A new lesson learnt - Always Expect The Unexpected. As the German deputy finance minister Mirow commented yesterday that the weak Japanese Yen will be discussed at the upcoming G7 meeting, Yen instantly rallied and my profitable long USD/JPY position tanked immediately into a loss of 61 pips. This event caught me off-guard completely. Since then, I was into a revenge trading mode - scalping for profits here and there, trying to limit the damage done.
Long USD/JPY 116.15 Exit 116.29 (+14 pips)
Long USD/JPY 116.22 Exit 116.35 (+13 pips)
Still have a running long opened at 116.49
There was another lesson too - Don't Give Up Too Quickly. Market always make you think the wrong way. Yesterday, I dumped both my short cable and long USD/CHF position for nothing. I didn't profit from those positions (only a mere 9 pips). If I managed to stay calm and confidence enough, I should be making a substantial gain for this week. But this is not meant to be. Today is a new day and I am still bullish on USD/CHF:
Long USD/CHF 1.2423 Exit 1.2428 (+5 pips)
Long USD/CHF 1.2428 Exit 1.2432 (+4 pips)
Still have 2 long positions at 1.2444
Besides all that, sometimes we need to Take Necessary Risks. On top of a losing position, I added a long USD/CAD trade at 1.1059 yesterday which was later closed at 1.1094 for for +35 pips. So I still have a long USD/CAD opened at 1.1121.
Let see how market pans out today....
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