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Break-IL Setup Trade Journal


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Break-IL Setup Trade Journal

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  #1 (permalink)
Europe
 
 
Posts: 79 since Dec 2013
Thanks: 428 given, 150 received

Hi,
Welcome to my one setup journal. The best practice around any methodology that the best professionals will recommend is KISS. This journal is my attempt to find this simplicity in trading, that will maintain my focus in one specific type of trade.

TRADE SETUP:

Break-IL: Bar that breaks an Institutional Level. Attention focused on find Institutional levels based on Size. Any simple time and sales or any other tool are enough to find this block trades. I will trade 1-2 markets, ES and NQ. This is not a mechanical trading, will try to understand the option involved basically reading the potential direction based on price action. This is the subjective part of this SETUP but nothing works 100% and the more I will trade it the more I will understand the better options. This is the intention of this journal, keeping me aware of what will work better or not.

Block trade for ES at 200 level.
Block trade for NQ at 80 level.

When the level has founded I will look for a candle that breaks this level in favor of the Negative (Short) or Positive Bar (Long)

TARGETS:

Will use Fibonacci Extensions Lines

RISK:

Above/Below Bar that Break-IL or below the prior swing point.


CHART:

2000 tick chart

I will add this journal to the actual November contest (The Gauntlet) and I will appreciate any thanks to giving me the opportunity to start a professional journey in this hard world. I will start with a capital of 25.000$. Objective 2500/+2500. Total Drawdown -2500. Daily Risk at -750$ or 3 consecutive loser trades. I will try to don't overtrade these zones. I will start with 1 contract and add 1 more when I will be at 500 of profit. Then I will maintain 2 contracts for the rest of the month.

All is explained. Here is an example of the SETUP:



This one is a perfect situation, but it represents the SETUP to trade. Thank's again to vote this journal if you think I can jump into the Gauntlet Team and be a professional Trader.

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  #3 (permalink)
Europe
 
 
Posts: 79 since Dec 2013
Thanks: 428 given, 150 received




1 TRADE
Risk: 2793
Entry: 2790,50
Target: 2787,50
Result: +3,00
R:R: +1,2

2 TRADE
Risk: 2788,75
Entry: 2792
Target: 2795,25
Result: +3,25
R:R: +1

3 TRADE
Risk: 2801,50
Entry: 2799,25
Target: 2795,50
Result:+3,75
R:R: +1,6

Recap Session:

3 Trades and all of them, winners for a total of 500$. These means I will add a new contract and will trade based on 2 contracts. These will changes management. First to level, second runner.

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  #4 (permalink)
Europe
 
 
Posts: 79 since Dec 2013
Thanks: 428 given, 150 received



1 TRADE
Risk:2807,75
Entry:2809,50
Target:2815
Result:-1,75x2=-3,50
R:R: 3,14

2 TRADE
Risk:2804,25
Entry:2808,25
Target:2815
Result:+6,75x2=+13,50
R:R:1,68

3 TRADE
Risk:2814,25
Entry:2810,25
Target:2796,75
Result:+13,50x2=+27
R:R:3,37

Recap Session:

3 Trades, one loser the first one. Trading with 2 contracts. The second trade was giving me some headache for the multi-levels, but give some good option looking at the institutional activity at 2804 level. Short in front of news in the last trade. Long day today and with very slow movement, ranging few zones.

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  #5 (permalink)
Europe
 
 
Posts: 79 since Dec 2013
Thanks: 428 given, 150 received



List of Trades:



Statistics:






Recap Session:

Few good trades today. Managing with 2 contracts to get more profit but like today give some lost waiting to reach the level of profit. Stick to the plan and waiting for Monday.

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  #6 (permalink)
Moscow/Russia
 
Experience: Intermediate
Platform: Investor RT, Overcharts
Broker: NT Brokerege/Rithmic
Trading: NQ,YM,CL,GC
 
jonnytrade's Avatar
 
Posts: 432 since Apr 2016
Thanks: 53 given, 252 received


ofatrader View Post
Recap Session:

Few good trades today. Managing with 2 contracts to get more profit but like today give some lost waiting for reach the level of profit. Stick to the plan and waiting for monday.

Hello good start on FIO. What software you are using for your trading statistic? Looks good!

Visit my futures io Trade Journal Reply With Quote
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  #7 (permalink)
Europe
 
 
Posts: 79 since Dec 2013
Thanks: 428 given, 150 received


jonnytrade View Post
Hello good start on FIO. What software you are using for your trading statistic? Looks good!

Hi @jonnytrade
I'm using Edgewonk journal.

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  #8 (permalink)
Europe
 
 
Posts: 79 since Dec 2013
Thanks: 428 given, 150 received









Recap Session:

Less is more. One trade and few not valid.

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  #9 (permalink)
Europe
 
 
Posts: 79 since Dec 2013
Thanks: 428 given, 150 received









Session Recap:

More trades today with some market velocity.

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  #10 (permalink)
Kuala Lumpur, Malaysia
 
Experience: Beginner
Platform: MetaTrader
Trading: Crude CL
 
Posts: 2 since Jul 2017
Thanks: 0 given, 4 received



ofatrader View Post
Hi,
Welcome to my one setup journal. The best practice around any methodology that the best professionals will recommend is KISS. This journal is my attempt to find this simplicity in trading, that will maintain my focus in one specific type of trade.

TRADE SETUP:

Break-IL: Bar that breaks an Institutional Level. Attention focused on find Institutional levels based on Size. Any simple time and sales or any other tool are enough to find this block trades. I will trade 1-2 markets, ES and NQ. This is not a mechanical trading, will try to understand the option involved basically reading the potential direction based on price action. This is the subjective part of this SETUP but nothing works 100% and the more I will trade it the more I will understand the better options. This is the intention of this journal, keeping me aware of what will work better or not.

Block trade for ES at 200 level.
Block trade for NQ at 80 level.

When the level has founded I will look for a candle that breaks this level in favor of the Negative (Short) or Positive Bar (Long)

TARGETS:

Will use Fibonacci Extensions Lines

RISK:

Above/Below Bar that Break-IL or below the prior swing point.


CHART:

2000 tick chart

I will add this journal to the actual November contest (The Gauntlet) and I will appreciate any thanks to giving me the opportunity to start a professional journey in this hard world. I will start with a capital of 25.000$. Objective 2500/+2500. Total Drawdown -2500. Daily Risk at -750$ or 3 consecutive loser trades. I will try to don't overtrade these zones. I will start with 1 contract and add 1 more when I will be at 500 of profit. Then I will maintain 2 contracts for the rest of the month.

All is explained. Here is an example of the SETUP:



This one is a perfect situation, but it represents the SETUP to trade. Thank's again to vote this journal if you think I can jump into the Gauntlet Team and be a professional Trader.

I like the simplicity of this setup. How's the performance so far since your last post on November?

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  #11 (permalink)
Virginia
 
 
Posts: 42 since Oct 2010
Thanks: 164 given, 41 received

Interesting journal and technique. I am also a fan of KISS!

What threshold do you use to determine an institutional level? A trade at 500% of average volume or something like that, or a set number of contracts?

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