This trade is a play off my profitable two short trades (selling the original trend, then selling the retracement) last week (see related idea, pictured on left side of chart). Once price action
broke support / resistance at the 1.11810 level, I'm in on a short with my sights on the 1.11450 level, and plan on sliding down my stops to the 1.11555 level should price action
dip below this point. Until then, last week's double-top resistance will act as a reference for my preliminary stop. I'm fresh off a long trade from 1.11555 to 1.12000 today, so perhaps I'm just seeing this retracement as a new trend opportunity now that my original trade has ceased.