(Trying to) Provide value to Falcon Trading Students
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Hey folks,
I decided to create this website in order to remain accountable to like-minded individuals so I will do my best to keep this up!
I have no doubt that there are a lot of better traders out there, however, if I can provide the slightest amount of value to one of you I shall be more than happy that I made this decision.
I have learned how to trade this style thanks to Mark Hutchinson through Falcon Trading (yes it’s a hyperlink! Click on it!) If you are not one of the members I would highly recommend you to join us!
Anyway, let me know your thoughts!
Enjoy!
.
Report Card
Report Card – Wednesday, August 29th
Daily P/L: -0.14% (Closed for 1.35%)
How many trades did I take: 0
Overview:
I was traveling so wasn’t really able to do much trading wise, however, it was nice to lock in some profit!
Trade management
I moved immediately to -0.5% then 0.1% once it was running 1.1% (just before my first flight took off so I was happy about that!)
Once it reached the low of the channel, I had just landed so I trailed my stop closer as per my plan. That being said, if I had been in front of a computer I would’ve been able to close for a bit more profit but I won’t complain!
Goals:
Market Wizards is amazing I’d 100% recommend
Decided to give back and schedule a call with another trader
Watched the midweek recap
Watchlist:
Gold short – Not sure I’m the biggest fan but it’s a potential set-up!
GBP/USD short – This is the last level where I’ll look to short, after this Ill be bullish
EUR/USD long – this is a potential set-up that could be amazing – but also short
I guess that’s the proof that you can trade while traveling! Ended up taking GBP/JPY short before leaving for my flight.
Tho, the highlight of my day wasnt the trade, but the fact that they served me a rum and coke instead of a coke as I asked. He knew I needed it I guess ahah
Started reading Market Wizards, just realized I hadn’t read it yet! SHAME ON ME
Did all my forecasting and reflected on my ideal life while waiting for my second flight
Watchlist:
GBP/JPY Short – Waiting for a break of the lower part of the channel for an additional entry, I could see a short set-up right now but I won’t be able to manage it so staying away
EUR/NZD Short – Impulse correction please, I like the arc + double top
GBP/AUD Short – Either a hover or a third touch of the top
USD/CAD Short – I want a nice clean double top on the hourly
EUR/USD Short – Impulse out of this channel and then correct and I’m in ❤
GBP/CHF Short – if it corrects it could be very nice, will see how it looks before i take off
Report Card – Monday, August 27th
Daily P/L: -0.49%
How many trades did I take: 1
Overview:
Kinda sad, leaving Medellin tomorrow, just checked in for my flight back to Montreal, I’m going to miss this city and the amazing people I’ve been lucky enough to have met.
That being said, I’m excited about the future travels!
Trade entry
I took EUR/USD short, I knew it had the potential to keep going higher but there was also the potential to bank 7%
The weekly is in a descending trend
The daily gave us a descending channel, which usually indicates a potential long, however, most of the time they have three lows not only 2
The hourly gave us a channel on top of an arc formation and a third touch rejection
With hindsight I could’ve / should’ve moved my stop to BE once it reached the phase line, however, that was in the middle of the night and I wasnt awake – you wont always be awake to manage your trades.
Goals:
Watched the webinar
Did research on equities
Got more books
Watchlist:
EUR/USD long – I want the correction to keep going
Happy with my day, closed out UJ for around 0.65% – could’ve banked a tiny bit more but happy with the overall result.
Started planning my trips today so that felt great, always good to have an idea of where you are going!
Also, Jon Olsson posted a “letter to his 16 years old self” video which is pretty good if you are really in the mindset that you are going to be super successful etc etc he’s a smart dude, probably should listen to it!
Trade management
So I ended up closing UJ for 0.65% (maybe 0.75% not really sure waiting to receive the report)
Management wise I followed my plan to the letter so I am extremely happy with that.
