Well, I put the stop rather close, and now it has been hit, for a loss of 0.25%. Why did I do that? Because I thought the market might be running away, so wanted to get in; to make it worth getting in, the stop had to be tighter than I would have liked. Sometimes this will work, and sometimes it will not. I still do not have a sense of whether it will work on average, or whether it would be better generally to wait for a good pullback after a breakout has happened.
The answer to this conundrum may be that some markets faff about, and some do not. Major currency pairs seem to dawdle about, even when they are having a big move. Some commodities, on the other had, tend to get on with it without pausing to look at the view.
Should I go straight back in? No, because one day I will have too much conviction in something and keep trying to get back in when I should not. I will watch it for now.
On a positive note, the short gold trade that I thought might be correlated with this one is actually performing fine, and the long EUR/JPY trade is going in my favour.
Trade sheet is here.