Hey everyone, I decided to start a journal to chronicle my trading adventures, as I've started a new $50K prop firm challenge.
Max trailing drawdown is 5% of the account or $2,500, so risk per trade will be based off that amount. Basically I'm treating it like a $2,500 account. What is the cardinal rule of trading risk? 2% of your account size, so I will be risking $50 per trade or less. The best part for me is there is no time limit to complete the challenge, unlike FTMO, which I don't think I'd be able to pass. Also this is only one-step approval. Max daily drawdown is 4% or $2,000.
Target I'm looking to achieve is 10% or $5,000. After that, I am funded. So far I am up $71 (yay!)
So I'll share my trades here that I've taken, and some setups I'm looking at as well. I'll try to update as much as I can. I'm also going to attach a TE, once I figure out how to do it.
So here we go...
First couple of trades were done Sunday night on EU, (admittedly not the best time to look at this pair), and both were screwups - first one was just a horrible entry, as I was fooled by what looked like strong breakout. The second was a much better precision entry. First was targeting a very shitty not even 1:2 RR, second a much better 1:6. Both were eventually running together and went into some profit, but I was asleep when that happened so I missed out on said profit. I woke up the next morning and saw the trades back in drawdown, but held on hoping for a surprise turnaround, but it didn't happen and both were stopped out for a combined $70 loss. So I guess it was good to get that out of the way first.
A couple of days later I looked at UJ and identified liquidity being created on both sides of the market. I put a sell limit order in the supply zone above believing it would be hit first and then come crashing down to take the bottom liquidity. It did crash alright, during FOMC, but missed my entry by a 2.3 pips and blew through my target, which was the demand zone, in a very short time. Would've been a 1:10 if this hit. Even went as far as the lower demand zone, which would've been close to 1:18. So annoying!
Another missed trade happened last night. I was looking at EU again and saw the large rise which I attributed to a Wyckoffian upthrust (UT) aka liquidity grab, which this pair has been doing over and over again since June/July of 2021. I'm of the mindset that we're in a clear downtrend, so up moves cannot be trusted. I put a sell limit in in the middle of supply zone, and yesterday evening price got close but never triggered it. Literally one pip short. This would've been almost 1:11 RR. But it is what it is.
Then finally a winning trade. Saw a break-and-retest happening, and put in a sell stop and got in. Was targeting 1:6 overall. SL was a bit too wide at 20 pips, could've cut it down by 7 pips or so to give myself a better RR. But oh well. I went to sleep with the trade in motion, and woke up to see myself in good profit. I moved SL to BE and watched it consolidate on the 15m. Not fully sure if this was going to be a legit down move, I closed out the trade at NY open, fearing a reversal. Turned out to be a bad move, as I only got a little less than 1:3 out of it. Price ended up getting within a couple of pips of my target. But it's all good. I admit I do need to let these trades play out, or at least start taking partial profits instead of closing the whole thing. This has always been a weakness of mine.
So that's it so far. I am looking to sell EU again at the same price that I got out this morning. I see price is getting there slowly. Let's see what happens.
Future posts will not be as in-depth as far as explanation goes, probably just a chart pic and small blurb.
We'll see how it goes.
Happy trading.
Max trailing drawdown is 5% of the account or $2,500, so risk per trade will be based off that amount. Basically I'm treating it like a $2,500 account. What is the cardinal rule of trading risk? 2% of your account size, so I will be risking $50 per trade or less. The best part for me is there is no time limit to complete the challenge, unlike FTMO, which I don't think I'd be able to pass. Also this is only one-step approval. Max daily drawdown is 4% or $2,000.
Target I'm looking to achieve is 10% or $5,000. After that, I am funded. So far I am up $71 (yay!)
So I'll share my trades here that I've taken, and some setups I'm looking at as well. I'll try to update as much as I can. I'm also going to attach a TE, once I figure out how to do it.
So here we go...
First couple of trades were done Sunday night on EU, (admittedly not the best time to look at this pair), and both were screwups - first one was just a horrible entry, as I was fooled by what looked like strong breakout. The second was a much better precision entry. First was targeting a very shitty not even 1:2 RR, second a much better 1:6. Both were eventually running together and went into some profit, but I was asleep when that happened so I missed out on said profit. I woke up the next morning and saw the trades back in drawdown, but held on hoping for a surprise turnaround, but it didn't happen and both were stopped out for a combined $70 loss. So I guess it was good to get that out of the way first.
A couple of days later I looked at UJ and identified liquidity being created on both sides of the market. I put a sell limit order in the supply zone above believing it would be hit first and then come crashing down to take the bottom liquidity. It did crash alright, during FOMC, but missed my entry by a 2.3 pips and blew through my target, which was the demand zone, in a very short time. Would've been a 1:10 if this hit. Even went as far as the lower demand zone, which would've been close to 1:18. So annoying!
Another missed trade happened last night. I was looking at EU again and saw the large rise which I attributed to a Wyckoffian upthrust (UT) aka liquidity grab, which this pair has been doing over and over again since June/July of 2021. I'm of the mindset that we're in a clear downtrend, so up moves cannot be trusted. I put a sell limit in in the middle of supply zone, and yesterday evening price got close but never triggered it. Literally one pip short. This would've been almost 1:11 RR. But it is what it is.
Then finally a winning trade. Saw a break-and-retest happening, and put in a sell stop and got in. Was targeting 1:6 overall. SL was a bit too wide at 20 pips, could've cut it down by 7 pips or so to give myself a better RR. But oh well. I went to sleep with the trade in motion, and woke up to see myself in good profit. I moved SL to BE and watched it consolidate on the 15m. Not fully sure if this was going to be a legit down move, I closed out the trade at NY open, fearing a reversal. Turned out to be a bad move, as I only got a little less than 1:3 out of it. Price ended up getting within a couple of pips of my target. But it's all good. I admit I do need to let these trades play out, or at least start taking partial profits instead of closing the whole thing. This has always been a weakness of mine.
So that's it so far. I am looking to sell EU again at the same price that I got out this morning. I see price is getting there slowly. Let's see what happens.
Future posts will not be as in-depth as far as explanation goes, probably just a chart pic and small blurb.
We'll see how it goes.
Happy trading.