Hi J!
Nice! Yes, that is precisely where I would have entered for a short trade - at the close of the 10:00 candle your time, around 1,0930.
As you say, it had risen to the edge of the slow ribbon and up to the prev. week close and then quickly fallen away and closed back just below the fast ribbon. The key emphasis here is not just that it happened to be on one side of the ribbon, but the fact that it had pulled back into the ribbon and re-emerged. I.e. not just a static position, but a dynamic move. And, indeed, the RSI was also confirming an existing overall negative bias. For me, this was indeed a classic set-up! 
As a target, I would normally think in terms of around 20-25 pips on 1H forex and that would mean in the region of 1,0905-10. In this case, looking left on the chart, back to last week, I would have selected the close/open level of those two long candles on 10.10 at 17-18:00 your time, around 1,0906.
We actually hit that level in four consecutive hourly candles later!!! Which tends to show that we are doing precisely what a lot of others are also doing! 
You are right that these kinds of day trades will not get anywhere with a low win rate. My win rate is usually in the 70-80% range.
I donât personally hold trades for very long for two reasons, 1) I find it too difficult to relax with open positions, I keep looking at them all the time! It is a personality thing and I donât fight it and 2) I have my savings in various mutual funds etc which are my long term investments anyway. For example, in the current global climate, where a lot of countries are investing heavily in defence equipment, I have put funds into a mutual fund specialising in that sector - and it is doing ok (so far). And the strange thing is, I donât think about these funds at all in the same way as these CFD trades.
So trading for me is a different topic to investing and therefore I mainly focus on day trades and usually close out at EOD whatever the situation unless the outlook looks sufficiently favourable to consider leaving it open - and never over a weekend.
Another factor, that I have talked about in several places is the question:
âIs it easier to earn 10 pips with 10 lots or 100 pips with 1 lotâ? Again, this is a personal issue for any trader depending on their own strategies, etc No right or wrong answer.
But for me, with my character and strategy, I prefer the â10 pips with 10 lotsâ. I mean that in a metaphorical sense, of course, not literally. I.e. I prefer a bigger position for a smaller distance than holding a smaller position in the hopes of a bigger gain.
BTW My chart set-up is very slightly different for SP500 reflecting its different character. Instead of 14-20-56-80, it is 14-28-56-80. It more a clarity issue than anything radical. But the selection is not really so very important, they are just numbers. The key function is a duality of ribbons highlighting the recent price pressures relative to the underlying current direction. (That probably sounds very gobbledegook!!! 
)
Anyway, congrats on the trade! 
You already know 
