T7 – EUR/AUD

ENTRY

download (9)download (8).png

Daily // 4H // 1H // 30mins

Analysis

Support & Resistance // Trend Lines & Channels // 21&50 Moving Averages // Elliot Waves // Multiple Timeframe Reference // Fibonacci Levels

get context for the set-up

The last 12 bars on the entry timeframe before the entry provided with a nice level to place the buy order. Low volatility plus a show of the lack of sellers.

Criteria

TREND on entry timeframe Determined by 21&50+C SMA if subjective (✓)

ADX>25 registered on impulse wave (✓) ADX65

Low volatility when keying order Area of value (✓)

Continuation/Correction/Consolidation/Coil Structure

Flag // Pennant // Wedge // Triangle // Rectangle

Simple Retracement [Fibonacci 50% // S&R Zone // 2150 TAZ]

Falling Rising Wedge // Complexed ABC pullback

Higher Timeframe Inside Bar

Orders

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: 1.4825 | Stop loss: 1.4739 (-88 points) | Take Profit: 1.498 (+153 points)

Remarks: The take profit is placed below the round number of 1.5

MANAGEMENT

Risk Halved

Shift to Break Even

Securing xR

EXIT

download.png

Initial Stop Loss

Manual. Reason:

Trailing Stop

Take Profit

Remarks: Along with T6, trade should have been avoided in the first place as there was resistance on the higher timeframe.

Advertisements