Daily // 4H // 1H // 30m // 15m
get context for the set-up
On the daily chart, broke out from key level. Heading towards next resistance area.
TREND on entry timeframe determined by SMA if subjective (✓)
IMPULSE registering ADX>25 (✓) ADX66
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: 1.112 | 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.
If price breaks out favourably, risk halved
If two-thirds of anticipated impulse, shift to break even
Apparently, 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.
It did end up reaching TP quite soon after…