March 2020 Wheat Bullish Entry (Higher Risk)

I entered long on March Wheat today. I feel like I got in a little early so used a pretty tight stop.

Here are my notes posted on the chart (captured about 9pm ET):

11/20/19 09:54 Mar Wheat.

BB/KC squeeze. (Bollinger Bands inside Keltner Channel)

Bull harami. (candle pattern)

Close above the 8ema.

3ema crossing 8ema.

Above 50sma.

2 previous days high volume.

Recent pull back couldn't reach 50% Fib. (show's strength if price doesn't reverse and touch 50% Fib)

Waiting for touch of 50% Fib would be better.

Down Trend line L could be resistance. 

Waiting for close on down TL breakout would be better.

Mercury going direct today.

Entered 515 1/2.

Target 27.2% Fib ~561.

Stop loss just under current candle 510.

R:R 6:45 extremely good.

Wouldn't be surprised if I get stopped out and price reverses and hits the 50% Fib at 498 1/2. If so, I'll look to get back in long. Let's see what happens.

P.S. See my profile for a link within the blog to an explanation of the indicators on my charts.