This is a little higher risk than normal and purely a supply and demand entry. the risk reward is good but remember anything can happen in the markets so use good money management
At the time you asked it was still valid. It usually is until the stop is hit unless price stays at the level for a long time after it is reached. At that point I tend to be a little more aware of it now turning out to well. As long as you remember trading is a numbers game. The odds play out over a finite number of trades and not all dependent on one trade.