T6 – EUR/USD

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ENTRY

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

Analysis

get context for the set-up

On the daily chart, broke out from key level. Heading towards next resistance area.

Criteria

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

IMPULSE registering ADX>25 (✓) ADX66

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: 1.112 | Stop loss: 1.107 (-50 points) | Take Profit: 1.12 (+100 points)

Remarks: Broke out from the pennant and retested the break out point again. Entered with confluence from 25SMA.

MANAGEMENT

If price breaks out favourably, risk halved

If two-thirds of anticipated impulse, shift to break even

download (12).pngApparently, the take profit shown on chart and the one keyed in with the broker is different… (Charts: 1.12, 1.6R) and the one that was most probably intended if I remember correctly (Broker: 1.122, 2R). Price would’ve taken the take profit level that was drawn on chart. Now, TP @ 1.122 for 2R and TS @ 1.118 for 1.2R.

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

REVIEW

download (2)It did end up reaching TP quite soon after…

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