formulate a trade idea – your analysis, a likely possibility // set-up play out
Range on the daily, price was within the resistance zone and was rejected, currently in a coil after the rejection.
trigger for the mentioned idea, what you want to see: clean impulse + choppy correction
TREND on entry timeframe & 4H chart, determined by SMA if subjective (✓) 50SMA
IMPULSE registering ADX>25 (✓) ADX36
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
Simple // ABC // ABCDE // Extended Combo
Entry @ Break of Structure // Area of Value + Candlesticks
Stop Loss @ +1ATR away from last wick // Before Impulse Start
Take Profit @ Length of Prior Impulse // Next Area of Value
1% capital risked for potentially 2.2R
Entry: 0.9595 | Stop loss: 0.9683 (-88 points) | Take Profit: 0.94 (+195 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: There was some massive volatility in the past hour?
Idea valid, execution failed. The enter at range end (or mid range) with B/E shift point might be more viable.
Further update: It went all the way down, just as imagined. But doubted your own analysis.