The overall corrective structure is so complex but all the possibilities I could see points to the South. Might be C of a flat, yes. And it's so likely to reverse at somewhere below my target. I wouldn't buy until seeing the upward impulse though.
You know, I've just risked half of my capital : ) I can't put my targets that far. Actually, I've just changed the stop loss to breakeven point. If this one works out, it means I'll have 50% ROI on my capital. Gonna be epic!
I'm going to write in an idea about risking high. Risking around 2% is what most of the educated traders do. I risk around 10% in normal trades, and even higher when I'm highly confident. I can risk 1% blindly just to gamble lol
Hi! I'm afraid I can't help you on this one. This is like asking the physician why they cut a certain area in a surgery. If you're a beginner, write me a PM and I can recommend you some reads. If you know the basics, follow the traders in TV and try to catch how they think.
I generally prefer not waiting for lower degree pullbacks. As the downward force gets more powerful, lower degree retracements might get so narrow. But anyway, if you miss your pullback target, you may buy the breakout. I wish the best of luck!