T16 – GOLD

GOLDADX50.png

ENTRY

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

Analysis

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

Criteria

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

IMPULSE registering ADX>25 (✓) ADX50

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 1.4R

Entry: 1266.8 | Stop loss: 1248 (-18.8 points) | Take Profit: 1294 (+27.2 points)

Remarks: The entry orders were not executed at the exact price entered, affecting R:R and risk%. Adjusted so that risk remains at 1%.

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

download

Stop Loss

Manual. Reason: See remarks

Trailing Stop

Take Profit

Remarks: Manually closed due to a few reasons –

(1) The structure of GOLD has limited upside potential (LT downward channel on daily)

(2)The corrective structure that this trade was based on has not fully formed

(3) Large bearish candles after the “breakout” and consolidation of what was thought as a bullish triangle

(4) DXY is currently at support (might be continue downtrend or bounce too early to tell)

(5) Either way, 1.4R potential – not worth the risk

REVIEW

download (1).pngMessed up what might be a winning trade?

download.pngIt is a winning trade…

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