Daily // 4H // 1H // 30m
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.
TREND on entry timeframe determined by SMA if subjective (✓)
IMPULSE registering ADX>25 (✓) ADX39
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 2.5R
Entry: 17.71 | Stop loss: 17.44 (-27 points) | Take Profit: 18.4 (+69 points)
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
Remarks: Should have been more patient and entered closer to the SMA especially since others (eg. Gold) was at resistance against the USD.