We are already in the killzone to buy here at market prices. The orignal idea and setup was to buy at the 61.8 which would have been the aggressive option. But looking at the sharp reversal from recent highs, particulary visible on the weekly and daily chart I would suggest a more conservative entry here. It was worth the waiting as we have blown way past the 61.8% retracement. Right now we have a splendid risk/reward profile and I would be a buyer if we get a double bottom on the hourly time frame and then a higher high higher close candle. I expect this will lower the R/R but at least it leaves one more comfortable. On the other hand, those who reduce their stops after a double bottom could increase their R/R instead.
