Daily // 4H // 1H // 30m // 15m
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.
TREND on entry timeframe determined by SMA if subjective (✓)
IMPULSE registering ADX>25 (✓) ADX40
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 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.
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: Order placements needs a bit more structure