The important is to consistently trade my trading plan to the letter, through the wins and losses
Consider the longer time frames, lots of good analyses earlier this week.
On your chart - FOUR attempts to break below previous resistance turned support @ 161 level - all failed, then the double top - rejection - retest - breakout above a previous high.
Now I have a list with strategies I want to backtest to had more tool in my live trading toolbox when they are fully backtested on my portfolio and show a positive expectancy (and those that are not are simply disregarded).
I trade what is in my trading plan and nothing else. If my plan does not allow me to take a trade then I simply on my hands and wait for a setup I can trade. It's that simple.
However, plans need to be flexible and there is absolutely nothing wrong imo with taking a 'trade within a trade' or a reversal in order to rescue a potential losing position, something which I employ as a fundamental part of my trading regime.
I traded this pair during the week and had to 'hedge' an early short, but everything worked out in the end.
Geppy is not a pair I would recommend for the rookie to trade, it can be a killer and you should be prepared for sudden and dramatic moves which will wipe your stops in seconds.
Anyway, good luck with your endeavours.
I'm personally not hedging and not considering that at all (but I know some who use that technic and are really successfull) as it does not fit my trading style and personality.
As for the pair moves, that's why I trade specifc timeframes (I don't trade the 15M too often as I don't like or have time to stay behind the charts for too long and that's why I also have rules in my plan to stay out of trading a specific amount of times before and after important news release for the pairs I am trading. I then analyze afterwards to see if the market presents me with setups I can trade. And GBPJPY is one of my most profitable pair so far:)
But thank you for your opinion which was interesting to read and get to know about. That's one of the great thing about trading is that are so many different ways to become a successfull and profitable trader that nearly everyone can find its own style and ways to make money.
Good luck to you too !