T8 – BRENT CRUDE

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ENTRY

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

Analysis

get context for the set-up 

Add on to T1. Price initially retraced, anticipated a flag but formed an advanced pattern and broke out of the corrective resisting line. It then retested the same line it broke out of.

Got wicked in I believe, structure hasn’t completed forming.

Criteria

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

IMPULSE registering ADX>25 (✓) ADX40

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 5.5R

Entry: 52 | Stop loss: 51.55 (-45 points) | Take Profit: 54.5 (+250 points)

Remarks: Well, not the way I wanted to enter. Got wicked in, placed entry level to close.

MANAGEMENT

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: Order placements needs a bit more structure

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