At the moment Triangle - like pattern is formed on a 1HR chart,
For short Entries we can Use 128.20 As a Sell Stop Level,
I suggest to use a “timing” stop (Close if the price will not go in your direction within 3 bars (as an example), all depends on your trading strategy), Sometimes I prefer not to wait till my SL is hit.
1st Target at 126.90
SL Above 128.80
Stop Loss must not be more than ATR*3 (my subjective opinion)
In case if the current set up doesn’t let me to place a stop loss of this size, I will Use Limit orders. If the Stop loss is triggered, and the price is still going in chosen direction, I prefer not to lose a trade, and re-entering the position, with a short stop loss.