I moved my stop to -0.5% straight away, once it reached 1.1% I moved to 0.1% and then I moved it in profit. With hindsight, I could’ve moved my stop a lot closer to the ascending channel, for around 1.2% since it was at a double top area and presenting a short set-up.
Goals:
Finished backtesting AUD/USD – it’s my best pair so far, the set-ups happen less often than on others but… Stick to it!
Kept listening to the Ascent of Money, would recommend!
XAU/USD Long – Gold is another one that could provide the beans!
Report Card – Thrusday, August 23rd
Daily P/L: 270$ (but my stop is at BE)
How many trades did I take: 1
Overview:
Finally a trade 😀
Woke up with an extremely clear state of mind so happy – taking the day off yesterday was a good way to come back and be ready 🙂
I waited up pretty late to see if NZD/USD long would happen but it didn’t give me an entry. Ended up waking up later than usual to make sure I had my 6hours of sleep.
AUD/USD short was an interesting set-up that I missed but that’s okay you need to sleep! Would’ve have locked in 1.6% in profit but hey I wanted my sleep!
EUR/AUD long was a really good set-up too that I hadn’t spotted – but the entry actually never really existed, it was a spike on the 1min so not my type of entry
The weekly shows a potential correction however, there is not reason for it to head lower at the moment
On the daily we can see a potential descending wedge that broke out of an ascending channel —> I expect that this was a fake out and that we shall get a triple top
On the hourly we have a clear correction just below a phase line, this correction had a clear low so I placed my entry 5 pips above the breakout as per my plan
Management / stop:
The initial stop was placed below the low of the correction
I moved my stop immediately to -0.5% as per my plan
I shall move it to 0.1% once it reached 1.1%
When taking an impulse correction I place my entries at the third low, when it’s a hover, then my entry is after the breakout – that’s the difference between those two entries
Goals:
Got six months of backtesting done on AUD/USD – the set-ups are rare but it works well! So interested in seeing more data points
Today was a really daamm slow day, didn’t take a trade wasnt especially productive or anything.. It happens
The potential trade that happened today
Yet another EUR/CAD long happened today, but this time it was perfect, except that it happened at 3am. Would’ve banked 1.5% so pretty dissapointed I wasn’t awake but that’s why I’m moving to Europe 🙂
Goals:
Finished backtesting GBP/CAD
Did absolutely nothing more:”S
(Yep time to get more books)
Watchlist:
GOLD short – Hoping for an ar on the 15min but it stopped updating itself… So dunno
I have to say that having a website to report your trades but not taking a trade does feel quite empty and worthless. However, I have already taken 9 trades this month and knowing that I usually take 15 (but I have refined my trading plan) I guess it’s normal…
Potential trades that happened today
I was interested in two positions today – EUR/USD long which would be in profit with 1% locked in at the moment. However, I did not take it since the triple bottom wasn’t extremely clear and according to my data EU is one of my “worst pairs that I should only trade is the set-up is perfect”
The second trade was EUR/CAD long – which would still be in profit with 1.7% locked in. I didn’t take it due to the triple bottom wasn’t perfect either, in both cases, they went a tiny bit too far for my liking. That being said EC is one of my “best” pairs so with hindsight I regret not taking it.
Goals:
Finished backtesting gold – I actually love it! Having good results with it
Finished my audiobook
Finished my kindle book
(Yep time to get more books)
Watchlist:
GBP/CAD short – if we get a nice arc, that being said I may also take a long position depending on the set-up we get
GBP/USD long – if we get a nice correction, that being said, if we get an arc I will probably short it
AUD/USD short – just want it to reach the trendline in a corrective manner (but I see a potential long)
EUR/AUD long – if we get a clean hover just above the phase line
EUR/CAD long – if we get a clear correction with a nice clean bottom 🙂
NZD/USD long – if we get a really clean correction I’d take it because of the daily
Report Card – Monday, August 20th
Daily P/L: 0$
How many trades did I take: 0
Overview:
Had two entry orders open since market open – USDCAD after it formed a nice tight correction, however I closed that order once it got “uglier” – happy I did it otherwise I would’ve been taken out for -0.5% and on EU which never broke the 15min phase line.
