As mentioned in my last post, I was waiting for the price to come down to as low as 8250, and the price came to 8253. I was waiting for a little bit more of a bottoming process and was just about to get long around a little below 8.3k when the price exploded upward. I am, however, still looking to get long but I would like the price to come back around 8.3k. The first reason is obvious: I feel cheated that I barely missed out and pride won't let me pay much more than 8.3k for it. The second reason is also somewhat obvious: I would like to keep my risk low, especially because I am not as sure as I like to be that this is a move upward. My suggestion is to feel free to go long here but keep a tight stop: I'm seeing a few things that suggest this may be a bit premature so keep a tight stop and even if you get stopped out, don't give up on the long side if you like what you see long. I'm hoping for 8500 at least by EOD
tmrw, but in terms of calculating your R:R, I suggest you consider using 8400 as your TP. Therefore, given that I like an R:R of something like 3:1 at a minimum, consider using a break of the support line of the triangle as your SL area and don't pay much more than 8.3k.