Sure, we could see a bigger retrace before we finally hit this level, but I dont want to risk missing it.
Why am I entering now? We see structure (see blue arrows) that clearly acted, and more importantly, HELD as support. The RSI was also heavily oversold to add to our case.
The "negative" side of being this close to this key level is that, for a trend following trader, we could see massive sell-offs and profit taking when we hit this level, which could stop out most traders following with a tight stop loss.
On the other hand, we could also go above and aim for the sky - perhaps the high of 2009, 0.98000?
I'm entering and will follow with stop loss after we hit target 1.