I was short the GBPUSD on the 1.618 trade at previous structure with overbought , but recently this pair broke and closed above a previous structure level and that is a hint to me that we could see some trend continuation to the up side so i used some trade management and closed my position at a small gain.
Hi jayhong! I normally do not take this kind of trade unless it comes in close to a previous resistance level as the one above did and i set stops above that level. When you back test it though you could try placing stops in different ways, this is just the way that i do it. Hope this helps and good luck!