Update on today’s GBPUSD Long Trade set-up

Based on earlier analysis today, if you took a less aggressive position on the GBPUSD pair (also the EURUSD and USDCHF pairs), and waited for price to break the resistance level @ 1.6585 upward before seeking a Long trade set-up on the Hourly chart. Kudos! You succeeded in protecting yourself from a losing trade.
Also, if you identified the trade set-up on the Hourly chart above, and entered the trade around fib. 78.6% ret. @ 1.6476, you probably were able to manage your trade well enough to avoid loss.
I entered the trade around fib. 61.8% ret. @ 1.6493. Hence, I lost the trade; however, with a risk less than 0.5% of my capital.

For those of us employing trending methods, we need to fully understand the current market environment as that would protect us from seeking the HOLY GRAIL; and let’s always strive to keep learning about the strengths and weaknesses of our individual methods.