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Thanks a lot! It's an ongoing debate in my group of cyclist friends. I have always been on 52 cm bikes and I keep on hearing "your bike is too small for you" whilst others object it's the right size for me. I feel comfortable on my bike, but I guess that it's because I'm used to small bikes and I don't know any different.
As you can see, my seat post is quite high but it works okay. So... should I stick to 52? I should probably learn more about bike geometry and size variations.
While I probably cant contribute to the full scope of your request, with a 175cm & female combo I would probably size down on the frame. Of course it depends on a lot of other things, but you'll likely end up with a longer reach than ideal with a 54. Frame sizing can be tricky to compare between manufacturers (54cm what? Seat tube? Effective top tube? Top tube?), so I would look out for the "reach" number and compare it with whatever bikefit calculator you used to get the 54. Other thing to check is that your handlebar is of appropriate width, that can make or break a fit, but a relatively easy and low-cost fix to get the right one.
And (I think) a smaller frame with a few spacers under the stem (if youre not flexible enough) looks better than a larger frame with a very short stem.
Just my 2 cents, best of luck!