$100k Account Challenge - Sharing My Journey Towards A Funded Account

Trade update: NZDCHF

Hey all!

Some new activity to report on the challenge! I decided to update the SL of the second half of the NZDCHF trade. As always, here are the notes from the journal, enjoy!:smiley:

As the market reached the first profit target, I noticed a slowdown on the last bearish push. Given the strong bearish impulse the market made to reach the first profit target, I consider this a potential regular pull-back on the bearish trend. For this reason, I have decided to move the stop loss down to 1ATR above the last broken support area, which can potentially be where the pull-back will head.


TradingView Posting: $100k Challenge - NZDCHF Short - E28 T1 - Trade Update for FX:NZDCHF by FernandoBorea — TradingView

Trade review: NZDCHF Short

Hey all!

So, we officially have this trade completely closed out. The market started to struggle to maintain a strong bearish momentum and ended up being unable to break the last low. After a while, it seems the buyers won the upper hand for the time being and the trade stopped out. Overall I consider this trade a great one as I held to the trading plan and kept the trade open until one of the two exit plans was executed.

This time other than sharing my personal view on the position, we don’t have much more to add, so the good ol’ journal will just receive a status update for this trade.


TradingView Posting: $100k Challenge - NZDCHF Short - Trade Review - E29 T1 for FX:NZDCHF by FernandoBorea — TradingView

Trade update: GBPUSD Short

Hey all!

As we have an upcoming big news (interest rates), I decided to protect more the profits from this trade. As always, here are the notes from the journal, enjoy!:smiley:

Even though the market seems to be retracing and conceding ground to the sellers, the overall structure remains bearish, for this reason, I decided to keep the trade running even though we have an upcoming interest rate announcement. For this, I moved the SL 1.5 ATR above the last high.


TradingView Posting:$100k Challenge - GBPUSD Short - Trade Update - E30 T1 for FX:GBPUSD by FernandoBorea — TradingView

Trade Review: GBPUSD Short

Hey all!

We are officially out of all trades! In this case, the GBPUSD one stopped out on the news release about the interest rates decision from the UK. I personally consider this another example of a good trade in which I stuck to the plan through the entire holding time (a few months), so I’ll update the status on the journal to a closed trade!


'til the next trade!:smiley:

TradingView Posting: $100k Challenge - GBPUSD Short - Trade Review - E31 T1 for FX:GBPUSD by FernandoBorea — TradingView

New Trade: XAUUSD (Gold) Short

Hey all!

So, we do have a new trade going! Personally, I think a self-review is a good call for some time in the next few days to share more about psychology. For now, here are the notes from the journal, enjoy!:smiley:

On a macro level, since the pandemic, Gold has struggled to make any significant long-term progress over the 2,000 mark, since then, it has been visited a total of 3 times, including the current one. A common characteristic is somewhat of a breakout followed by little to no continuation, returning below the area.

The last significant break above the 2,000 mark happened in early 2023, showing the same behavior, and recently the market has retraced to the same price range, showing initially strong bullish momentum which faded quickly as the market interacted with the resistance area.

From a shorter time frame (H4), we can see that the market failed to break highs and started to make some bearish progress, which I consider a good enough signal to enter the market.

Regarding targets, my first absolute profit target is down at 1,815, however, we do have the 1,900 range, which lines up with the 61.8% Fibonacci level, and it is a psychological price zone as well, so in case we see strong bullish behavior around that area, I’ll consider either a partial close (raising the TP1 there) or a complete exit of the position. On the stop loss side, I decided to place it about 1 ATR above the last swing high. As usual, the second take profit will remain open.



TradingView Posting: $100k Challenge - XAUUSD (Gold) Short - E32 T1 for OANDA:XAUUSD by FernandoBorea — TradingView

New Trade: EURNZD Short

Hey all!

