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All right, last post in September’s Journal Challenge. Let’s look at how I am performing after the whole month.
No change since last week.
Wow, looking at trading results on fridays: -$1020. What is wrong on fridays with me?
So how I did against the TST Trading Combine rules?
Trading a minimum of 10 days: Ok (Had 19 trading days)
Do not hit or exceed the daily loss limit $500: Ok (Largest daily loss was -$370.62)
Maximum drawdown $1500: Ok (Drawdown was $884)
Profit target $1500: Failed (Which means keep training, you are not ready for the Trading Combine)
Ok, thats it. If you liked it, leave a thanks. See you next time.
Greetings to the trading community. I am happy to take part in this video journal challenge.
Rules: I am going to follow the current Topstep Trader Trading Combine plan for 50k. That means:
Initial account balance: $50 000 (however I forgot to reset my account)
Max size: 5 lots
Max daily loss: $1000
Max drawdown: $2000
Profit target: $3000
Strategy: Trading breakouts or fake breakouts after local consolidations. After entry, stop is set behind a local volume area. First target is set to risk reward ratios 2:1. If the trade goes my way the stop follows the value area edge and then the swing VWAP.
Three trades today, all with 6J. One small winner and two losses.
6J trade
After a little consolidation the market seemed to break down which was followed by immediate rotation. Long off the local value area VWAP and in front of local VPOC. Stop was 8 ticks so first target set to 16 ticks. Got the 2:1 target. The 3rd contract was stopped at swing VWAP. Right at where the market turned. Would you believe that!
After the fact screen:
6J trade
Short after a previous small consolidation. Wanted to take the ride to the previous transition point. Stopped out.
6J trade
Long after a previous small consolidation. Stopped out.
6J trade
Short after a small consolidation within a range. The price shot up at the previous transition point. Took the short after a rotation driven by sellers. Stopped out.
After the fact screen:
6J trade
After the market finally broke up I went long on pullback. Stopped out.
After the fact screen:
6E trade
Short after a small consolidation (which does not seem as a consolidation looking at it again) that was followed by a price going up. Took the short after rotation. Stopped again.
After the fact screen:
6B trade
This trade represents how it should work. After a small consolidation the price dipped to the previous transition VPOC. Took long after the rotation up. Got both targets.
After the fact screen:
6E trade
Another example of a bad decision how a consolidation should look like. Took short after a rotation and got immediately stopped.
Four trades. One full winner, one small winner and two full losses.
6E trade
After a small consolidation the market broke down. I tried to play the short on the retracement. Got stopped.
6E trade
My guess was that the market will continue its journey south. After a small consolidation it popped up a little and rotated. Took the short which was short lived.
After the fact screen (for both trades):
6J trade
The market was consolidating for a while. Then it popped up to the swing VWAP. After a rotation the sellers seemed to drive the price down. Took a short and got almost stopped by a single tick. The local value area protected me from the loss and the market provided me with both targets.
After the fact screen:
6B trade
The pound has been consolidating for a long time after the morning report. My guess was that it will break up significantly or do a fake breakup and turn down. I bet on the second scenario and took a short. Got the first target. The second one was stopped at swing VWAP.
6J trade
Long after a small consolidation which was followed by a breakdown into the previous swing volume transition. Buyers seemed to take control but sellers managed to drive the market even lower.
Rules: I am going to follow the current Topstep Trader Trading Combine plan for 50k. That means:
Initial account balance: $50k (however my starting balance is 49 355)
Max size: 5 lots
Max daily loss: $1000
Max drawdown: $2000
Profit target: $3000