Trades like this aren’t really ideal for futures accounts, but with CFDs they can be great for this type of trading, especially when you’re treating the account like real capital.
On my futures account, I closed the position at 1:3 R:R, but price still has plenty of room to continue lower. So I wouldn’t be surprised to see it reach at least the area marked on the chart.
Once the trade has moved enough in your favor, you simply move the stop to breakeven and take the risk off the table. If you want to be more conservative, you can take partial profits at key levels along the way. A more aggressive approach, while keeping the exact same initial risk, is simply to let the trade run and go for the bigger move.