Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I set this journal for the FIO Journal Challenge - April 2016.
Game rules: Since the first prize is a 150k Trading Combine, I will try to follow that plan. That means:
Initial account balance: $150 000
Max size: 15 lots
Max daily loss: $3000
Max drawdown: $4500
Profit target: $9000
Strategy: Trading reversals from previous decision points. After entry, stop is set behind the local value area. Targets are set to risk reward ratios 2:1, 3:1, 4:1 and 8:1. If the trade goes my way the stop follows the value area edge and then VWAP.
Trade 01 6E
Short off a volume transition from morning high. Entry confirmed by volume and print exhaustion followed by a selling momentum. First target at 2:1 filled. The rest was stopped out.
P/L: $138,55
Trade 02 6B
Short off a volume transition from previous session local high. Entry confirmed by volume and print exhaustion followed by a selling momentum. Targets filled at 2:1, 3:1 and 4:1 levels. Rest of the position stopped out at swing VWAP.
P/L: $1044,08
Trade 03 6A
Short off a volume transition from yesterdays high. I was not sure, because the level was already tested. Volume was there so I took a shot and sold in to a selling momentum. Turned into a full 5tick stop. Unfortunately, I was oversized. Did not realize that 6A tick value is almost double compared to 6E or 6B. Size for 6A will be adjusted from now on. Costly mistake.
P/L: -$805,20
Trade 02 6E
Short off a volume transition from premarket high. Entry confirmed by volume followed by a selling momentum. First target missed by two ticks. The whip back took me out and then headed finally south. Painful.
P/L: -$430,20
Trade 02 6B
Long off a daily low three sessions ago. The low was broken but I there was volume followed by a buying momentum. Stopped out. Probably a wrong decision to take this trade.
P/L: -$523,95
Trade 03 6E
Long off a local volume transition from yesterday. Entry confirmed by volume, and print exhaustion followed by buying momentum. Looking at it back, that level had no sense altogether. Seems like pure revenge trade and ended like that.
P/L: -$336,45
After two days I am down a little over $900. What scares me is that I am currently on a $2100 drawdown. Two more days like that and trading combine rules are broken. Lets see what comes next week.
Lazy Monday with one missed trade allowed me into one action only.
Trade 01 6B
Short off a volume transition from the premarket high. Entry confirmed by volume followed by a selling momentum. Targets filled at 2:1, 3:1 and 4:1 levels. The rest stopped out at VWAP.
P/L: $1038,55
Trade 01 6E
Long off a previous session local low volume transition. Entry confirmed by volume with a selling exhaustion followed by a buying momentum. This was right after the London open. Stopped out fast. Did not manage to run the recorder so screen only.
P/L: -$430,20
Trade 02 6J
Short off a previous local high volume transition. A little balance was established and market started to dip down with selling momentum. Took a shot at the retrace. Stopped out with a beautiful 3tick slippage. The market then of course turned back south.
P/L: -$617,7
Trade 03 6J
Short off a triple top. Entry confirmed by volume followed by a selling momentum. Another full stop out. Horrible.
P/L: -$523,92
Trade 01 6B
Risky long after a possible stop run that took out the low from previous session. Volume was there and a selling exhaustion followed by a buying momentum. Targets quickly filled at 2:1, 3:1, 4:1 but the move did not continue so stopped out at VWAP.
P/L: $1063,55
Trade 02 6A
Long off a premarket low volume transition. Almost stopped out but the value area held. After the first target the market made a complete turnaround. Almost got me out but volume clusters held it. With this luck I got the 3:1, 4:1 and 8:1 before the stop out at CWAP.
P/L: $1436,88
Total daily P/L: $2500,43
Daily resumé: A (Finally after 5 trading days.)
Trade 01 6A
Long off a possible double bottom which was also the low of the current session. Entry confirmed by volume. Quick stop out.
P/L: -$393,12
Trade 02 6B
Short off a triple top that was matching with the current swing VWAP. This convinced me take a shot. Entry was confirmed by volume only. Quick 2:1 profit target but the rest was stopped out.
P/L: $138,55
Trade 03 6E
Long off a local low from yesterday session. There was volume but none of the volume clusters was a responsive one. Two selling exhaustions convinced me to take a shot. Probably a bad decision.
P/L: -$523,95