Usually, I give a special introduction to the BabyPips thread about the challenge, however, for this trade, I’m so proud of the intro I gave on the TradingView posting that I will include the full text here, enjoy!:smiley:

After some weeks of not that many set-ups to trade, we have a new position opened! Personally, this trade has taught me some lessons about questioning your charts and understanding that trading in general can be thought of as a mix between alchemy and science, at least in my opinion.

Anyways, as always, find the notes below from the trading journal, enjoy!

Overall, for the last several years, EURNZD has behaved more or less on a large range pattern with some exceptions on the last few major world events (yep, the pandemic and the inflation crisis). Since I consider the markets are slowly returning to “normal business”, I find this a compelling trade to take.

We see that the market has been approaching a major D1 resistance area (the one shown on the chart is limited to the recent market activity, it goes back many years, mostly as a resistance), and showing some clear signs of a break of structure in recent weeks.

I had a slightly different chart set-up that, on every daily check routine, I kept thinking something was off, I decided today to redraw the trade levels and the trading opportunity became clearer to me, as the market broke the ascending channel and retested the break, I saw a potential short opportunity in the making.

I consider this a slightly special case as we do have a recent low relatively close to the entry price, so in terms of trade management, I’ll consider a move-to-break-even play depending on price action. The rest is a traditional approach, SL about 0.5 ATR above the last high (I consider the entry price is far enough to shorten a bit the 1 ATR regular distance to trade on a better risk-reward), first profit target to the nearest relevant price area, and second profit target open to see how much we can squeeze.

As a side note, while I cannot fully discard that I made the chart make sense to take the trade on the redraw I previously mentioned, doing some self-reflection, I consider regardless of the trade execution, the chart makes way more sense to me after it, so I would consider a “wishful thinking” as a non-applicable in this particular trade.



Feel free to drop a like as well on the TradingView posting shameless plug: $100k Challenge - EURNZD Short - E33 T1 for FX:EURNZD by FernandoBorea — TradingView

New trade: USDCHF short

Hey everyone!

I had a rough weekend that extended a bit over to Monday (yesterday, as of writing this), which forced me to skip yesterday’s trading session. So today, Tuesday, I jump to the charts in the morning to make up for yesterday’s session, just to find out one of the trades I’ve been monitoring seems to be ready to take!

As we can see, the USDCHF pair was in a clear downtrend structure for several months, after which we had a breakout from the descending channel to test a daily resistance. The market seemed ready for a bullish continuation but ended up presenting a fake breakup of that level.

We retested the false breakout (as in, the resistance was revisited after the fake breakout), and since I couldn’t trade that test, I kept waiting until the minor H4 support below broke to enter the market.

Personally, I consider we are in the early phases of an accumulation phase; as we are on a daily time frame, this can last several months. Considering the false breakout of the daily resistance as a signal of a strong presence of supply, I think we can head to the last low made prior to the break of the bearish structure, the point on which it would make sense for strong demand to be waiting.

From that point, we will have more chart information to attempt to deduce if the demand interest in the area is enough to continue accumulating, or if it loses interest and we perhaps end up observing another bearish push.

As a side note, this position has some negative correlation with the Gold short trade we took some weeks ago. Currently, the short-term correlation of Gold and USDCHF seems to be around 60%, which means there are chances that both trades result in profits. However, the correlation between the two on a large time horizon is ~80%, which is also fine to me as it also means this position can work as a hedge to the Gold short in case it ends up hitting the SL.



TradingView posting: $100k Challenge - USDCHF Short - E34 T1 for FX:USDCHF by FernandoBorea — TradingView

Trade Review: XAUUSD (Gold) Short

Hey all!

We have some news regarding the challenge! Unfortunately, the Gold short trade didn’t work out as expected. However, I’d consider this a normal stop loss within the set-ups I’m looking to take. We do have the short trade running on USDCHF, which has some negative correlation to Gold, so some of the losses are offset through it.


TradingView posting: $100k Challenge - XAUUSD (Gold) Short - Trade Update - E35 T1 for OANDA:XAUUSD by FernandoBorea — TradingView