After forming H4 Bearish Engulfing (BE) this rising channel need to break lower TL before we can go short , TP is defined on lower TF to Higher TF , depending on how you read chart and what TF you take to enter market.
Most major trend reversals have at least a 30% pullback before forming a higher low, which would be a pullback to 1.05 on the daily chart (Weekly TF).