The gbpusd came up to its 2013 open and tested it as resistance. Price has not closed for the day over this level for 2013 to date. My plan is to trade this off the daily, with a stop right above the 2012 highs. If price closes above this level on a daily close I will not enter this trade.
So, it means you will place sell position if the price goes above 1.62617 any day with ST=1.62617. However any day if the price goes above 1.63720, then you will not enter. So, you have to watch the price goes above 1.62617 and make sure it won't go over-above 1.63720. Then you enter. Do I understand you correctly?
I am looking at selling the gbp up at its yearly open. Opening ranges can act as S&R, so if price trades back up there and does not have a daily close above its yearly open I would enter a trade. The stop would be over a 100 pips, but would use a smaller position size so if the trade went against me it would not hurt my account. I think the risk reward is good on this trade.
If you are worried about entering a trade only to have price come back to stop you out is something we all have to deal with. One way to manage a trade is to move your stop to break even once 30 - 40 pips in the money and take 1/2 off so you will at least make some lunch money. If price comes back and you get stopped out its at break even.. no worries, since once at break even its a free trade.