DislikedI know.. I know..I know... BUT I have transgressed and traded GBP/Y today and I am sitting long at about breakeven having been down for most of the day. Now will one of you forex masters tell me whether it is a good idea for me to get out now with my money intact or is it worth hanging on and perhaps realising something better.
Thank you mastersIgnored
No master here but understand this if one of the claimed masters are long they will tell you not to get off - not because it makes any difference if you hang on or not but they are hoping it will play out at the end since they are hanging on as well. I mean I doubt that someone will tell you go get out when they have decided to hang on themselves.
But here is the important thing - no one knows for sure - but it is all about probability - and the probability of this pair going down from here is more than going up at this pont. Clearly there is a resistence at this level -
And remember if it doesn't have the steam to go up it will go down -because one thing is for sure it will not stay at the same level.
Your decision should be based on this question - what is the probability of getting back in at a lower price???? Chart says better than 50% If you can't risk holding on through 150-180 pip dive, look for a better entry - But you really want to go long onthis pair - long term.
