ILP stands for Intraday Level Play. Its strictly for intraday day trading. It is not a swing trader system or investment system. You hold stock for no more than 1 session with few exceptions.
Direction
Trade into major direction of the market. If market is majorly Bearish, only enter short trades. If market majorly Bullish - only enter Bullish trades.
During peaceful normal market action (i.e. not during geopolitical storms or massive recoveries or corrections) you can find trades in both directions intraday.
Entry
Out of two closely present levels, always trade the further one out. Its ok if the trade doesn't hit, when it does it will make up for all the missed opportunities.
Entry Timing
Always wait for the order, don't rush to make the order as any kind of FOMO. Have a trap set and wait for the price to hit your bracket. Its ok to let the trade go, another one is likely setting up already.
Levels
Levels are everything. Levels are limit orders and zone edges in which big players build their positions (at your expense). Learn to see levels as just that - orders placed by big players.
Watch them compete for a level. Watch them move price into zones where they think they can unload or load their position.
Then join them.
Stop Management
Move your stops into lossless position after you reach 1R. Then don't move them again until a major level is reached.
Secondary Dips
Upon initial morning swing exhaustion, its ok to enter into a secondary swing at a different level provided the entry point meeting requirement of having some kind of pre-market or historic level associated with it, and preferably an intraday confirmation.
Here is a wider contextual chart of the same META session.
Notice the level being confirmed as top of the channel in previous days post session.
Same scenario here:
Risk Management
- Do not move stops (unless in direction of the trade, i.e. choke)
- Do not chase
- Do not average in (on day trades)
- Trade only the strongest levels
- Use Volume Profile in combination with a strong level
- Know direction of the instrument (and market)
- Try to time your trade with SPY (but don't agonize over this)
- Have a clear ideal picture of what you're trading - be able to draw it on paper
- If instrument moved 1R from your entry, consider going lossless with the stop