Yes mostly reversals. Daily and weekly cycles are in compression against each other which makes for the congestion we have at the moment in the daily. It's not a quality set up but I'd like to see the daily pop up a bit and then the weekly take it down. There isn't anything really hot at the moment intraday. I like the resistance at 1.3070 in the 30m chart for a short if the PA sets up, but again, not great quality.
You can live most places quite comfortably on US$1mil pa. That last statement was just over US$50,000 profit on the day. Most people can survive on that but I know a few complain
"Not great quality" His emblem, always a touch of ambiguity. The sob can't commit without a "but". lol
Surf, let me spell it out for you: his rookie started somewhere at the beginning of februari (as you can see on the first statement it's februari the seventh) by march 22 he made his first 50k day ...
Right, and it takes ~130,000USD to trade at a pip-value of $500. Assume 100% allocation. Reasonable. A lot more relevant to see the IB performance statistics over that time than a snapshot of two days in which xspurt admitted the guy added capital.
I gave a pretty detailed review several times but here's a brief recap: 1) Week 1 trading was supposed to be trading at $2.50/pip to iron out the wrinkles of live trading for the first time. He was over enthusiastic and traded at $50/pip without telling me. He also clicked 20 times to get the $50 fill and so made a complete hash of it. Account drops over 25% in week 1 and we need to have a big review of the rules. 2)Trading starts next week at $2.50 for a few days and then increases fairly quickly because his performance is very good. 3) On week 6 he is supposed to be trading at $100/pip but he didn't tell me his dad was impressed and invested with him so he traded at $500/pip. I knew he did just over 100 pips so that equates to $10K+. However when I asked for the statement I found he traded at $500/pip so he made just over $50k that day. 4) He's trading at $140/pip at the moment and by the end of next month will be on at least $200/pip risking less than 1% per trade. Current performance would take him over the US$1mm in 12mths from his first trade. His dad's investment really doesn't impact the math that much. Last week he did 140 pips in one day at $140/pip so he made $16,800 that day. 5) He is averaging around 40 pips/day ignoring a few spikes at 100+ pips in that average. 40 pips X $200 X 20 days is US$160,000 pm. I think that's a reasonable income for anyone to live off in a year let alone a month. 6) He has not had a losing day so far since beginning week 2. Worst day was +11 pips early on. Worst intraday DD was -40 but managed to get well into the green before finishing the day. There have been about 5 minus days that needed a hefty recovery. Hope that clarifies
Xspurt told us bits and pieces of this story weeks/months ago, so yes I believe him. But like I told here before http://www.elitetrader.com/vb/showthread.php?s=&postid=3785043#post3785043