We are in this position because of the break above a previous structure and retracement back into a resistance come support zone. The pinbar candle signalled the entry, We have a 2360 fib level from a previous swing and we are trading in the short term trend direction. Probability suggests we will lose this trade but the risk reward makes it worthwhile.
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Just to add, we're above the 50EMA as well as having a vague, once broken, trend line in our favour. Targets are way back up at previous resistance.
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A very poor trade on my part. Looking back there's a clear symmetrical triangle offering strong resistance that we were trading directly into. If hindsight was prior sight I wouldn't have taken this trade. Apologies guys.
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The triangle can be clearly seen on the 15m if you zoom a little and on the 1hr.