T24 – SILVER

ENTRY

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

Analysis

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

Range on daily and price has bullish momentum, on an upswing likely to test the resistance area. Trend on 1H defined by 150SMA. Buy order was +1ATR away from the coil, likewise with the stop loss. Not the best entry with regards to the closeness to the SMA but the impulse and coil might suggest otherwise.

The correction structure is unclear on the 1H timeframe but seems like a flat 5-3-5 when seen on the 15m.

Criteria

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

IMPULSE registering ADX>25 (✓) ADX39

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: 17.71 | Stop loss: 17.44 (-27 points) | Take Profit: 18.4 (+69 points)

Remarks:

MANAGEMENT

If running >1R + swing established, risk halved

If 20% left to take profit, shift to break even

If strong momentum + space to run + aligned with long term view, extend take profit and use trailing stop

EXIT

Stop Loss

Manual. Reason:

Trailing Stop

Take Profit

Remarks: Should have been more patient and entered closer to the SMA especially since others (eg. Gold) was at resistance against the USD.