I knew there were issues with the trend, but there were enough positives to justify entry with an m5 crab (below). Price moved immediately moved in my favour, but thanks to the GBPAUD example, I saw this as a pullback, and adjusted profit targets accordingly. T1 was reduced to 20 pips, at which point 2/3rds of the position was covered, more than my usual 1/3rd, and the trade was now risk-free.
The final 1/3rd was allowed to run with the original stop. I wanted to close the whole position at T1 and secure a +60 bps gain , but the trade was moving to plan, and I owed it the chance to continue.
I was conscious of not letting previous losses affect my judgement. Yes, I wanted to book profit, but I must be consistent and treat each trade independently. I wasn't at 1R, and trading scared can be dangerous. My mentor says, "Most people go broke because they cannot let their winners run." but others say to "book early and often." Finding that balance is hard, so in the end, given concerns over the set-up, I think conservative exits with a small runner was a reasonable compromise.
The final position stopped out at 1.0497 (-49 pips), but I'm happy with overall management. Risk was eliminated while upside left open. I have no regrets and am pleased walk away unscathed.
