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
TREND on entry timeframe Determined by 21&50+C SMA if subjective (✓)
ADX>25 registered on impulse wave (✓) ADX56
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 2R
Open: 114.2 | Stop loss: 113.5 (-70 points) | Take Profit: 115.6 (+140 points)
Remarks: Stop loss could’ve been tighter and take profit is a bit of a stretch since 115.5 might be in the way. We shall see.
If bullish momentum is strong, further take profit. There is space to run as seen on daily and weekly. The major pullback is over and impulse is continuing on long term.
Shift to Break Even
Initial Stop Loss
Remarks: Seems like getting wicked out, which is unfortunate. Importance of 1%.