EUR/GBP- Sell *Trade Closed -1.0 R:R*

Below is an hourly chart of EUR/GBP.

Reason for trade: Trading short off daily 0.8529 level. Entry was taken just short of the S/R level (in green) at the first hourly pin following the sharp hourly rise. Unfortunately this pin was not the top and hopefully the following bars have been! I had my stop above the S/R level rather than the pin at 0.8533, therefore avoided being taken out.

First red line is entry price. Second red line is first target for 1/2 fill or stop to BE.

Entry 0.8509.

This trade raises many questions:

1) Should I have set a sell order at the 0.8529 level instead of waiting for confirmation? If so what stop would you use?

2) If price does not quite reach an S/R level, should an entry be taken if a reversal pattern (pin etc) is seen before a level is reached if we are very close?

3) What action should we take if we get to next near term S/R level for 1:1 R:R?

1 - Do nothing and aim for next S/R level?
2 - Move stop to BE and continue trade to next S/R level?
3 - Close half position for a risk free trade and aim for next S/R level.
4 - Close half position and move stop to BE?
5 - None of the above??

Any thoughts appreciated!

All these questions above still hold true, however were irrelevant for this trade as I was shortly stopped out for -1 R:R.

Again this is a prime example of how entering on a touch of the SR would have meant a stop to break even or even a partial close out could have been taken at +25 pips.