This trade was even worse than the previous trade because it was a "revenge trade". I was not psychologically ready after the large loss sustained from the previous trade and was not being objective. I didn't know what i was doing and i just reversed to Long at market shortly after getting stopped out of my previous short.
My entry bar turned into an outside down bar, a great signal for the bears given the reasons stated in the previous post.
This trade made me lose my psyche and disrupted my "trading bearings". I will not put myself in such a situation again by clearly defining my risk before i commit to take up a position.
I will only proceed if I have 2 reasonably sound reasons for entering a trade.
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