Oh also, over the weekend I’ve decided I’m headed to Warsaw (Poland) after Berlin! So will get to travel a bit more this year! (I’ve realized that I’ve crossed 9 borders this year..)
Why you going to Warsaw?
Trading wise moving to Europe makes entirely sense just for the timezone, so that was a big one!
Berlin looks amazing, but the average airbnb costs 30$ more than in Warsaw (and 40$ more than in Medellin) – so made sense not to stay there too long
I’ve never been there so why not!
Goals:
Did 6 entries on Gold while backtesting – refined my selection process for risk entries based of an arc
Went for a swim
Watched the rest of the webinar i had missed
Watchlist:
EUR/USD short – That entry would be based of a clear break of the 15min phase line – and it would happen very soon
GBP/CAD long – If we get a slight arc + triple touch and a break of the descending trendline
USD/JPY long – If we get a descending channel or a clear reversal
Report Card – Friday, August 17th
Daily P/L: 0$
How many trades did I take: –
Overview:
Had two trades planned out on USD/CAD both trades happened but I didn’t get an entry – but that happens, stick to your plan that’s the most important way to do it!
Description of my trading plan:
I received quite a few questions about the edited version of my trading plan.
Basically, I have broken down my trading plan in five sections
A general overview of the strategy
Description of my favorite Risk Entry set-ups
A quick overview of the set-up & screenshot
The entry criteria
The management I will apply every time
Description of my favorite Reduced Risk Entry set-ups
A quick overview of the set-up & screenshot
The entry criteria
The management I will apply every time
My checklist before taking a trade & what I need to do after taking a trade
An excel sheet showing the power of compounding and how long it will take to reach my goal.
Good day but felt as if I needed to be in a trade, I guess it was FOMO, at the time I thought it looked like a decent set-up but… With hindsight, I regret taking it and took a -0.5% loss. It did not perfectly fit with my trading plan.
The weekly show’s momentum to the downside so we didn’t have anything pretty there
However, on the day we could see the creation of a descending channel and clear deceleration at the low
On the hourly, we had a clear move higher, a correction that lasted more than 6hours with a triple bottom and double top on the 15min
Knowing that we did not have a triple touch of a phase line or an extremely clear correction on the hourly I would rate this set-up as a B+, at the higher end of the risk
The triple bottom was ugly, the impulse sucked, the formation was messy – oh well
I also close my Gold position for a total of 3.5% at 1171.67 after seeing a potential retracement
Goals:
Started backtesting GBP/CAD
Worked Out
Read over my trading plan 3 times at market close to keep it in mind and easily print it in my mind
Watchlist:
GBP/CHF long – if we get an impulse and correction – prob Monday
USD/CAD short – if we get a nice arc and a clear reversal
Report Card – Wednesday, August 15th
Daily P/L: 610$
How many trades did I take: 1
Overview:
Had a really good skype call with a successful trader last night which really motivated me to put in the work and focus on improving my trading and made me realized the importance of seeing your trading plan as your bible while keeping it simple and stupid.
So ended up spending most of my day working! Also made up my mind and I have decided that I should go to Berlin in September!
I have been trailing my stop in profit in order to give up too much – in addition, we are currently approaching a potential inflection point being the descending channel on the daily.
On top of that, the DXY is forming a potential reversal which would lead to a bullish move in XAU/USD and therefore I am being careful.
Goals:
Created my new and improved trading plan
Watched the mid-week recap
Calculated the numbers I need in order to achieve my goals and visualized doing so
Watchlist:
EUR/CAD long – if we have a clean hover with a clear bottom
AUD/USD long – if we either have a clear impulse correction or a clear arc
EUR/USD long – if we have an arc or an impulse correction
EUR/JPY long – if we have an arc or a large impulse correction below the trendline
USD/CAD long – if we have a triple bottom type of a correction
Report Card – Tuesday, August 14th
Daily P/L: 15$
How many trades did I take: 1
Overview:
Moved Airbnb – this wifi is so bad… Anyway, saw quite a few trades that went without me but that’s part of the game, and a good reason for me to move to Europe!
