PA: The Prop Trader Challenge

[jungles]

SL to 88.05 (1.5%)

USDJPY

 

[jungles]

This PA strategy is very much in its infancy, I am learning as I go. I can see I made some mistakes this week, removing these and I would be in the black. Easy to say I know!

Nevertheless, I am enthusiastic about live trading this strategy because prior forward testing has shown it is worthy of further investigation. Plus, the part I really like, this strategy is so mindlessly simple.

.

 

[jungles]

AUDJPY
buy limit 93.40
SL 92.90
TP 93.90
RR 2%

.

 

[jungles]

that was quick, TP reached 30mins after placing order, no pull-back, order cancelled

AUDJPY

 

[jungles]

GBPCHF
sell 4774
SL 4833
TP 4715
RR 2%

.

 

[jungles]

took another trade, table updated

This PA strategy is very much in its infancy, I am learning as I go. I can see I made some mistakes this week, removing these and I would be in the black. Easy to say I know!..........

 

[jungles]

NZDCAD
buy 8264
SL 8222
TP 8306
RR 2%

edit: TP 8292
.

 

[jungles]

AUDUSD
buy 0555
SL 0517
TP 0593
RR 2%

edit: TP 0588, SL 0536
edit: exit -0.2%
.

 

[jungles]

AUDUSD
buy limit 0555
SL 0520
TP 0590
RR 2%

edit: SL to -1% @ red news
.

 

[jungles]

NZDJPY
sell limit 74.23
SL 74.81
TP 73.65
RR 2%

*order placed only if price gets to 73.95 first

edit: cancel order

.

 

[jungles]

It’s an ambition of mine to obtain a Prop Trader position by 2013 end. I’ve spoken to some firms and have been informed that as a Prop Trader I would need to double my account every year. Allowing for holidays, slow periods etc, the standard I am targeting in order to obtain and hold a Prop Trader account is: 100% in 12mths; @46 trading weeks = 2.2% week.

This blog will detail the trials, tribulations and hopefully triumphs, of my Prop Trader endeavour.

I’ll be trading only Forex, using a price action strategy: S/R and PA on mostly the 240M TF, on 30 or so different pairs.

The PA strategy is in development. Plus I’m learning as I go, so there will be errors. But hopefully at the end I’ll have developed a strategy with an edge, and just as importantly, an edge that I am capable of wielding.

I’ll post trades I’m in as close to real time as humanely possible. And tally results each week or perhaps month.

So this is The Prop Trader Challenge, wish me luck.

.

 

[jungles]

AUDUSD
buy 0537
SL 0520
TP 0589
RR 1:3%

*i've decided not to trail stops for the time being (accept at NFP); hence i've reopened the original position

AUDUSD

 

[jungles]

USDJPY
buy limit 88.73
SL 87.90
TP 89.57
RR 2%

edit: not filled, order cancelled
.

 

[jungles]

EURAUD
buy limit 1.2725
SL 1.2660
TP 1.2790
RR 2%

*order placed only if price gets to 1.2740 first


edit: buy 1.2719, SL 1.2660, TP 1.2780, RR 2%
.

 

[jungles]

we have no momentum and the week is drawing to a close.......will exit Friday end if lingering

SL set to 10 behind current price, at red news, 1454 GMT

EURAUD

 

[jungles]

I’m happy with the 4 set-ups I chose this week.

But this week it became apparent that I need to tweak my rules re: entry, SL and TP position.

A few simple changes makes all the difference.

SL below/above trigger bar. Reduce SL at pending red news (10 pips from current price).
TP below resistance/ above support.
Entry at centre of SL and TP (RR 1:1); limit or stop order accordingly.

--------------------------------------------------------------------

NZDCAD
TP below resistance = LO = +2% (Vs. +1.3%)

AUDUSD
TP below resistance = NF = cancel order due to ABT rule (Vs. -2.2%)

USDJPY
SL below TB = filled = +2% (Vs. NF)

EURAUD
all good

.

 

[jungles]

you just start, all on your own

Interesting Topic you have started "The Prop Trader Challenge" here. How to play in share market India?

 

[jungles]

GBPCAD

......one to watch when the new week opens

.

 

[jungles]

market opened at TP.......Friday night open required, but i prefer not to take the risk

GBPCAD

 

[jungles]

EURNZD
buy 5835
SL 5775
TP 5895
RR 2%

edit: better order management is buy limit: buy 5825, SL 5762, TP 5890
gives more room below support (SL) and resistance (TP) [right chart]

.