Daily // 4H // 1H // 30m // 15m
get context for the set-up (what you want to see: clean impulse, choppy correction)
A textbook set-up, missed the first one though.
TREND on entry timeframe determined by SMA if subjective (✓)
IMPULSE registering ADX>25 (✓) ADX56
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 1.7R
Entry: 0.8701 | Stop loss: 0.8647 (-54 points) | Take Profit: 0.8795 (+94 points)
Remarks: The volatility around the entry area might either be a good reversal or weak buying. Clean bullish candles on 4H though.
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.
Manual. Reason: Resistance area (higher timeframe) + failed to clear the swing high
Remarks: There is a possibility that price will retest the bottom and start to range (bounce back up). However, price might spike and take the trade out. Therefore, better to incur a -0.21 loss rather than a full -1 when there isn’t much profit potential due to the limited upside.
Something I should consider – screw active management? Or make it a lot less active…