Price is still very much in the 18-month long downtrend. I expect 1.1150 and 1.1250 to be very strong resistance areas to accumulate your shorts to target the 1.0850/1.0760 regions.
Assuming a short at 1.1150 (inner band trend channel resistance) with an SL of 1.1300 and TP of 1.0850, it gives a 1:2 RRR. A short at 1.1250 (outer band trend channel resistance) with an SL of 1.1300 and TP of 1.0850 gives a RRR of 1:8. The RRR is higher for a TP at 1.0760 of course.
The plan is to take two short positions at 1.1150 and 1.1250, with an SL of 1.13. This gives a total SL of 200 pips, and a take profit of 700 pips if both orders are hit.
Assuming a short at 1.1150 (inner band trend channel resistance) with an SL of 1.1300 and TP of 1.0850, it gives a 1:2 RRR. A short at 1.1250 (outer band trend channel resistance) with an SL of 1.1300 and TP of 1.0850 gives a RRR of 1:8. The RRR is higher for a TP at 1.0760 of course.
The plan is to take two short positions at 1.1150 and 1.1250, with an SL of 1.13. This gives a total SL of 200 pips, and a take profit of 700 pips if both orders are hit.