RunnerRunner signals trading

Hello!

Here I will share with you my trading activity and keep my trading journal online (starting Monday 9.2.2015). I will include prtscreens of trades taken and reasons behind every trade.

On links below, you can follow my signals for free and keep track with progress (statistical data, so I don`t have to post it here)
- https://www.mql5.com/en/signals/84338
- https://www.myfxbook.com/portfolio/runnerrunner/1152052


Strategy;
-technical trading
-manual trading
-using SL
-RR at least 2:1
-max exposure at any time 5%
-max exposure per position 1%

Trading plan


Money management
{C}- Never risk more than 1% of equity per trade (monthly recalculated)
{C}- Never risk more than 5% at any time
{C}- When having more positions opened, do NOT include the same currency twice in two separate trades (do not double your 1% position through different pairs with same currency in it) à if you see more possibilities, check which of them has the biggest potential or trade both with 0.5%
{C}- Do not overtrade

Trading psychology
{C}- Do not trade on a bad day
{C}- Do not trade when in hurry or without proper mindset
{C}- Stay out of revenge trading
{C}- Do not let greed or fear interfere with objectives you set in pre trading phase
{C}- Accept losses as part of bussiness

Strategy (technical side)
- Multiple time frame strategy
o Higher TF 4h
§ This tf defines trend direction and makes S/R that connect trend highs and lows. It also serves as horizontal S/R idenfication tf
o Trading TF 1h
§ There we look for trading opportunity in form of candlestick patterns, typical reversal and continuation patterns, S/R + pivots
o Lower TF 15 min
§ After identifying trading opportunity which is in alignment with higher tf trend we look for entry signals after pullback or after breakout retest of S/R

Indicators
o Stochastics (as leading indicator)
{C}§ Identification of pullback completion and trading signals in range situations of higher tfs
o SMA (as lagging indicator)
{C}§ Serves as dynnamic S/R and crossover of 50/100 SMA on higher TFs can trigger potential swing trades
{C}§ Shows overall direction of trend
o Fibonacci
{C}§ Does not act as single indicator but rather as confirmation of some kind of retracement/extension % in areas of support/resistance
o Trendlines and daily pivots
{C}§ S/R
o PA + candlesticks

Entered short USD/JPY

Entry: 118.651

SL: 118.871
TP1: 118.423
TP2: 118.077

Market opened with bearish outlook, finding resistance at H4 tf downslopping trendline. Stochastics showed turning down in oversold area. Also USD/CAD is showing weakness for any up movements. Additional bearishness for USD with EUR/USD seeking retracement to around 1.14 area.
No fundamentals expected today, so price should move in technically predicted manner. Since last weeks sideways trend showed some specific areas of interest, I decided to break my position in half (taking half Profits on 1:1 RR and other on 2:1 RR). Second position will be adjusted (SL moved to break even point, when 1:1 RR is reached).

If position shows any kind of weakness of bearishness manual closing will be done.


TP1 was succesfully hit, but Pivot showed some strength with decelarating price action. Also EUR/USD showed some great bearishness which in final conclusion led me to closing position manually. At the same time I traded USD/CAD short which breached the longer lasting support but now lingers at next support area and 127 fibo extension.

Total: +1% gain

Entered in USD/JPY again - trading previously support, converting to new resistance at 38%Fibo. 5 consecutive bearish candles,. indicating weakness on the bull side. RR is around 1.2 : 1, but probability of such system exceeds 50% which makes long term positivie expectancy.

There is also Stochastics making crossover - indicating change in momentum. Previous highs closing were mathed by last highg wicks - opening a possibility of double top in making (at previously established resistance area).

Another point of decision making. Potential breakout would have clear path to 161% fibo extension which aligns with previous support. However, valid breakout is needed for that kind of move. Until then seutp looks more bearish with expectation of resistance to hold.

Beside trading, I figured out that with lower stakes and starting bank equity(up to 20k$) you can find very high yielding betting services (easily overcoming average trading yields). Combining knowledge of money management and controling risk from trading, I managed to accomplish great result with my betting partners.

If you consider this as an option I encourage you to check our website www.valuesportsinvesting.com and decide for yourself. You will find our moneymanagement strategy in instructions file with daily selections with detailed explanation of it. For more information write here or send an email od [email protected]

ValueSportsInvesting overall statistics so far (statistics being verified by independant party). For more information go to www.valuesportsinvesting.com or check previous performance at www.verifiedtipsters.com, searching for valuesportsinvesting.

Beside that, starting this week I will continue with my trading, posting setups and analysis of different pairs. You can follow my trading account here or via myfxbook or MQL5 community.

I wish you good luck and much success.

First of all I would like to direct novice traders to do some homework before getting into trading;

1.) Read some books:
-Technical analysis book that I recommend is (Technical analysis of financial markets by John J Murhpy)
-Psychology of a trader (Trading in the zone by Mark Douglas)
-Getting into the mind of succesful traders (New market wizards by Jack D. Schwager)

2.) Get to know yourself and your personality. It is absolutely necessary to know how much risk you can handle and still remain calm with your trading plan in mind. For that purpose I would suggest doing the following test http://tests.marketpsych.com/test_question.php?id=15 or another one by Mr. van Tharp (http://www.tharptradertest.com/default.aspx?question=1)

3.) I would also encourage you to go throug baby pips school of trading, since it covers more or less every aspect crucial for trading. Beside it offers enough information for you to determine on which are you should work to make progress.

4.) After that it is time to find your broker, install trading platform (I personally use MT4 which I find most useful) and make your trading template. Than it is time to set forex pairs that you would like to trade and use the temlates you made earlier.

5.) I suggest using DEMO account first. I believe that it is absolutely necessary for one to become great at trading, to have experience with real funds. Only that will teach you how you feel in different situations and how you react to them. But, before that it is necessary that you are well trained in process of making orders, getting around on your tradin platform etc. You simply need to become familiar with program, like you needed to learn how to make PPT presentations for example.

6.) Now it is time to start trading. The only advice I would give you and you most probably read it in books recommended above is; trust in your edge and trading plan and then follow it without hesitation. Do not let your emotions get you distracted or lead you away from plan you made. Also keep your trading journal and write down everything worthwhile and work on your mistakes.

Daytraders do not forget to check upcoming events at http://www.forexfactory.com/calendar.php. It is absolutely necessary to work with stop losses and having in mind, that unpredictable moves can occur. Trading with leverage therefore can result in losses bigger than anticipated. It is not advisable to trade technical setups, just before high impact news being released because of possible changes in market fundamentals. You can trade news itself, but for that you need trading plan made only fot this type of trading and big experience/knowledge base of trading --> not recommended for everyone!!!

Expect my analysis daily with my market expectations relying on technical analysis, primarily through PA.

Have a nice sunday!