XAUUSD Short - Breaking of month long channel

FX:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD             is gaining bearish momentum on the bottom range channel that has contained price since for a month. Once the price breaks again, I see XAUUSD             moving down to my target of 1157 which is a 22 point drop.

The stop loss is an emergency stop loss. I do not place them to keep a 2:1 ratio of wins to losses or a set distance away. I always place my stop losses in areas where the probability of it being touched is very low. It is an emergency stop loss that I move down as momentum increases in my direction.
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