Before reading the article, let’s take a look at the profit of last week (the 1st week of Jun) from traders on Olymp Trade Club
This is Olymp Trade’s email noticing that it approved withdrawal request successfully. It is the first time since we switch to the new account that the money was withdrawn such quickly.
Bank account statement. The money came in the afternoon.
How to trade in the morning at Olymp Trade?
If you only have 1 EUR/USD pair, you should focus on Support/Resistance in the morning time frame. You need to use Support/Resistance flexibly, and especially Practice bidding with the market. The following part will be examples.
Don’t be too concerned about reverse candlestick sets like Pin Bar or Doji. Because when these candlesticks appear at the Support/Resistance zone, the price simply has a temporary stop then continues the trend. It doesn’t reverse or bounce for sure.
Examples of candlesticks when they are at a resting position. If you open orders after these candlesticks and bet that the price will bounce back, the probability you will lose is high.
All transactions on Monday at Olymp Trade (June 10)
Use Support/Resistance to trade at Olymp Trade: 8 orders (7 win – 1 lose)
Orders before 10:00 am
Reason why opening
1st: win. Open a short trade in a candlestick. The price overcame the dynamic level (SMA30) + static levels (Support/Resistance). Opened an Up to end the candlestick.
2nd: lose – bet the candlestick color. The price was back to the previous Support zone. Bet the next candlestick is green.
3rd: win – bet the candlestick color. The price tested the previous level zone (Support => Resistance). Bet the next candlestick is red.
4th: win. Open a short trade in a candlestick. The price overcame the dynamic level (SMA30) + static levels (Support/Resistance). Opened a Down to end the candlestick.
Experience: Most of the morning time, EUR/USD goes sideways. If you want to make sure, try to bid with the market. It means you need to wait for the best price to open orders. If the expiration time is equal to the closing time of the candlestick, open. If the market doesn’t have the best price, skip.
Orders after 10:00 am
Reason why opening
5th : win. The price touched the Support zone. Waited for the best price and opened an Up.
6th: win- Use a long trade. Before this order, a set of candlesticks went sideways and accumulated at the Support zone. When the price created a candlestick falling down decisively, opened a long order.
7th: win- Open a short trade in a candlestick. The price tested two dynamic and static levels. Opened a Down that ended in 1 candlestick.
8th: win – Bet the candlestick color. Techniques of trade using Support and Resistance. When the price broke the support level and went down then created a test candlestick, you can bet the next candle in red (this is a new learn).
Experience: Focus on test points. When the price has broken the previous levels then bounce to the test, these are the highest quality and safest entry points. Your job is to inhale deeply, wait patiently and bid with the market.
At points that accumulate at the support or resistance levels (rectangular zone, it is the best that you should limit opening orders. This zone is the zone that Olymp Trade bookmaker usually manipulated the price. If the movements are too small to be sure, skip.
This week, with small accounts and transactions in the morning, Olymp Trade Club website will record all entry points. It’s mainly using Support and Resistance. To see what the final result will look like.