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Took a stop loss on a trade, re-entering a short position. The key to making money is having a solid win rate coupled with a good risk-reward ratio. Stop losses aren't the enemy; knowing when to cut your losses is what keeps you in the game.
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Why this setup? 4H setup is ARMED for a short. RSI on the 15m is oversold at 31.44, hinting at a potential dead cat bounce into the entry zone (0.03097 - 0.032146) before a move lower. The 1D trend is range-bound, favoring a rejection from the top.
Debate: Is this oversold RSI a fakeout before the real drop to TP1 at 0.02803?