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Hey Mike,
First of all its great that you placed a stop, cause look what happened yesterday.
The Pound failed to break higher and dropped under resistance.
About stop - that is the million Dollar question.
Where to place? Too close will often get hit, too far can result in a heavy loss.
I normally give myself quite a lot of room when trading Forex, due to the volatility.
There are many ways to place your stop; beneath prior lows, by using a moving average, or a fixed percentage
Its all trial and error
Hope that helped
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