On the 4H timeframe we can see PA, contained by a steep , broke out of an on Thursday, kept on falling and challenged the low of March 18th. It broke below it and closed below it (so we do not have a here), then popped back up only to close slightly below it again. With the notorious weekend gap in mind, there’s no telling what price might do next, so I have two possible trades on my watchlist to enter the and will only enter a trade after I see the price confirms either one of them.
Price gaps down, below the low of March 18th, retraces back into it for a test of its resistance and then continues its fall until it runs into the that has been tested 3 times this year and should provide strong support. I would enter short after the test of resistance, when I see a convincing reversal. SL would go above resistance. TP1 = traderisk and TP2 = (since PA always responds strongly to it). There would be 150+ pips to be made.
Price gaps up, above the low of March 18th, retraces back into it for a test of its support and then continues its to move up for a retest of 1.4742 which should provide resistance and has a nice confluence with the of the swing low. From there I would enter short. SL would go above resistance. TP1 = low of March 18th and TP2 = daily support at 1.4521. There would be 200+ pips to be made.
I currently have 3 open positions of SELL GBP|USD that i opened at 1.46 because it was going down (morning). The trend changed and now it's going to be over 1.07 soon.
From your chart I can see that the value is likely to drop back to lower than 1.46 in the next days or week.
Would you keep the positions open and wait for that moment?
I would like to know what YOU would do, as today in a similar situation I was given the wrong advice :)
Personally, I would exit any trade I was in for which I did not have a fully defined plan even if it meant taking a loss. Then I would just wait for a new opportunity to re-enter with a valid plan. If however you decide to stay in the trade, at least put a hard stoploss at a prudent level above the current price to avoid further losses if for some reason price keeps going against you (this can always happen). But I doubt you will get a good reward risk out of it.