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
Not
The stop may have been drawn a bit close here. -1% watch lower timeframe (5m) for engulfing candles... this trade warrants another shot... especially at 4+R possibility.
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