T17 – AUD/CAD

ENTRY

IDEA (D[4H])

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

download (7)Downtrend on the daily and 4H with price bouncing off a sell area. There were 2 inside 4H bars but it was a false breakout and price is now back within the range (perhaps a short pullback before continuation)

SETUP (1H)

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

download (8).pngStructure on the 1H has changed with the 50&100SMA confirming the downtrend. Traded the breakout after a rectangular ABC, not the best entry clearly.

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

IMPULSE registering ADX>25 (✓) ADX26

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 2.1R

Entry: 0.99 | Stop loss: 0.996 (-60 points) | Take Profit: 0.9773 (+127 points)

MANAGEMENT

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

EXIT

download.png

Stop Loss

Manual. Reason:

Trailing Stop

Take Profit

Remarks: Terrible entry, even worse place for a stop loss. Might re-enter the market again.

REVIEW

ifAUDCADtriggered1ifAUDCADtriggered2Sell order placed again. This time entry is from an area of value and stop loss is where idea is invalidated. Triggered @ T18.

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