T7 – AUD/USD

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ENTRY

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

Analysis

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.

Criteria

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

IMPULSE registering ADX>25 (✓) ADX38

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 2.3R

Entry: 0.74 | Stop loss: 0.747 (-70 points) | Take Profit: 0.7236 (+164 points)

Remarks:

MANAGEMENT

download (11)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.

EXIT

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Stop Loss

Manual. Reason:

Trailing Stop

Take Profit

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.

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