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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.
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.
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.
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.
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.