chartists trading comp may 2012

Hello All,

For those of you that are new, this competition is to show those new or interested in charting, the different styles and techniques that are available and give an insight as to how these styles are applied in real time.

Therefore the comp is based on trading a designated stock each month (a different one each month), so a good understanding can be had by all on the reasonings for entering and exiting a trade at any given time using many different styles of charting.

For the reasons stated above, when you decide to enter a trade on the designated stock of the month I ask everyone to provide a chart and or an explanation for entering/exiting the trade at that time.

1. All entries/exits are taken on the closing price of the day you choose to enter/exit. You can go long or short. All the entries should be in before 10.00 pm HC time, as this brings fairness to the comp, without much influence from the futures market and overseas data.
2.You can enter/exit as many times as you like using your eod data. If the stops are placed, they will be used based on intraday data, rather than closing price.
3. The comp runs for the full calendar month, and any open positions will be closed at the end of the month.
4. The winner at the end of each month by % gain will be the person to choose the stock for the following month.
Eg. The winner of feb will pick the stock for April, the winner of march will pick the stock for may ect...

As I said earlier the idea for the comp is to showcase the many different styles of charting, (it's not just about winning).
So keep in mind when entering a trade to try to explain your reasons in as much detail as you can...

Thanks and good luck all...

This months stock is FMG (Fortescue Metal Group), and trading will start tomorrow. Please start using this thread for this month's comp.

Regards
PMT

PS: Will post the updated list for last month's trading comp on the previous thread, once I finalise the data (prob. tomorrow)