₦airaland Forum

Theyoungmaster:
Gold set up.

Bias: sell
Duration; Next week.
Reasons;
Rising wedge.
Lower highs on 1hr, 4hr and Monthly Tf.
Price is under 23.6 fib level drawn from the Jan 5th to March 8th drop on daily timeframe.
Entry; A sell limit around 1753 and a sell stop around 1720.
Exit; 1679.

Manage your risk
appropriately.

Gold going as envisaged.
1670 is clearly in view

Donvic4u:
Try updating it...
Or uninstall and reinstall

I have cleared cache and data...same thing as installing and re-installing. Not working.

Theyoungmaster:
Mt4 ain't logging in from my end. What could be the ish

Please how can I rectify this?

Mt4 ain't logging in from my end. What could be the ish

infofirst:
And third weekend.
The table and solo prize remains as last week. Congrats and keep it up. Last leg on now.

More disqualification mostly due to over trading.


@Aluspeciality $15
@don_sheddy $10
@qpetz0 $5.
Dm by 2pm if table did not change

Mehn... I gave it my best shot. These guys didn't place a single trade this week. Yet still retained their positions. While I was here cracking my head all week and yet couldn't overtake any. It's discouraging really.


Congratulations to them anyways. They're reaping the fruits of their labour. I'll keep working to get there someday.

Gold set up.

Bias: sell
Duration; Next week.
Reasons;
Rising wedge.
Lower highs on 1hr, 4hr and Monthly Tf.
Price is under 23.6 fib level drawn from the Jan 5th to March 8th drop on daily timeframe.
Entry; A sell limit around 1753 and a sell stop around 1720.
Exit; 1679.

Manage your risk
appropriately.

Fxwarrior:
Gold to be exited at 1750.
Exit reviewed.

I bought this morning as well though I exited around entry at 1943. Seems a HnS pattern is forming on 15 mins tf.


Modified;
Boom...The drop happened.
The importance of what happens on the 5mins and 15mins can never be overemphasized.

Donvic4u:
Withdraw your money first

Donvic4u:
Nice....

Perfect definition of no over trading

� � � � �

That joy when you break even on a trade. Kai! � � �. If the market manipulators, sorry markers like,let them do their worst. Their father!

We moveeee

wiconse:
Gn looks like a drop but has more room for upside

Wyckoff! I'm a new disciple of his.

charly20:
This week has ended successfully. To me, this is more than a "contest" and I know I can hardly compete with the more experienced traders contest-wise as I'm only two months old and some of us are "years old" in trading. I stick to the objective of the "contest" which is to bring out the best in me. Sticking around here since the past year learning theoretically and watching other noobs get involved pushed me out of my cave to make input. Special mention to @Theyoungmaster, watching your eagerness to learn as a 'newbie' in FTA:20 were catalytic factors in this my learning process.

@infofirst. Your comment on my effort is enough encouragement this week. Your token will go a long way for me though.

My rule is to learn to keep my capital, then learn to make profits on the capital.

While everyone trades with the eyes of 1000usd I see my capital as 100usd. If I go live that is what I hope to go with so 28% return on a 100usd account may not be bad in 2 weeks


I'll get better, it only costs time

Wow. Thanks for the mention. I'm humbled.

infofirst:

Thanks a lot boss for the very heavy token. The volume almost caused a spike in my posture. � I appreciate

infofirst:
I strongly hope in the next contest, contestants will be more prudent with their risk management, In this contest, risk management matters as much as the profits. Most contestants are having DD too high even thou 20% is the benchmark. One will expect your DD not to go below 10% . It is contest but remember it is not like other regular contest where luck determines the winner. This is aimed at bringing the best in us and supporting us with some real funds to trade.
Great job we are all doing even to those that have been disqualified and I want to believe we will have a better and improve contest in April God willing.
Special mention to @Harizonal123 @Charly20 @piptocoin21 @akinnairaland, @skanas @copyjose for maintaining DD less than 10%
if you guys I mentioned wants for today, you can reach out to me to get some token for data after we finalize the top 3 for this second weekend by 2pm.

@theyoungmaster, you need to work your way to the top 3 to get the rewards. I exempt you because your DD is high
@candlesticks is exempted too because he started the contest this week.

Kai! I was really looking forward to a little something for data. I'm kinda running low. Anyways, corrections taken. I was managing my risk well at onset but when o saw the rash way others were taking positions and jumping above me in the ranks, I had to follow suit. Who wan carry last? Lol. Next week will be better.

blackman007:
No mentor or "guru" can you tell you the story better than the charts, price all the way...

Facts!
But then I still remember what pipsbasketing told me here few months ago. I'll paraphrase.
"it's good to look at the chart but don't dwell too much on it".

Looking at the charts everyday like I used to almost made me start seeing same thing on all pairs. Trades were going fine till I started having a Massive DD and almost doubted my strategy. Right now, I Know better. Taking time off the charts for sometime is also a strategy. It's refreshing really.

infofirst:
The table for the second Friday. Make sure account is updated latest 1pm. Top 3 for the second Friday coming by then.

Right now, we have @Aluspeciality, @don_sheddy and @qpetz0

Only @qpetzo risk mgt still outstanding.

Nice one boss.

A little something for those still in the blues will be awesome too. Even if it's for data.