I took Gold short – sorry, didn’t include it in my watchlist since I don’t usually monitor it but Ned made me realized it looks great!
Took this set-up because the hourly was extremely tempting, we saw a larger correction followed by an impulse lower and an additional correction – I placed my entry at the break of the correction
I moved my stop immediately to -0.5% as soon as I got triggered since this is a reduced risk entry.
I wanted to close it after the low test but since it did not reach the previous low I decided to keep it open, after all, that is part of my management plan. It was mainly an emotional need to avoid risking any money.
Goals:
Finished backtesting GBP/CHF – it’s decent and will form now on consider it
Watched more content from Denise Shull about emotions and trading
Watched two interviews from Tom Bilyeu and Impact Theory
Watchlist:
EUR/AUD short – if we get one more high – I missed the entry last night
EUR/USD short – if the correction is clear after 6 hours
GBP/USD short – We have a nice double top 15 min correction
Report Card – Monday, August 13th
Daily P/L: 0$
How many trades did I take: 0
Overview:
Kinda happy I’m not grading my day because I kinda messed up…. Going out and drinking the entire weekend was loads of fun but it doesn’t help you become productive Monday morning ahah
Favorite Quotes:
Since I didn’t take any trades I thought I’d share five of my favorite quotes to fill this section in!
If you think being rich doesn’t make you happy you haven’t given enough away
Money is made by sitting not by trading
Don’t worry about looking good, worry about achieving your goals
The key to trading success is emotional discipline – not intelligence
The three most harmful addictions are heroin, carbohydrates and a monthly salary
Goals:
Watched the weekly webinar – I have to admit I do prefer when they are pre-recorded and we go through the pairs a lot faster but yeah…
Kept listening to “When Genius Failed” – for my defence it’s a long book
Did macro research in commodities that could be impacted by large sanctions in Turkey didn’t find much but then noticed that Uranium and Coffee were two commodities that could be very interesting! –> One of my goals is to run a hedge fund with an AUM of 13$ B so I need to improve my “macro vision:
Watchlist:
EUR/NZD Short – I swear I don’t have a problem with this pair but… It is often here yep
EUR/AUD short – Could be an interesting one, that being said the daily isn’t amazing
GBP/USD short – One part of me wants it to go higher so we get a better entry price but it may just keep falling so I’ll be taking all the entries
GBP/CHF short – I started backtesting it on Friday and had decent results so I’ll consider this one too!
Uranium: It costs around 60$ to produce so there’s potential and the chart looks good
Coffee: The number of coffee drinkers is steadily increasing especially in China, but prices are falling
Report Card – Friday, August 10th
Daily P/L: -147.66$
How many trades did I take: 0
Overview:
Quite frustrating trade since it went for -0.5% and then went in the direction I had expected however, it made me realize that having rules is good. That being said, I should have a set of rules for my risk entries and a different set of rules for my reduced risk type of entries.
Other than that it was nice to see quite a few potential trades play out even if I wasn’t in them
The weekly is at the previous high – it looks impulsive however, that is a result to only one candle – which was the rate annoucement
The daily gave us an extremely “solid” phase line touch
On the hourly we had an ascending channel
I shall move my stop to BE once it is running at 1.1%.
In the end, EUR/NZD was an interesting trade, if I had kept my stop open at a full 1% risk I would’ve made 1.8% instead of taking a loss – this made me reconsider whenever or not I should keep my risk open on risk entries.
It, however, also gave a potential second entry with the arc formation / double top / high test / 15min ohase line break – but I was out with friends so I wasn’t able to take that trade which in turn would’ve returned 2.8%.
