Why isn't this a tradeable W?

Run through the checklist:

RSI Shape is sharp and tight, good internal gaps.
RSI min. is only ~40
Price/Bollinger is great, a double down and up again
Entry is at RSI around 47 or 48 giving a Price of 4164 to 4166.
The initial reward to the middle Bollinger is less than 10.
The known risk to just below the base is more than 15.
The reward:risk ratio is less than 1.0, never mind 1.5!

The bodies of the candles are chunky and alternately coloured. However, the volatility within each candle, means the tail on the one that matters, in deciding the S/L, makes the risk too high to warrant a trade in this case.

IF the middle Bollinger line had been say 25 away, then go for it.

cheers theory