Victory in “North? South? Sideways” contest (12.12.2014)

Published 13.12.2014 at 10.29 AM.

Yet another victory in the “North? South? Sideways” competition reminded me of the phrase ‘once is chance, twice is coincidence, third time is a pattern’. This amazing contest is held by ruforum.mt5.com and is sponsored by InstaForex. Traders can compete in the ability to forecast price dynamics of four trading instruments over a week without risking their funds. It’s quite a difficult task at first, but with the help of technical analysis, you can calculate the chances of hitting targeted levels.

This time 15 users notched up victory. And this is a great thing as the contest shows the level of professionalism among traders.

This week, organizers stated the following levels:

 

  • EUR/USD: 1.2222 - 1.2378;
  • GBP/USD: 1.5505 - 1.5633;
  • USD/JPY: 119.77 - 124.00;
  • Gold: 1171.00 - 1221.00.

 

It was relatively easy to forecast movements of these instruments. The outlook was based on a possible correction of the majors against the US dollar. I was guided by dynamic analysis of USD/CHF as of 04.12.2014 (currently running in profits +150 pips).

In the contest, participants have to choose between the following variants:

  • A break or touch of the upper limit;
  • A break or touch of the lower limit;
  • A break or touch of the upper and lower limits;
  • Sideways trading; the price doesn’t hit any limit.

The euro, pound, and gold breached the upper limit; and the yen, the lower limit. My expectations came true, the correction did take place, and the respective limits were broken through.

As you can see, forecasting a correct outcome is as easy as pie.

Give it a try and succeed!{#268}

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