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Actually, that's a great sugggestion. I didn't think about the possibility of legendary status! Maybe equally important would be to have all the nuggets and lessons that develop in one place. I will abort the new thread and transfer here.
@JMP3 Ah shoot...I didn't realize the avatar thing was only possible with the Elite membership. Maybe we need to rethink the prize...or maybe just the folks with the membership will do the avatar thing.
"It does not matter how slowly you go, as long as you do not stop." Confucius
As per the suggestion of @Grantx, the competition will remain in this thread to maximize the benefit from accruing trading insights. Each new month (for as long as there is interest in the competition) will be linked in the summary post.
Welcome, one and all, to the January 2018 competition!
"It does not matter how slowly you go, as long as you do not stop." Confucius
Interesting thread guys , will keep an eye on it . Unfortunately i trade CFD spot eurusd so makes it difficult to play i suppose . I might write an algo & see how it competes . Correct me if im wrong max 2 mini size and $2.06 commish , being CFD my costs are in the spread so i am at a disadvantage adding commish but im open to it ...
I will also be super busy, which is why im changing my strategy a bit for this competition. I have to find a way to step back and use a reactionary form of trading. With that being said Ill have to be a bit more patient. I wont be trading everyday.
I'll be looking for pullbacks into large range bar areas and or roll overs in those levels. I will keep an eye on pivot points to look to scale out or possibly add risk.
Im trying to keep it very simple as I just want to be able to glance at a chart and look for locations to put a pending order. Im trying to keep my stops under the 30 pip range. or that would be 300 ticks if its 5 decimals? "still learning futures side"
My commissions are 45cents per contract. So I will have to adjust the commission rate to the competitions standard.
Look forward to the month. Happy New Year everyone
If you have a spread more than 2 pips, you don't need to add a commission. If your spread is more than 3 pips, you might be at a disadvantage....but as you can see, even coming out even at the end of the month is a win!
"It does not matter how slowly you go, as long as you do not stop." Confucius
Chart structure is based on the 1440 minute chart (Daily). I entered short at 1.2098 at a location where Price converged with the blue pitchfork, blue parallel line, black parallel lines, 78.6% fib retracement, 161.8 % fib extension, and the Supply area (rectangle). This is how I stack the odds in my favor.
Once I entered the trade price hovered in my zone for a few hours. It was late and knowing that FOMC was around the corner I decided to bail this trade for a small loss on 2 contracts. Price did end up moving approx 35 ticks in my favor.
Disregard the color changes on the charts, I was bored while watching my trade
Thanks Rassi, if it wasn't for FOMC today I would have still been short this trade. Heading out to run errands then lunch with some friends. Depending how the charts look after FOMC I might take a stab at another trade. JP.
same thing here but based on h4 and fx spot.