Pair is currently on a downtrend ( ) but has not put any new structure lows.
We might be looking at a shift in trend.
Risk Reward ratio is too high (almost 100 pips).
More conservative entries could be located somewhere between X and D in order to reduce the risk a little.
We will be waiting for a better entry reason, double bottom in this case.
If price does not give us a double bottom, we will be cancelling the trade.