FX:GBPUSD   British Pound/U.S. Dollar
147 3 2
I was short the GBPUSD             on the 1.618 trade at previous structure with overbought RSI , 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.
jayhong
10 months ago
Hi steven, for this 1.618 setup, how do you set you stop loss?
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StevenH jayhong
10 months ago
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!
+1 Reply
rajenderam40
9 months ago
love your videos. They are very clear and straight to the point. Thank you.

FIB retracement .786


https://www.youtube.com/watch?v=V1B3uhXfxLA
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