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Thread: 66469773 - Team 22 (A) Price Action, SnR, EMAs, News Trading

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    Default 66469773 - Team 22 (A) Price Action, SnR, EMAs, News Trading

    66469773 - Team 22 (A) Price Action, SnR, EMAs, News Trading

    AccountDetails

    Login: 66477405
    Server: InstaForex-Contest.com
    Investor: slxhvd91

    Hello All & Welcome to my contest thread. First of all I like to thank MT5 forum community and moderators for organizing this amazing contest. I always enjoy these contest and hope will enjoy this contest too. I will share all of my trading ideas with you all and you all guys will enjoy it. My team members are Smartestfool & Ghaider

    myself
    my is Majeed Bwp I m short and long term trader. I have 1 and a half year of experience in this field. I enjoy a lot forex trading, most of the time I spend my time in front of computer screen. I have learned forex trading from MT5 forum first of all I came this forum through my cousin then I glued myself to this forum.

    Strategy for this contest
    I would like to test my skills in this contest through my strategy I will take every opportunity to win this. My trading strategy is based on Price action + SnR. I use lines to draw support and resistance levels then try to trade edges. I think support and resistance are the best thing to trade every time price reacts on these levels. You can find detailed explanation about support and resistance visit here.
    The second thing in my strategy is Price action. I always try to understand candles formation like Doji, Hammer and shooting stars. I love to trade when I see An Engulfing candle specially on 4Hour chart.

    Lastly, 2 EMAs 34EMA&89EMA is part of my trading system. I use them to filter the trend. I put both EMAs to D1 & 4Hours chart if price opens below both EMAs then I try to find out SELL opportunity second scenario is if price opens above both EMAs I will try to find out BUY opportunities.

    How I open trade using EMAs? As I told above that I filter trend using both EMAs when I see SELL trend then I switch to 15Mint chart and put a SELL order when price touches 34 EMA and put SL on previous high. Vice versa if I filter buy trend then I switch to 15Mint chart and open Buy when Price touches 34EMA and put SL on previous Low. TPs for both trades are open if feel more than enough then I close my trade manually. you can find information about MA EMAs here

    Last thing is news. High impact favor news, I will open buy and if High impact news is negative I will open sell and will try to use manual SL & TP.

    Pairs
    I love to trade most volatile pairs like GBPNZD, EURNZD, EURAUD, Metals etc. but I will not trade them in contest because of spread. I will trade Majors mostly.

    What time frame is for me?
    I have told above that I look for trends in D1 & 4Hours charts to open my positions. Many fellow traders believe that both time frames are best to get best results. So I will try to focus on these two time frames and will open trades using 15mints chart.

    I wish best of luck all of my team members and fellow contestants. if you feel anything un-understandable in my strategy or anything please feel free to ask me.

    Lastly comments are warmly welcome to my thread.
    Code:


  2. 2 users say Thank You to majeedbwp01 for this useful post.

    مناڈکیت (30-06-2014), bidyut (30-06-2014)

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    Warm welcomed received bro. It is really a good thread to read. I liked it very much. Good to know about your trading strategy as well. I hope you will do very well in the contest. You have chosen GBPNZD, EURNZD, EURAUD, Metals which are extremely volatile when moving. I appreciate you courage to trade those pair. Good luck bro.

    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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    First attempt on GOLD:

    i checked out both D1 & 4Hours trend. Whole trend is up and opened a buy position. SL is 1313.80 (Previous Low) and tp is 1325.00 (Last high). The position is opened using 15min chart. as seen in the picture the 15mint candle is closed above the both 34&89 EMAs.

    Edit: sorry i did not mentioned in my first post that there are two methods to open a position using my strategy first one i have mentioned in first post and second one is that when 15min candle close above or below both emas, (While confirming the buy or sell trend) then a buy or sell position is opened. As you can see in my picture..


    ---------- Post added at 09:27 AM ---------- Previous post was at 08:28 AM ----------

    Update on Gold trade:

    SL hit lost -317.00$$ worst trade ever..
    Code:


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    do you use those ema's often? looks to me like you went long at resistance, nvm the ema's. i do a lot of price action also.. keep it coming!

    The Symbiosis mashed up Trading Journal
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  6. The Following User Says Thank You to Alexander Tatsumaki For This Useful Post:

    Roon (30-06-2014)

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    Quote Originally Posted by Alexander Tatsumaki     
    do you use those ema's often? looks to me like you went long at resistance, nvm the ema's. i do a lot of price action also.. keep it coming!
    Indeed, that's what I was wondering about, I've observed many traders are buying right close the the resistance of gold, say R1, hence it's risky place to busy, (With me at least), because correction or retrace could happen anytime, as the gold or other metals take a halt and they may continue their trend or retrace, but it's very risky to buy, unless you see continuation of trend!
    Left side of a chart is "]-[istory", right, it's "Mystery".


