Support and Resistance Trading… Starting a Journal…

I have received significant interest from several people regarding the post I wrote on Oct 17 about a dynamic support and resistance trading system I use to trade the forex market manually. This trading system is based on support and resistance levels. It is completely discretionary and is therefore almost impossible to be made “systematic” or perfect for “anyone” to trade as other much more rigid trading system, as the turtle trading system, which have very specific and inflexible sets of rules.

However, I do recognize that other people, as well as me, may benefit from a deeper description and evaluation of the system as this will bring up the system’s faults and strengths and will most likely improve my performance with it in the future. I have therefore decided to start a “trading journal” in which I will describe trades taken using this system. I will publish a demo account statement using mt4stats in which I will include the updated performance of my manual trading.

In order to avoid saturation of the blog for people who are not interested in manual trading I have decided to keep the journal as a text file on an ftp. This file can be downloaded at ftp://fxreviews.exavault.com (username : journal, password : trading )and it will be updated with notes on the trades I have taken, the reason why I’ve taken them and analysis on the outcomes of trades that went the wrong way. With this, people will be able to see the logic I use when trading and why it may be wrong or right. You will also be able to see the way in which I handle money management and how I carefully select my TP, SL and lot size to adequately manage my risk.

I use this trading system in a long term fashion so you may see that I usually open 1-5 positions every month. I also rarely have more than one position open at a time and sometimes it may take even two weeks for a single position to close depending on the actual targets I may set.

For all of you to know, I trade this system using renko charts which provide much cleaner charts with a strong reduction of market noice (as far as support and resistance goes). I wrote a post a few days ago with a video on how to accurately display renko charts on your metatrader 4 platforms. These charts can also be displayed on trade station or ninja trader for those of you who use these trading platforms.

If you are interested in this system please bookmark this page and check the demo statement/trading journal at least once each week, this way you may be able to follow my analysis and better understand my trading decisions. If you would like to learn more about automated trading systems and how you can profit from them with real profit and risk targets please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !

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One Response to “Support and Resistance Trading… Starting a Journal…”

  1. Gabor says:

    Wow, that's good news, thanks Daniel. I'll follow your journal.

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