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$409k Challenge Part 2

  • #41
  • Jan 22, 2021 11:12am Jan 22, 2021 11:12am
Quoting Degolep
{quote} I guess you would get less PM of such requests if you would explain in detail how you trade. Even though I guess you cant explain it all

hahaa good advise, maybe all of us can share how we trade this challengue, of course if mrdfx as op is happy with that...
  • #42
  • Jan 22, 2021 11:19am Jan 22, 2021 11:19am
Quoting ellokko007
I´m in... First of all, i follow you since previews post, but only as stalker hahaha, this time i want to participate.
Hi ellokko007, Welcome and good luck!
Truth is like poetry. And most people f*cking hate poetry.
  • #43
  • Jan 22, 2021 11:22am Jan 22, 2021 11:22am
Quoting ellokko007
mrdfx, are you still using tma, y(h,l) and adr approach? i started follow you because i use similar strategy, but instead of tma i recently start using donchian channel. by the way I'm almost on february... but still one position open (with loss). I hope achieve it at end of session. Regards,
Yes I still use TMA as part of my analysis along with ADR, pivots, DH/DL, and plain old price action.
Truth is like poetry. And most people f*cking hate poetry.
  • #44
  • Jan 22, 2021 11:27am Jan 22, 2021 11:27am
Quoting Degolep
{quote} I guess you would get less PM of such requests if you would explain in detail how you trade. Even though I guess you cant explain it all
Hi Degolep, I'm guessing you haven't read the previous $409k thread right? In the previous thread I explained a few times how I trade. Some things have changed a bit, but the general approach is still the same as before.

I use the indicators as a visual guide to see what price is doing and going and then using plain old human intuition looking for the right price to enter.
Truth is like poetry. And most people f*cking hate poetry.
  • #45
  • Jan 22, 2021 12:28pm Jan 22, 2021 12:28pm
I just close last open position this week.

I'm on february, as you can see most of time I look for 10 pips target with last swing or 10 pips sl on 30m chart. (first big step was initial deposit to start with 100)

what do you think guys? any suggestion?

Have a nice weekend.
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  • #46
  • Jan 22, 2021 12:56pm Jan 22, 2021 12:56pm
Hello everyone

I'm in and I would like to thank you for your ideas it's encourage me to do the same

I'm trading on mt4 mobile only at work

Good luck to all
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  • #47
  • Jan 23, 2021 2:58pm Jan 23, 2021 2:58pm
Quoting mrdfx
Hello everyone, so its a new year and time for a new challenge! For those of just joining in you can read the first thread HERE. Just a quick recap, I attempted this challenge last year and grew a $100 account to over $5k before doing some stupid shit and blowing the account. I think I've learned a lot over the last year with managing risk and emotion, and I've also made some changes to the strategy I will use. Basically the approach is to start with $100 and target...
Rags to Riches! Fantastic challenge. All the best!
If you don't mind me asking! How long have you been trading Forex or any markets?
All the best!
  • #48
  • Jan 23, 2021 5:08pm Jan 23, 2021 5:08pm
Quoting ellokko007
I just close last open position this week. I'm on february, as you can see most of time I look for 10 pips target with last swing or 10 pips sl on 30m chart. (first big step was initial deposit to start with 100) what do you think guys? any suggestion? Have a nice weekend. {image}
That's a very great result. I think you should not do anything and keep it like that, being consistent.
The best thing you could do is using more capital, perhaps a bigger deposit. If you could double $1,000
instead of $100, that would give you your $1,000 back and allow you to continue risk free.
  • #49
  • Jan 25, 2021 6:16am Jan 25, 2021 6:16am
Quoting ellokko007
I just close last open position this week. I'm on february, as you can see most of time I look for 10 pips target with last swing or 10 pips sl on 30m chart. (first big step was initial deposit to start with 100) what do you think guys? any suggestion? Have a nice weekend. {image}
Quoting Fx2
Hello everyone I'm in and I would like to thank you for your ideas it's encourage me to do the same I'm trading on mt4 mobile only at work Good luck to all {image}
Can you guys show your TE as well?

You can do the same as I do, when there is active orders I hide the TE so people can't copy trade and when there is no active orders I make it public so then people can check the TE and follow. Thanks.
Truth is like poetry. And most people f*cking hate poetry.
  • #50
  • Edited 6:35am Jan 25, 2021 6:19am | Edited 6:35am
Quoting vijidas
{quote} Rags to Riches! Fantastic challenge. All the best! If you don't mind me asking! How long have you been trading Forex or any markets? All the best!
Hmm no one has ever asked me that lol. I have been trading professionally for nearly 5 years now, before that I was still messing around on demo for a while before taking things more seriously.

I actually started with binary options back in 2014 before moving over to forex, so you could say I'm a relative new comer to forex trading compared to some others on this forum who have been here for many years.
Truth is like poetry. And most people f*cking hate poetry.
  • #51
  • Jan 25, 2021 8:54am Jan 25, 2021 8:54am
A good start to the week. Shorted EU this morning adding nearly +10% to the balance.

This also brings the account to over $200 completing the first stage in 16 days of trading.
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Truth is like poetry. And most people f*cking hate poetry.
  • #52
  • Jan 25, 2021 11:02am Jan 25, 2021 11:02am
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That’s great!!! I’m moving slower than I’d expect. On the other hand, I feel no pressure. I’m just practicing market structure and price action. To contribute to the thread, here is one of my last trades. I wait for the break of structure and enter on retest.
  • #53
  • Edited 1:44pm Jan 25, 2021 1:31pm | Edited 1:44pm
Quoting mrdfx
{quote} {quote} Can you guys show your TE as well? You can do the same as I do, when there is active orders I hide the TE so people can't copy trade and when there is no active orders I make it public so then people can check the TE and follow. Thanks.
I am on MT5 and this site doesn't allow for MT5 to be loaded. Can I journal here as well? I find this intriguing and actually set aside another account to go on this challenge...let me know if I have to have a TE.

