T12 – AUD/NZD

ENTRY

IDEA (D)

formulate a trade idea – your analysis, a likely possibility // set-up play out

download (7).pngPrice has bounced off daily support (also diagonal support on weekly) – the buy signal came in the form of an inside bar.

SETUP (4H)

trigger for the mentioned idea, what you want to see: clean impulse + choppy correction

download (8).png

download (9)The structure of the inside day bar as seen on the 1H. It also retested the resistance level that was broken out.

TREND on entry timeframe & 4H chart, determined by SMA if subjective (✓) 50/150/200 SMA

IMPULSE registering ADX>25 (✓) ADX35

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

ORDER

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 2.8R

Entry: 1.0602 | Stop loss: 1.0488 (-114 points) | Take Profit: 1.093 (+328 points)

MANAGEMENT

download (2).pngSpotted the 5 wave impulse high ending at the channel line, could have exited for 1.7R. But holding it out – analysis mentioned on chart.

If running >1R + swing established, risk halved

download (3).pngIf 20% left to take profit, shift to break even – shifted after a sell setup formed after the impulse. Regretting not exiting at the end of Wave 5…

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

EXIT

download (2)

Stop Loss

Manual. Reason:

Trailing Stop

Take Profit

Remarks:download (3)The sell setup played out and took the trade out at break even level. Minimal bearish momentum as the bearish flag broke down and the whole structure forming a longer term buy setup (could be the worse place for a sell order). Possibly wave B in the analysis made above. Will be placing a new buy stop order to capture this wave C.

REVIEW

downloaddownload (1)And it’s moving right in your favour. And you exited at the worst possible place. And you noticed the sharp candle that happened before but just forgot about it. What the fuck.

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