Finding the right support/resistance will help to keep losses small. Taking these levels of a daily/weekly/monthly charts. If you believe that GBP is to decline than short a major support level with let's say a 10 pip stop. If you get stopped out short again same level keeping same 10 pip stop. If your analyses are correct than eventually after 1-3 attempts that level will be broken. IMO that is better than taking heat, unless hedge is in place.
Thanks, I'll try to do better this year. Just got back from long holiday, my two open positions are in red but both should get better long term.
Added 5 lots here short at 157.17, average short now 155.55, no more money left for this trade, stop is above 160.00, tp open
This trade was stopped out and it turned out to be a bottom, right where my stop was, as you can see it went up 600 pips after that. This is why I hate using stops.
This one didn't get very far in the last two months, only one lot here, will wait for 1.65 to add to shorts or take profit below 1.60 which ever comes first.