The decision to hold is based on longer term charts, not the 5 minute.
Remember that you need position at a longer term extreme if you are to hold for longer periods of time.
I hope you don't mind me posting here - also my use of fibs achieves the same end but is different to MO's ( please dont change from what you do already)
My initial trade i posted here
this is how using other peoples money to add in to the trade works
The "average" position now has effectively 55 lots riding from that line
The initial entry has gone - Why? So i could go flat to get a better use of OPM
The "average position" has EXACTLY the same risk (if hit) as when i first entered way down on my first entry
"MOJO 1)Self-confidence, Self-assuredness. As in basis for belief in ones self in a situation. Esp/In context of contest or display of skill such as going into battle. 2)Ability to bounce back from a debilitating trauma and negative attitude YEH BABY