GBPUSD DAILY CHART 12/30/2019

The long trade setup I published 5 hours ago did not work out as my stop loss got hit. No problem, that's what stop losses are for so that when a trade doesn't work out I am stopped out with not a big loss.

So now I have re-setup the trade:

I have set my Long Entry at 4 Pips above the high of the trading range for a long entry on a breakout of the trading range.

I have set my Stop Loss at 2 Pips below the low of the trading range. When price breaks out price should not make a lower low so the stop loss should not get hit.

I have set my Take Profit for a 3:1 reward to risk ratio