T11 – USD/SGD

TRIANGLE

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ENTRY

Daily/4H/1H/30mins timeframe (select only 1)

[1] Clear market structure of the triangle with 5 touches (✓)

[2] Identify key levels for break out (✓)

[3] Stop order at the break of identified key levels in the direction of prior impulse, opposite direction for a reversal or both (✓) seen as an accumulation structure

Additional confluences: Support (R turned S on Daily) or Resistance where the triangle is placed, longer term trend, conditions on higher timeframe or Bollinger Bands.

1% capital risked for potentially 2R

Open: 1.401 | Stop loss: 1.392 (-90 points) | Take Profit: 1.419 (+180 points)

Remarks: Triangle is located at a level on the Daily that is a support.

MANAGEMENT

At entry, stop loss placed under/above a prominent key level that made up the triangle. Depends on the market structure and size of triangle.

Take profit at the next nearest key level on the same timeframe.

updateUSDSGD-RiskHalved.pngExtra: Risk halved as price is approaching resisting trend line

After break out or next swing L/H established, shift stop to break even.

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

If price breaks and closes under/above the 30SMA, 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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