Daily // 4H // 1H // 30m // 15m
get context for the set-up
Range on the daily. Possible that it will retest back the support. 150SMA suggests a downtrend, however, not a very strong one.
TREND on entry timeframe determined by SMA if subjective (✓)
IMPULSE registering ADX>25 (✓) ADX38
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 2.3R
Entry: 0.74 | Stop loss: 0.747 (-70 points) | Take Profit: 0.7236 (+164 points)
Messed up the order placements. Assuming the corrective structure, two thumbs down. 150SMA is still intact. The measurement of take profit using length of prior impulse has changed, added confluence by the downward channel and round number 0.725. Take profit shifted nearer to 0.7262.
If price breaks out favourably, risk halved
If two-thirds of anticipated impulse, shift to break even
If breakout + strong momentum + space to run, extend take profit and use trailing stop.
Remarks: Assuming the structure of the correction + not based on moving average/trend-line/channel for value was the mistake.
Additional remarks: Even moving averages/trend lines/channels are just mere guidelines. No trade decision should be made solely on these lines.