TP & RR: $2.673 (2.49)
Stop Loss: $2.523
REASONS FOR THE TRADE
This looks a lot like the infamous "market maker method", so I am expecting the price to continue trending down even below my entry zone. The logical question is then why are we opening a long trade? Well, if this support holds and I believe it will, even for a short bounce, then the RR is pretty decent if the price reaches the upper trendline. We can then open a short order with a SL just above it.
My SL here is very tight and I do warn you that you may get stopped, so adjust it accordingly. I will use slightly less than my traditional trading size, thus limiting my loss, and be able to re-enter again if the setup turns out to be valid.
To be honest, the level from which the price bounced up makes more sense now, since it's a 0.618 Fib Retracement. This means that price should continue trending up. I will post this as a new idea so that it doesn't get mixed up with this one.
Anyway, thanks for stopping by and for the rest of the people reading the comment section, yes, this aligns with what I mentioned above.