy a pair immediately at support level then it is possible that it may not reverse from that level. At that situation we may face huge losses. So it is better to wait for a correct reversal from support level and then try to open any order. High impact news always influences the price of any particular pair. Either we can go with the news forecast or we can open trades after news release considering support-resistance and price action at the same time. Technical and fundamental both are equally important so Ill try to follow both in my trades.

    Currency Pairs: I always like to trade in Major pairs: EURUSD, GBPUSD, USDJPY, USDCAD, AUDCAD, NZDUSD, EURJPY to name a few are in my portfolio. Ill also like to trade in other pairs if I get good price level. Low spread with high movement pairs are my favourite.

    Metal: In metal I will try to follow Gold and Silver. If I see any good opportunity in Gold and Silver then Ill definitely go for it. Now Im adding these two precious metals into my portfolio.

    Time Frame And Chart: I always like to use Candle stick chart to analyze the price movements. Also to identify a trend Ill go for 1 hour and 4 hours chart. Sometimes I may go for 15 minutes chart to get small opportunity to scalp.

    Managing Equity And Balance: It is not possible that Ill always get green pips from every trade. Or I cant say that my strategy is 100% full proof or all of my trades will give me good profit. So here I would be very careful in managing my equity and balance. Ill try to trade with a standard lot size. Most of the time we read that, You should invest only that much which you afford to lose. So here I would like to take only that much risk which is affordable for me. I may cut losses when my order goes into opposite direction. In my last stage my minimum lot size was 10 lots and maximum was 300. So here also I would like to trade according to the market situation.

    Long term or Short term trades: Now it is Semi Final and here well get only minimum days to prove ourselves. I would like to go with short term trades only. As a day trader I always like to do scalping. My priority will be to accumulate as much as possible with sensible trading. It may be by doing scalping or by short term trades.

    My few words to all other members including Semi Final participants: It is my pleasure that Im getting an opportunity to compete with other great traders. Im still a learner and always eager to learn from you. I want to acquire the same confidence as youve shown in your trades. I want to influence every new trader as Ive been influenced by you. Youre my real mentor and I will always like to follow your good steps.

    MT5 trading contest is one of the best contest in the whole internet. It is best because here we can learn from other traders. We can get every details including the reason for opening or closing orders by a participant. We can directly ask any participant about any particular trade or it is easy for us to understand any proven strategy used by a participant. As a whole MT5 trading contest always benefits everyone particularly those who are looking for true knowledge. No matter whether you're participating or not, in this contest you can ask anything directly to me. Your good and valuable suggestions are always welcome. Feel free to point out my mistakes so that I can avoid it in my real trades. Good luck!

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    Last edited by PhantomTrader79; 19-05-2014 at 02:44 AM.


  2. 7 users say Thank You to bidyut for this useful post.

    مناڈکیت (20-04-2014), azmassi (21-04-2014), genius22 (21-04-2014), kissshore (20-04-2014), Mummyz (21-04-2014), nasimuddin (20-04-2014), topman (20-04-2014)

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    مناڈکیت has a brilliant future مناڈکیت has a brilliant future مناڈکیت has a brilliant future مناڈکیت has a brilliant future مناڈکیت has a brilliant future مناڈکیت has a brilliant future مناڈکیت has a brilliant future مناڈکیت has a brilliant future مناڈکیت has a brilliant future مناڈکیت has a brilliant future مناڈکیت has a brilliant future مناڈکیت's Avatar
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    Thank you bro for your kind words and mentioning me. But this thread is all about you and your skills which i have to admit are great. You are using only one indicator which does not repaint which means you can rely on it. You and azmassi are both very good and controlled traders, you trade with small lots in beginning and increase your risk with your capital. Good money management is a key in your trading performance just want that the winner in finals should be from our group. See you in semis now


  4. 4 users say Thank You to مناڈکیت for this useful post.

    azmassi (21-04-2014), bidyut (20-04-2014), Mummyz (21-04-2014), nasimuddin (20-04-2014)

