Weekly/Daily/4H/1H/30mins timeframes (select 2)
 Ensure that price is range bound/strongly respecting S/R on the higher timeframe (✓)
 Go down to the lower timeframe and identify the accumulation/distribution/swing point Correction (inside bar) to the impulse succeeding the pinbar and engulfing as seen on daily
 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. Invalid
 Price breaks and closes the ST-TL and 30SMA (✓)
 Stop order at the break of the accumulation/distribution structure After correction
Additional confluences: Head & Shoulders, Support/Resistance on the lower timeframe, Fibonacci Retracement, Candlestick Patterns on the higher timeframe
1% capital risked for potentially 2.6R
Open: 0.9346 | Stop loss: 0.9256 (-90 points) | Take Profit: 0.9595 (+240 points)
At entry, stop loss placed under/above the lowest/highest point of the support or resistance on the higher timeframe. Placed under the correction (inside bar) + buffer
Take profit placed before the support or resistance that makes up the range.
Extra: Risk halved.
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.
 Initial stop loss
 Trailing stop, as mentioned under management
 Manual exit due to change of momentum and break of market structure
 Take profit
Remarks: Seems that the continuation rectangle has failed (or maybe false breakout?). Since entry point (& breakeven stop loss) is at the 50% mark of the impulse wave, it is likely that price may come back to that level. If it does, with a bullish sentiment, will look to go long again. Took the trade out at 0.5R for now.