T1 – BRENT CRUDE

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ENTRY

Daily // 4H // 1H // 30m // 15m

Analysis

get context for the set-up

Bounced off the daily upward trend line with a clear pinbar showing price rejection. The set-up took is also an inside bar on the daily.

On the 1H, the trend has clearly turned around defined by the impulses, correction and confirmed by 100SMA. Coil structure could be ABC however it’s not the clearest of patterns.

Criteria

TREND on entry timeframe determined by SMA if subjective (✓)

IMPULSE registering ADX>25 (✓) ADX43

COIL structure clear formation relative to prior impulse (✓)

Continuation/Correction/Coil Structure

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

Fibonacci 50%–61.8% // S&R Level // Trend Line // Moving Average

ABC // ABCDE // Extended Combo

Orders

Entry @ Break of Structure // Area of Value + Candlesticks

Stop Loss @ +1ATR away from last wick // SMA as guide

Take Profit @ Length of Prior Impulse // Next Area of Value

1% capital risked for potentially 3.1R

Entry: 51 | Stop loss: 49.9 (-110 points) | Take Profit: 54.5 (+350 points)

Remarks: Candles like this makes you wanna place the entry level lower, but this feeling is only after the trade has been triggered (benefit of hindsight). FIGHT IT!

MANAGEMENT

download (4).pngIf price breaks out favourably, risk halved

download (1)If two-thirds of anticipated impulse, shift to break even. Also, looking to add.

If breakout + strong momentum + space to run, extend take profit and use trailing stop.

EXIT

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Stop Loss

Manual. Reason:

Trailing Stop

Take Profit

Remarks: Might actually be that bullish rectangle forming. No way to know what kind of correction structure. Got out at breakeven.

REVIEW

download.pngWell, you messed up the trade. Shifted to breakeven without referencing the market structure and exited the trade at literally the worst possible point during the uptrend. Yes, it was indeed a bullish rectangle that ended at the bottom of the channel. And price would’ve reached take profit if trade was untouched.

The buy entry shown is from T11.

Lesson: Don’t forcefully shift to breakeven just to add another position.

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