Daily // 4H // 1H // 30m // 15m
get context for the set-up (what you want to see: clean impulse, choppy correction)
Range on the higher timeframe, bounced off a support area. Trend defined with the 50SMA and direction of the impulse and corrective waves.
TREND on entry timeframe determined by SMA if subjective (✓)
IMPULSE registering ADX>25 (✓) ADX27
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 2.4R
Entry: 14.55 | Stop loss: 14.39 (-1626 points) | Take Profit: 14.95 (+3974 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: Might have shifted to breakeven too early… There is a possibility that price is just retracing back to breakout point. Clear 12345 and the ABC is just retesting the breakout point (50% of impulse) and will bounce off and head to take profit level.