Should the price action indeed test the again and reverse, I will enter a short. Assuming it will continue its way down, I have marked two profit targets along the way, both just above key support levels. SL goes outside the channel, 15 pips behind the marked .
There are 110 pips on the line and the trade has a reward – risk ratio of 7.4!
UPDATE: Had I put the SL one higher (i.e. 28 pips higher), this would have been a winner, since a reversal did happen (after some initial sideway action) and PA continued its way down hitting both TP´s along the way for a total of 110 pips. My SL however was too tight, it did not allow the trade to breathe and I got stopped out when the sideway action exceeded the SL. With the SL one higher, the reward – risk would have been 2.4, still very acceptable. I made a note about this in my trading journal.