formulate a trade idea – your analysis, a likely possibility
[Classification] Key Reversal + Coil // Established Trend + Continuation
Ascending triangle forming after bouncing off the support area on the weekly. A break out of this triangle is possibly due soon as structure is likely to be completed after the ABC in wave E is complete.
trigger for the mentioned idea, what you want to see: clean impulse + choppy correction
Zooming in on the daily’s CDE – buying at flag bottom after ABC completed.
TREND on entry timeframe & 4H chart, determined by SMA if subjective (✓)
IMPULSE registering ADX>25 (✓) ADX25
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 5.8R
Entry: 143 | Stop loss: 139.75 (-325 points) | Take Profit: 162 (+1900 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
Manual. Reason: It’s on a massive 4H downtrend, chances of hitting the stop loss is pretty high.