T14 – USD/JPY

1USDJPY2USDJPYADX42

ENTRY

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

Analysis

get context for the set-up (what you want to see: clean impulse, choppy correction)

The major complexed correction on the daily might have another leg down. Price has swung, impulse has been made, trading the continuation pattern.

Criteria

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

IMPULSE registering ADX>25 (✓) ADX42

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 2.5R

Entry: 111.4 | Stop loss: 112.6 (-120 points) | Take Profit: 108.3 (+310 points)

Remarks:

download (3).pngPossible structure progression? What was initially thought of as ABC was actually the 3 waves in A. If it’s a 3-3-5 then Wave C might be a bit more complexed?

MANAGEMENT

download (4)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

download.png

Stop Loss

Manual. Reason:

Trailing Stop

Take Profit

Remarks: Trade was shifted to breakeven after the retest of the triangle, however it was unrecorded. Selling is weak, however, idea still not fully invalidated. Bad management again?

Advertisements