FTMO challenge

I’ve always wanted to see how well I would do on a funded challenge, especially because they have their own rules and you need to be able to adapt accordingly.

I’ll probably take the same trades as on my personal account, but we’ll see if I decide to go only with the best potential entries, based on the initial results, as we have a limitation on how much we can lose on the account. Most trades will use trailing stops.

Trade 1

Reasoning: We’ve broken the trendline and managed to push over the resistance. We’ll see if the support will hold.

Status update 24.09: SL BE + swap

Status update 01.10: Trailing stopped out

Result: Trailing stop – stopped out

Trade 2

Reasoning: Rate cuts + closing two days over a resistance/support after an initial consolidation, higher low and almost going for a higher high, forming a bullish trend and pushing over old ATH.

Retrospection update 06.10: It seems we’re still in the cards for going higher, we had some conflict in the middle east that had affected the markets and caught me off-guard with a long on tech and a short on gold, but the SL is still far away, currently in a small profit but we’ll see what happens next. If we’re able to push past 20.2k we’re in a good spot and I will probably consider moving SL to BE, but I’m also ok if the price goes against me and towards the next support zone. For now, I’d like to see more buying pressure coming in, to make a new high over the previous one, to keep the trend intact.

Result: TBD

Trade 3

Reasoning: We reached a fib level that acts as resistance, in combination with the rate cuts, and I’m expecting a correction for the 4th wave. Granted, we also recently had some news that is bullish for gold, specifically regarding the conflict in the Middle East.

Retrospection update 06.10: Gold is definitely in an uncertain place right now, due to the middle east conflict, I wouldn’t be surprised if i take a SL on this one but we’ll see how the price moves next week. For now, 2.660 is a twizzer top resistance but if it breaks it, it will definitely push higher and towards new highs. However, very strange price movement on the daily, we have lower and lower wicks, and although they close bearish, they reclaim most of the price movement by end of day. My gut tells me to close the trade as I’m usually more inclined to keep positions that see big rejection candles, so I’ll keep an eye out for this one on smaller timeframes and eventually may end up closing it – we’ll always have opportunities in the markets, so no need to cling onto one position if it’s not what we’re looking for. Therefore, I’ll probably close the position if I see the price pushing 2660 during trading sessions next week.

Result: TBD

Trade 4

Reasoning: We’ve seen a drop on bitcoin back to the support zone and I took a long there, with a large SL.

Result: TBD