T10 – EUR/NZD

HTF SWING

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ENTRY

Weekly/Daily/4H/1H/30mins timeframes (select 2)

[1] Ensure that price is range bound/strongly respecting S/R on the higher timeframe (✓)

[2] Go down to the lower timeframe and identify the accumulation/distribution/swing point (✓) Fading Bears

[3] Plot out ST-TL and LT-TL confirmed by the 30SMA and 150SMA. As price is range bound, will be looking for the existing ST trend to reverse.

[4] Price breaks and closes the ST-TL and 30SMA (✓)

[5] Stop order at the break of the accumulation/distribution structure (✓)

Additional confluences: Head & Shoulders, Support/Resistance on the lower timeframe, Fibonacci Retracement, Candlestick Patterns on the higher timeframe + 150SMA

1% capital risked for potentially 2R

Open: 1.528 | Stop loss: 1.518 (-100 points) | Take Profit: 1.548 (+200 points)

Remarks: 30 & 150 SMA not shown on 1H chart as it was a tad bit messy and SMA was thought to be irrelevant as the weakening bears downward channel at the support shows that buyers were stepping in.

Small price discrepancy between the OANDA chart and executing broker CMC. As shown, price have not hit the buy entry level however, it has been triggered by CMC. Maybe the 5.8 spread played a part. Not a big matter though.

MANAGEMENT

At entry, stop loss placed under/above the lowest/highest point of the support or resistance on the higher timeframe. with guide from 150 SMA

Take profit placed before the support or resistance that makes up the range.

At 50% of the range, LT-TL or 150SMA – shift stop to breakeven.

At 80% of the range, shift stop to 50% mark or below/above swing L/H.

If price breaks and closes past the 30SMA on HTF or 150SMA on LTF, tighten stop loss and prepare for manual exit.

EXIT

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[1] Initial stop loss

[2] Trailing stop, as mentioned under management

[3] Manual exit due to change of momentum and break of market structure

[4] Take profit

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