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 (✓) ADX44
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: 1.088 | Stop loss: 1.0824 (-56 points) | Take Profit: 1.102 (+140 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 // On the daily, there is a possibility that price would go the length of the first impulse after the correction and retest the higher resistance area. Definitely there is strong bullish momentum – as seen on the 4H, a large bullish candle right before missing the TP target followed by 3 inside bars. Will be letting this pattern play out.
The plan – take profit on the rally at the next resistance area or after a change in momentum
Remarks: Took profit at original take profit level with a win of 2.5R. Did not have the courage/mental capacity/balls to hold on to this wining trade longer, at least retest the recent high made. Of course, it moves higher.
Look where it is now… There will be sell setups within bullish corrective structures. If a correction wave looks big and long, be patient. Remember it will look small and feel like a long time ago after the massive impulse.
Flag’s getting smaller…
Where’s the flag and what resistance…