We are in again

Just taken another short trade on the GBP/USD PAIR at 1.6069 with a stop (FOR THIS TRADE) just above the recent 1 hour swing high at 1.6124.

Now, my overall trading strategy is to keep my core position open with a larger stop, then drill down into the 1hr and 4hr charts to look for re-entries when price pulls back against the emerging new trend.
In this case, there is some resistance at 1.6120 which we nearly reached last night and current 1hr price action is suggesting we go short again.

I am quite prepared for this stop loss to get hit as it is only 55 pips away and my (potential target) at 1.5710 is 350 pips to the southern end of the chart, so my RISK/REWARD is very favourable.
If the SL DOES get hit, I will simply re-enter when I get another Price Action signal to go short.
Once we get our head around the fact that losses are a part of trading and are in fact seen as a cost of doing business, then they are much easier to accept. In the same way as a new start up business or any business for that matter has to outlay money to make money, to keep the business running, the same is with trading. Any new opportunity involves risk, the key is not to mortgage (or bet) the farm on any one particular opportunity. As long as your outlays are smaller then your turnover, your in profit.

And that's the name of the game......

ForexFitness...