I started this challenge with a SGD 3,000 account (roughly USD 2,200). I'm on GMT+8 so my dates could be a little different from you guys.

Day 1, 25 January 2021: 1 trade, shorted XAU/USD at 1862.99, closed at 1849.99. Profit for the day SGD 1,727.60. 57% gain, done for the day. Of course I'm not expecting such great results everyday. Hopefully tomorrow will be good too.
  • #54
  • Jan 25, 2021 9:49pm Jan 25, 2021 9:49pm
Quoting mrdfx
{quote} Yes I still use TMA as part of my analysis along with ADR, pivots, DH/DL, and plain old price action.
old price action... the skill that i need to improve

Would you mind telling us which version of tma do you use? also what period?

I'm looking for a visual indicator to help me...
  • #55
  • Edited 2:32am Jan 26, 2021 1:44am | Edited 2:32am
Day 2, 26 January 2021.

Wanted to do a sell on Gold at 1862 (basically I see a rinse and repeat of yesterday's range first), but missed by 40 cents. Hit my target $10 drop, so this is a real pity for me. Could had be done for the day. Really grind my gears. Truly upset. But I have to move on. USD/DXY could be rallying further, but at this current price, I am not going to enter.

Gold's support of 1849/50 held yesterday, I'm watching closely right now. A breach can open a floor down to 1833, which I feel isn't strong support, so it might lead to 1818.

Another bounce here can fuel a northwards move, especially if a higher low is made and sustained. Let's see. Currently, a lower high has been made (at least for today's range thus far). On the daily, we also have a doji and an evening star. Could plummet and make a new low.
  • #56
  • Jan 26, 2021 2:42am Jan 26, 2021 2:42am
Quoting kCBHk
Day 2, 26 January 2021. Wanted to do a sell on Gold at 1862 (basically I see a rinse and repeat of yesterday's range first), but missed by 40 cents. Hit my target $10 drop, so this is a real pity for me. Could had be done for the day. Really grind my gears. Truly upset. But I have to move on. USD/DXY could be rallying further, but at this current price, I am not going to enter. Gold's support of 1849/50 held yesterday, I'm watching closely right now. A breach can open a floor down to 1833, which I feel isn't strong support, so it might lead to 1818....
Nice summation. I'm also kicking myself for oversleeping this morning and missing that drop down to 1850 again! Yes the daily chart has a bearish look and I can't see 1850 holding much longer. If the level is broken I think we'll see a very fast move down to 1830 area
  • #57
  • Edited 4:00am Jan 26, 2021 3:29am | Edited 4:00am
Day 2, 26 January 2021, continued.

Took sells on XAU/USD based on PA, 2 positions, 1856.50 to 1855.00 and 1854.12 to 1852.98 (1853). Quick scalps, netted $350.69. That's 7.4% gain for the day, I'm done for the day until I see a good opportunity. I am still bearish gold, but I am on the sidelines. In addition to the doji and evening star on the daily, there is also a gravestone formed yesterday. Unfortunately, as long as 1850-3 holds up, bulls still have grounds to work on, so bears still need to be cautious. There is also FOMC 2 days later which can cause a flight to safety first, regardless of the FOMC's outlook. Big boys could position themselves early so I don't want to be caught at the wrong levels.

Today's plan for gold could be be buying on an extended sell-off/dip and selling on an extended spike. Purely for scalps, not targeting a big move like I managed for yesterday. I might have missed the big move for today. Of course NY session can easily change that, and I hope it does, so I have a new range to trade and capture.

Current balance is $5078.29, no floating positions.
  • #58
  • Jan 26, 2021 4:48am Jan 26, 2021 4:48am
Quoting kCBHk
Day 2, 26 January 2021, continued. Took sells on XAU/USD based on PA, 2 positions, 1856.50 to 1855.00 and 1854.12 to 1852.98 (1853). Quick scalps, netted $350.69. That's 7.4% gain for the day, I'm done for the day until I see a good opportunity. I am still bearish gold, but I am on the sidelines. In addition to the doji and evening star on the daily, there is also a gravestone formed yesterday. Unfortunately, as long as 1850-3 holds up, bulls still have grounds to work on, so bears still need to be cautious. There is also FOMC 2 days later which...
1850 defended again...really confused about what is going to happen next...when that happens, sit on the sidelines.
  • #59
  • Jan 26, 2021 5:44am Jan 26, 2021 5:44am
Quoting kCBHk
{quote} 1850 defended again...really confused about what is going to happen next...when that happens, sit on the sidelines.
Yep - aggravating to say the very least!! I'm looking for a nice sharp move to complete my FTMO challenge.

But they're like needle in a haystack at the moment!

Bounced up again. The big boys are still trying to find enough sellers to push it through.
  • #60
  • Jan 26, 2021 5:44am Jan 26, 2021 5:44am
Hit the daily target, out of my gold shorts. On the sidelines too, but may scalp a little though the charts are still bent towards a drop.

Quoting kCBHk
{quote} 1850 defended again...really confused about what is going to happen next...when that happens, sit on the sidelines.
Stop fighting, let it go......you will be surprised..
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