T2 – EUR/AUD

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ENTRY

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

Analysis

get context for the set-up

Strong uptrend with some space to run based on daily. Could possibly be the last leg before a proper correction.

Criteria

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

IMPULSE registering ADX>25 (✓) ADX57(4H) & ADX67(1H)

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 2R

Entry: 1.481 | Stop loss: 1.468 (-130 points) | Take Profit: 1.508 (+270 points)

Remarks:

MANAGEMENT

download.pngIf price breaks out favourably, risk halved

download (2)If two-thirds of anticipated impulse, shift to break even. Also looking to add.

download (3)Secured 0.5R

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

EXIT

download (3)

Stop Loss

Manual. Reason: Missed take profit by a tiny bit. Flag played out, momentum considered changed.

Trailing Stop

Take Profit

Remarks: Exit level is also the trailing stop of T5

REVIEW

download.pngWell, wouldn’t have done otherwise but price ended up hitting TP with a false break out high of 1.51

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