Daily // 4H // 1H // 30m // 15m
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.
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 (✓)
Flag // Rectangle // Pennant // Wedge // Triangle // Diamond
Fibonacci 50%–61.8% // S&R Level // Trend Line // Moving Average
ABC // ABCDE // Extended Combo
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)
If price breaks out favourably, risk halved
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.
Manual. Reason: Missed take profit by a tiny bit. Flag played out, momentum considered changed.
Remarks: Exit level is also the trailing stop of T5
Well, wouldn’t have done otherwise but price ended up hitting TP with a false break out high of 1.51