Pros: Perfecting the entry will maximize the profits from the previous leg up. Accurately predicting retracement highs could also be useful for early entry until stronger signals for further selling are evident. If this is an accurate measure of the high it could hold the whole 4hr trend move back down.
Cons: The stop has to survive next Monday's open & UK election hysteria. Further strong upward pressure will whipsaw the trade. My previous retracement strategies are always too early.
I am a rookie. This is where I practice ideas and work on my trading techniques. Please note I am only providing my own trading information for insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal. Trade at your own risk.