Typically this isn't a trade I would take as the RR is less than 2 and I consider those unfavorable. However, the price may form a lower high and I want to take advantage of the action if that is the case. The SL is placed just above the previous high. If that level gets hit, it would be a clear invalidation of the downtrend idea.
Order cancelled
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Trade Update: Cancelling the order, missed it by 0.2% before it headed down. If the trade analysis was correct, we shouldn't get a fill anymore.