Daily // 4H // 1H // 30m
get context for the set-up (what you want to see: clean impulse, choppy correction)
TREND on entry timeframe determined by SMA if subjective (✓)
IMPULSE registering ADX>25 (✓) ADX42
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 1.6R
Entry: 0.754 | Stop loss: 0.751 (-30 points) | Take Profit: 0.759 (+50 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: Could have used a longer impulse instead of being so conservative. Have faith in the coil, it was a good one as it was multiple inside bars on the daily. 2.9R was it’s potential, instead of 1.6R.
Inside bars and coils – the very market phenomenon this strategy is based on, but never made full use of it on this trade.
Trade will be running 14R now if it was allowed to run.