Crap, I ended up giving it all back. I should have just let the first trade go so that I ended up with a profit. Here is the chart. Pretty much the same thing as the last trade, but in reverse.
Click above to enlarge
As you can see in the chart, the Stochastics was overbought and price action seemed to be meeting some stiff resistance so I decided to go short. This time I only traded one lot because if I was wrong, I knew that I would at least be at breakeven.
I was wrong and lost everything that I gained earlier in the evening. The trade ended in -1.1%.
In hindsight, we were already pretty far into the London session (green line) and was almost into the NY overlap (red line). I should have left well enough alone. In addition, price action was choppy and a breakout trade would have been a better bet instead of a range bounce trade.
This was a case of chasing and was completely unnecessary. It is a good thing that I only traded one lot.
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