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    2nd Transaction with very carefully and watching 1Hour + 4Hour Chart.. price bounced back up and touched 89EMA.. Opened Short @ 0.9401 ...
    SL@ 0.9431 (Previous High) Even will blow my account..
    TP @ 0.9355..

    http://forex-images.mt5.com/humor/de...a4679d40d1.JPG
    Code:


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    On a serious note, I've got a humble suggestion for you, 0.9355 isn't gonna hit today as you've opened for short - reduce the entry and TP gap, because I'm having this feeling that AUD is gonna retrace back to 0.9400+. You can just give it a thought - and keep playing with your own strategy - You can ignore my words anytime.
    Left side of a chart is "]-[istory", right, it's "Mystery".


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    Quote Originally Posted by Alexander Tatsumaki     
    do you use those ema's often? looks to me like you went long at resistance, nvm the ema's. i do a lot of price action also.. keep it coming!
    yeah i do only use of EMAs, because they do not reliable entry but a very good entry even you are late. i mostly rely on 34 then 89.. but if you are lucky enough and get 4Hour EMAs cross then you will get huge profits.. yeah i mind it that i got enter @ resistance bad entry will be careful again.

    ---------- Post added at 11:58 AM ---------- Previous post was at 11:56 AM ----------

    Quote Originally Posted by majeedbwp01     
    2nd Transaction with very carefully and watching 1Hour + 4Hour Chart.. price bounced back up and touched 89EMA.. Opened Short @ 0.9401 ...
    SL@ 0.9431 (Previous High) Even will blow my account..
    TP @ 0.9355..

    http://forex-images.mt5.com/humor/de...a4679d40d1.JPG
    Update on AU:
    TP changed to 0.9376 pips only SL is gone.. now waiting for AU to hit tp.. this change is because of 0.9373 is touch of EMA 89.. and i think it will bounce again if it touch the EMA89..

    ---------- Post added at 12:08 PM ---------- Previous post was at 11:58 AM ----------

    Quote Originally Posted by Roon     
    On a serious note, I've got a humble suggestion for you, 0.9355 isn't gonna hit today as you've opened for short - reduce the entry and TP gap, because I'm having this feeling that AUD is gonna retrace back to 0.9400+. You can just give it a thought - and keep playing with your own strategy - You can ignore my words anytime.
    thanks for sharing this note.. why i entered this trade? because of Bearish engulfing candle on 4Hour and i love to trade this candle. most of the time i enjoyed this candle. in picture we can see in 15m chart 34 EMAs crosses below the 89EMA 1hour+4hour is also pointing this downfall.. so i m relaxed and waiting for tp or after 4hours i will close it manually.
    Code:


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    i understand why you like them, but here his more of my take on the ema's. i know moving averages look good in hindsight but in reality they give a to delayed signal (at least for me), that is also part of why i moved to ichimoku. though it can be debated which are better, because they are indeed different, i like ichimoku move because it's more dynamic nature syncing better with market conditions.. but i will say that i do not like to use it as the normal method goes, my thoughts are i just use it to gauge not to place trades while in the cloud.

    for resistance levels i like the mantra "here price turned and tops/bottoms where previously here" <-- that is what i use and it has helped me to trade better. i am not saying that it is better but for me.... yea

    keep going!

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    Quote Originally Posted by Alexander Tatsumaki     
    i understand why you like them, but here his more of my take on the ema's. i know moving averages look good in hindsight but in reality they give a to delayed signal (at least for me), that is also part of why i moved to ichimoku. though it can be debated which are better, because they are indeed different, i like ichimoku move because it's more dynamic nature syncing better with market conditions.. but i will say that i do not like to use it as the normal method goes, my thoughts are i just use it to gauge not to place trades while in the cloud.

    for resistance levels i like the mantra "here price turned and tops/bottoms where previously here" <-- that is what i use and it has helped me to trade better. i am not saying that it is better but for me.... yea

    keep going!
    How observant of you mate. Indeed, SMA's or EMA's are not meant for short term signals, I won't be relying on MA's for buying a signal, that too would be short? Not at all!
    However, MA's do help in identifying the trend and I often use em' as "Further Assurance" other than my personal opinion or judgement!
    May be sometimes they do good in providing signals, any indictor can do that, at time!
    Left side of a chart is "]-[istory", right, it's "Mystery".


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