Daily // 4H // 1H // 30m // 15m
get context for the set-up (what you want to see: clean impulse, choppy correction)
Price broke out of the LT forming triangle (which ever one it is) and has formed a continuation pattern, clear on the daily chart.
TREND on entry timeframe determined by SMA if subjective (✓)
IMPULSE registering ADX>25 (✓) ADX48
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 3.2R
Entry: 3.98 | Stop loss: 3.937 (-430 points) | Take Profit: 4.12 (+1400 points)
Remarks: Did not enter with bang after the pinbar. Also, the holding cost on this pair is rather high.
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: Very close to stop loss + the main reason being holding costs are too high. Exposed to this position any longer and risk will exceed 1%. Will not trade this pair (or any other exotic pairs) anymore due to the high costs.