I didn't notice the channel when I first entered the trade on the D1 chart, but it is obvious on the 4hr and 1hr charts. Waiting for confirmation before entering SHORT. SL is above the 4hr 200EMA. TP at the bottom of the channel around 1.53-ish.
Entered a SHORT position as follows...
SL: 1.5648 (-70)
TP: 1.5333 (245)
This is an interesting experiment in to doubling up a position and getting it at a much better R/R providing the idea is still valid. Of course there is the risk that the trade fails and then the loss is doubled, but this can be reduced by placing a smaller risk on the higher R/R trade.
This trade taught me a lot about the importance of getting a good R/R and I've since used a similar tactic to get tighter stops on other trades with great results.
Price is now retracing back to upper resistance, but this could be the end of the corrective phase? Watch carefully.