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
Trade active
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SIDE NOTE: a) the bullish divergence on the RSI & MACD. b) rising ATR
Comment
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1/2 off at 2:1 achieved. (2% on half of position = +1%) Stop on back half not touched. (worst case scenario, our +1% trade turns into +.5%)
Do you agree?