Friday I waited for a better position in the EUR/JPY Long I've been looking for. Well as it always is the case in the forex market. Coulda, Shoulda, Woulda! I hesitated to take a trade in this pair and look what happened - the weekend pause ended and the price "gapped up" to the 117 level. WHAA!! How did that happen? The forex market can move fast and sometimes it moves against you and sometimes it move with you. The best thing to do is move with the masses and keep your nose clean and out of the mud. That means you must temper your gut feelings sometimes with Wisdom or Experience or downright Daring. That hesitation cost me 200+ pips in lost entry potential just in a simple weekend pause. You can look at Friday's chart and see that the price was well below where it was at market open today Sunday - Dec 07-2008. Kick yourself for not taking the jump as you as well as myself missed an opportunity.
It's not all over since the market will present many more opportunities to us in the future so don't worry we'll get in when we get a confirmation of another low entry point.
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Now hovering around 119.10 :(
ReplyDeletethink this will go back down any time soon, or is that it for the time being?
It may fall down a bit but if it does'nt this is still a good price for EUR/JPY to go Long. If you do take a long trade be sure to use a stop about 100 - 200 pips to give it room to breathe.
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