I took another short trade in EURUSD despite taking a hit in the first one. I felt that USD will again move toward 1.20 or somehwere closer. I looked at the chart and found that there is a big possibility of it moving down 50-80 points down.
Eventhough I follow technical analysis, my personal views are more important to me.
I went short 1Mill @ 1.20747 with a Take Profit target at 1.2015. Stop Loss is kept at 1.2100. I might take profit this time if it gives me more than 25 pips, as I have felt that waiting to ride the bigger move has always had its own pitfalls and I will prefer to open more trades and add more pips with shorter Take Profit targets. That makes sense to me as the purpose of trading is to make profit and only profits ensure that I stay in trade for long period.
Eventhough I follow technical analysis, my personal views are more important to me.
I went short 1Mill @ 1.20747 with a Take Profit target at 1.2015. Stop Loss is kept at 1.2100. I might take profit this time if it gives me more than 25 pips, as I have felt that waiting to ride the bigger move has always had its own pitfalls and I will prefer to open more trades and add more pips with shorter Take Profit targets. That makes sense to me as the purpose of trading is to make profit and only profits ensure that I stay in trade for long period.