It happens you won’t catch them all
Goals:
Started backtesting GBP/CHF – a pair I had previously deleted
Analysed my risk entries to see whenever or not I should change my management
Kept listening to “When Genius Failed”
Watchlist:
(sorry this one won’t have hyperlinks since I am in a rush)
EUR/AUD short – it’s forming a decent hover on the hourly so I’ll keep my eye on it
AUD/USD short – if we get a clear top of the correction
EUR/CAD long – if we have a lovely descending channel
EUR/CHF short – if we have a nice correction
EUR/USD short – if we have a correction
GBP/JPY long & USD/JPY long are my wild pairs for this week, I like their potential
Report Card – Thursday, August 9th
Daily P/L: 14.48$
How many trades did I take: 2
Overview:
Pretty good day, nothing too complicated but ended up talking with two other traders that travel a lot too so it was interesting to see what they had been up to! Smashed through all my goals before lunch time so all in all pretty proud of me!
The weekly is forming a larger correction after a clear impulse lower
The daily has momentum to the downside (too much?)
The hourly gave a nice impulse correction
I moved my stop immediately to -0.5% as per my plan. Knowing that it had already ran quite far I was aggressive with my management and therefore moved my stop to BE once it formed a low test.
Went to bed the hour before CAD/JPY impulsed lower (I do not leave orders overnight) a position I would’ve closed for 0.5% however, you can’t catch them all. I similarly missed USD/CAD long which I would’ve closed for 0.35%.
Those two missed trades + (UC long from yesterday which would’ve been 2.7%) have made me realize that moving to Europe in order to trade the London session is the right move.
Trade management:
No trades taken or live.
Goals:
Watched the mid-week recap of Falcon Trading
Finished “Adventure Capitalist” worth the read! Would recommend! Jim Rogers is a really interesting man as well as an incredible investor
Backtested for an hour and a half GBP/AUD – I haven’t been finding really good opportunities so far.
Watchlist:
GBP/USD long – if we have a clear arc or an impulse correction
GBP/JPY short – if we have a clear correction (so far it looks good)
EUR/NZD long – if we have a clear correction that is, it moved a lot recently
Report Card – Tuesday, August 7th
Daily P/L (decided I’d report that from now on): -34.58$
Closed my first position on EUR/AUD for 654.41$ and my second one for -108.31$
How many trades did I take: 0
Overview:
Starting to feel sick so didn’t do anything today to break up with my routine and give myself a break. That being said, kinda pissed because instead of waking up at 5am I woke up at 9 which in turn made me check the charts too late to take USD/CAD long as I expected yesterday.
Still trying to figure out where I want to live in September, Gdansk or Wasaw in Poland do seem pretty interesting so we’ll see!
Trade management:
EUR/AUD short:
The scale in got taken out because of a spread of 5 pips, which really bothered me since it then went into profit and I would’ve been able to take a break even instead of losing money on a position where I was right. However it happens, I just have to hope it won’t do so in the future
On my first entry, I saw that it broke lower than the previous correction so I trailed my stop to 1.56320 so that it would be protected by a descending phase line – apparently, that wasn’t enough.
Goals:
Watched more Real Vision content to improve my macro pov of the markets
Kept listening to “Adventure Capitalist” and I enjoy it! Would recommend it
Prepped (healthy) meals for the next three days
Watchlist:
CAD/JPY – short if the correction keeps going
EUR/CAD & EUR/NZD – long if we have clear corrections (EN is kinda ugly so will see)
USD/CAD – long if we have a clear correction (disappointed I missed the first entry)
GBP/USD – short if we have a double top correction
Report Card – Monday August 6th
P/L (locked in): 285$
(400$ locked in on my EA short and -115$ locked in for my scale in for EA)
How many trades did I take: 1
Overview:
Was staying at a hostel this weekend so I did not get up at 5am to avoid waking the others however I did get to the charts by 7am as I had planned to.
Watched the weekly webinar and was happy to notice that I had more or less the exact same views on every single pairs as Mark.
