Was looking to take a trade off of the bottom of the range, turns out the price collapsed off of that level. It was a decent trade, confluences were there, just remember to take the trades in the direction of the overall daily and weekly trend. If i had done that I would never be taking bottoms like that and only shorting the tops of the range.
After a downtrend to lower lows for the year happened we waited for the bottom, followed by a double bottom and took the buy entry at the double bottom. We took a 10 lot trade with 0.75% risk a.k.a. 1.5k loss if it would hit loss and a 3k win, if we won 2:1. Should look for the three to one risk instead. Looked at the RSI to know we were heavily under bought. Also...