Apex Trader Funding Journal - 31May2024

My thesis is that price will take out the Asian high for liquidity.

Trade 1.  Price has broken the iceberg orders at the orange line, and once above there is increasing bid support. I enter long expecting the retest of the orange line to hold.  In addition, price moved below the recent consolidation area by one tick (5243.25) and was quickly bought at that price.  This is usually indicative of an imminent breakout.

Trade 2.  This is an intentional DCA (Dollar Cost Average) trade.  Trade 1 is losing, but price action shows significant buying centered at the previous low (see volume profile).  The expectation is this will be the first consolidation of the London session with a move back to test the London high (standard auction theory).  As I am only adding to a losing position once, this is allowable under Apex rules.

I am no longer confident in my original thesis, so I exit both trades at safe spots.  I do not want to hold risk for a breakout that I am now doubting.  However, price did take out the Asian high and my original thesis was correct.

Trade 3.  Now price has consolidated at the Asian high, the expectation is price will test and exceed the consolidation low, regardless of whether price is going up or down.  Order flow does not indicate there is sufficient bullish momentum to continue higher so this is a safe trade, so to move higher it is likely price will need to trap some shorts.  Take-Profit is above the retest (higher than expected it will test) in case the market does then turn bullish.

Green lines indicate winning trades.  Red lines indicate losing trades.

Trade: The trade number on this day.

DCA: Dollar Cost Average - This increases each time a trade is added to a losing trade.  As per Apex rules, this should never be greater than 1.

AIP: Add In Profit - This increases each time a trade is added to a winning trade.  This can be unlimited.

Entry: Time in UTC.

Exit: Time in UTC.

Size: The number of ES contracts traded.

Direction: Long or Short.

MAE: Maximum Adverse Excursion.  This is the maximum number of ticks the trade moved against me during the duration of the trade.  As per Apex rules, this should average less than 4 (risk) to 1 (reward).  Apex have stated that this is not a hard rule providing risk is sensibly managed.

TC: Ticks Captured.  The number of ticks captured by the trade.  A negative number indicates a loss.  To calculate the profit, multiple TC by Size.