Took one position, EUR/AUD short after a triple top
Trade description:
EUR/AUD short:
The weekly gave a nice head and shoulder and it broke and retested a phase line
The daily gave an impulsive move to the downside and broke out of a channel
On the hourly we could see that there was a correction with a triple top. I entered on the break of the 15min phase line
I was tempted to not take this position due to the potential level of S/R however, the potential reward (11%) did clearly outweight the risk so I placed my order. Mentally I wanted to immediately close the position once it was in the red however, I knew that it was due to my fear of losing money so I did not do anything
Goals:
Watched the Falcon Webinar
Started “Adventure Capitalist” another book about Jim Rogers
Developed my “best timezone” model on excel for my backtesting data
Watchlist:
GBP/NZD & GBP/AUD short – impulse and clear correction
USD/CAD – short term short but long term long
EUR/USD – long if we get an arc
GBP/JPY & GBP/USD – are my “wild pairs” – they have a potential to drop and a potential to go higher – time will tell
Report Card – Friday August 3rd
P/L: 308$ (10$ on EU after being taken out at BE and 298$ lock in for EA but running more)
How many trades did I take: 1
Overview:
Pretty good day, I ended up being triggered on EA by a spike that retraced so quickly I did not have the time to close my position before it was at -0.75% at that moment I realized that I needed to accept the full percent risk and see what was going to happen while trusting my analysis. Woke up at 5:20 to monitor the market and see if any position were interesting – quite a few were interesting but did not want to take positions before NFP. Worked for four hours back testing USD/CAD which apparently isn’t my best pair.
Trade description:
EUR/AUD short:
The weekly gave a nice head and shoulder and it broke and retested a phase line
The daily is also another head and shoulder – other than that it was quite an ugly consolidation
On the hourly we had a clear impulse and a correction/hover
I got quite emotional when I was triggered on the spike, however, I stuck to my guns and I accepted the risk since my analysis was solid and the potential return worth the challenge
Goals:
Finished back testing USD/CAD
Finished and audio book – The coming storm – wasn’t really worth the listen didn’t learn anything
Did a few push-ups as soon as I woke up
Watchlist:
EUR/AUD short if we have a correction & EUR/NZD long if we have a descending wedge on the hourly or short if we have a clear hover – I have a neutral bias
USD/CAD if we have a descending channel within this descending channel
GBP/AUD and GBP/JPY short
Report Card – Thursday August 2nd
P/L: Currently running +0.25% on EU short but my stop is still at -0.5%
How many trades did I take: 1
Overview:
Nothing much happened today – I had a few set-ups that I wanted to see however none of them materialized (an example was UC long if we had a clear impulsive candle when it was correcting). However, I managed to get a lot of back testing done – completed USD/JPY 2016
Trade description:
EUR/USD short fits my trading plan due to the following confluence:
The weekly showed a clear impulse correction
The daily was impulsive to the downside and broke a phase line I had drawn
The hourly gave an additional impulse correction – the correction was cleaner on the 15min compared to the hourly however it did last more than 6hours so I got in
Goals:
Finished back testing USD/JPY
Finished my audio book – High Growth Handbook
Went for a quick run before 6am
Watchlist:
EUR/AUD short if the hover keeps going & EUR/JPY short if we have one more top
AUD/USD short and AUD/JPY short if we have a second top to the correction
GBP/AUD if we have a nice hover & GBP/CAD + GBP/NZD short if we have a 6hours + correction
NZD/USD if a hover is created
Hey folks,
I decided to create this website in order to remain accountable to like-minded individuals so I will do my best to keep this up!
I have no doubt that there are a lot of better traders out there, however, if I can provide the slightest amount of value to one of you I shall be more than happy that I made this decision.
I have learned how to trade this style thanks to Mark Hutchinson through Falcon Trading (yes it’s a hyperlink! Click on it!) If you are not one of the members I would highly recommend you to join us!
Anyway, let me know your thoughts!
Enjoy!
.
Contact
If you have any questions concerning the trades I took feel free to reach out to @max_sydney Instagram or Max Sydney.
