After Looking at the STEEM/BTC pair I realized I was too premature in my entry last night and should have been more patient and waited for the to fully complete and for price to test all levels of the PRZ before entering my trade. This is a must in trading as taught by the inventor of Trading Scott Carney. Had I stuck to the rules I could have obtained a much better entry and risk to reward ratio. What I learned from this is... always stick to the plan!!
When doing my analysis, I found some nice fib confluence that could act as support. As a result, I moved my stop loss accordingly and planed for new downside targets in case the fails. My targets remain the same. If this area fails I expect to see downside to the 1.618 projection in the 0.00179 area.
In summary, after reaching target 1 the trade plan requires us to close 1/2 our position in profit. Then we raised the stop loss to break even and unfortunately got stopped out.