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