T20 – AUD/NZD

ENTRY

IDEA (W/D)

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

download (5)Possible diamond reversal pattern on the weekly which happens at an even longer term support.download (8).pngAnother possible structure – The D wave has a 3 pattern structure and price goes down and retests the lows. If the diamond still stands, this could be wave E’s wave B (see below). This trade aims to capture wave C of wave E and perhaps anticipate the break out of the diamond.

SETUP (4H)

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

download (7).pngSell setups were initially forming, but they played out with little momentum and those small structure formed a falling wedge.

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

IMPULSE registering ADX>25 (✓) ADX40

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 (50/100SMA)

Simple // ABC // ABCDE // Extended Combo

ORDER

Entry @ Break of Structure // Area of Value + Candlesticks

Stop Loss @ +1ATR away from last wick // Before Impulse Start (Smaller 1H buy setup formed and stop loss placed right below the bullish engulfing)

Take Profit @ Length of Prior Impulse // Next Area of Value

1% capital risked for potentially 2.3R

Entry: 1.0685 | Stop loss: 1.058 (-105 points) | Take Profit: 1.093 (+245 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 (6).pngdownload6.png

Stop Loss

Manual. Reason: Now the sell setup corrective structure has formed. This whole ABC could be the longer term wave B. On the 1H, this 3 waves structure could be seen clearly.

Trailing Stop

Take Profit

REVIEW

download (3).pngWell you idiot. It only made one way up and hit take profit.

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