Trading is a frustrating enterprise @MYK1, as many people point out, losses are part of it. If you have good stop placement and you get taken out then this ought to have been a loss you were willing to bear (i.e. doesn't kill your account). It also means you can start fresh. In the case of GBPUSD the red line is around 12430. Below that a new set up must be sought (either a new wave 1 bottom or the beginning of a big drop (which ought to be mirrored in other pairs like EUR and AUD with a big rally in USD). Note, in my book it is perfectly feasible for GBP to put in a new wave 1 (and/or double bottom) and then rally but I would not hold a Long below the red line; I would wait for a new set of signals.
Just for info, I did take a Long back at the breakout of the 1H channel, with a stop just below the red line, which I am still holding for a minimal loss if taken out. I did not add any further positions as I was expecting a pull back (EWT technique), and recent history suggested it would be a strong one (it clearly is, or will break lower...). That leaves me in a Long already so I will not think about trading another Long until I see a credible turn.
As I noted on my EURUSD thread, there is a lower low (for a lower wave B) scenario there too, which must be watched as this is the main USD mirror. In addition, EURGBP has now put in a higher high and is approaching the long term overhead resistance trend line so ideally we need to see that turn for my lead GBP scenario to bear fruit. I will post on my Triad thread in due course.
Net then I would not be going Long on GBPUSD until I saw a turn on price action, that ideally was backed up by other pairs (especially EURGBP, which means EUR could go lower while GBP rallies). Any Long should have a stop just below the red line (12430) as you don't want to carry the position into white space. It is all about minimising exposure and money management really.
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