@Bartolomej - I would cut the trunk lower than where you draw the yellow line, about where the slightly transparent green tie is. It will generally resprout branches from the old leaf scars.
In case you wonder whether an older, hard wood trunk will still be able to sprout branches, I will show you this picture. It was one of the biggest Miami Rose trees in Southwest Florida (that I know of) which was cut down to allow construction. It refuses to die!!
