Daily // 4H // 1H // 30m // 15m
get context for the set-up
Range on daily. Broke out of support and retested the area 0.75 round number. Price found resistance with a pinbar on daily and the confluence of 200SMA on the 4H.
The corrective structure was stretched and the assumption of its completion led to a loss previously at T7.
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 (5-3-5) // 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 1.8R
Entry: 0.747 | Stop loss: 0.754 (-70 points) | Take Profit: 0.734 (+130 points)
Remarks: Take profit level could be extended to next support. But 1.8R + higher probability of success would be good in the long run.
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.