Quick long position trade for 3% gain.

1. My entry point was (8,294)

2. I set me stop loss at just under the golden zone (.618 to .65) of the last move up.($8,248)

3. Set my target at a 1:1 ratio using Fib Extension tool.($8,557)

4. 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 .

5. In the mean time I will monitor closely.

6. Risk to reward ratio is 5:1. I typically look for minimum 3:1

7. 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.

Cheers