Daily // 4H // 1H // 30m // 15m
get context for the set-up
Rising wedge reversal breaking out on the daily.
TREND on entry timeframe determined by SMA if subjective (✓)
IMPULSE registering ADX>25 (✓) ADX42
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 3R
Entry: 776.4 | Stop loss: 788.1 (-117 points) | Take Profit: 741 (+354 points)
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: The massive selloff anticipated did not happen, obviously. Bias is still bearish due to the large rising wedge.