  5. #3 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Quote Originally Posted by مناڈکیت     
    Thank you bro for your kind words and mentioning me. But this thread is all about you and your skills which i have to admit are great. You are using only one indicator which does not repaint which means you can rely on it. You and azmassi are both very good and controlled traders, you trade with small lots in beginning and increase your risk with your capital. Good money management is a key in your trading performance just want that the winner in finals should be from our group. See you in semis now
    You're welcome bro. Glad to have your encouraging words. Yeah I'm trying to explain everything in a simple manner so that there will be no confusion left. There is no doubt that our mod bro azmassi is a wonderful trader but you're also one of the best. It is your greatness that you've considered me as a good and controlled trader. Definitely, it is true that I take small risk at the beginning and increase the level of risk at later time. This is also a part of my strategy and I've learned it from other good traders only. There is no use of taking high risk if it is not needed so I trade according to the level of competition. You and mod bro azmassi are good traders so I've to be very careful in this stage. My aim would be to identify correct trend and trade accordingly. Regarding money management yeah this is one of the most important part. I'll try to control my emotions and try to avoid any mistakes. I'll be happy if anyone of us from our group go to Final. I'm eager to start my trading. I hope you're enjoying your time. See you soon in Semi Final. Wish you all the best!


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    This is called informative thread.

    One and only bidyut an make this thread i think.

    Best of luck mate for semifinal and want to see like this thread in final.

    Happy hour in next week.
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  9. #5 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Quote Originally Posted by nasimuddin     
    This is called informative thread.

    One and only bidyut an make this thread i think.

    Best of luck mate for semifinal and want to see like this thread in final.

    Happy hour in next week.
    It is my honour to have such encouraging words. I've just tried to express everything through my thread. You're one of the most amazing traders in our forum. It is unfortunate that you didn't able to advance for the Semi Final. I've monitored your trades in previous stage, you did a wonderful job. I wish in next contest you will able to make a position. Thank you for your good wishes and yeah I'll try my best to reach to the next stage and make another similar thread. I hope you're doing well in your real trading. I wish you a lot of good success in your real trading. You've encouraged me from the very beginning. I have no words to express my gratitude towards your kindness. You're such a nice person that you never failed to appreciate others. Have a great day nasimuddin bro!


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    Thanks a lot bro, I'd say the same thing about you! Wish you success, not just in this contest and forex but in everything you do in your life, you're a hardworker and you deserve the best!!
    Nice thread and great strategy wish you all the best bro


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    C'mon Bidyut Bro..
    I know you will also win this Round and you should win this Round, will ya..?
    " GO Confidently in the Direction of Your DREAMS "
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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 azmassi     
    Thanks a lot bro, I'd say the same thing about you! Wish you success, not just in this contest and forex but in everything you do in your life, you're a hardworker and you deserve the best!!
    Nice thread and great strategy wish you all the best bro
    You're welcome. I'm really glad to have your kind words. Also I'm very happy and honoured to have the opportunity to trade with you in the same group. Thank you for your good wishes and appreciation. I'll try my best.

    Quote Originally Posted by Mummyz     
    C'mon Bidyut Bro..
    I know you will also win this Round and you should win this Round, will ya..?
    Thank you Mummyz for your motivation. I'm little sad that you've lost in last round. But its okay, it is a part of contest. I wish in next contest you'll be one of the winner. In our group mod bro azmassi and مناڈکیت are very good traders. Only I can do is to put my best effort. I'm really happy to see you in my thread. I hope you're doing good in your real tradings. Have a nice trading week.


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    You are not started your journey.

    Hope you are observing the condition of the other trader and in a perfect time you will enter into this market.

    Waiting for starting mate.

    I just read your nice explanation about trading strategy.
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    Quote Originally Posted by nasimuddin     
    You are not started your journey.

    Hope you are observing the condition of the other trader and in a perfect time you will enter into this market.

    Waiting for starting mate.

    I just read your nice explanation about trading strategy.
    Hi nasimuddin, I've just tried to explain whatever I know and thanks for your good appreciation. Yeah I'm still not opened any single trade. But today I'll try to start my trading according to the market condition. It is also true that I'm observing other trader's progress. Most of our Semi Finalists have already started their trading except me and rash. It is great to see many have already made good profit. Yesterday market was very slow and sometimes unpredictable. I expect to get some good opportunity today. Have a nice day.


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