I've missed this thread sha. Been off for like 2 weeks. School stress been getting to me lately.

I'm back to learn from my bosses.

Fxwarrior:


Why I like gold is that just 1 correct trade can wipe away your sorrows.

Swears! I'm gradually turning my focus to only gold and Gbpnzd. Two very volatile pairs that when gotten right, e fit boom account wella.

Slow and steady wins the race.

infofirst:
Exactly. But I am amazed with how folks are having such huge DD despite the 1:25 low leverage. In the next month contest. I am most likely going to disallow non currency pairs.
We all should understand that aside the prize money, am offering some funds to be managed and high DD will not be encouraging nor allow me to let you trade the account with such DD.
Make we calm down. Slow and steady only will help in the long term.
Folks in the past did it with all level of optimism and miss it. Lets not repeat the same mistakes. What I have observed also is that reds has a way of toying with ones emotion. Let me add more and this one will wipe that one and account is gone.

Fact!
Nearly got to me last week before I told myself to calm down and trade like I was live.


My suggestion is that for next contest, let the opening balance be pegged at 500$ and leverage reduced to like 10:1 with crypto and other non currency pairs disabled. That way we all can participate and trade maturedly.

infofirst:
Top 3 going into 1st weekend

@Aluspeciality $15
@Terrafx $10
@don_sheddy $5

@Terrafx risk management was the best of the 3 so far. Mr Sniper Trader. Keep it up . Meanwhile, Its just starting as the swing traders are still coming to give a run.

Dm to claim the prize.

Thank You

Nice one boss!
I didn't even know there was a price for the weekly top 3.



PS, I want to know what will happen to those running multiple accounts on the contest.

The way I moved from 3rd to 12th is crazy! Lwkmd. Gold and Nepa did me bad.
Waiting for next week.

This week's contest is crazy! Prosperotrading and Crixx be doing magic! Damn bro!
Nice one.

Thunday1005:
Different pips count but still same dollar value as trading 200 pips on EURUSD

Exactly.

Donvic4u:
I was counting it according to the dollar value..

OK I understand where he is coming from now

Yeah. I was counting it according to dollar value too till I checked myfxbook and realized he was talking about pips count.

This kind back and forth arguments and educating and make this forum fun. We need more of such.

I think this settles it. xautrader is spot on actually. I bow to superior argument.

harizonal123:
First calculation right
Second calculation wrong. 0.1 pips to be precise not even up to one pip

I don't understand Sir.

XAUTrader4L:
The explanation i can give you is since its a dollar account and based on your lot size, for every pip move you gain or lose 0.01 cent and not 10 cents.

For abc/usd and usd/abc pairs.
0.01 lot size means 10 cents per pip.

XAUTrader4L:
Am guessing thats a dollar account, thats 200 pips. now multiply your lot size with the 200 pips and what do you have? I am learning.

Yes, it's a dollar account.
201 pips multiplied by 0.01 lot size(10 cents per pip) equals 2001 cents.
100 cents make a dollar.
2001 cents divided by 100 equals 20 dollars.
Yet I made 2 dollars.
How do you explain that?

XAUTrader4L:
A pipette is a fraction of a pip.
A pip is a fraction of a point.
The standard which brokers use to quote their instruments are 2 and 4 decimal places and xauusd is 2 decimal places, though a few brokers quote in 3 and 5 decimal places instead.
If gold moves from 1850 to 1851 that is one point or one dollar.
If it moves from 1850.00 to 1850.99 that is 100 pips.
I stand to be corrected.

No. That's 9.9 pips. Approximately 10 pips.

See this trade I took today. Exactly 20 pips

jcmaiah:
200 pips is 200 pips. If such short move is 2000pips,then brokers would be broke

If your profit is not anywhere close to 5000usd based on the lot I am seeing then it's not anywhere close to 2000pips

The question should be; what was his entry price? Then we can deduce the pips count up to the current price on the screenshot.

infofirst:
You are right. But the context in which I am looking at it is this, Price hit a major horizontal, channel and trendline support and there were confirmed rejection from candlestick on the weekly tf. One would have expect price to go to a major resistance right bit by bit. Along the way, price can decide to retest the previous major support and it might even run up to 1000 pips towards the support. Making one to doubt everything but with a good risk, money and position sizing, one will still be very fine.

I do not know if I am clear enough.

You hit the nail on the head. All the trades I took this week had multiple confirmation on my checklist.
...follow the trend on higher TF; check
....support,resistance, TL, fib level, pullback and all of that; check
...candlestick confirmation and chart pattern; check
....break and retest; check.

Guess what, I still took the L big time! But MM and risk management kept my head intact. I know my Technicals were spot on,pure price action,naked charts, I got dealt by fundamentals and was trapped in ranging markets. This week was range-ful. Look at UJ, UCH, CHjpy... Almost all of pairs. But we move. Next week will definitely be better.


See, as seemingly restrictive as a SL is, it's our last line of defense. The financial streets are slippery Mehn. Market Makers eat retailers for breakfast. Put on some protection y'all.

We move.

Mrbillionaire:
Can you interpret the orders? Which to buy, which to sell?

No-one really knows what order types those are. But it can be interpreted in a sense. The admin dropped a video on that sometime ago. Check files