T30 – USD/CAD

ENTRY

IDEA (ST1H)

formulate a trade idea – your analysis, a likely possibility

[Classification] Key Reversal + Coil // Established Trend + Continuation

download (8).pngDouble bottom formed on the major support of the daily. This rally could sustain for quite a while until it reaches a bigger resistance. Missed the first coil, taking the second one. Stochastic and the upward channel shows the buy at value in addition to the 100SMA which price seems to respect.

SETUP (1H)

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 4H

IMPULSE registering ADX>25 (✓)

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 1.5R

Entry: 1.2705 | Stop loss: 1.2626 (-79 points) | Take Profit: 1.283 (+125 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: Expanding triangle formed with stop loss likely to be hit. Could buy again if it bounces off the supporting line and go for the mid-range entry strategy.

Trailing Stop

Take Profit

REVIEW

download (7).pngWould’ve lost 1R…

Advertisements