PP23 – AUD/NZD

ENTRY

no pitchfork, no trade

IDEA

grid map by pitchfork/channels, route and direction based on wave analysis and price action

Within a larger weekly corrective structure, price has completed the 5 waves shown as ABCDE.

SET-UP

catalyst: 3 key points

Confirmation on the lower timeframe that price has likely turned and the high is established. The 3 key points has formed with an impulse and complexed ABC correction.

Also, a reminder on the missed 3 key points last time despite the correct analysis.

Managed to sell on the high thanks to the structure on the lower timeframe, 4H swing 15mins structure. Rising wedge reversal followed by a timely breakout suggests the swing is likely and the confirmation mini flag might be forming currently. A chance to add possibly?

IMPULSE (✓)

COIL x2 bar ratio, completed structure (✓)

Fibonacci 50%–61.8% // S&R Level // Stochastic Wave Cycle

ORDER

Entry @ Break of Structure // Area of Value

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 xR

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

Stop Loss

Trailing Stop

Take Profit