Quick long position trade for 3% gain.
My entry point was (8,294)
I set me stop loss at just under the golden zone (.618 to .65) of the last move up.($8,248)
Set my target at a 1:1 ratio using Fib Extension tool.($8,557)
Will move my stop loss to break even point once I see the trade is well on its way.Probably when were nearing $8,400 .
In the mean time I will monitor closely.
Risk to reward ratio is 5:1. I typically look for minimum 3:1
I always try to enter and leave in the meat of the wave up or down.Never try to catch the bottom or the top.