Failed: Long EURZAR

On Monday 29/02/16 morning, whats look like a bullish reversal on EURZAR turns out to be a big bear coming too fast and furious. It came down so fast and hit my stop loss within 1 day. Everything is ok for this pair, its on a up trend and got a bullish reversal but it could be at the end stage of its up trend as there's a lower high. This could be the thing why this trade didnt work out.

I spaced out my stop loss widely as I dont want to get stop out unnecessary but its a double edge sword. If it hits, the loss is huge. My biggest loss so far and I am licking my wounds -S$484.12 *ouch!*

Trading Plan:
1. Trade with the trend
2. Trade when there is a price action reversal with the trend continuation
3. Place SL on previous high/low candle (Limit my loss)
4. No TP. Let market decide when to exit (Let my profit run)

Sideline: Short EURZAR

On Monday 22/02/16 morning, I saw that there's a bearish reversal on EURZAR. There's also a nice mini Head and shoulder chart pattern formation which looks like a good shorting opportunity. The only thing that kept me away from trading this is that it is a counter trend trade ie it is against the trend. I wanted to monitor this forex and see how it develop. Yes, it went down for 1 day and looks promising. However, on the second day, there's a bullish reversal which cause it to move up. So it doesnt pay to trade against the trend as you are exposed to higher risk and smaller reward.

Well, I am glad I didnt trade this and give it a miss.

Trading Plan:
1. Trade with the trend
2. Trade when there is a price action reversal with the trend continuation
3. Place SL on previous high/low candle (Limit my loss)
4. No TP. Let market decide when to exit (Let my profit run)