Daily // 4H // 1H // 30mins
Support & Resistance // Trend Lines & Channels // 21&50 Moving Averages // Elliot Waves // Multiple Timeframe Reference // Fibonacci Levels
get context for the set-up
Downtrend on all timeframes including weekly and daily. Support turning into resistance.
TREND on entry timeframe Determined by 21&50+C SMA if subjective (✓)
ADX>25 registered on impulse wave (✓) ADX45(4H)/ADX74(1H)
Low volatility when keying order Area of value (✓)
Flag // Pennant // Wedge // Triangle // Rectangle
Simple Retracement [Fibonacci 50% // S&R Zone // 2150 TAZ]
Falling Rising Wedge // Complexed ABC pullback
Higher Timeframe Inside Bar
Entry @ Break of Structure // Area of Value + Candlesticks
Stop Loss @ +1ATR away from last wick // 50 SMA as guide
Take Profit @ Length of Prior Impulse // Next Area of Value
1% capital risked for potentially 1.7R
Open: 0.736 | Stop loss: 0.7406 (-48 points) | Take Profit: 0.7273 (+84 points)
Remarks: Sell entry could be higher to yield better R-performance, based on the low volatility small bodied candles in the identified zone.
Shift to Break Even
Initial Stop Loss
Remarks: The rounding top double top that was anticipated also failed. Well, what can you do.