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

[1] Price trailed by 30SMA – ensure strength of first impulse wave (✓)

[2] Pullback between 30SMA and 150SMA (✓)

[3] Corrective structure formation with 2×2 touches (✓)

[4] Stop order at the break of corrective structure with stop loss after swing L/H (✓)

[4] Stop order after price bounce off area of value with volatility stop

Additional confluences: Support or Resistance (R turned S), ADX40, Linear Trend Lines, Fibonacci Retracement, ATR and Elliot Waves.

1% capital risked for potentially 1.9R

Open: 1.2482 | Stop loss: 1.2428 (-54 points) | Take Profit: 1.2585 (+103 points)

Remarks: Neat entry. Stop loss a bit loose, could have made it 2R.


Keying in the trade, use volatility stop placed under/above an established swing L/H or moving average cross or estimating volatility using ATR.

Real stop loss placed under/above the anticipated swing L/H using 150SMA as a guide.

Take profit calculated using the length of the prior impulse wave rounded off to next nearest swing point/key level.

download (1)Turns out: The corrective structure’s forming a sort of bearish pennant. Looking at the bigger picture, original take profit level will be an early place to close the trade since it will be in the middle of nowhere, especially if price breaks out of the structure. Similar to T13 involving the GBP. Therefore, take profit level has been shifted up to 1.261 (+128 points) giving a 2.3R potential. Still sticking to the plan.

Once entry triggered and break out, shift automated volatility stop to real stop position.

updateBEforGBPCHFAt 50% of 2nd impulse or a swing L/H established, shift stop to break even.

downloadAt about 80% of 2nd impulse, shift stop to the 50% mark or below/above swing L/H. 1.07R (+58 points) secured.

If price breaks and closes under/above the 30SMA, tighten stop loss and prepare for manual exit.


download (1).png

[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

Remarks: Manually exit as price was near to TP numerous times but failed to hit it + itchy fingers (R-performance 2.1R)