It's not a revenge trade i have simply closed longs, at a loss which is disappointing but a decision that I am comfortable and happy with.. I have my own valid signals for a short entry still using same risk so all good.I am hoping it goes up to be honest so I can add more shorts. I don't worry about timing so much as it doesn't suit my trading style, so if it does go up 50 pips or 100 pips that's fine my SL are usually 400 pips away. I am very confident we will see lower PA between now and the end of the month. {quote}
1. Look at the risk reward, your target has to be below 96c which hasn't happened for more than 2 years.
2. Ask yourself how often price goes up 400 pips but is still in a down trend? (& even if it does than look at opportunity cost). What is your plan, to keep adding shorts for the whole 400 pips? Have you looked at how much that means you would be risking?
3. From your posts you appear to be a shorter to middle term trader, 400 pip stop loss is only consistent with long term.
Hope it works out for you but try to focus on good habits not just profits. I'm not against shorts at this level but they should be good risk reward so for me patience to enter after significant pull back has higher probability of reward.
Hope for the best, prepare for the worst.
sound like triple top at h1
