I do like this setup as we do have a wonderful risk reward ratio! We have been on a continuous downtrend and now we have came to an area where price has fallen more than once. We do have some confluence as well with the 50% fib retracement lining up with that specific price level and near our monthly resistance. Depending on how you would like to put your SL, You can put it up a bit higher above the resistance area! Happy Trading!