Well This pair is costing me some money in profit pips but thats ok. There is more than enough room for this pair to rise and I'll be there when it does (I hope) My previous long was stopped out for a small profit of 50 pips, before it plunged to a new low level opening a new entry for me at 132.15 it's already up 100 pips and I've locked in another profit stop at +50 pips. I'll let it ride until it take me out or moves higher. I'll adjust the stop to lock in more profits. This pair is volatile right now and every week it's finding new lows. If one decides to play it long they must realize that stops WILL get hit if they are to small. Give this pair room to move
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i'm guessing this hit your stop. i screwed up pretty bad on this trade, i was in at 136 a week ago thinking it could only go up, and kept moving my stop a bit lower when it got too close. note to self: don't move your stops lower, only higher. still my account is in net profit, so not all was lost.
ReplyDeletei've heard the yen will stay strong for the long term, which seems to defy the charts, especially this pair. what do you think?
i'm gonna take the next week or two off and come back after the holidays, enjoy your profits, and it's been nice trading with you, i feel like i've learned something here.
Yes it hit my stop Jim, That's what I actually expected.
ReplyDeleteYes I would suggest to never lower stops. Take the hit early and re-enter when it's finished moving against you.
I'm taking a week off as well and I am glad to know that you learned something here at my little blog. I wish I had the ability to trade and write about all the pairs in the world but I can't.
Have a MERRY CHRISTMAS and PROSPEROUS NEW YEAR!
Cheers!
FX