Technically this spot at 69 should be good but todays low is a little far away, as far as a stop risk. Im cheap.
So far the 38% is holding. To play the fibs you risk small If the 38% goes than we retrace deeper. Depth wise, above 48 should do.
RTY @ 1671.5. S/L raised to 1661.2. Market is reacting positively to President Trump and Prime Minister Abe's press conference.
Today, I used 1661.2, the 50% retracement of the move from 1641.2 to 1681.2 as my entry point. The worse that the position went against me was 1659.9; that is, I had a floating loss of $65 per contract. See my first graph. I have noticed that since Monday, June 4, when the White House confirmed that the meeting between President Trump and Kim Jong-un is scheduled for Tuesday, June 12 at 9 AM Singapore time, which is Monday, June 11 at 6 PM PST for me, the market has acquired a bid tone. I believe that the market will continue to rise up until the meeting between them. My plan is to close out my position by the end of trading on Monday, June 11. On a side note, the reason that I did not choose the 61.8% retracement was because that was nearly seen when we saw RTY retraced the move from 1631.6 to 1656.1. See my second graph. Although the Principle of Alternation applies to the nature of the price pattern, there is a predilection for if wave 2 corrects more than 50%, then wave 4 will correct at most 50%.