Reasons for entry long:
1. We have experienced a significant Retracement to a Fib level.
2. I have identified a good level of latent orders which has started to create a bounce.
3. Considerable room to go up to target.
Money management rules:
A. Risk no more that 1% of account on the trade
B. 1/2 off at 2:1 (normally I would take 1/2 at 1:1 but this has room to go)
C. 1/2 off at target
1. We have experienced a significant Retracement to a Fib level.
2. I have identified a good level of latent orders which has started to create a bounce.
3. Considerable room to go up to target.
Money management rules:
A. Risk no more that 1% of account on the trade
B. 1/2 off at 2:1 (normally I would take 1/2 at 1:1 but this has room to go)
C. 1/2 off at target
Trade active:
SIDE NOTE:
a) the bullish divergence on the RSI & MACD.
b) rising ATR
a) the bullish divergence on the RSI & MACD.
b) rising ATR
Stop on back half not touched.
(worst case scenario, our +1% trade turns into +.5%)