New trading rule

This morning the Yen climbed up above the first resistance level near 117.70. I shorted just before this climb. I handily placed my stop just out of reach of the hunters. Sure enough, other traders' stops got taken out around the 117.75 level and the price began to plummet. I took 17 pips profit when the price hit 117.50. The price continued to drop for another couple of pips and the MACD seemed really bearish so I went short again and gave back 12 pips as the price retraced. Kind of me, eh?

I learned two things here: the first is that I should have walked away with my 17 pip profit. The second is that I shouldn't have panicked and closed my second short since after the retracement the price continued south.

New rule: When opening a new position that is the same as one that just netted profit, wait for the retracement before committing to the move.