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. 50% bounce of most recent drop is feasible.
Money management rules:
A. Risk no more that 1% of account on the trade
B. 1/2 off at 2:1
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. 50% bounce of most recent drop is feasible.
Money management rules:
A. Risk no more that 1% of account on the trade
B. 1/2 off at 2:1
C. 1/2 off at target
watch lower timeframe (5m) for engulfing candles...
this trade warrants another shot... especially at 4+R possibility.