Here I go again.
Lately the workload at my day job was very heavy and I had no time for trading. I kept away from the markets for personal reasons and because I was getting to the screen already tired. That influenced my performance and thus I stopped.
I also came to the realization how undercapitalized I was on my live account and even though trading less leveraged instrument (M6E) the performance was not good (relatively high commissions) and I had psychological issues (even though the money was not kind of a rent money and I did not need it, I was afraid to lose it).
With the hope there will be more time now I have signed up in the combine. The goal is of course to perform well and to get funded. I am starting a brand new journal here, because it helped others who participated in combine before.
I won't have chance to trade every day and therefore I went for longer combine.
Method:
My trading screen has not changed much in the previous year. I am still using bar charts with Ichimoku indicator, but I try to concentrate more on the price action and use the indicator only to determine possible support and resistance levels. I kind of got used to having it on the chart.
I am mainly trying to trade pullbacks in the trend. My timeframe is 5 minutes.
Instrument: 6E
Duration: I try to keep the trade for several minutes, hours. I will be flat before close.
The combine settings:
$50k account
Daily loss limit $1000
Duration: 20 days
Platform: NT
Risk management
I will keep my initial SL around 10 ticks (or a bit less depending on the structure).
The size I want to trade is 3 contracts each with different target.
The plan is to control risk and scale out of position (at 1R, 2R or at a important level and ten let 1 runner with the SL moved at least to BE if target 2 is hit).
If there is a good setup but the risk is bigger than initial SL of 10 ticks I will enter with less contracts if I feel that the trade could be worthwhile.
If I catch a good trend, I will try to add on pullbacks if one contract has been taken out on target.
I will stop trading after 3 failed entries.
Exit
I will exit at least some contracts at the double top/bottom, any sign of reversal (final flag, TL breach, LH in uptrend, HL in downtrend)
Journal
I keep the journal in excel where I am marking the entries, exits plus my thoughts to the trade. I will post those also here.
Screen:
Attached is my trading screen. I will not change it during the combine run.