Wait for price to retrace to the 50% fib level (0.900X) or 61.8% fib level + test (0.898X) for a possible long entry.
Consider exiting if price manages to close below the .
Target: Low 0.91XX region (previous swing high)
Update: Considering price did not test the yet, I'd say this trade still has a shot to fill there. However, price looks to have bounced off of the 50% fib level so far and I've already filled 30% of my long position at 0.9015. Anyone else get a position?
Why 100 pips?
- It's considered a wide stop by most traders, so it'll prevent being stopped out from the small spikes.
- At the same time however, it's wide enough but also necessary to prevent catastrophic losses from a major move.
Had I been awake, I may have considered adding some more at 0.8930 but it looks like I may have missed that opportunity now.
(DO NOT ADD MORE IF YOU CANNOT AFFORD TO DO SO, I'M WELL BELOW MY ACCOUNT EXPOSURE LIMITS)